Micron Technology Inc., the largest US maker of computer memory chips, gained the most in nearly 13 years after giving surprisingly strong sales and profit forecasts, helped by demand for artificial intelligence gear.

Wall Street's main indexes rose in choppy trading on Thursday, with the S&P 500 hitting an intraday record high after Micron's upbeat forecast rekindled the hype around artificial intelligence, and a soft jobless claims report soothed worries about the labor market.

Micron Technology surged close to 19% on Thursday, leading a rally in chip stocks after its strong revenue forecast signaled robust demand for the hardware used to power generative AI technology.