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Nvidia ( NVDA ) shares cross $1,000 mark premarket after results

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DuPont ( DD ) gains on plans of three-way split

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Live Nation tumbles on report of DOJ action

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Futures up: Dow 0.09%, S&P 0.59%, Nasdaq 1.01%

(Updated at 7:15 a.m. ET)

By Ankika Biswas and Lisa Pauline Mattackal

May 23 (Reuters) - Futures tracking the tech-heavy

Nasdaq and the benchmark S&P 500 climbed on Thursday, driven by

a rally in chip stocks after Nvidia's ( NVDA ) upbeat revenue forecast

cemented investor optimism around the meteoric rise of

artificial intelligence technology.

The AI chip leader's stock jumped 7.2% in premarket

trading, on track to open above the $1,000 mark for the first

time ever and add about $165 billion in market value if gains

hold.

"Nvidia's ( NVDA ) earnings supported our expectations that the AI

rally has plenty of more room to run... We stay positive on the

AI trend and maintain our preference for big tech given the

advantageous market positions," said Mark Haefele, chief

investment officer at UBS Global Wealth Management.

The semiconductor bellwether also announced a stock split,

following an over 90% surge in its shares this year and a

threefold jump in 2023 that have made Nvidia ( NVDA ) the third-most

valuable U.S. stock.

The response to Nvidia's ( NVDA ) widely anticipated results

contrasts the muted, range-bound trading on Wall Street in the

days leading up to the release, underscoring the company's

growing significance.

Its results boosted other chip stocks as well, with Advanced

Micro Devices ( AMD ), Micron Technology ( MU ), Broadcom ( AVGO )

and Arm Holdings advancing between 2.1% and

3.7%.

AI-related stocks such as Super Micro Computer ( SMCI ),

C3.ai ( AI ), Palantir Technologies ( PLTR ) and SoundHound AI ( SOUN )

also gained between 1.5% and 5.3%.

Meanwhile, Wall Street's main indexes closed lower on

Wednesday as investors digested minutes of the Federal Reserve's

latest policy meeting. Rate-setters indicated they still had

faith price pressures would ease at least slowly in coming

months, but doubts emerged about whether the current level of

interest rates was high enough to ensure that outcome.

Traders currently expect the U.S. central bank to reduce its

interest rates by nearly 40 basis points by year-end.

Markets are also eyeing economic data scheduled through the

day including weekly jobless claims, S&P Global flash PMIs and

housing figures.

At 7:14 a.m. ET, Dow e-minis were up 35 points, or

0.09%, S&P 500 e-minis were up 31.5 points, or 0.59%,

and Nasdaq 100 e-minis were up 190 points, or 1.01%.

The CBOE Volatility Index, also known as Wall

Street's "fear gauge", hit its lowest levels since November

2019.

Among other premarket movers, data cloud analytics firm

Snowflake advanced 4% after forecasting second-quarter

product revenue above estimates and raising its annual

expectations.

DuPont ( DD ) climbed 5% on the U.S. conglomerate's plans to

split into three publicly traded companies.

U.S.-listed shares of Taiwanese contract chipmaker TSMC

rose 2.4% after forecasting an annual revenue growth of

10% in the global semiconductor industry, excluding memory

chips.

Shares of Ticketmaster owner Live Nation dropped 7%

after a report that the U.S. Department of Justice could seek a

break-up of the company to combat its domination of concert

ticket sales.