ILUVATAR COREX's stock price soared 20.83% during the morning trading session, leading a broader rally among chip-related stocks.

The surge follows Alphabet's release of a highly impressive Q1 2026 report after the U.S. market close, with Google Cloud emerging as a standout performer. Google Cloud's quarterly revenue surpassed $20 billion for the first time, achieving 63.4% year-over-year growth, which market analysis attributes to robust enterprise demand for generative AI infrastructure and customized Tensor Processing Unit (TPU) chips. Google has further strengthened its position with a $40 billion investment in Anthropic and the launch of its eighth-generation TPU.

TPUs are considered a leading alternative to NVIDIA's chips and have become a highly sought-after resource as companies race to secure computing power for AI applications. Analysts note that as Google deepens collaboration with leading AI companies on next-generation TPU clusters, these chips are becoming a critical foundation for cutting-edge model training, driving investor optimism across the semiconductor sector.