(Updates with index/price moves from the first paragraph.)

US equity indexes rose ahead of the close on Monday, as chipmakers, the poster child for the so-called artificial intelligence trade, led the biggest gainers among market heavyweights.

The Nasdaq jumped 1.3% to 26,156.2, the S&P 500 climbed 0.9% to 7,547.3, and the Dow Jones Industrial Average climbed 0.2% to 52,997.8.

Communication services, technology, and consumer discretionary were the leading gainers.

Among stocks with market capitalizations exceeding $200 billion each, chipmakers accounted for almost half of the top 20 gainers in the final leg of trading, according to data compiled by Finviz.

Goldman Sachs adjusted the price target for Advanced Micro Devices (AMD) shares to $640 from $450. The chipmaker was up 7.7%, among the top performers in the S&P 500 and the Nasdaq.

IBM (IBM) is expected to post a solid Q2 and modestly raise its 2026 guidance, supported by continued software momentum and early integration benefits from its recent Confluent acquisition, BofA Securities said Monday in a report. IBM shares traded 3.5% higher, the Dow's leader.