Shares of Nvidia (NASDAQ: NVDA) gained ground on Wednesday, climbing as much as 5.6%. As of 11:37 a.m. ET, the stock was up 4.5%. The catalyst that sent the artificial intelligence (AI) chipmaker higher was a report that suggested demand remained high for the company's processors in an important market.

Long a Wall Street favorite, Nvidia stock has struggled recently, gaining 4% over the last six months, worse than the S&P 500’s 7% return.