Stocks making the biggest moves midday: Nvidia, Monolithic Power Systems, Ralph Lauren and more

cnbc.com:

Check out the companies making headlines in midday trading.

Nvidia — Nvidia surged 25% during midday trading the day after it issued a blockbuster earnings report. The rally brought the chipmaker's market cap to just below the $1 trillion milestone, last around $942 million, according to FactSet.

Monolithic Power Systems — Artificial intelligence beneficiaries such as Monolithic Power Systems got a boost from Nvidia's strong results. Monolithic Power Systems is an under-the-radar AI pick that's expected to provide power management solutions for Nvidia's H100 graphics processing units, according to Needham. Shares surged 15%. Other AI beneficiaries that also got a boost include Marvell Technology and Broadcom, which rose more than 3% each. Adobe shares jumped 6%.

Dish Network — Shares jumped 7% on news that the company is in discussions with Amazon to sell wireless phone plan services on the e-commerce platform, according to a report from The Wall Street Journal.

Advanced Micro Devices — Semiconductor and semiconductor equipment makers took off after Nvidia's strong results. Advanced Micro Devices and Synopsys jumped 10%, each. Shares of Applied Materials advanced 5%.

Dollar Tree — Dollar Tree reported shrinking margins in its fiscal first quarter, sending its shares down 10% during midday trading. Competitor Dollar General also fell, down 2.6%.

Snowflake — The cloud computing stock tumbled nearly 17%. Late Wednesday, Snowflake reported second-quarter product revenue guidance that was below expectations, according to StreetAccount. It did, however, beat on the top and bottom lines in its first-quarter results.

American Eagle Outfitters — American Eagle Outfitters dropped 13% during midday trading. The apparel retailer