Arm, IBM and Hewlett Packard soar as Nvidia chip 'reinvention' extends software rally

Software stocks spiked ahead of Monday's opening bell after Nvidia CEO Jensen Huang unveiled plans for a new chip that will power personal computers.

Investors are piling into a range of computer-related names on the first trading day of June, with ServiceNow leading the premarket rise after soaring 14.4% ahead of the opening bell. IBM surged 12.7% and Hewlett Packard rose 12.6%. ARM is up 12.2% before Monday's market open, while Nebius has added more than 2%.

Speaking at Taiwan's Computex conference on Monday, Huang unveiled the new N1X processor, made alongside Microsoft, which he said will spark a "reinvention of the computer….as big of a deal as the reinvention of the phone into what we now know as the smartphone."

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