By David Goldman, CNN New York (CNN) — The AI boom is here, and Nvidia is reaping all the benefits. Shares of Nvidia (NVDA) exploded 28% higher Thursday after reporting earnings and sales that surged well above Wall Street's already lofty expectations. That was enough to make investors temporarily forget about America's dangerous debt ceiling standoff, sending the broader stock market higher — even after credit rating agency Fitch warned late Wednesday that America could soon lose its sterling AAA debt rating. Nvidia makes chips that power generative AI, a type of artificial intelligence that can create new content, such as text and images, in response to user prompts. That's the kind of AI underlying ChatGPT, Google's Bard, Dall-E and many of the other new AI technologies.