Additionally, demand for AI products remains strong, even as investors have sold off AI stocks in recent weeks. Super Micro Computer just reported year-over-year revenue growth in its fiscal third quarter of 200%, which bodes well for Arm's demand outlook.

May is here, so we are quickly approaching the year's halfway point. Artificial intelligence (AI) continues to be a hot theme, though some stocks have cooled as volatility sets in. A famous Wall Street saying is "Sell in May and go away. "

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Nvidia's new custom chip unit will reportedly focus on custom chips for data center AI and other applications.

N vidia stock was edging up early Monday after drifting recently and there’s reason to back the chip maker ahead of its earnings next week, according to Jefferies analysts. Nvidia shares were up 0.5% at $903.