Local shares notched their biggest gain since August as technology and mining stocks led the ASX higher.
The S&P/ASX200 rose 104.8 points on Thursday, up 1.24 per cent to 8,552.7, while the broader All Ordinaries gained 112.6 points, or 1.29 per cent, to 8,834.
Nine of 11 local sectors finished positively with the foundation of the rally lying in the materials and financials heavyweight sectors, which had their best session in weeks.
IT stocks shot up on the back of a 5 per cent revenue increase for US chipmaker Nvidia, a result which also helped settle nerves regarding a potential artificial intelligence bubble.
Now the world's most valuable company, Nvidia beat analysts' estimates and offered a better-than-anticipated outlook. Nvidia's esults provided a pulse check on the heavy spending on AI technology that has been fuelling both US stock markets and much of the overall American economy since OpenAI released its ChatGPT three years ago.
The Australian dollar was buying 64.88 US cents, down from 64.89 at 5pm on Wednesday.
