U.S. stock futures pointed higher on Wednesday, as enthusiasm around an artificial intelligence-fueled boom in memory-chip demand was weighed against ongoing uncertainty in peace talks to end the war in Iran.

By 06:30 ET (10:30 GMT), the Dow futures contract had risen by 224 points, or 0.4%, S&P 500 futures had gained 24 points, or 0.3%, and Nasdaq 100 futures had jumped by 156 points, or 0.5%.

The main averages on Wall Street rose on Tuesday, with the benchmark S&P 500 and the tech-heavy Nasdaq Composite notching fresh record closing highs. The blue-chip Dow Jones Industrial Average was the laggard, finishing in negative territory.

Chip stocks were among the biggest gainers, powered by soaring growth in spending on the infrastructure needed to power AI. Shares in Micron, in particular, spiked, sending the semiconductor giant’s market value above $1 trillion for the first time, joining South Korea’s Samsung Electronics.

In premarket trading on Wednesday, Micron shares climbed by more than 5%. SK Hynix also popped in Asian trading, bringing the South Korean semiconductor name up into the $1 trillion club as well.

As an increasing number of technology firms race to build up their AI capabilities, demand for the high-end chips made by companies like Micron has been sky-high — so much so, that Micron has indicated that its entire annual supply of high-bandwidth memory processors has already sold out.

This crunch has driven an uptick in memory-chip prices, heaping further fuel on to Micron’s potential returns and making the group a darling of traders. According to regulatory filings cited by Reuters, Micron has become a particular favorite of institutional investors.

“This has helped global sentiment mostly hold up over the past 24 hours” despite lingering questions over the state of U.S. and Iran peace negotiations, analysts at Deutsche Bank said in a note.

U.S.-Iran peace talks in focus

News outlet Al Jazeera has reported that indirect negotiations between Washington and Tehran have continued, despite an exchange of fire earlier this week. The U.S. stressed that a shaky ceasefire remained in place, although Iran has warned of retaliation should the truce be violated.

U.S. Secretary of State Marco Rubio said this week that it will take a “few days” for Washington and Tehran to reach a deal.

Media reports over the weekend suggested that the U.S. and Iran were close to a framework accord. The terms of the agreement included an extension to the ceasefire and a reopening of the Strait of Hormuz, a vital waterway off Iran’s southern coast through which a fifth of the world’s oil flows. The strait has been largely shuttered since the start of the war in late February, crimping oil supplies and driving crude prices higher.

Worries have abounded that this uptick in oil prices will fuel a burst of inflation in countries around the world. Expectations that central banks — including the Federal Reserve and European Central Bank — may raise rates to corral price pressures have subsequently grown.

Brent crude futures, the global oil benchmark, declined by 2.8% to $96.77 a barrel, below recent peaks above $100 a barrel, but well above pre-war levels. Gold prices inched lower, while the safe-haven U.S. dollar weakened slightly.

In individual stocks, shares of China’s PDD Holdings dropped before the opening bell after the e-commerce major’s quarterly revenue missed market estimates.