U.S. stock index futures jumped on Thursday after Nvidia's stellar results quelled some concerns around an AI bubble, boosting technology stocks, while a long-awaited jobs report was also in focus.

Nvidia's stock may seem to dominate the market, but it's actually "under-owned" in actively managed funds, according to Morgan Stanley's recent analysis. Analysts there looked at recent 13-F filings f

Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

Stock futures are climbing after Nvidia posted a better-than-expected earnings report, which many investors said could help indexes rebound from the recent bruising selloff. Futures tied to the Nasdaq-100 led gains.

Nvidia soothed investors worried about an AI bubble with record sales and robust guidance. "AI is going everywhere," CEO Jensen Huang said.

The noted investor's latest move looks like an endorsement of the huge spending on AI infrastructure by tech giants.

Not as expensive as it used to be, based on one widely watched valuation measure—the price-earnings ratio. While Nvidia's stock price has soared, its earnings power has risen even quicker, pushing down the PE ratio.

A relief rally swept across Asian markets and lifted stocks in early trading on Thursday as investors cheered Nvidia's market-topping earnings, while the dollar ticked up as traders braced for the release of delayed jobs data.

Evercore ISI analyst Amit Daryanani says Nvidia's results bode well for various hardware and networking names in his coverage, such as server makers Dell and HPE, cooling provider Vertiv Holdings and optical plays like Amphenol and Ciena.