Shares of Nvidia Corporation NVDA were up more than 3% in early afternoon trading Wednesday after new reports pointed to positive developments for the overall semiconductor industry and the company’s own strategic partners.For one, the entire chip-making space was lifted by fresh data from the Semiconductor Industry Association, which said late Monday that global sales in the month of May gained nearly 23% year-over-year to $31.9 billion. This leap marked the largest single-month gain since September 2010.Elsewhere, Nvidia rival Advanced Micro Devices AMD gained more than 7%, snapping its seven-day losing streak, while other popular semiconductor stocks like Intel INTC, Micron MU, and Qualcomm QCOM also moved higher.Overall, the tech-heavy Nasdaq Composite Index was up more than 0.6% and the popular iShares PHLX Semiconductor Sector ETF SOXX jumped more than 2.1% (also read: Here's Why Advanced Micro Devices Stock Gained Today).Nvidia is also being lifted by the news that Sweden-based, Chinese-owned auto giant Volvo is planning to phase out combustion engine-based models by 2019.“This announcement marks the end of the solely combustion engine-based powered car,” said Volvo CEO Hakan Samuelsson. “This means that in the future there will be no Volvo cars without an electric motor.”Nvidia recently announced a partnership with Volvo to develop next-generation software systems for self-driving cars (also read: NVIDIA Partners With Volvo Cars and Autoliv Select).Nvidia has emerged as one of the hottest the hottest stocks of 2017, skyrocketing more than 36% as its investments in self-driving cars and artificial intelligence have slowly started to pay off. The company’s advancements in image processing technology should solidify its position as a leader in the semiconductor business as these markets continue to expand.For now, Nvidia remains a Zacks Rank #3 (Hold). Nevertheless, the stock has earned an “A” grade for Momentum and a “B” grade for Growth in our Style Scores system.Want more stock market analysis from this author? Make sure to follow @https://twitter.com/Ryan_McQueeney!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); on Twitter!More Stock News: 8 Companies Verge on Apple-Like RunDid you miss Apple's 9X stock explosion after it launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade, which could in turn save $200 billion in U.S. healthcare costs.A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report ISHARS-PHLX SEM (SOXX): ETF Research Reports Intel Corporation (INTC): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report Micron Technology, Inc. (MU): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research