A view shows a logo at NXP semiconductors computer chip fabrication plant in Nijmegen, Netherlands March 14, 2024.

Piroschka Van De Wouw | Reuters

NXP Semiconductors shares rose 26% Wednesday, on track for its best day ever since the company went public in 2010.

The semiconductor manufacturer reported first-quarter earnings Tuesday that blew away Wall Street's estimates.

The Dutch company reported adjusted earnings of $3.05 per share, beating LSEG expectations of $2.95. The company's revenue of $3.18 billion, a 12% increase year-over-year, also beat the LSEG forecast of $3.16 billion.

CEO Rafael Sotomayor attributed the growth to "industrial and automotive processing that supports software-defined vehicles and physical AI."

The spread of artificial intelligence has rallied chipmakers as data center demand soars.…