July 6 (Reuters) - The Standard & Poor's 500 and Nasdaq Composite indexes closed sharply higher on Monday, boosted by gains in Broadcom and other chipmakers, as investors bought shares of artificial intelligence-related companies expected to lead a strong second-quarter earnings season.

Broadcom's stock jumped after the chipmaker agreed with Apple to extend a deal to develop and supply a range of custom chips until 2031.

The information technology sector index included in the Standard & Poor's 500 index rose, while the Philadelphia Semiconductor Index climbed after suffering losses for two consecutive sessions.

"This is a market that disappoints many," said Jake Dollarhead, CEO of Longbow Asset Management in Tulsa, Oklahoma. "If you are not an investor in certain technology companies, or in the semiconductor sector, you are missing out on the opportunity to fully benefit from this surge."

He added, "I think this rise is very fragile, and there is a risk, especially if the Federal Reserve (the US central bank) continues to raise interest rates for a longer period."

Microsoft's stock fell after the technology giant announced it was cutting about 2.1 percent of its workforce, or about 4,800 jobs.

Preliminary data indicates that the Standard & Poor's 500 index rose by 55.10 points, or 0.74 percent, to 7538.34 points, the Nasdaq Composite index advanced by 288.49 points, or 1.12 percent, to 26121.16 points, and the Dow Jones Industrial Average rose by 159.68 points, or 0.29 percent, to 53053.59 points.