Nvidia Surge Drives Chip Stocks Higher Amid Volatile Markets

Nvidia's better-than-expected second-quarter results have lifted chip stocks, with the company raising its growth outlook for the third quarter. The leading manufacturer of artificial intelligence chips reported revenue of $96.2 billion and earnings per share of $2.22, surpassing market expectations.

The strong AI-related revenue growth has also pushed up shares of other companies such as Salesforce, Okta, and CrowdStrike, which rose 13%, 20%, and 11% respectively in after-hours trading. US markets closed lower yesterday despite a decline in crude oil prices, with concerns over Nvidia's results and inflation data weighing on the market.

The Indian market remains volatile, with banks and financial companies recording significant gains while information technology, real estate, consumer durables, fast-moving consumer goods, and automobile stocks declined. US futures are trading sharply higher, with Dow futures up 177 points or 0.33%, S&P 500 futures gaining 26 points or 0.34%, and Nasdaq futures up 158 points or 0.54%.