Nvidia's Record Earnings Send Tech Stocks Soaring

Nvidia's stock price jumped 7% in premarket trading after the company reported stronger-than-expected earnings and issued an above-consensus outlook for its third quarter. The chipmaker's second-quarter revenue reached $96.2 billion, a 106% year-over-year increase that beat analyst estimates.

The company also forecasted $108 billion in third-quarter revenue, excluding China data-center compute sales from guidance. This exceeded Wall Street expectations near $104 billion and sent shockwaves through the tech industry. Bitcoin rose 2.4% to trade near $80,400, while Nasdaq 100 futures advanced about 1.1%. The simultaneous moves reflected wider demand for technology and other risk assets following Nvidia's report.

Nvidia's Data Center division remained its dominant segment, with revenue reaching $89 billion and accounting for over 92% of total revenue. The company returned approximately $26 billion through share repurchases and dividends during the quarter and retained about $99 billion under its existing repurchase authorization.