Nvidia and Salesforce Lead Tech Stocks Higher After Strong Earnings

Technology stocks led Wall Street higher on Thursday after Nvidia and Salesforce reported better-than-expected profits for the spring. The S&P 500 added 0.2% and edged closer to its all-time high set earlier this month, while the Nasdaq composite rose 0.6%. Nvidia was the top performer, surging 6% after delivering stronger profit and revenue than analysts expected.

Nvidia's CEO Jensen Huang stated that 'AI has reached its inflection point' and that it's doing 'useful work.' The company also provided forecasts for upcoming revenue growth that topped analyst estimates. This helped calm concerns about AI stocks, which have been under pressure recently due to skepticism about their valuations.

Salesforce also reported a strong quarter, with its stock jumping 14%. The company said it's seeing 'incredible demand' for its AI and data products, and that it's turning AI into customer success at an unprecedented scale. Salesforce raised its forecast for revenue over the full year, which is notable given its earlier struggles.