Nvidia Earnings Boost Tech Sector Amid Macro Concerns

Nvidia's strong earnings report boosted US stocks on Thursday, particularly in the tech sector. The company's forecast of a 70% surge in revenue next fiscal year has quelled skepticism about slowing capital expenditure on AI infrastructure.

The S&P 500 and Nasdaq 100 rose by 0.4% and 0.7%, respectively, while the Dow Jones Industrial Average fell. Nvidia itself surged by 7% after its earnings announcement.

Other companies with exposure to AI infrastructure also gained, including Micron, Marvell, Sandisk, Palo Alto, and GE Vernova, which rose between 6% and 3%. However, broader sectors declined due to persistent concerns about an unfavorable macroeconomic backdrop.