Nvidia Leads Tech Gains as US Stocks Rise
US stocks opened higher on Thursday, driven by strong earnings reports from major technology companies. The Nasdaq Composite rose about 0.8%, while the S&P 500 gained 0.4%. Nvidia was the biggest driver of the market move, with its shares jumping 7% after beating analysts' expectations and giving a strong revenue outlook.
The chipmaker's fiscal second-quarter revenue more than doubled, adding to investor confidence in the AI boom. Nvidia's expected growth is also attracting attention, with revenue projected to reach 70% in fiscal 2028, compared with the 44% growth expected by analysts surveyed by LSEG, according to CNBC.
Other semiconductor stocks moved higher after Nvidia's results, including Broadcom and Marvell Technology, which each gained about 2%. Salesforce also reported second-quarter revenue above Wall Street expectations, with its shares jumping 13%.