Nvidia Leads Wall Street Higher on Strong AI Earnings
Nvidia led Wall Street higher on Thursday as the chip giant reported stronger profit and revenue for the spring than analysts expected, with its CEO claiming that AI has reached an inflection point.
The company's shares rallied 8.7% after it gave forecasts for upcoming revenue growth that topped analysts' estimates, suggesting demand remains strong for chips to power artificial-intelligence projects.
Salesforce also jumped 22.6% after saying AI helped it deliver one of its best quarters in history, with CEO Marc Benioff stating that the company is 'seeing incredible demand for our AI and data products'.
However, not all tech stocks performed well, with HP sinking 2.9% despite topping analysts' expectations for profit and revenue in the latest quarter, due to concerns over its sales of personal computers and higher prices for computer memory and other commodities.