Nvidia's Blockbuster Forecast Lifts Tech Stocks, Salesforce Soars 20%
Wall Street's major stock indices moved higher on Thursday, driven by a surge in technology shares following Nvidia's blockbuster forecast. The chipmaker reported quarterly revenue of $96.2 billion, more than double the level from last year, and projected even stronger sales amid continued demand for AI-related products.
Nvidia shares climbed 7.3%, leading the tech sector higher. Salesforce stock soared 20.7% after the company said artificial intelligence contributed to one of its strongest quarters ever, exceeding Wall Street expectations. CrowdStrike's stock jumped 14.5% as it beat analysts' second-quarter earnings estimates and raised its forecast for annual revenue.
Investors are looking ahead to a major speech by Federal Reserve Chair Kevin Warsh on Friday at the Jackson Hole gathering of central bankers. The market is eager to hear more from Warsh about how the Fed will react to current inflation levels, which remain above target.