Tech Stocks Rebound as Nvidia and Salesforce Crush Earnings Expectations

The S&P 500 rose 0.7% on Thursday after Nvidia and Salesforce reported stronger-than-expected profits for the spring, fueled by growing demand for artificial intelligence chips.

Nvidia led the charge with a gain of 8.7%, as CEO Jensen Huang said 'AI has reached its inflection point.' The chip giant also provided forecasts that exceeded analysts' estimates for upcoming revenue growth.

Salesforce jumped 22.6% after delivering one of its best quarters in history, thanks to strong demand for its AI and data products. The company raised its revenue forecast for the full year and announced a partnership with Anthropic's Claude chatbot.