NewzNEW YORK (AP) — Technology stocks are leading Wall Street on Thursday after Nvidia, Salesforce and others reported even fatter profits for the spring than analysts expected.The S&P 500 added 0.6% and pulled closer to its all-time high set earlier this month. The Dow Jones Industrial Average was up 187 points, or 0.4%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 1.2% higher.Nvidia was the strongest force pulling the market higher, even though more stocks fell within the S&P 500 than rose.
The chip giant climbed 7.5% after once again delivering much stronger profit and revenue for the latest quarter than analysts expected. More importantly for Wall Street, it also gave forecasts for upcoming revenue growth that topped analysts’ estimates, suggesting demand remains strong for chips to power artificial-intelligence projects.“AI has reached its inflection point,” Nvidia CEO Jensen Huang said. Its tokens are productive and profitable.”That helped calm some of the worries that have built around AI stocks generally, which have been under pressure recently.
After rocketing higher for years in the frenzy around AI, stocks in the industry are confronting skepticism that they shot too high and that booming demand for AI chips may fade if the AI revolution does not produce as much profit as promised.Another big tech company, Salesforce, jumped 20.2% after it said that AI helped it deliver one of its best quarters in history. It reported stronger profit than analysts expected, and CEO Marc Benioff said it’s “seeing incredible demand for our AI and data products” and that it’s “turning AI into customer success at unprecedented scale.”Salesforce, which helps companies manage their customers’ data, also raised its forecast for revenue over the full year and announced an expanded partnership to pair Anthropic's Claude chatbot with its platform. It’s notable because Salesforce’s stock struggled earlier on worries that competitors powered by AI could ultimately steal away customers from Salesforce and other software companies.
Salesforce's stock is potentially heading for its best day in six years.Elsewhere, though, trends were more mixed across big U.S. companies.HP fell 5.8% even though it topped analysts’ expectations for profit and spring in the latest quarter. Analysts pointed to worries about its sales of personal computers, as we…
The Dow Jones Industrial Average was down 29 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.1% higher.Nvidia was the strongest force pulling the market higher, even though more stocks fell within the S&P 500 than rose. The chip giant climbed 7.6% after once again delivering much stronger profit and revenue for the latest quarter than analysts expected.
More importantly, it also gave forecasts for upcoming revenue growth that topped analysts’ estimates, suggesting demand continues to accelerate for chips to power artificial-intelligence projects.“AI has reached its inflection point,” Nvidia CEO Jensen Huang said. companies.HP fell 6.7% even though it topped analysts’ expectations for profit and spring in the latest quarter. The Dow Jones Industrial Average was down 12 points, or less than 0.1%, as of 9:35 a.m.
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