Nasdaq rises as Nvidia stock jumps on revenue forecast
Nvidia stock climbed roughly 7% on Thursday after the chipmaker's second-quarter revenue more than doubled and it projected 70% revenue growth in its fiscal 2028 year, lifting chip stocks and pushing the major indexes higher.
The Nasdaq Composite finished up 0.8%, the S&P 500 closed 0.4% higher, and the Dow Jones Industrial Average edged up approximately 35 points, equivalent to a 0.1% gain.
Shares of Broadcom and Marvell Technology each advanced 2%, with SK Hynix and Arm posting gains of roughly 4%. Salesforce stock surged 13% after the software company beat revenue expectations for the quarter, while Okta jumped more than 20% following a report of surging demand driven by agentic AI.
"We retain our conviction in the broader AI growth story and believe it remains a key driver of our positive market outlook," UBS Global Wealth Management Chief Investment Officer Mark Haefele and his team wrote in a Thursday morning note. "While ongoing concerns over the sustainability of AI capex and the circularity of certain AI financing deals may continue to inject periodic tech volatility, the second-quarter earnings season has shown that the fundamentals remain robust," the team added, according to CNBC .
The three major indexes closed little changed on Wednesday. Traders are also keeping an eye on the Federal Reserve's annual Jackson Hole, Wyoming symposium, which got underway Thursday, according to CNBC.
