Tech earnings lift U.S. market outlook as Nvidia, Salesforce and CrowdStrike rally

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Tech earnings lift U.S. outlook

Highlights

Nvidia jumps 6% premarket on a strong revenue growth outlook and broadening AI demand, with investor speculation on a major stock buyback.
Salesforce surges over 10% after easing software demand fears and forecasting faster second-half revenue growth, driven partly by its Anthropic partnership.
CrowdStrike rises 9% and Okta more than 18% as robust cybersecurity results and analyst upgrades spark wider sector outperformance, lifting Nasdaq futures.

AI-linked earnings set Thursday market tone

As reported by CNBC, strong quarterly updates from Nvidia, Salesforce and CrowdStrike are pushing their shares higher and helping lead Nasdaq futures upward, as investors respond to upbeat forecasts and signs that AI spending remains broad-based. The move extends beyond a single earnings release, with related technology stocks also benefiting from the stronger sentiment.

Nvidia rises 6% in premarket trading after an initial dip, as investors focus on finance chief Colette Kress's forecast for sharp revenue growth in the next fiscal year. The company is seeing demand from more than just hyperscalers and not only from U.S. data centers, while Amazon is also increasing orders and expectations are building around a possible large stock buyback.

Salesforce gains more than 10% after results that ease concerns over slowing software demand. The company is also drawing attention for its partnership with Anthropic on the new Claudeforce product, while management's expectation for faster revenue growth in the second half is strengthening the case that enterprise customers are still spending on data and AI tools.

CrowdStrike advances 9% after what is described as a standout quarter, with investors also looking ahead to next week's Fal.Con conference in Las Vegas. The results add to a wider boost for cybersecurity, where Okta jumps more than 18% after posting a beat-and-raise quarter and Bank of America upgrades the stock to neutral from sell.

Broker target changes and retail results widen focus

The upbeat tone is also spreading to adjacent software names ahead of coming reports. Barclays raises its price target on Snowflake to $332 from $285 before earnings next week, although it keeps a neutral rating, reflecting continued caution even as the company's data platform remains well positioned for AI-related demand.

Outside technology, earnings reactions are more mixed. Best Buy falls 8% despite reporting quarterly results above expectations and raising its full-year outlook for revenue, comparable store sales and earnings, even as the retailer points to strength in computing and emerging categories including AI glasses and trading cards.

Analysts are also lifting price targets on Urban Outfitters and Williams-Sonoma after their latest results. Urban Outfitters posts positive comparable sales across all of its brands, while Williams-Sonoma continues a strong year for the stock and highlights store experience, vendor tariff refunds and special 401(k) contributions for eligible employees as part of its operating picture.

In our earlier article on Nvidia’s long-term revenue outlook, we noted that the company projected roughly 70% revenue growth into fiscal 2028—well above typical analyst expectations—despite ongoing component constraints that are limiting near-term supply. We also highlighted that demand is being supported by a widening AI customer base beyond hyperscalers, helped by initiatives such as financing programs and deeper infrastructure partnerships that extend beyond chips.

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