Tech stocks look to get off to a strong start on Thursday as Nvidia's results reignite the sector's rally.
Futures for the Nasdaq 100 were up 1% early Thursday after the tech-heavy Nasdaq Composite Index closed at an all-time high on Tuesday and was down 0.2% in premarket trading.
Nvidia's impressive performance and guidance have sparked renewed optimism…
Tech stocks looked poised to get off to a strong start Thursday thanks to Nvidia's rise.
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Profits reignited the sector's rally.
Nasdaq 100 futures rose 1% early Thursday, led by tech stocks.
Nasdaq Composite Index
The index closed at a record high on Tuesday but was down 0.2% in the previous session.
Nvidia
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The stellar results and guidance have sparked renewed optimism across the tech industry, and the Nasdaq may well hit a new record by the close on Thursday. Shares of the AI chipmaker rose 7.1% in premarket trading, surpassing $1,000.
Other semiconductor stocks also rose. Advanced Micro Devices rose 3%, Micron Technology rose 3.9%, Applied Materials rose 2.5% and Qualcomm rose 1.3%.
Taiwan Semiconductor Manufacturing Co. gave more reason to cheer as it made a subtle but positive adjustment to its outlook for the global semiconductor industry. TSMC is currently seeing 10% annual revenue growth in the industry. It revised its forecast to “around 10%” from “more than 10%” in April. The company's American Depositary Receipts (ADRs) were up 2.5% at the open.
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Stocks exposed to AI, such as Supermicrocomputer, were among the most volatile in premarket trading.
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Nvidia Inc. rose 5.1%. The company makes AI servers using Nvidia chips. AI software provider C3.ai rose 2.8%, while Palantir Technologies Inc. rose 1.5%.
Nvidia may have stole the headlines late Wednesday, but Snowflake also impressed investors with its earnings report. The cloud-computing company gave an upbeat outlook for its second-quarter fiscal year, expecting product revenue to come in between $805 million and $810 million, beating Wall Street expectations of $793 million. Shares were up 3.9% early Thursday.
Email Callum Keown at callum.keown@barrons.com.
