TLDR
- Nvidia shares rose around 7% in premarket after Q2 results beat expectations and Q3 guidance came in ahead of forecasts
- Salesforce jumped 13% after topping Q2 estimates and announcing a new partnership with Anthropic
- CrowdStrike climbed around 10% following better-than-expected Q2 results and raised full-year guidance
- Okta soared 21% after posting strong Q2 earnings and lifting its fiscal 2027 outlook
- HP fell nearly 9% despite a beat-and-raise quarter, dragged down by weak unit sales and rising memory costs
Nvidia led a wave of strong tech earnings on Thursday, sending stock futures higher in premarket trading. Several AI-linked companies posted results that beat Wall Street expectations, while a handful of others fell short.
Nvidia reported Q2 revenue that jumped roughly 106% year over year. Data center revenue hit $89 billion, above the $85 billion analysts had expected. The company guided Q3 revenue to $108 billion, ahead of the $104.86 billion consensus. CEO Jensen Huang pointed to accelerating AI demand and said production of the next-generation Vera Rubin platform is ramping up.
Salesforce and Okta Post Strong Numbers
Salesforce surged 13% after reporting Q2 revenue growth of 11% year over year. The company said its AI and data products are now approaching $4 billion in annual recurring revenue. Salesforce also raised its full-year earnings guidance and announced an expanded partnership with Anthropic.
Okta had one of the biggest moves of the day, jumping 21%. The identity security company reported adjusted earnings per share of $1.05, beating estimates by $0.09. Revenue rose 11% year over year to $805 million. Okta raised its fiscal 2027 revenue outlook to between $3.22 billion and $3.23 billion.
CrowdStrike rose around 10% after its Q2 annual recurring revenue grew 25% to $5.84 billion. The cybersecurity company raised its full-year revenue guidance to between $5.99 billion and $6.01 billion. CEO George Kurtz said it was the best quarter in the company’s history.
HP and Others Fall Despite Mixed Results
HP dropped nearly 9% even after raising its full-year earnings guidance. Investors focused on weak unit sales in its printing division and concerns about rising memory chip costs. Personal Systems revenue rose 18%, but printing revenue fell 2.2% on a constant-currency basis.
Dollar Tree fell 4.3% after its forward guidance disappointed, even though Q2 earnings got a lift from tariff refunds.
Wendy’s dropped 13% after reports that Trian Fund Management has no plans to pursue a take-private deal for the fast-food chain. Trian cited concerns about the stock’s performance and valuation.
Most of the Magnificent Seven stocks slipped as investors rotated into chip and memory names. Apple, Microsoft, Alphabet, Amazon, and Meta all fell in premarket trading.
Other AI-linked stocks including Marvell, Coherent, Lumentum, Corning, Sandisk, Seagate, and Western Digital all moved higher following Nvidia’s results.
Investors were also watching for a scheduled speech from Federal Reserve Chair Kevin Warsh later in the day.
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