Nvidia closed Thursday up 8.74% at $227.98, adding roughly $441.5 billion in market cap — one of the largest single-day dollar gains in U.S. market history — on revenue of $96.2 billion, up 106% year over year, with data center at about $89 billion. The shocker was CFO Colette Kress guiding to roughly 70% revenue growth for fiscal 2028, close to double what the Street modeled. Gross margin held near 75%, with management flagging a modest dip next quarter on higher memory costs.
Nvidia has agreed to acquire open-source model repository Hugging Face for about $12.9 billion, per The Information, though a signed agreement reportedly isn't final and the deal could still fall apart. Hugging Face last raised in 2023 at $4.5 billion and turned down a $500 million Nvidia investment at a $7 billion valuation last year. The move pushes Nvidia deeper into the software and model layer above its GPUs.
New Fed Chair Kevin Warsh delivers his first Jackson Hole keynote this morning, with inflation still above target and 10-year yields hovering near 4.7%. Markets are pricing roughly one-in-three odds of a September 16 hike, so this is the session's biggest swing factor. Futures were little changed early Friday, with Dow futures up 0.07%.
Salesforce surged over 22% Thursday after fiscal Q2 revenue and earnings beat and the company raised its Q3 outlook. It was the single biggest one-day move in the enterprise software complex in more than a year, and it dragged the broader software group up with it. The print reframed the "AI eats SaaS" bear case that had weighed on the name all year.
CrowdStrike jumped 20.5% Thursday after posting adjusted EPS of $0.31 on revenue of $1.47 billion, up 25% year over year, and lifting its full-year revenue forecast. Okta soared more than 28% on its own beat-and-raise. Management commentary across both pointed to AI-enabled attacks driving an urgent replacement cycle.
Marvell reported Q2 revenue of $2.74 billion, up 36.5% year over year, with adjusted EPS of $0.94, both ahead of consensus, and data center revenue accelerating to 46% growth. Q3 guidance of about $3.15 billion came in roughly 4% above the Street. The stock still slipped around 1.5% in the reaction — a classic case of a good print against a name already up more than 160% year to date.
Stifel reiterated Buy and raised its Nvidia target to $315 from $282 on a 20x multiple following the Q2 FY27 print. Consensus price target moved up toward roughly $322 as the Street digested management's first-ever long-range full-year outlook. That long-range guide, not the quarter itself, is what analysts keep citing as the re-rating catalyst.
Broadcom closed up 4.49% Thursday on the AI read-through, while AMD actually finished down 0.89% — a reminder the halo isn't universal. Micron gapped up toward $977 premarket but gave back about 82% of that opening move by the close, after finishing Wednesday at $938.40. Micron has reportedly sold out its entire 2026 HBM capacity under contract, with HBM4 shipping in volume to its lead customer.
Nebius and CoreWeave were up roughly 7% and 6% respectively in Thursday premarket as Nvidia's guidance reassured investors that AI compute demand isn't rolling over. The neocloud group has been the highest-beta expression of the AI capex trade all year, swinging hard in both directions on each datapoint. Watch whether the group holds these gains into month-end.
OpenAI, Anthropic and more than 100 other technology and financial services organizations issued a joint warning Wednesday that businesses and governments must do more to prepare for AI-enabled attacks as model capability improves. Neither company is publicly traded — OpenAI's CFO has said it will be public in 2027 or sooner — but the statement lands the same week cybersecurity names ripped on exactly that thesis. Treat it as a demand signal for the security complex.
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