Tech earnings boost AI sector

PARAGRAPH 1 --- On August 24, Nvidia (NVDA) reported Q3 results, surpassing estimates and guiding for $108B in revenue, a 70% growth rate for FY2028. This sparked a rally in tech stocks, particularly AI-focused companies. CrowdStrike (CRWD) and Salesforce (CRM) also reported strong earnings, driving their stocks up 14% and 7% respectively.

PARAGRAPH 2 --- The AI sector was the primary beneficiary, with Nvidia's stock jumping 24% in two days. Semiconductor stocks like Intel (INTC) and SK Hynix (SKHY) also rose. Companies with exposure to AI computing power, such as TeraWulf (WULF) and Applied Digital (APLD), gained 7% and 5% respectively. The Nasdaq Composite Index led the market, surging 1.3%.

PARAGRAPH 3 --- Next, investors will watch Nvidia's stock price action around its 52-week high of $215.70, set on August 25. Also, keep an eye on CrowdStrike's stock as it approaches its all-time high of $177.50, reached on August 24. Lastly, the AI sector's performance will be closely monitored ahead of Nvidia's next earnings report, scheduled for November 16.