Nvidia, Sandisk, Salesforce, CrowdStrike, Okta, Marvell, and More Stocks That Explain Today’s Market

Traders working at the New York Stock Exchange. (NYSE)

Key Points

• Nvidia rises after beating second-quarter expectations and forecasting strong revenue growth for fiscal 2028.
• CrowdStrike advances after the cybersecurity company’s second-quarter earnings surpass Wall Street expectations.
• Salesforce moves higher after topping second-quarter expectations and expanding its partnership with Anthropic.

Stock futures rallied Thursday as a batch of stellar tech earnings reports, including one from Nvidia , revived the artificial-intelligence trade.

Nvidia shares rose 6.5% after the chip maker’s second-quarter earnings topped analysts’ expectations. Nvidia also forecast strong revenue growth for fiscal 2028, signaling to investors that AI demand should remain robust.

Nvidia’s strong earnings boosted many AI-related stocks. Data connectivity providers Coherent and Lumentum along with glassmaker Corning all advanced.

Chips and networking company Marvell rose 3.8%. Marvell reports earnings after the closing bell Thursday. While Nvidia’s report has boosted the AI trade, Marvell’s earnings could matter even more.

Hard-disk drive makers Seagate and Western Digital gained 4.9% and 4.2%, respectively.

Sandisk advanced 4.6%. Along with the boost from Nvidia, the memory supplier and Tokyo-based Kioxia Holdings announced plans to invest more than $31 billion in Japan to bolster their joint-venture and drive flash memory supply.

Most of the Magnificent Seven missed out on the rally, though. Apple, Microsoft, Alphabet, Amazon, and Meta Platforms all traded lower.

CrowdStrike rose 9.3% after the cybersecurity company posted better-than-expected second-quarter earnings. CEO George Kurtz called it the best quarter in CrowdStrike’s history.

Dollar Tree declined 6.9% after the discount retailer’s disappointing guidance overshadowed the boost its second-quarter earnings got from tariff refunds.

Dollar General advanced 6%. The company’s quarterly earnings surpassed Wall Street expectations and Dollar General also raised its fiscal-year profit guidance.

HP Inc. dropped 12% after the personal computer and printing company reported disappointing unit sales for the third quarter. Investors were also fretting about surging memory-chip costs.

Salesforce added 10%. The software company topped analysts’ second-quarter expectations and expanded its partnership with Anthropic.

Nutanix gained 6% to $69.29. The cloud-computing company’s fourth-quarter results beat what Wall Street was looking for. There could also be further upside as revenue catches up with bookings, KeyBanc analyst Brandon Nispel said as he raised his price target to $79 from $75.

Okta surged 18% after the identity security company posted better-than-expected third-quarter earnings and revenue, as AI drives up demand for online protection.

Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com

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