Nasdaq futures take lead after Nvidia forecast refuels AI trade

Futures tied to the tech-heavy Nasdaq outperformed peers on Thursday after AI bellwether Nvidia's blockbuster forecast renewed investor confidence in the AI trade and boosted technology stocks globally.
The chip giant rose 7.4% in premarket trading after it forecast a 70% jump in revenue next fiscal year, underscoring unabated demand for AI computing, while warning that shortages of memory components could curb how fast the demand expands.
The report bolstered the view that the AI rally is far from over, with companies at the heart of AI buildout continuing to post strong growth as Big Tech ramps up spending.
"The biggest positive was management effectively telling investors that AI demand remains supply-constrained even at this scale... That is a powerful counter to the narrative that the AI capex cycle is already peaking," said Charu Chanana, chief investment strategist at Saxo Markets.
"Nvidia's results validate the AI infrastructure trade, but they are not a signal to indiscriminately chase everything labeled AI."
Global tech stocks saw renewed investor interest, with South Korea's KOSPI closing 1.5% higher. US chipmakers such as Micron Technology gained 4.2% in premarket trading, while Marvell Technology rose 5.2% and Broadcom added 1.6%.
Data storage firms Sandisk and Western Digital gained 4.9% and 3.4%, respectively.
Salesforce jumped 11.8% after raising annual revenue and profit forecasts, and rolling out a new plug-in combining its capabilities with Anthropic's Claude AI models.
CrowdStrike climbed 8.8% after the cybersecurity software provider raised its annual revenue forecast and topped second-quarter earnings estimates.
Both these reports calmed worries that advanced AI tools could upend the traditional software industry, boosting investor appetite for beaten-down software stocks and narrowing the gap with semiconductors, which are seen as the primary beneficiaries of the AI boom.