Salesforce 'very thirsty' to be AI CRM leader, Benioff says following strong outlook, improved margins

U.S. stocks surged on Wednesday, with the Nasdaq leading the way, fueled by optimism over Nvidia Corp.'s earnings and the S&P 500 ending its 36-day streak without a 1% gain.

Shares of Nvidia surged 6.7% to an all-time high after announcing a $25 billion stock buyback plan and reporting record quarterly revenue, driven by strong demand for its AI-focused chips.

Affirm shares surged 26% after the buy now, pay later firm exceeded expectations in its fiscal fourth-quarter results and provided positive guidance for the first quarter, despite challenges posed by rising interest rates and the resumption of student loan payments.

Salesforce reported better-than-expected second quarter earnings, with beats on revenue, margins, and earnings per share, as the company's investments in artificial intelligence paid off.

Shares of Salesforce rallied nearly 6% in pre-market trading after the company reported better than expected second-quarter results, highlighting its focus on becoming the top AI CRM provider. The company's revenue beat estimates, and it raised its revenue outlook for 2024.

Salesforce's shares rose as their quarterly earnings and revenue exceeded expectations, driven by cost cutting measures and improved operating margins, with the company's profitability surpassing its goals.

Stocks climb as investors digest positive retail sales and producer prices data, with the Dow Jones Industrial Average up 0.7% and the S&P 500 and Nasdaq Composite both up 0.7% and 0.8% respectively.

Stocks surged as the Dow Jones Industrial Average rose, driven by strong performances from Goldman Sachs, Caterpillar, and Arm, while the tech-heavy Nasdaq and the S&P 500 also saw gains; strong consumer data and positive economic indicators contributed to the market's optimism.