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Nasdaq, S&P 500 futures pop as Nvidia results light up chip stocks

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May 23 - Futures tracking the tech-heavy Nasdaq and the benchmark S&P 500 climbed on Thursday, driven by a rally in chip stocks after Nvidia's upbeat revenue forecast cemented investor optimism around the meteoric rise of artificial intelligence technology.

The semiconductor bellwether also announced a stock split, following an over 90% surge in its shares this year and a threefold jump in 2023 that have made Nvidia the third-most valuable U.S. stock. AI-related stocks such as Super Micro Computer , opens new tab, C3.ai , opens new tab, Palantir Technologies , opens new tab and SoundHound AI , opens new tab also gained between 1.5% and 5.3%.

Markets are also eyeing economic data scheduled through the day including weekly jobless claims, S&P Global flash PMIs and housing figures. Among other premarket movers, data cloud analytics firm Snowflake , opens new tab advanced 4% after forecasting second-quarter product revenue above estimates and raising its annual expectations.

 

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