NVIDIA Surges on Record $96.2B Quarter as MongoDB Crashes 15% and Salesforce Beats Estimates

Wednesday's session was dominated by a wave of earnings-driven moves, with NVIDIA leading the way higher after its fiscal second-quarter results far exceeded expectations. The chipmaker reported revenue of $96.2 billion, more than doubling year-over-year and topping the $92.2 billion Wall Street had forecast. Data center revenue rose 117% to $89 billion, above estimates near $85 billion, and adjusted earnings per share came in at $2.22 versus the $2.10 expected. NVIDIA guided its fiscal third quarter to $108 billion in revenue, above the $104.2 billion analysts projected even excluding any China contribution. CEO Jensen Huang declared that AI has reached its inflection point and that demand is accelerating.

Salesforce added to the positive technology tone after reporting Q2 revenue of $11.35 billion, narrowly beating the $11.32 billion consensus, while adjusted EPS of $5.90 dramatically exceeded the $3.27 analysts had expected, driven by strong demand for its Agentforce AI tools. Argus raised its price target on Salesforce to $300 from $290 and maintained a Buy rating, citing the company's repeated guidance increases.

MongoDB was the sharpest decliner among high-profile technology names, with shares falling roughly 15% despite results that beat analyst estimates. Adjusted EPS came in at $1.90, up from $1.00 a year earlier, and the company raised its annual forecast, but investor concerns about the pace of AI-driven demand left the market unimpressed. Meta Platforms and Oracle also moved higher, while Palantir Technologies and United Microelectronics pulled back.

AST SpaceMobile soared approximately 11% to $62.36 after Berenberg initiated coverage with a $92 price target, making it one of the session's standout single-catalyst movers. Bank of America, Nu Holdings, and Cerebras Systems also climbed, while G-III Apparel, PG&E, and FuelCell Energy were among the notable decliners. American Airlines surged on positive sector sentiment. The broad pattern reflected a market digesting a large batch of earnings and analyst actions against a backdrop of improving AI infrastructure spending signals from NVIDIA's blowout print.