Nasdaq futures surge 300 points: 5 things to know before Wall Street opens

US stock futures rose on Thursday as Nvidia’s blockbuster outlook reignited the AI trade, pushing Nasdaq 100 futures up about 1% and lifting semiconductor and software shares across global markets.

Nvidia jumped more than 7% before the bell after projecting roughly 70% revenue growth in fiscal 2028, far above Wall Street expectations. S&P 500 futures gained around 0.5%, while Dow futures were little changed.

The rally broadened beyond chips after Salesforce and CrowdStrike delivered stronger outlooks, easing some fears that artificial intelligence will disrupt established software businesses.

Investors still face a major macro test on Friday, when Fed Chair Kevin Warsh speaks at Jackson Hole.

5 things to know before Wall Street opens

1. Nvidia gives the AI trade another jolt

Nvidia reported second-quarter revenue of $96.2 billion, up 106% from a year earlier, with data-centre sales jumping 117% to $89 billion.

It guided third-quarter revenue to about $108 billion and expects fiscal 2028 sales to grow roughly 70%.

Saxo Markets strategist Charu Chanana said in a Thursday market note that the results validate the AI infrastructure trade and show demand remains supply-constrained.

She cautioned that investors increasingly need evidence that hyperscalers can generate adequate returns from rising AI spending.

2. Memory shortages are Nvidia’s new constraint

The upbeat outlook came with a warning. Nvidia expects gross margin to fall from 75% in the July quarter to about 74% in the current quarter as memory costs climb.

MarketWatch reported that margins could fall towards 71%-72% in the January quarter before recovering to around 72%-73% in fiscal 2028.

That pressure also explains Thursday’s gains in memory-linked stocks including Micron and SanDisk.

3. Software stocks finally join the AI rally

Salesforce surged roughly 12% after raising fiscal 2027 revenue guidance to $46.1 billion-$46.4 billion.

Agentforce and Data 360 annual recurring revenue reached almost $3.9 billion, up more than 210% from a year earlier.

The company also expanded its Anthropic partnership through Claudeforce, initially offering 37 pre-built sales skills inside Claude.

CrowdStrike climbed about 9% after quarterly revenue rose 26% to $1.47 billion and the cybersecurity company lifted its full-year outlook.

4. Inflation keeps the Fed risk alive

Wednesday’s PCE report showed headline inflation at 3.7% in July, while core inflation remained at 3.3%, both well above the Fed’s 2% target.

That keeps the prospect of another rate increase alive and matters for technology valuations, because higher yields reduce the present value of future profits.

Weekly jobless claims are due at 8:30 am ET on Thursday and will provide another read on whether the labour market remains resilient.

5. Jackson Hole is the next macro hurdle

Attention now shifts to Warsh’s first Jackson Hole keynote as Fed chair at 10 am ET on Friday. The symposium runs from August 27 through August 29.

Investors will be listening for clearer guidance on inflation and September rates after the latest PCE figures.

For Thursday, however, Nvidia has reset the tone. Its forecast argues that AI demand is still accelerating.

The harder question is whether margins, financing costs and customer returns can keep pace.