Tech stocks today: Tech stocks gain after Nvidia tops Q2 expectations

Nvidia (NVDA) stock gained over 6% in early trading following its Q2 earnings on Wednesday, beating Wall Street’s expectations on the top and bottom lines and providing a better-than-expected outlook for the third quarter.

For Q2, Nvidia reported adjusted earnings per share (EPS) of $2.22 on revenue of $96.2 billion, better than the EPS of $2.09 and revenue of $92.3 billion that Wall Street was anticipating.

The company also says it is projecting Q3 revenue of between $105.8 billion and $110.1 billion. Wall Street was calling for $1.51 billion.

Nvidia’s (NVDA) bullish outlook sparked a rally in tech stocks, offsetting weakness elsewhere. Semiconductor stocks like Intel (INTC) and SK Hynix (SKHY) also rose.