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Nvidia's Quarterly Report Drives Tech Stocks Higher

Stocks finished the day broadly higher after Nvidia's upbeat quarterly report and outlook for 70% revenue growth for next fiscal year led a rally among other notable tech firms. Salesforce's "beat and raise" report and its collaboration with Anthropic also supported its shares and the indexes.Traders are now looking to Jackson Hole with Fed Chair Kevin Warsh scheduled to deliver his keynote speech Friday at 10 a.m. ET. Investors will be looking for clues about whether the Fed views persistent inflation as a reason to keep rates higher or whether weakening labor-market conditions could eventually justify easing.Additionally, the Trump administration has told mediators it has no interest in going back to the terms of the memorandum of understanding it reached with Iran in June, people familiar with the matter told The Wall Street Journal. Oil prices surged nearly 2% after the news, as The Journal noted that Trump is willing to wait and see if a policy of squeezing Iran economically bears fruit.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiareported, provided an upbeat outlook, and reportedly agreed to acquire Hugging Face for $12.9BSalesforceprovided aand announced its "Claudeforce" collaboration with AnthropicHP Inc.also provided aBest Buyreportedand raised its guidance for FY27Dollar Treeand Dollar Generalboth provided2. WALL STREET CALLS:First Solarto Outperform at BMO Capital after 16% pullbackCelsiusto Hold at Deutsche BankInteractive Brokerswith a Market Perform at Raymond JamesEverpureto Buy at BofA with more growth to comeCitiAbercrombie & Fitchon valuation after 36% rally3. AROUND THE WEB:Anthropic is weighing allowing its existing shareholders sell some stock in its blockbuster IPO while also mulling longer-than-usual lockup periods for sales after it goes public, The Information reportsBPis in talks to sell some of its upstream oil and gas assets in Egypt to Energean, Reuters saysTrian is no longer preparing a take-private bid for Wendy's, Reuters reportsThe Trump administration has struck data-sharing deals with OpenAI, Google, Meta, Amazon, and other tech companies to track how AI is affecting jobs and hiring, Axios saysMetahas quietly become one of Anthropic's largest customers, potentially spending up to $10B annually on its AI models despite publicly criticizing the company, NY Times reports4. MOVERS:Oktaincreased after, providing guidance for Q3, and raising its outlook for FY27Veevagained afterand raising its outlook for FY27Tenablewas higher afterin S&P SmallCap 600Hormel Foodsfell afterand narrowing its guidance for FY26Modernawas lower after announcing a5. EARNINGS/GUIDANCE:Burlington Stores, provided guidance for Q3, and raised its outlook for FY26Build-A-Bearand lowered its guidance for FY26Titan Machineryand backed its guidance for FY27HealthEquityand backed its guidance for FY27, with CEO Scott Cutler calling it "a record-setting second quarter"Canadian Solar, with EPS missing consensusINDEXES:The Dow rose 105.56, or 0.20%, to 53,569.44, the Nasdaq gained 411.16, or 1.57%, to 26,541.35, and the S&P 500 advanced 55.29, or 0.72%, to 7,730.99.

NVIDIA Reports Strong Earnings and Acquires Hugging Face

Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly.NVIDIA RESULTS:Nvidiais in the spotlight after reporting a strong earnings beat and an upbeat outlook. The company not only topped analyst expectations but also projected revenue growth of 70% in fiscal 2028, far above the 44% anticipated by LSEG‑surveyed analysts. Its Q2 revenue more than doubled, reinforcing the momentum behind its AI‑driven expansion.HUGGING FACE DEAL:Nvidia has agreed to acquire open-source AI platform Hugging Face for $12.9B, expanding its AI ecosystem and access to a leading repository of open-source models, The Information's Amir Efrati, Valida Pau, and Phoebe Liu, citing a person familiar with the matter.NEW SEMICONDUCTOR TARIFFS:The Trump administration is considering broad new semiconductor tariffs that could extend to chip-containing products such as laptops and data-center servers, potentially raising AI infrastructure costs while linking tariff relief to U.S. manufacturing investment, Politico's Ari Hawkins and Gabby Miller. The administration is also mulling a phase-in period for the new tariffs, people familiar with the matter say. Publicly traded companies in the space include AMD, Intel, Marvell, Microchip, Micron, Nvidia, Qualcommand Texas Instruments.ANTHROPIC'S AI:Metahas quietly become one of Anthropic's largest customers, potentially spending up to $10B annually on its AI models despite publicly criticizing the company, highlighting the increasingly intertwined and competitive nature of the AI ecosystem, The New York Times' Eli Tan and Kalley Huang.CHIP SMUGGLING:The U.S. government is probing Apex Logistics for its potential role in the smuggling of Nvidia chips to China, Kari Soo Lindberg and Mackenzie Hawkins of Bloomberg, citing people familiar with the matter. Authorities are investigation into whether Apex transported AI systems made by Super Micro Computer, the sources added.AI REGULATOR:The Trump administration's proposed AI self-regulatory body appears to be stalling, suggesting uncertainty around the administration's approach to AI oversight, The Information's Leo Schwartz. A formal framework could still emerge, but the delay reinforces the broader regulatory vacuum as states continue pursuing their own AI rules, according to the report.AI RESPONSIBILITY:Googleis moving its team dealing with identifying risks and societal impact of AI out of Google DeepMind, the research lab developing its most advanced AI models, Erin Woo of The Wall Street Journal, citing an internal email viewed by the Journal. The change has prompted some members to raise concerns their work may be negatively affected, two DeepMind employees told the Journal. Instead, the 90-person "AI responsibility" unit will join Google's global affairs organization.CYBER DEFENSE:In antitled "A call for collective action on cyber defense" shared on X, the President and co-founder of OpenAI Greg Brockman writes that, "We have a limited window to strengthen cyber defenses. In the coming months, AI-enabled cyber attacks will become far more widespread and sophisticated as models around the world become increasingly capable. The companies and public services our communities depend on - from hospitals to water treatment plants to the infrastructure that powers the internet - are at risk. Today's AI advances are already giving defenders new ways to fix weaknesses that have accumulated for years. If we act decisively, we can use the defenders' window to make our digital world much more secure. We propose the following principles for a collective response: Recognize that status quo security won't be enough... Empower more defenders with cyber-capable AI... Mobilize a collective response." He further states, "We can make the digital infrastructure we all depend on more secure. We call on leaders across industry and government to bring the full weight of their technology, resources, and expertise to this effort. Put cyber-capable AI in the hands of defenders, starting with the teams protecting essential services. Fix the most dangerous weaknesses, verify the fixes, and share what works so others can build on it. Together, we can turn today's AI advances into lasting improvements in security that benefit everyone. Let's put them to work."AI BUSINESS:Microsoftstands out among other tech giants for its lack of transparency during its financial reporting, Jonathan Weil of The Wall Street Journal. In Microsoft's latest annual report, the company said "Azure and other cloud services revenue increased 41%" during the year, but gave no dollar amount for that revenue or for the year earlier figure. Instead, Azure is buried within the "intelligent Cloud" segment, which includes legacy software and hides the margins, costs, and capital intensity of its AI-build out.