Nvidia $NVDA ( ▼ 2.32% ) just reminded Wall Street what happens when the engine of the AI boom decides to floor it. The company’s Q3 results didn’t just beat expectations. They showed a rare feat for a mega-cap: a reacceleration in revenue growth. For a business that recently crossed a $5 trillion market cap, that is not supposed to happen.
Data center revenue came in at $51.22 billion, giving risk sentiment a clean jolt. Nvidia beat revenue and earnings by roughly 3 percent, and guidance came in even stronger, which was all Wall Street needed to send the entire AI trade into rally mode.
Semiconductor names were the first to feel the lift. Broadcom $AVGO ( ▼ 0.58% ) and AMD $AMD ( ▼ 6.06% ) MD jumped in early trading as investors bet on yet another wave of GPU-driven spending. Further down the stack, upstart data center operators like IREN $IREN ( ▲ 0.28% ) and Cipher Mining $CIFR ( ▲ 0.96% ) posted even larger gains as demand for power-hungry AI infrastructure looks increasingly locked in.
Palantir $PLTR also caught a boost, thanks to a shoutout from Nvidia’s CFO about supercharging its Ontology platform with CUDA-X libraries and Nvidia AI models. The neoclouds followed suit. CoreWeave $CRWV ( ▼ 2.84% ) surged more than 9 percent as investors priced in stronger demand for the roughly 250,000 Nvidia GPUs it rents out. Nebius $NBIS climbed as well, benefiting from its positioning around surge compute capacity.
The “powering the AI boom” theme is rallying too. Bloom Energy $BE moved higher, while nuclear names like Constellation $CEG ( ▼ 1.95% ) , Oklo $OKLO ( ▼ 10.56% ) , and NuScale $SMR ( ▼ 8.95% ) all posted early gains as investors leaned into anything tied to future electricity supply. Even AI server and storage players joined the party, with Super Micro Computer $SMCI ( ▼ 4.92% ), Western Digital $WDC ( ▼ 7.53% ) , and Seagate $STX ( ▼ 6.1% ) all trading higher.
The optimism even spilled into risk assets. Bitcoin reclaimed $92,000, quantum stocks bounced, and global equity markets turned green, with S&P 500 futures up more than 1 percent.
Huang summed it up on the call: “AI is going everywhere, doing everything, all at once.” Judging by premarket trading, the market wholeheartedly agrees.