Futures Stall Even After Nvidia Delivers Another Blowout Quarter

​A Big Beat, a Muted Reaction
US stock futures hesitated Thursday morning, even after Nvidia posted another blockbuster earnings report. Dow futures slipped slightly below flat, while S&P 500 and Nasdaq 100 contracts hovered around unchanged levels. The pause comes a day after strong gains on Wall Street, suggesting investors may be asking a tougher question now: what does it take to extend the AI rally from here?

Nvidia Clears a High Bar
Nvidia once again topped expectations on both profit and revenue. The company reported earnings per share of one dollar and sixty-two cents on revenue of sixty-eight point one billion dollars, comfortably ahead of forecasts. Even more striking, its data center business generated sixty-two point three billion dollars in revenue, beating projections and underscoring how central AI infrastructure has become to its growth story. First-quarter guidance, ranging from seventy-six point four four billion to seventy-nine point five six billion dollars, also came in above estimates. Shares initially jumped in extended trading before trimming gains to about one percent in premarket action.

Software Still Under Pressure
While Nvidia soothed fears around the so-called AI scare trade, not every tech name found relief. Salesforce shares fell nearly four percent in premarket trading after issuing a fiscal 2027 revenue outlook that slightly missed expectations. The company pointed to cautious enterprise spending and ongoing heavy investment in its AI platform. Investors remain wary that startups and new AI-native tools could chip away at traditional software models, especially as companies tighten tech budgets.

The Next Tests for the Market
​Beyond earnings, traders are watching fresh economic data, including weekly jobless claims and the upcoming producer price index report. More corporate results are on deck from Dell, Warner Bros. Discovery, and CoreWeave, adding to a packed calendar. For now, Nvidia has proven demand for AI chips remains robust. But the flat futures reaction suggests the market wants more than just strong numbers — it wants confirmation that the AI boom can keep lifting the broader tech ecosystem, not just its biggest winner.