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Stock futures experienced a notable rise on Wednesday night, largely propelled by a robust earnings report from the artificial intelligence powerhouse, Nvidia. Futures tied to the S&P 500 increased by 0.8%, while Nasdaq 100 futures saw a more substantial gain of 1.2%. Dow Jones Industrial Average futures added 206 points, or 0.5%.

Nvidia shares surged over 4% in after-hours trading following the better-than-expected first-quarter earnings report. The chipmaker reported adjusted earnings per share of 96 cents on revenue of $44.06 billion, topping analyst expectations of 93 cents a share on $43.31 billion revenue. A remarkable 73% year-over-year growth in its data center business significantly contributed to these results.

"Wednesday's Nvidia earnings report is pivotal not just for Nvidia but for the entire stock market, as it can rejuvenate investor optimism across the board and help investors to focus on the power of AI and less on headlines out of Washington on tariffs and taxes," commented James Demmert, Chief Investment Officer of Main Street Research.

In addition to Nvidia's impressive performance, Salesforce shares also edged up about 1%. The software company's fiscal first-quarter results exceeded expectations, prompting an optimistic full-year forecast. Salesforce reported earnings of $2.58 per share, above analysts' predictions of $2.54 per share, with revenue reaching $9.83 billion against expected $9.75 billion.

The uplift in stock futures comes after a rather unimpressive session on Wednesday. The S&P 500 concluded the day down nearly 0.6%, while the Nasdaq Composite fell 0.5%, and the Dow Jones Industrial Average dropped nearly 245 points or 0.6%. However, major U.S. indexes are still on course to end the week and month higher. This week, the S&P 500 and Dow have respectively risen 1.5% and 1.2%, while the Nasdaq has rallied nearly 2%.

For the month of May, the tech sector has been a standout performer, fueled by AI advancements from Big Tech firms like Alphabet. Notably, the S&P 500 has surged 5.7%, the Dow has increased 3.5%, and the Nasdaq has jumped 9.5%.

Additionally, C3.ai shares spiked 14% after the company reported better-than-anticipated financial outcomes for its fiscal fourth quarter. The enterprise AI software company posted a loss of 16 cents per share, outperforming analyst projections of a 20-cent per share loss. C3.ai also exceeded revenue expectations with $109 million compared to the forecasted $108 million.

Investors were also buoyed by President Donald Trump's recent decision to delay the implementation of a 50% tariff on the European Union from June 1 to July 9. This move has been positively received, although critiques of the tariffs' market impact persist.

Larry Tentarelli, chief technical strategist and founder of the Blue Chip Daily Trend Report, pointed out the significant potential for Nvidia's stock, which has jumped 23.8% this month but is only 0.4% higher year-to-date. Tentarelli's analysis indicates a bullish outlook, with a year-end price target of $165 per share, suggesting a potential 22.4% upside.

Overall, the strong performances by Nvidia and other tech companies have injected a fresh wave of optimism into the market, likely to drive future gains and investor confidence.