Investors assessed whether the massive AI investment cycle can continue beyond infrastructure and into enterprise applications.

  • Truist raised Nvidia’s price target to $346, saying sales could grow 100% next year despite supply limits. 
  • Snowflake Intelligence deployments doubled in Q2, showing growing demand for AI-powered data tools. 
  • Salesforce stock surged 22% over the week as its revenue grew 10.8%, while profit jumped 87% to $3.53 billion. 

AI remained a key driver of tech stocks in the final week of August, with Nvidia Corp. (NVDA), CrowdStrike Holdings (CRWD) and Salesforce (CRM) rallying on strong results and rising AI demand. Meanwhile, Marvell Technology (MRVL) fell despite robust data center growth, while AST SpaceMobile (ASTS) slid on investor concerns. 

Nvidia’s AI Growth Continues To Outpace Expectations 

Nvidia reported fiscal second-quarter (Q2) revenue of $96.2 billion on Aug. 26, marking a 106% increase from a year earlier and exceeding Wall Street’s $92.2 billion expectation. The chipmaker also guided revenue of about $108 billion for Q3.

Data center sales jumped 117% to $89 billion, reflecting continued spending by cloud giants including Microsoft, Alphabet, Meta Platforms and Amazon. CEO Jensen Huang described the current environment as a “golden age” for computing, while the company pointed to growing demand for AI inference rather than model training alone.

Truist raised its Nvidia price target to $346 from $307 and kept a Buy rating. The firm expects Nvidia’s sales could grow 100% next year, but supply limits may cap growth at 70%, still well above the 47% Wall Street expects. Truist believes this could boost Nvidia and revive AI stocks. Nvidia stock gained over 4% over the week, with retail sentiment around the stock in ‘extremely bullish’ territory. 

CrowdStrike Shows Security Demand Holding Up

CrowdStrike stock clocked its best week since May, with a nearly 14% climb. The cybersecurity company posted $1.47 billion in Q2 revenue, a 26% year-on-year increase, and lifted its full-year outlook.

New annual recurring revenue reached $332.8 million, helped by growing adoption of its Falcon Flex licensing model. More than half of its customers now use at least six Falcon modules, highlighting a broader push to adopt cybersecurity tools as companies deploy AI systems and automated agents. 

On Friday, Argus raised CrowdStrike’s price target to $425 from $230 and maintained a Buy rating, saying the rise of agentic AI is driving greater cybersecurity demand. The firm said CrowdStrike’s expanding security platform and acquisitions position it to benefit from growing AI-related threats. 

Retail sentiment around the stock remained in ‘extremely bullish’ territory. 

Marvell Benefits From Custom AI Chips

Marvell stock fell more than 5% over the week despite a 36.5% increase in Q2 revenue. Data center sales reached $2.17 billion, or nearly four-fifths of total revenue. Demand for custom accelerators and optical connectivity helped drive the gains as cloud providers increasingly develop specialized chips alongside conventional GPUs.

Craig-Hallum raised Marvell’s price target to $300 from $217 and kept a Buy rating, citing strong results and outlook. TD Cowen also lifted its target to $245 from $225 but maintained a Hold rating, saying investors wanted a bigger boost to 2028 growth from Marvell’s expanded Google partnership. 

Salesforce Shows AI Software Demand 

Salesforce reported a 10.8% increase in Q2 revenue, while net income jumped 87% to $3.53 billion. The company is expanding its Agentforce and Data 360 platforms to support AI-powered business tools and shifting toward usage-based software as AI agents become more important. Salesforce stock jumped over 22% during the week with ‘extremely bullish’ retail sentiment.

AST SpaceMobile said BlueBird 12 and 13 are fully deployed, with each satellite featuring a 2,400-square-foot communications array and speeds approaching 200 Mbps. The company is also expanding production through BlueBird 48 and aims to have 45 satellites in orbit by early 2027. However, AST SpaceMobile stock plunged over 15% during the week, and retail sentiment remained in ‘bearish’ territory.

So far this year, NVDA, CRWD, and MRVL stocks have gained between 16% and 154%, while CRM and ASTS stocks have declined by 3% and 20%, respectively.

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