Browsing: Skyrocket

Shares of CRM software giant Salesforce (NYSE:CRM) jumped 18.9% in the afternoon session after the company reported second-quarter financial results that exceeded expectations and raised its full-year earnings guidance, buoyed by rapid growth in its artificial intelligence business. 

Shares of e-commerce platform Shopify (NASDAQ:SHOP) jumped 6.7% in the afternoon session after Guggenheim’s John DiFucci upgraded both Salesforce and ServiceNow to Buy, arguing the AI-disruption fear that gutted the software sector during the year had pushed valuations too low. 

A number of stocks jumped in the afternoon session after a drop in Treasury yields and growing concerns over the artificial intelligence investment cycle improved the market’s appetite for enterprise software.