U.S. stocks opened firmly higher Thursday, powered by stellar earnings from Microsoft and Meta Platforms and the blockbuster public debut of design software firm Figma. The Nasdaq Composite soared 1.52%, gaining 321.95 points to 21,451.6, while the S&P 500 advanced 50.36 points, or 0.79%, to 6413.26. The Dow Jones Industrial Average added 77.56 points, or 0.17%, to 44,538.8.

Figma makes its long-awaited entrance onto the New York Stock Exchange under the ticker FIG, pricing its IPO at $33 per share—above its initial $25–$28 range—and raising $1.2 billion. The offering was nearly 40 times oversubscribed, reflecting exceptional investor demand. The stock is seen as a bellwether for the broader tech IPO market, with the company valued near $19.5 billion—just shy of Adobe’s failed $20 billion takeover attempt in 2023.

Figma’s strong debut underscores growing appetite for high-growth, AI-enabled tech firms. “These might be some of the best financials we’ve seen this year,” said Dean Quiambao, Technology Industry Leader at Armanino, citing Figma’s 46% revenue growth and 91% gross margin. “They got a ton of cash, they got a ton of growing revenue, and they’ve got a ton of excitement in their customer base,” he added.

Meanwhile, the Nasdaq rally was led by Big Tech after what Wedbush analysts described as “mic drop results” from Microsoft and Meta. In a note titled Watershed Moment for AI Revolution, Wedbush highlighted that the earnings validated the scale and velocity of enterprise and consumer spending on artificial intelligence. “We are still only at 10 pm in the AI Party,” analysts wrote, suggesting there’s significant room to run for tech leaders like Nvidia, Microsoft, and Meta.

Investors now turn their attention to Amazon and Apple, both of which report after the bell. For Amazon, Wedbush boosted its price target to $250, citing strong AWS momentum, margin improvements, and robust Prime Day performance. Apple, on the other hand, faces a more cautious outlook amid a 13% stock slide year-to-date. Wedbush analysts warned that Apple’s lagging AI strategy is an “elephant in the room,” calling for bold moves such as a potential $40 billion acquisition of AI startup Perplexity.

In commodities, gold rose slightly, with December futures up 0.16% to $3,358.20 per ounce. Crude oil declined, with September contracts down 0.81% to $69.43 a barrel.

Thursday’s early gains mark renewed investor enthusiasm for AI-driven growth stories and a revitalizing IPO market. With Figma’s debut and Big Tech earnings exceeding expectations, the tech sector appears poised to extend its leadership as the AI boom reshapes investor sentiment