Software and semiconductor stocks are high-flying in morning trading on the backs of stellar Salesforce, Crowdstrike and Nvidia earnings Wednesday.

-- Salesforce is up more than 20%. The software giant said it was deepening its partnership with Anthropic, boosting investor confidence in its ability to integrate AI into its software.

-- Crowdstrike gained 18% in morning trading. The cybersecurity provider lifted its guidance as AI-security risks are elevating demand.

-- Okta and Adobe are among the software providers riding the wave, with morning gains of about 26% and 6%, respectively. The iShares Expanded Tech-Software ETF, a proxy for software stocks, is up 6.5%.

Investors had been bearish on software stocks for months, fearing that AI would strong-arm software as a service providers out of business. Markets have backed off the so-called "SaaSpocalypse," for now, at least. The S&P Software and Services ETF has recovered all of its losses and is now up year-to-date.

Semiconductors and chips are also riding on Nvidia's tailcoat. The company reported an astonishing 70% annual revenue-growth guidance, and it needs chips to get there.

-- The PHLX Semiconductor Index is up more than 1.5% during intraday trading.

-- Broadcom and Intel are up more than 3.5%. Arm is up more than 1%.