Daily Briefing – May 28: Snowflake surges on AI demand and AWS deal, Marvell confirms data-center strength, Zscaler remains the software warning, oil jumps on Gulf risk, and PCE/GDP become Warsh’s first major inflation test

The May 28 briefing is no longer about waiting for the big software-and-chip reports: the market now has to digest them. Snowflake delivered the cleanest positive surprise, with strong AI Data Cloud momentum, 34% year-over-year product revenue growth, higher FY27 product-revenue guidance and a major AWS expansion that pushed the stock sharply higher after the close. Marvell also gave the AI infrastructure trade a constructive read, reporting record fiscal Q1 revenue of $2.418 billion and guiding Q2 revenue to about $2.7 billion at the midpoint, supported by data-center demand. Salesforce was more balanced: earnings were strong and full-year revenue guidance improved at the midpoint, but investors still need to separate true Agentforce/AI monetization from Informatica contribution and buyback mechanics. Synopsys added a more mixed upstream chip-design signal, with strong non-GAAP profitability but a much lower GAAP EPS comparison and a new Elliott-related board development. The negative side of the tape remains Zscaler, where a quarterly beat was not enough because guidance, sales-leadership turnover and slower forward-growth commentary hit a high-expectation software stock. Today the macro overlay gets heavier: PCE, core PCE, Q1 GDP second estimate, durable goods, income/spending and jobless claims arrive before the U.S. open, while oil is rebounding on renewed Gulf and Iran-related risk. For Kevin Warsh’s first full week as Fed chair, this is the first real test of whether the market can keep paying for AI growth while rates, oil and inflation expectations push back.

• SNOW— Snowflake is today’s cleanest software winner after Q1 FY27. Product revenue reached about $1.334 billion, up 34% year over year, net revenue retention rose to 126%, and FY27 product-revenue guidance moved to $5.84 billionAI Data Cloud
• SNOW / AMZN— The expanded AWS relationship matters because it links Snowflake’s AI Data Cloud story to hyperscale infrastructure. The market is treating the AWS commitment and AI workload migration angle as proof that enterprise AI demand is becoming more concreteAI Deal
• MRVL— Marvell reported record fiscal Q1 revenue of $2.418 billion, up 28% year over year, and guided Q2 revenue to roughly $2.7 billion at the midpoint. The key read-through is continued strength in data-center and AI infrastructure demandAI Infrastructure
• CRM— Salesforce posted GAAP EPS of $2.42 and non-GAAP EPS of $3.88 for Q1 FY27, raised the midpoint of full-year revenue guidance to $45.9-$46.2 billion, and kept the AI CRM/Agentforce narrative alive, but the setup is less explosive than Snowflake’sEnterprise AI
• SNPS— Synopsys remains an important upstream AI hardware read. Q2 FY26 non-GAAP EPS was $3.35, while GAAP EPS fell to $0.09, and the new Elliott board agreement adds a governance/activist angle to the chip-design software storyEDA / Chips
• ZS— Zscaler is still the warning sign for software. Revenue and EPS beat, but the stock was hit by soft forward commentary, Q4 revenue guidance that did not clear expectations, and sales-leadership departuresCybersecurity
• DELL / COST / OKTA— Today’s earnings calendar keeps the split test alive: Dell checks AI-server and infrastructure demand, Costco checks household resilience and membership retail, while Okta adds another cybersecurity read after Zscaler’s selloffEarnings Watch
• WARSH / FED— Kevin Warsh’s first full week as Fed chair now meets the data wall. PCE/core PCE, GDP, durable goods, income, spending and claims can quickly change the rates backdrop for AI, software, biotech and small capsFed / Rates
• OIL / IRAN— Oil has shifted from relief back to risk after renewed Gulf and Iran-related headlines. Crude strength matters because it feeds inflation expectations exactly when the market is waiting for PCEOil / Geo
• NVDA / SOX— AI leadership remains the index anchor, but today’s question is whether strong MRVL/SNOW reads can offset higher oil, possible yield pressure and the reminder from ZS that not all AI-adjacent software is being rewardedAI Semis
• BIIB / ESALY— The biotech calendar correction remains important: Leqembi IQLIK is not a near-term May catalyst anymore. The FDA review was extended after a major sBLA amendment, with the updated action date now August 24, 2026PDUFA Reset

• PCE before the open— April PCE and core PCE are today’s central macro events. A hotter print would pressure long-duration growth, software and small caps; a cooler print would help validate the AI-led risk tradeInflation
• GDP second estimate— Q1 GDP revision arrives alongside inflation data, creating a dense growth-and-price read. The market does not just need good earnings; it needs a macro backdrop that does not force yields higherGrowth
• Durable goods stack— Durable goods, income and spending add a capex/consumer layer to the PCE release. This is important for AI infrastructure names, industrials, consumer cyclicals and rate-sensitive small capsMacro Stack
• Oil is back in the inflation story— Crude’s rebound on Gulf risk is badly timed for a market waiting on PCE. Energy strength can support oil stocks, but it also complicates the disinflation story that growth stocks wantOil
• Software dispersion— Snowflake and Zscaler now define the software split. SNOW shows that AI data infrastructure can still get paid; ZS shows that even strong cybersecurity demand can be punished if forward guidance disappointsSoftware
• AI capex confirmation— Marvell’s revenue record and Q2 guide support the AI infrastructure narrative, while Dell’s report becomes the next check on servers, backlog, margins and enterprise/cloud capexAI
• Rates are the swing factor— Strong company reports can still be capped if the 2-year and 10-year yields rise after PCE. Watch yields, the dollar and small caps for the cleanest read on the macro reactionRates
• Record-high fragility— The index tape entered this window near record levels. That means positive earnings need to be strong enough to overcome profit-taking, while negative macro surprises can create fast multiple compressionTape
• Biotech still event-driven— Single-name biotech remains catalyst-first. PDUFA changes, FDA meeting outcomes, CRLs, resubmissions, trial data and financing risk can matter more than whether the Nasdaq is green or redBiotech