S&P 500 edges to record close as Snowflake surges 30% on strong Q1 earnings and AI acquisition
By
Tasha Matsumoto
Pure flour-power. Hearty enough to carry you through lunch.
Summary
The S&P 500 closed flat, barely eking out a new record high as traders weighed conflicting reports on US-Iran peace negotiations. Meanwhile, Snowflake shares surged 30% in after-hours trading after the company beat Q1 earnings expectations with 33% revenue growth, driven by its AI thesis, and announced an acquisition of an AI agent platform. The rally would more than erase Snowflake's nearly 20% decline year-to-date if sustained.
Key quotes
· 3 pulledSnowflake climbs after Q1 results top expectations, guidance gets a boost
Snowflake stock soared 30% in after-hours trading
delivering on its AI thesis, with Q1 revenue up 33%
You might also wanna read
Snowflake signs $6 billion five-year AI chip deal with Amazon Web Services
Snowflake has signed a $6 billion, five-year agreement with Amazon Web Services (AWS) to secure AI CPU chips. The deal is nearly as large as
techcrunch.com·4d ago
AI Disruption Triggers $285 Billion Market Cap Loss in Software and Tech Stocks
The article discusses a significant market downturn in software and tech stocks, dubbed the 'SaaSpocalypse,' where $285 billion in market ca
fintechbrainfood.com·3mo ago