WS #8379

The dominant signal in this window is the after-hours earnings reaction, with Snowflake surging 33% on a Q1 beat (revenue $1.39B vs $1.32B est., product revenue +34% YoY) and strong AI/Data Cloud guidance. Marvell Technology reported better-than-expected Q1 results with CEO stating custom AI chip engagements across all US hyperscalers, though the stock gave up initial gains. Salesforce forecast Q2 revenue below estimates amid AI disruption fears, creating a bearish counter-narrative to the broader tech rally. On the geopolitical front, markets rallied on unconfirmed reports of a US-Iran deal framework, with oil prices falling 5.5% (WTI to $88.68), though the White House dismissed the report as a 'complete fabrication'. The narrative arc is STABLE on geopolitics, with tech earnings providing the primary market-moving catalyst. Key developments include Dell's $9.7 billion Pentagon software deal, a Google engineer charged with insider trading on Polymarket, and FedEx Freight replacing EPAM in the S&P 500. The Snowflake surge and Marvell's AI commentary reinforce the AI infrastructure theme, while Salesforce's weak guidance introduces caution on enterprise software spending.