WS #8380

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, corroborated by a $6B AWS deal for AI CPU chips. Marvell Technology reported better-than-expected Q1 results with CEO stating custom AI chip engagements across all US hyperscalers. Salesforce forecast Q2 revenue below estimates amid AI disruption fears, creating a bearish counter-narrative to the broader tech rally. On the geopolitical front, Iran's parliament security chief stated Tehran won't back down on uranium enrichment and Strait of Hormuz control, while Iran demands all US forces out of Gulf plus $300B for reconstruction, escalating tensions. The ECB warned fiscal and geopolitical risks are 'underestimated' by markets. Nebius Group surged after Situational Awareness hedge fund revealed a 5.6% stake. The narrative arc is ESCALATING on Iran tensions, with tech earnings providing the primary market-moving catalyst. Key developments include Dell's $9.7 billion Pentagon software deal, HP's AI PCs constituting 44% of shipments, and Snowflake's co-founder stepping away from day-to-day operations.