Snowflake Inc. (NYSE: SNOW) erupted 36.5% on Thursday, its strongest single-session advance since its 2020 IPO, after the cloud data platform posted first-quarter product revenue of $1.33 billion, up 34% year over year, and announced a $6 billion, five-year strategic cloud commitment with Amazon Web Services. The surge ignited the broadest AI software rally of 2026, lifting the S&P 500 by 0.58% to 7,563.63, the Nasdaq Composite by 0.91% to 26,917.47, and the SOXX semiconductor ETF by 0.97% to 569.47.
Today's biggest movers
| Ticker | Close | Day | 1mo | YTD |
|---|---|---|---|---|
| $SNOW | $239.20 | +36.48% | +69.38% | +10.38% |
| $ARM | $335.27 | +10.76% | +66.23% | +192.23% |
| $MDB | $325.68 | +10.60% | +26.09% | -18.51% |
| $NET | $228.11 | +9.03% | +7.61% | +16.37% |
| $PLTR | $143.34 | +8.17% | +3.89% | -14.61% |
| $SMCI | $41.30 | +8.14% | +56.91% | +33.40% |
| $CRM | $176.17 | -0.75% | -2.79% | -30.54% |
| $INTC | $120.89 | -0.72% | +27.59% | +206.98% |
| $LRCX | $318.00 | -0.29% | +27.84% | +71.84% |
Snowflake erupts 36% on Q1 blowout and $6 billion AWS deal
Snowflake's Q1 FY2027 results, reported Wednesday after the close, cleared every bar Wall Street set. Non-GAAP earnings per share of $0.39 topped the $0.32 consensus by 22%; total revenue of $1.39 billion, up 34% year over year, was anchored by $1.33 billion in product revenue. Management raised its full-year product revenue target to $5.84 billion, implying 31% growth at scale, and unveiled a $6 billion, five-year commitment to AWS Graviton compute and AI infrastructure. The company also acquired Natoma, an AI-agent operations platform, giving Snowflake a managed runtime layer for enterprise AI deployments.
Wedbush Securities named Snowflake "a key data infrastructure winner in enterprise AI" and maintained a $270 price target. JMP Securities senior analyst Patrick Walravens reiterated his $325 target, while Bank of America lifted its target to $205. RBC and Citi each trimmed targets modestly but held Outperform and Buy ratings, citing valuation multiples rather than any fundamental concern. The session-high of $239.20 coincided with the close, indicating demand held through the final hour, consistent with institutional accumulation.
ARM rebounds 11% as Mizuho raises target to $360
Arm Holdings plc (NASDAQ: ARM) gained 10.8% to $335.27, sharply reversing the prior session's 6% loss (see Wednesday's recap). Mizuho raised its price target to $360 from $290, arguing that demand for DRAM and high-bandwidth memory in AI workloads will remain robust through 2027. Sanford C. Bernstein initiated coverage with an Outperform rating, describing ARM's CPU architecture as "the default choice for inference at every layer of the AI stack." ARM has now risen 192% year to date, the strongest year-to-date gain in our 25-ticker universe. At approximately 356 times trailing earnings, valuation remains contested; the Buy consensus among 23 surveyed analysts suggests institutional holders continue to price in a multi-year licensing tailwind from the AI chip buildout.
MongoDB gains 11% intraday, surges another 22% after hours on earnings beat
MongoDB, Inc. (NASDAQ: MDB) closed up 10.6% at $325.68 in regular trading, lifted by sector sympathy and rising expectations ahead of its own first-quarter report. After the close, the company confirmed what the session had foreshadowed: Q1 revenue of $687.6 million, up 25% year over year, against a $667.8 million consensus, with non-GAAP EPS of $1.32, beating estimates by 11.5%. Q2 guidance of $731.5 million at the midpoint was 4.5% above analyst expectations; full-year revenue guidance was lifted to $2.94 billion. Shares extended gains to roughly $402 in after-hours trading, a further 22% above the regular-session close. With 31 analyst Buy ratings and zero Sells in the current consensus, Friday's opening print will determine how much of that after-hours premium the market sustains.