One data platform finally turned AI demand into a stronger quarter and a bigger cloud commitment. One EV maker is using a new flagship SUV to rebuild momentum in China, while one PC company is riding AI device demand but still warning that memory costs will pressure margins. The calls are clear: buy one and hold two.
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Futures at a Glance📈
Futures are slipping as traders wait on April PCE, the Fed’s preferred inflation check. Oil is back in focus after fresh U.S. strikes in Iran, while Snowflake’s big after-hours move keeps tech momentum alive under the surface.
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What to Watch
Earnings (Premarket):
• Royal Bank Of Canada [RY]
• Toronto Dominion Bank (The) [TD]
• Canadian Imperial Bank of Commerce [CM]
• Burlington Stores, Inc. [BURL]
• Dollar Tree, Inc. [DLTR]
Earnings (Aftermarket):
• Costco Wholesale Corporation [COST]
• Dell Technologies Inc. [DELL]
• Autodesk, Inc. [ADSK]
• NetApp, Inc. [NTAP]
• MongoDB, Inc. [MDB]
Economic Reports:
• GDP (second revision) (Q1): 8:30 am
• Personal income (April): 8:30 am
• Personal spending (April): 8:30 am
• PCE index (April): 8:30 am
• PCE (year-over-year): 8:30 am
• Core PCE index (April): 8:30 am
• Core PCE (year-over-year): 8:30 am
• Initial jobless claims (May 23): 8:30 am
• Durable-goods orders (April): 8:30 am
• Durable-goods minus transportation (April): 8:30 am
• New home sales (April): 10:00 am
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Cloud & Data
Snowflake Inc Just Gave Investors the AI Data Quarter They Wanted
Snowflake Inc (NYSE: SNOW) finally gave the market a cleaner AI software story. The stock surged after the company reported fiscal first-quarter revenue of $1.39 billion, up 33% year over year and ahead of the $1.32 billion estimate. Adjusted EPS came in at $0.39, topping expectations for $0.32, while product revenue guidance for the next quarter also came in above consensus.
The bigger signal is the new $6 billion five-year spending commitment with Amazon Web Services. Snowflake plans to expand its use of AWS services, including Graviton chips and cloud-based GPUs for AI workloads.
That matters because Snowflake is trying to stay relevant as enterprise data platforms become the control layer for agentic AI, model workflows, and cloud-based analytics. The company also announced the acquisition of AI startup Natoma, adding another piece to the AI push.
This was not just a hype quarter. Revenue beat, earnings beat, guidance improved, and the AWS commitment gives the AI story more infrastructure support. The stock is still down over the past year, but this report gives investors a real reason to reconsider the setup.
My Take For You: Snowflake finally showed the mix investors wanted: faster growth, better guidance, and a more concrete AI infrastructure plan.
My Verdict: Buy this. The risk is that AI spending rises faster than customer monetization and pressures future margins.
Electric Vehicles
Nio Gets a Flagship Reset, but China’s EV Market Is Still Brutal
Nio Inc (NYSE: NIO) jumped after launching the ES9, its first major flagship EV in more than two years. The new SUV starts at 390,000 yuan, or roughly $57,470, under Nio’s battery subscription model, and deliveries are starting immediately. That faster go-to-market timeline is important because Nio cannot afford another slow, expensive flagship rollout in China’s brutally competitive EV market.
The ES9 also shows Nio’s shift back toward China. Management cited geopolitics, overseas expansion costs, and tougher international conditions as reasons to refocus domestically.
That makes sense. China is still the company’s most important battleground, but it is also crowded, price-sensitive, and full of competitors pushing premium features at lower prices. Nio’s CEO said brand and targeted premiumization will be key as EV technologies converge across models.
The launch gives Nio a needed catalyst. The stock is up more than 56% over the past year, and the ES9 could help restore investor confidence if orders convert quickly. But one strong product launch does not fix the broader margin and competition problem.
My Take For You: Nio’s ES9 gives the company a better flagship story, but China’s EV market still punishes weak execution fast. This is a turnaround trade, not a clean compounder.
My Verdict: Hold this. The risk is that pricing pressure and domestic competition overwhelm early ES9 demand.
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PCs & Hardware
HP Is Getting an AI PC Boost, but Memory Costs Are the Problem
HP Inc (NYSE: HPQ) delivered a better quarter than expected as AI PCs and the Windows 11 refresh helped lift demand. Second-quarter revenue rose 9% year over year to $14.41 billion, ahead of the $14.07 billion estimate, while adjusted EPS of $0.86 beat expectations for $0.71. That is a real beat for a company many investors had treated like a slow-growth PC value name.
The AI PC mix is the standout. AI PCs made up 44% of HP’s shipments in the quarter, up from more than 35% in the prior quarter. Management expects that share to rise to 60% to 70% next fiscal year and exceed 70% by fiscal 2028.
The Windows 11 upgrade cycle is also pushing some enterprises toward higher-margin premium PCs, which helps offset a softer unit market.
The catch is memory. Data center demand is tightening memory-chip supply, pushing costs higher for PC makers. HP is trying to manage that through product reconfiguration, cheaper sourcing, premium mix, and pricing actions, but management still expects operating margins to hit a low point in the fourth quarter.
At about 9.6x earnings with a dividend yield near 4.7%, the stock is not expensive, but margin pressure keeps the call from being too aggressive.
My Take For You: HP has a better AI PC story than the market gave it credit for, but memory costs are a real near-term headwind.
My Verdict: Hold this. The risk is that rising component costs offset the AI PC and Windows 11 upgrade cycle before margins recover.
Poll: Which type of company do you most want to own during a recession?
Movers and Shakers
Corsair Gaming [CRSR]: Premarket Move: +21%
Corsair is ripping because investors are starting to see it as more than a gaming hardware name. The company launched CORSAIR PRO, a lineup of AI workstations and servers built around NVIDIA Grace Blackwell technology, giving it a real shot at the secure, on-premise AI infrastructure market.
The earnings backdrop helps too. Q1 adjusted EPS came in at $0.27 versus $0.18 expected, adjusted EBITDA jumped 58%, and elevated short interest is adding fuel to the rally.
My Take: Buy the pullback. Corsair just earned a fresh look from investors, but after a 21% premarket spike, the smarter move is waiting for weakness instead of chasing the first print.
MongoDB [MDB]: Premarket Move: +10%
MongoDB is moving higher as analysts line up behind the stock ahead of earnings. Cantor raised its target to $416 from $378, while BofA, Goldman, BMO, and RBC also lifted or reiterated bullish targets. The core reason is simple: Atlas demand, AI workloads, and a cleaner setup into the print.
Expectations are not as stretched as they were earlier in the cycle, which gives MongoDB room to surprise if guidance holds up.
My Take: Stay long into the setup. MongoDB has analyst momentum, product relevance, and enough AI exposure to keep buyers interested.
Everpure [P]: Premarket Move: -8%
Everpure is dropping even after a strong headline quarter. Revenue rose 35.2% to $1.05 billion, beating estimates, adjusted EPS came in at $0.47 versus $0.40 expected, and full-year revenue guidance moved higher to $4.46 billion at the midpoint.
The problem is next-quarter guidance. Management’s Q2 revenue outlook landed far below expectations, and free cash flow margin fell to 10.6% from 27.2% a year ago. That is enough to spook investors after a big run.
My Take: Do not buy this dip yet. The business is still growing, but guidance cracked the story short term. Wait for the stock to reset before stepping in.
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Everything Else
🏦 Neel Kashkari says inflation is still too hot for Fed comfort, so rate-cut hopes are staying on a very short leash.
🛢️ Oil jumped as U.S. strikes in Iran revived Hormuz turmoil fears, because energy markets apparently needed another stress test.
🧯 BP’s ousted chair pushed back on “lies” around his exit, turning the leadership drama into an even messier boardroom story.
🧠 ByteDance is developing custom CPU chips for AI, which is exactly what every giant tech platform seems to be doing now.
🪟 The Pentagon handed Microsoft a $9.7 billion software deal, because even the military has subscription sprawl to clean up.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
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