So, yesterday the market gave us a little breathing room. After several nerve-wracking sessions, bond yields backed off slightly, oil stopped rising so aggressively, and weaker labor market data reduced the pressure around the Fed.

ADP showed only 38k new jobs versus the expected 48k, and JOLTS confirmed further cooling in the labor market. Plus, John Williams made it clear that a September rate hike is not definitely decided yet. So, after the hawkish Warsaw, the market at least got a small reason to calm down.

🍿 In the reports, we can see a very telling contrast:

👉🏻 Broadcom delivered excellent numbers: revenue $29.6B, EPS $3.32, AI revenue +221% YoY. Even more, they raised their 2027 forecast for AI chips to $115B. But the stock still fell—the forecast for next quarter turned out to be a bit weaker than the most optimistic expectations. So again we see: when the bar is already too high, just a good report isn’t enough for the market.

👉🏻 Snowflake did exactly what Broadcom didn’t—impressed not only with the current numbers, but also with the outlook. Revenue for the quarter was $1.55B versus expected ~ $1.48B, adjusted EPS was $0.62 versus $0.45, and Snowflake’s key metric (product revenue) grew by 37% to $1.49B.

💰 Snowflake also raised its full-year product revenue guidance from $5.84B to $6.07B, and the company’s CEO said AI products provided roughly half of the acceleration in business growth. So here, AI isn’t just a nice word at an earnings call anymore—it’s starting to genuinely increase usage of the core platform. The market valued that much more generously—today in the premarket, Snowflake shares were jumping by more than 24%

👉🏻 Dell also really surprised. Revenue $47B, EPS $7.04, record $60.9B in AI orders and $95B in backlog. Plus, they raised the full-year revenue guidance from $167B to $192B, and EPS—from $17.90 to $25.50. Here, the market already got that same wow effect that Broadcom lacked.

🪤 So for now, the picture is simple: macro keeps making the market nervous, but corporate results still provide strong support.

😓 And now we wait for Friday. Payrolls, unemployment, and wages come out—and they will most likely determine whether yesterday’s rebound was just a breather, or whether the market can still exhale a bit more.

Mykyta Guppal | ProInvestments

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