QtrendsAI earnings reshuffle tech stocks after hours
Snowflake shares surged nearly 40% in after-hours trading after reporting record product-revenue growth driven by accelerated AI adoption. Marvell Technology fell despite strong AI demand and a raised growth outlook, reflecting investor skepticism over valuation. Salesforce also dipped on a soft revenue forecast as AI disruption concerns continue to weigh on legacy software giants. The mixed results highlight a widening divergence between AI winners and laggards in the tech sector.
A new survey from the Federal Reserve Bank of New York reveals a 'remarkable' increase in the number of households skipping meals due to high food costs, with food insecurity now affecting more families than at the height of the COVID-19 pandemic. The findings underscore the persistent impact of elevated grocery prices on American households, even as headline inflation has moderated. The report adds to growing concern about the uneven economic recovery and the financial strain on lower-income families.
Chinese automakers continue to reshape the global car industry, with XPeng launching driverless taxi services and Chery preparing to debut an EV minicar in Japan, following BYD's expansion strategy. International carmakers are struggling to keep pace with China's cost advantages and rapid innovation cycle. MarketWatch described the next Chinese export wave as one that 'walks on two legs and costs less than a used car,' highlighting the price disruption hitting global markets.
Oil prices declined after reports that US-Iran nuclear negotiations are resuming, with markets pricing in the possibility of sanctions relief that could bring more Iranian crude to global markets. Global shares gained on the back of easing geopolitical tensions and lower energy costs. However, analysts caution that the talks remain fragile and any breakdown could reverse the recent oil price drop, keeping gas price risks alive for consumers.