Today’s Top Stories: The AI Trade Is Back in Full Force — and These Stocks Led the Way

TLDR

• S&P 500 and Nasdaq traded near record highs, supported by strong earnings and AI momentum
• Snowflake surged over 35% after beating earnings and announcing a $6 billion AWS deal
• Unusual Machines jumped as much as 67% on reports of potential Pentagon drone funding
• Oil prices swung sharply, with Brent crude near $93 before pulling back on U.S.-Iran peace talk reports
• Chip stocks including Marvell and AMD stayed active as investors leaned into AI infrastructure

Wall Street pushed higher on Thursday as strong corporate earnings and AI optimism kept investor confidence steady. The S&P 500 and Nasdaq both traded near record highs during the session.

Oil was the day’s wildcard. Brent crude briefly touched $93 per barrel after renewed military tensions involving Iran. Prices later pulled back after reports suggested the U.S. and Iran may be moving toward a tentative peace deal.

Investors are watching oil closely. Higher crude prices could push inflation up again and complicate the Federal Reserve’s plans around interest rates.

Snowflake Surges 35% on Earnings Beat and AWS Deal

The biggest individual story of the day was Snowflake. The cloud data company surged more than 35% after reporting earnings that beat Wall Street estimates and raising its full-year revenue forecast.

Snowflake also announced a five-year AI infrastructure agreement with Amazon Web Services. The deal is reportedly worth around $6 billion.

The results helped calm fears that AI could hurt traditional software companies. Snowflake’s management said demand for AI-related services is accelerating, not slowing down.

The rally spread to other software names. Oracle, MongoDB and ServiceNow all moved higher following the Snowflake report.

Many software stocks had struggled through 2026 over concerns that AI tools could disrupt existing business models. Snowflake’s results pointed in the opposite direction, with AI appearing to drive growth rather than replace it.

Drone Stocks Explode on Pentagon Spending Reports

Defense and drone-related stocks saw sharp gains on Thursday. Reports emerged that the U.S. government may increase funding support for domestic drone manufacturers.

Unusual Machines jumped as much as 67% during the session. The move was linked to reports connecting the company to potential Pentagon spending initiatives.

The rally spread across the wider sector. Investors also moved into AeroVironment and Kratos Defense & Security Solutions as traders looked for companies that could benefit from higher military and surveillance spending.

Geopolitical tensions in the Middle East have increased investor interest in defense technology stocks. Analysts say the drone sector has become one of the market’s fastest-growing themes as governments lift defense budgets.

Chip Stocks Stay Active as AI Trade Continues

Chip stocks stayed active throughout the day. Marvell Technology gained after reporting earnings that topped Wall Street expectations.

Advanced Micro Devices moved higher as investors continued rotating into AI infrastructure-related plays.

The session reflected a market still heavily focused on AI growth and earnings momentum. Oil prices and the situation involving Iran remain risks that investors are watching closely.

For now, strong corporate profits are continuing to support the broader market rally.

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