Bottom Line
A week when AI infrastructure revenue proved pricing power twice. Snowflake +36.5% and DELL AH +15% (big beat). KOSPI hit a record 8,476. Next checkpoint: 6/4 Broadcom Q2.
DELL After-Hours +15% Big Beat + KOSPI 8,476 Record High — A Week When AI Infrastructure Revenue Proved Pricing Power Twice
A week when AI infrastructure revenue proved pricing power twice. Snowflake +36.5% and DELL AH +15% (big beat). KOSPI hit a record 8,476. Next checkpoint: 6/4 Broadcom Q2.
Snowflake Q1 +36.5% post-earnings + DELL Q1 FY27 big beat (revenue $43.8B, EPS $4.86, AI server $16.1B +757% YoY) with FY27 guide raised to $165–169B revenue and $60B AI server + Samsung HBM4 first sample shipment + Jensen Huang Korea visit + imminent Iran-Hormuz 60-day extension agreement.
Near-term beneficiaries — Snowflake, DELL, Marvell, Samsung Electronics, SK Hynix, Samsung Electro-Mechanics. Monitoring — Core PCE 3.3% reignition risk, Iran deal final signing, KOSPI 8000+ follow-through buying, Jensen Huang visit partnership announcements, DELL 5/30 pricing follow-through.
First trading day after US Memorial Day (5/25) holiday. S&P 7,519.12 (+0.61%) and NASDAQ 26,656.18 (+1.19%) both hit record highs. KOSPI was less affected by holidays, closing at 8,047.51 (+2.55%) — its first 8,000+ close.
Snowflake surged +36.5% after-hours post-earnings, fully reflected in regular trading for its largest single-day gain on record. More than just beating revenue consensus, the accelerated forward-quarter visibility of AI data workloads was the bigger trigger. The 'AI infrastructure revenue' narrative was verified for the first time in a SaaS name outside NVIDIA and the hyperscalers.
KOSPI rallied +2.55% to a record 8,047.51 on 5/26. Risk-on returned on US-Iran deal optimism, with Samsung and SK Hynix both strong. Same day, Micron crossed $1T market cap for the first time (+19%), validating global expansion of the memory super-cycle.
WTI fell to $92.36 (-5.74%), a 5-week low on Hormuz reopening hopes. Oil weakness eased inflation concerns, providing fuel for multiple expansion.
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