Market Rundown: AI Earnings Season Scorecard — Snowflake +36%, Dell +39%, and Nvidia's PC Gambit

Snowflake posted its best single day ever. Dell turned in record revenue. And Nvidia decided the AI chip market wasn't big enough — so it walked into PCs. The AI earnings scorecard from the past week tells a clear story: the companies building AI infrastructure are still delivering. But the market's reaction to each of them reveals just how differently Wall Street is pricing expectations across the sector.

Snowflake: +36% in a Day and What That Means for SNOW RSU Holders

Snowflake's Q1 earnings on May 28 were the kind that rewrite a stock chart. Revenue came in at $13.9 billion, up 33% year-over-year. Product revenue hit $1.33 billion. Adjusted EPS surged 63% to $0.39. The company raised its full-year product revenue forecast to $5.84 billion (31% growth), up from $5.66 billion.

Then came the headline: a new multiyear, $6 billion partnership with AWS to accelerate enterprise AI adoption. The stock closed up 36% — its best single-day performance since going public.

For Snowflake employees, a 36% single-day move is more than a portfolio event. It's a tax event. If you had shares vest in Q1 at $175, those same shares are now worth $238. The income tax on the vest was already assessed at the lower price — but if you sell now, the $63 spread is a capital gain. Short-term if you've held less than a year. And the supplemental withholding on the original vest (22%) was already short of your actual rate. This kind of surge widens every gap in the plan.

Dell: Revenue +88%, Stock +39%, and the AI Server Boom

Dell's Q1 FY27 results on May 29 were staggering by any measure. Revenue hit $43.8 billion — up 88% year-over-year. Diluted EPS came in at $5.24, a 282% increase. The engine: AI server orders of $24.4 billion, with full-year AI-optimized server revenue expected to reach $60 billion, up 144% from the prior year. CoreWeave, Honeywell, and Samsung were named as major clients.

Dell shares jumped roughly 39% in extended trading. On a year-over-year basis, the stock is up 278%.

Dell is a Medium-priority tracked company for Alphanso, but that 278% YoY move puts it squarely in concentration-risk territory for employees with significant RSU positions. An engineer who joined Dell three years ago and received a standard equity grant is now sitting on shares worth roughly 3.8x their original grant value. That's the kind of appreciation that quietly turns a diversified portfolio into a single-stock bet — especially if you never adjusted your selling cadence.

[CHART: Side-by-side bar chart — SNOW, DELL, NVDA, AMD one-week stock performance vs. S&P 500, showing SNOW and DELL dramatically outperforming]

Nvidia: $81.6B Quarter, New PC Chips, and the Everything Company

Nvidia's week was a two-act story. Act one: Q1 FY27 revenue of $81.6 billion, driven by the Data Center segment. Strong, but the market response was muted — expectations were already sky-high, and the stock barely moved on earnings.

Act two landed on June 1. CEO Jensen Huang unveiled the RTX Spark, an Arm-based PC chip pairing the Grace CPU with Nvidia's Blackwell GPU, built in collaboration with Microsoft. Dell, HP, and others confirmed as launch partners. Nvidia also announced the Vera CPU — a high-performance processor designed for agentic AI, claimed to be 1.8x faster than legacy x86 chips.

The stock rose 6%. The significance isn't the percentage — it's the market entry. Nvidia is now competing directly with Intel and AMD in personal computing. For NVDA employees, this is another growth vector layered onto an already-massive position. Nvidia is a High-priority tracked company with a 56% YoY stock gain, and its employees tend to have some of the highest single-stock concentrations in our client base.

AMD: The Other Side of Nvidia's PC Play

When Nvidia enters your core market, the stock takes notice. AMD faced pressure as the RTX Spark announcement repositioned Nvidia as a direct competitor in the PC processor space AMD has dominated alongside Intel. AMD remains a High-priority tracked company with a 366% YoY gain — its employees have seen extraordinary appreciation, but the competitive dynamic just shifted.

This is worth watching. AMD's concentration risk story hasn't changed, but the narrative around the company's competitive moat did.

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What to Watch

• June 5 (Friday): May jobs report. April came in at +115K with 4.3% unemployment. A strong number could push rate-cut expectations further out, pressuring rate-sensitive tech names.
• June 12: SpaceX IPO expected. Targeting a $1.75 trillion valuation — the largest IPO in history. Lockup implications for SpaceX employees begin the moment shares start trading.
• June 15: Q2 estimated tax deadline. If your RSU income surged this quarter (hello, Snowflake and Dell employees), your estimated payment probably needs recalculating.
• Mid-June: Fed meeting. Current expectation is a hold at 3.65%, but language on future cuts will move rate-sensitive sectors.

This content is for educational purposes and does not constitute personalized financial or investment advice. Past performance does not guarantee future results. All investing involves risk, including the possible loss of principal. Alphanso LLC is a registered investment adviser.