The Lineup
| Ticker | Company | Time | Est EPS | Market Cap |
|---|---|---|---|---|
| PDD | PDD Holdings | BMO | $16.37 | $139.71B |
| MRVL | Marvell Technology | AMC | $0.79 | $163.55B |
| CRM | Salesforce | AMC | $3.13 | $147.31B |
| SNOW | Snowflake | AMC | $0.32 | $57.72B |
What to Watch
Marvell Technology (MRVL) — The AI Chip Play
Setup: Stock up +6% Monday, riding memory/semiconductor rally (Micron +19%). MRVL is Nvidia’s supply chain cousin — custom AI chips for hyperscalers.
Key question: What’s custom chip revenue guidance for FY2027? Street wants $4B+ (up from $2.5B FY2026).
Bull case: Hyperscaler capex accelerating. Microsoft, Google, Meta all expanding AI clusters — MRVL is a direct beneficiary.
Bear case: Nvidia’s Blackwell ramp could delay some custom chip orders. Risk of guidance disappoint.
Salesforce (CRM) — The Agentforce Test
Setup: CRM launched “Agentforce” (autonomous AI agents) in Q4. This is the first full quarter with product in market.
Key question: How many Agentforce seats sold? Is this driving net-new ARR or cannibalizing existing Salesforce licenses?
Bull case: AI-driven upsells boost RPO (remaining performance obligation). Guidance raise signals early traction.
Bear case: Enterprise buyers hesitant on AI agent pricing. Weak billings growth = multiple compression.
PDD Holdings (PDD) — China E-Commerce Slowdown
Setup: PDD (Pinduoduo + Temu) is facing China consumer weakness + Temu subsidies pressuring margins.
Key question: Is GMV (gross merchandise value) stabilizing or accelerating declines? What’s Temu’s path to profitability?
Bull case: Temu international expansion offsetting China weakness. EPS beat on cost discipline.
Bear case: China deflation + tariff headwinds hit both Pinduoduo and Temu. Guidance cut triggers sector selloff (BABA, JD at risk).
Snowflake (SNOW) — Consumption Growth or Stall?
Setup: SNOW trades at 9x sales despite decelerating revenue growth. Street watching consumption trends closely.
Key question: Is product revenue re-accelerating or flat-lining? What’s FY2027 revenue guidance?
Bull case: AI workloads driving incremental consumption. New Snowpark features boost stickiness.
Bear case: Databricks competition intensifying. Customers optimizing spend = slower growth.
Broader Implications
Sector risk: All four stocks trade at premium multiples. A single big miss could trigger rotation out of growth/tech.
Macro context: Iran tensions easing (ceasefire talks progressing) — lower VIX favors risk-on. But PCE inflation data (May 28) looms.
Defense crossover: None of these are defense-adjacent, but sector rotation risk exists if Iran talks collapse and flight-to-safety accelerates.
Bottom Line
Tomorrow’s quad-print tests the AI infrastructure thesis (MRVL, SNOW, CRM) and China consumer resilience (PDD). Beats keep momentum going. Misses trigger volatility.
Watch for:
- MRVL guidance on custom chip revenue
- CRM Agentforce adoption metrics
- PDD China GMV commentary
- SNOW consumption re-acceleration signals
Estimates from Yahoo Finance earnings calendar (May 26, 2026). This is not financial advice.