科技日报-美股盘前-20260528

TMT BREAKOUTMAY 28, 2026∙PAID Good Morning.Futures 20bpslower asCrude pops 3%.U.S./Iran had some smallback and forth exchange of missiles/drones overnight, which is fueling concernsaround a deal not being imminent although Pentagon insists these are “defensive” andceasefire continues to hold. 早上好。由于原油价格飙升3%，期货开盘下跌20个基点。美伊之间在隔夜发⽣了⼀些⼩规模的导弹/⽆⼈机往返交⽕，这加剧了市场对协议⽆法⽴即达成的担忧，尽管五⻆⼤楼坚持称这些是“防御性”⾏动，且停⽕协议仍在维持。 In tech, we got a monster beat atSNOW +38%which helped knock out the 3 pillarsbears were focused on: deceleration, margins, and AI disruption risk.MDB +9%andDDOG +4%up in sympathy along with some other software stocks.NBIS +9%onLeopold saying he has a 5% stake in the co.CRMboring print whileMRVLwas solidvs. high expects - both trading flattish.Semis -0.5%early withSoftware +1% 科技股⽅⾯，SNOW业绩⼤幅超出预期，股价⼤涨38%，这有⼒地击碎了空头关注的三⼤⽀柱：增⻓放缓、利润率以及AI颠覆⻛险。MDB上涨9%，DDOG上涨4%，带动其他软件股同步⾛⾼。NBIS上涨9%，此前Leopold表示持有该公司5%的股份。CRM财报表现平平，⽽MRVL在⾼预期下表现稳健⸺两者股价均持平。半导体板块早盘下跌0.5%，软件板块上涨1%。 Asiamainly red:TPX-0.41%,NKY-0.47%,Hang Seng-1.27%,HSCEI-1.17%,SHCOMP +0.12%, Shenzhen +0.88%, Taiwan TAIEX -1.4%, Korea KOSPI -0.53%.Samsung -6%; Hynix -3%. 亚洲市场多数收跌：东证指数(TPX) -0.41%，⽇经指数(NKY) -0.47%，恒⽣指数-1.27%，恒⽣中国企业指数(HSCEI) -1.17%，上证综指+0.12%，深证成指+0.88%，台湾加权指数(TAIEX) -1.4%，韩国综合指数(KOSPI) -0.53%。三星下跌6%；海⼒⼠下跌3%。 We’ll hitSNOW,MRVL, andCRMfirst then get the usual… 我们将⾸先分析SNOW、MRVL和CRM，然后照常进⾏其他内容…… Let’s get to it…直⼊正题…… SNOW+38%stellar quarter with product revenuereaccelerating to +34% y/y on biggest beat/growth sinceQ1 2025 vs bogeys closer to 30%. Guide 30% vs bogeysin mid 20s. Margins taken up. FY27 product revenueguide moved to +31%, and lots of CoCo goodness on thecall supporting the AI beneficiary narrative SNOW⼤涨38%，季度业绩表现亮眼。产品收⼊同⽐加速增⻓⾄34%，创下⾃2025财年第⼀季度以来最⼤的超预期幅度和最⾼增速，⽽市场预期仅为30%左右。指引为30%，⾼于市场25%左右的预期。利润率指引上调。2027财年产品收⼊指引上调⾄31%，且电话会议上关于Cortex (CoCo)的利好消息有⼒⽀撑了其作为AI受益者的叙事。 Just a good print all around with not much to nitpick at. Main fear had been 3 fold:deceleration, Cortex pressuring margins, and some concern around where SNOW fitsin the AI picture.Earnings flipped the script on all of those in favor of the bulls. 这是⼀份全⽅位表现出⾊、⼏乎⽆可挑剔的财报。此前的担忧主要集中在三点：增速放缓、Cortex带来的利润率压⼒，以及SNOW在AI版图中的定位。⽽这份财报彻底扭转了局⾯，全⾯转向利好⽜市。 With the guide at 30%, if we assume average 3-4ppts beat, we get close to mid 30sgrowth next quarter on a 5ppts tougher comp. Then comps get easier, so hearingsome bulls talking about mid/high 30s growth as we get into 2H’FY27. 在指引定为30%的情况下，如果我们假设平均有3-4个百分点的超预期空间，那么在基数⾼出5个百分点的压⼒下，下季度增速仍能接近35%左右。随后基数将变得更容易超越，因此⼀些看多者开始讨论进⼊2027财年下半年时增速可能达到35%-40%之间。 Positioning here had been on the lighter side with many favoring DDOG, and evenMDB as of late, so the big move capturing some of that lighter sentiment this morning.We think path of least resistance likely higher here as SNOW still 15% below 2025lows. 此 前 的仓位配 置 相对较 轻，许多投 资者更 ⻘ 睐DDOG，甚 ⾄ 近期更 看好MDB，因此今早的⼤幅波动吸收了这种轻仓的情绪。我们认为，由于SNOW仍⽐2025年的低点低15%，⽬前的阻⼒最⼩路径很可能是继续⾛⾼。 The #s: FQ1’27 product revenue was$1.334B, +33.9% y/y (last q +30.0% y/y) vs Street~$1.268B, +~27%, with total revenue$1.391B, +33.5% y/y vs Street ~$1.324B. 2027财年第⼀季度产品营收为13.34亿美元，同⽐增⻓33.9%（上季度同⽐增⻓30.0%），⽽市场预期为~12.68亿美元，同⽐增⻓约27%；总营收为13.91亿美元，同⽐增⻓33.5%，⽽市场预期为~13.24亿美元。 FQ2’27 Product Revenue Guidance:$1.415-1.420B, +30% y/y vs Street ~$1.372-1.374B, +~26% 2027财年第⼆季度产品营收指引：14.15-14.20亿美元，同⽐增⻓30%，⽽市场预期为~13.72-13.74亿美元，同⽐增⻓约26%。 FY27 product revenue guide increased to$5.84B, +31% y/y vs prior +27% andStreet ~$5.66-5.67B. FY27 product revenue guide rose by$180M to$5.84B, wellabove the roughly$66-70M Q1 product revenue beat. The guide now assumes+31% y/y product revenue growth, which implies y/y acceleration versus FY26product revenue growth. 2027财年产品营收指引上调⾄58.4亿美元，同⽐增⻓31%，此前预期为增⻓27%，市场预期为~56.6-56.7亿美元。2027财年产品营收指引上调了1.8亿美元⾄58.4亿美元，远⾼于第⼀季度约6600-7000万美元的产品营收超预期幅度。该指引⽬前预计产品营收同⽐增⻓31%，这意味着较2026财年的产品营收增速有所加快。 FY27 guidance now includes CoCo based on Q1 consumption, even though mgmtusually waits much longer before forecasting new SKU 2027财年指引⽬前已根据第⼀季度的消耗情况纳⼊了CoCo，尽管管理层通常在预测新SKU之前会等待更⻓时间。 Key Takeaways: Product revenue growth accelerated ~4 pts q/q to +34% y/y, with mgmtattributing the result to both a “meaningful increase in AI revenue” andacceleration in the core data platform. CoCo was launched during the quarter, wasnot embedded in prior guidance, and became the largest driver of the FY27 guideraise. The callback framed the “extra” beat as roughly ~2 pts / ~$30M above a typical 2-3 pt beat, driven by CoCo not being in prior guidance plus core consumptionacceleration across geos and verticals; sales cycles came down, sales executionheld despite the CRO transition, and AI-native contribution remains low. CoCo adoption reached 7.1k+ accounts, up from 4.4k last q, and SNOWIntelligence accounts more than doubled q/q.CoCo helps customers and partnerscreate agents, pipelines, apps and migrations faster, which then drives more coreplatform consumption NRR ticked up to 126% vs 125% last q, net-new customer adds were 616, +38%y/y, and customers with