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Snowflake jumps 35% after $6B Amazon compute deal and raised guidance

Snowflake shares surged 35% on Thursday after the company beat fiscal Q1 estimates and said it will spend $6 billion on compute from Amazon, expanding its use of Amazon's in-house AI chips. Snowflake also lifted its outlook, including a projected 12.5% fiscal Q2 adjusted operating margin and $1.415 billion to $1.420 billion in product revenue, helping lift other software names such as ServiceNow, Oracle and Palantir.

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