Marvell Technology fell 7.6% after record $2.74 billion revenue as Google-linked growth was pushed to FY2029. Salesforce surged 22% as its AI software story strengthened. Brent fell to $88.22 on fresh Hormuz progress, while Bitcoin held near $80,000 on eight straight ETF inflow sessions. Fed Chair Kevin Warsh speaks at Jackson Hole at 10 a.m. ET.
Thursday gave the market its strongest session in weeks, but Friday opens with a much harder test.
The S&P 500 gained 0.7% to 7,730, while the Nasdaq rose 1.4%. Salesforce (CRM) surged 22% as software finally joined the AI trade in force.
Then Marvell Technology (MRVL) reminded investors how high the bar has become.
Marvell reported record fiscal Q2 revenue of $2.74 billion and raised its FY2028 outlook to $18 billion. The stock still fell 7.6% after hours because major Google-linked revenue under its new agreement is not expected until FY2029.
Nasdaq 100 futures are down about 0.1%.
The main event comes at 10 a.m. ET. Fed Chair Kevin Warsh delivers his first Jackson Hole keynote since taking office in May. Markets still put September hike odds near one-in-three.
The Signal
Salesforce proved the AI software layer is gaining real traction. Marvell proved strong numbers are not enough when timelines slip. Warsh now decides what rate investors should use to price both.
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Oil is falling as Hormuz diplomacy becomes more concrete.
Brent slipped to $88.22 Friday, marking a fourth straight session of declines. Iran and Oman reached an agreement covering waters and revenue-sharing around the Strait as talks continue toward a broader shipping framework.
Trump said roughly 10 million barrels crossed Hormuz Tuesday. U.S.-led escort operations have moved more than 660 million barrels since early May.
That is progress, but it remains far below normal.
Before the war, Hormuz handled about 20 million barrels a day. Tehran has also warned that an agreement with Oman does not mean the Strait is fully open, while Russia added a second supply risk by signaling further escalation in Ukraine.
CBA sees Brent trading between $70 and $100 through the second half of 2026. A recovery to roughly half of normal Hormuz flows would push prices toward the lower end of that range.
Energy Signal
Diplomacy is moving faster than the physical market. Brent near $88 prices a better direction, not a full return to normal shipping.
Warsh takes the podium with no easy policy choice.
Headline inflation is running at 3.7% annually, above the 3.6% forecast. Core PCE remains at 3.3%. At the same time, second-quarter GDP came in at 1.5%, while the 10-year Treasury yield sits near 4.66%.
A hawkish message risks tightening financial conditions into slower growth. A dovish one risks allowing inflation above 3% to settle in.
That tension is made harder by Treasury policy.
Stanley Druckenmiller has publicly criticized the expanded bond-buyback program as a credibility risk, while Warsh has argued that markets should be allowed to set prices without constant government support.
This year's Jackson Hole theme is financial innovation, with a focus on payments and policy. That brings stablecoins and payment rails closer to the Fed conversation ahead of the CLARITY Act vote on September 15 and the FOMC meeting September 16.
Macro Signal
Inflation is 3.7%. Growth is 1.5%. The market needs Warsh to explain which problem matters more.
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Thursday showed both sides of the AI trade.
Salesforce surged 22% after launching "Claudeforce" with Anthropic. The product brings Claude into Salesforce's CRM stack with 37 built-in sales functions.
Agentforce annual recurring revenue reached $3.9 billion, up 97% in the quarter. Total revenue rose 11% to $11.35 billion. ServiceNow (NOW) gained 10%, while Workday (WDAY) rose 1.5%.
Software had spent most of 2026 defending itself against the idea that AI would replace it. Thursday flipped that story. AI is now being sold as a growth layer.
Marvell showed the other side.
Its $2.74 billion quarter was a record, and management raised FY2028 guidance to $18 billion. But the Google agreement, worth up to $120 billion over 6.5 years, will not drive major revenue until FY2029.
For a stock up roughly 180% this year, that delay was enough.
Capital Signal
Salesforce showed AI can lift software revenue now. Marvell showed investors will punish even strong AI stories when the payoff moves further out.
Bitcoin is holding near $80,000 with the strongest ETF streak since April.
U.S. spot Bitcoin ETFs have logged eight straight inflow sessions, bringing in about $2.8 billion over the streak. August inflows are now above $3 billion, the strongest month of 2026, while ETF assets have recovered to $98.56 billion.
The deeper shift is happening in DeFi.
Ethena changed ENA's token structure this week. Seed investor tokens were bought out, monthly venture unlocks were cancelled, and a planned fee switch would direct 95% of protocol revenue toward ENA buybacks once USDe supply passes $7.5 billion. ENA rose about 45% on the week.
XRP also gained a new institutional route.
The SEC declared Evernorth Holdings' Form S-4 effective, clearing the way for the Ripple-backed XRP treasury company to seek a Nasdaq listing under XRPN. Evernorth holds 473 million XRP, while Armada shareholders vote September 30.
That places three crypto catalysts inside one month: the CLARITY Act on September 15, the Fed on September 16, and the Evernorth shareholder vote on September 30.
The Verdict
Bitcoin's ETF bid is back. DeFi is changing how value reaches token holders. XRP is moving toward a public-market wrapper. Warsh now sets the macro tone for all three.
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Friday opens with the same question across AI, bonds and crypto.
What is the market willing to pay for future growth when money is still expensive?
Salesforce showed AI can create revenue inside software. Marvell showed even record sales can disappoint when the payoff shifts out a year.
Oil is making the same distinction between progress and completion. Hormuz diplomacy has improved, but normal shipping has not returned.
Bitcoin has eight straight ETF inflow sessions behind it and nearly $100 billion of ETF assets. That is real demand. It is also entering Friday with the Fed back in control of the macro story.
Warsh inherits 3.7% inflation, 1.5% growth and a 10-year yield near 4.66%.
His first Jackson Hole speech does not need to promise a September hike.
It does need to tell markets what would make one necessary.