Snowflake’s strong earnings and raised guidance reinforce investor confidence in enterprise AI spending, while Waller’s comments reduced near-term rate-hike concerns. Together, stronger AI growth and a potentially less restrictive Fed backdrop supported broad risk appetite, driving all major U.S. indices higher. However, the September policy outlook remains data-dependent, particularly on August inflation. The combination is constructive for growth and technology stocks, but elevated valuations and inflation uncertainty could still increase volatility.