CNBC Daily Open: Tech earnings defy Iran strikes and inflation concerns Despite renewed airstrikes between the U.S. and Iran and concerns over inflation, the S&P 500 and Nasdaq Composite closed at record highs, primarily driven by a surge in artificial-intelligence stocks. Companies like Snowflake and Dell reported strong earnings and demand for AI-related services, boosting their stock prices. Concurrently, wealthy investors are planning significant portfolio changes, with many planning to reduce U.S. holdings and increase allocations to emerging markets.

• U.S.-Iran conflict resumes with airstrikes, complicating hopes for a resolution.
• S&P 500 and Nasdaq Composite reach record highs, fueled by artificial-intelligence stocks.
• Snowflake and Dell Technologies report strong earnings, citing explosive demand for AI-powered platforms and servers.
• Anthropic emerges as the most valuable AI startup, nearing a $1 trillion valuation.
• Retailers like Gap and American Eagle post disappointing results amid inflation concerns.
• Reports of a potential U.S.-Iran memorandum of understanding were followed by news of Iranian missile strikes.
• Exxon warns of dangerously low oil inventories, potentially spiking prices.
• Personal consumption expenditures price index shows a 3.8% increase over 12 months, impacting Federal Reserve rate decisions.
• 60% of family offices plan strategic investment allocation changes in the next year, with many reducing U.S. holdings.