The aircraft carrier USS Enterprise (CV-6) on a training exercise near Hawaii, 1940
It was not this exercise, but a similar one in 1941 that saved the US Pacific Fleet’s carrier ships from destruction at Pearl Harbor. While the outcome of the war with Japan was never seriously in doubt, this lucky accident may have hastened the end of the war by up to a year.
The aircraft flying by Diamond Head are Douglas TBD Devastator torpedo bombers.
The biplane on the bottom is a Curtiss SBC Helldiver - the last biplane produced for the US Navy.
UPDATE - fixed the aircraft reference from Dauntless to Devastator - thanks for the tips!