Symmetries are prevalent in deep learning and can significantly influence the learning dynamics of neural networks. In this paper, we examine how exponential symmetries -- a broad subclass of continuous symmetries present in the model architecture or loss function -- interplay with stochastic gradient descent (SGD). We first prove that gradient noise creates a systematic motion (a ``Noether flow") of the parameters $\theta$ along the degenerate direction to a unique initialization-independent fixed point $\theta^*$. These points are referred to as the {\it noise equilibria} because, at these points, noise contributions from different directions are balanced and aligned. Then, we show that the balance and alignment of gradient noise can serve as a novel alternative mechanism for explaining important phenomena such as progressive sharpening/flattening and representation formation within neural networks and have practical implications for understanding techniques like representation normalization and warmup.

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