Snowflake soars as AI fuels growth and AWS partnership expands
BUZZ-Snowflake soars as AI fuels growth and AWS partnership expands
** Shares of data analytics firm Snowflake SNOW.N jump 36% to $238.30 in premarket trading
** Co increased its annual product revenue forecast on Wednesday, driven by stronger enterprise spending on AI applications and a shift of more data workloads to its cloud platform
** Co also entered into a five-year, $6 bln agreement with Amazon Web Services AMXN.O to use AWS’s Graviton processors and AI infrastructure
** Co's Q1 revenue came in at $1.39 billion, above the estimate of $1.32 billion
** Piper Sandler says SNOW's AI momentum is accelerating, driven by the general availability of Cortex Code, which has sharply boosted usage and platform consumption, and this trend is expected to remain strong, positioning SNOW as a key beneficiary of AI adoption
** 45 of 52 brokerages rate the stock "Buy" or higher, 6 "Hold," and 1 "Sell"; their median PT is $247.5 - data compiled by LSEG
** Up to last day's close, stock down 20.1% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))
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