Snowflake Shares Surge on Strong Forecast and AI Deal

Nov 21 – Snowflake’s shares jumped over 24% in premarket trading on Thursday after the company raised its annual product revenue forecast, reflecting increasing demand for cloud-based data storage and analytics. The positive outlook could add approximately $10 billion to its current market value of $43.3 billion.

This surge comes after Snowflake’s CEO Sridhar Ramaswamy, who previously led the company’s AI strategy, took over leadership months ago. Analysts are closely watching how the company’s AI initiatives develop under his guidance, especially following its AI collaboration with Anthropic. Despite a 35% drop in its shares this year, the company’s growth prospects in AI and data analytics seem promising.