The one that caught my eye was the relationship with Google Cloud and bringing the availability of the latest Gemini models to Snowflake. And the reason I want to start with that is you are all about choice, right. Because you can look at anthropic or AI, but there must have been an indication to you, Sridhar, that those Gemini models are in demand amongst your customer base.Hey, it's great to be here. Absolutely. Gemini models are among the best in the world, and a lot of our customers are asking for acces ...

Core Insights - The partnership between Snowflake and Google Cloud is expanding, focusing on the availability of Gemini models, which are in high demand among customers [1][2] - Snowflake operates as a data-centric platform that simplifies data ingestion, cleaning, and analytics, with the introduction of Snowflake Intelligence enhancing user access to data [4][5] Business Model - Snowflake employs a consumption-based model, meaning revenue is only recognized when customers utilize the products, aligning the company's success with customer value creation [7][9] - The company emphasizes pilot programs and proofs of concept to demonstrate value before scaling, ensuring that investments are made only after showing tangible returns [10][11] Value Creation - Snowflake aims to replace existing dashboard solutions with its intelligence tools, providing a more flexible and cost-effective data access solution [8] - The focus on creating value for customers is paramount, with a systematic approach to project implementation that prioritizes cost reduction and efficiency [12][13] Market Context - Despite concerns about market bubbles, Snowflake remains focused on delivering value to customers rather than being distracted by external market valuations [12][14] - The company is committed to leveraging AI to empower data analysts, allowing them to focus on creating data agents instead of performing repetitive tasks [13]

Core Insights - Snowflake has announced a partnership with SAP that will allow its AI platform to be integrated as an SAP solution extension, potentially providing access to SAP's extensive customer base of 440,000 [2][3]. Partnership Overview - The partnership aims to enhance Snowflake's offerings by making its AI platform available to companies utilizing SAP's Business Data Cloud, facilitating access to data embedded in SAP applications [3]. - Snowflake's Executive Vice President of Product expressed excitement about the partnership, viewing it as a significant business opportunity [4]. Revenue Growth Potential - The partnership could potentially increase Snowflake's revenue growth rate by approximately five percentage points, depending on the percentage of SAP customers that adopt Snowflake's services [5]. - An estimated 34,000 customers currently use SAP's Business Data Cloud, and if 5% of them engage with Snowflake, it could significantly elevate Snowflake's revenue growth rate from 32% to 45% in 2026 [16][17]. Benefits for SAP - SAP anticipates that the partnership will provide its customers with greater data accessibility, enhancing their operational efficiency [6]. - The collaboration is expected to broaden choices for SAP customers, complementing existing partnerships with other cloud storage platforms [8]. Customer Use Cases - The partnership offers three primary use cases for customers: those with existing Snowflake data, SAP customers seeking Snowflake access, and hybrid customers [9]. - It aims to streamline data access, reducing the time and costs associated with data retrieval from SAP applications [10][11]. Impact on AI and Customer Experience - The partnership is designed to enhance the utility of generative AI applications by reducing friction in data access, thereby accelerating time to insight and value [12]. - Snowflake's solutions are positioned to improve customer experiences by providing timely and relevant data for customer interactions [13]. Case Study - AstraZeneca has highlighted the benefits of this partnership, emphasizing its role in enhancing data access and analysis for real-time decision-making in the healthcare sector [14][15]. Long-term Growth Outlook - The partnership is expected to increase Snowflake's revenue per customer, as more data access leads to higher computing resource usage and revenue generation [19].

Group 1 - Berkshire Hathaway Inc. released its earnings for the fiscal third quarter of 2025, beating analyst expectations on normalized earnings per share (EPS) [1] - The earnings report indicated a strong performance, although it missed some other analyst expectations [1]

Core Insights - Snowflake and SAP SE have announced a collaboration to integrate Snowflake's AI Data Cloud with SAP Business Data Cloud, enhancing data accessibility for organizations [1] Group 1: Collaboration Details - The partnership aims to provide a seamless experience for organizations to utilize Snowflake's AI Data Cloud alongside SAP's offerings [1] - Snowflake's data and AI platform will be available as a solution extension for SAP BDC customers, facilitating richer data utilization [1]

Core Insights - Snowflake has announced the general availability of Snowflake Intelligence, an enterprise intelligence agent designed to enhance user interaction with data through natural language queries [1] Company Overview - Snowflake operates as an AI Data Cloud company and serves a global customer base exceeding 12,000 organizations [1] Product Features - Snowflake Intelligence enables users to answer complex questions in natural language, providing insights readily accessible to every employee [1]

Core Insights - Snowflake has announced a new suite of developer tools aimed at enhancing the development of AI applications, focusing on speed, security, and enterprise readiness [1] Group 1: Product Enhancements - The new tools are designed to help organizations rapidly build, test, and deploy AI applications [1] - Enhancements include improvements to the developer collaboration environment and seamless integrations with open source tools [1] - New data quality capabilities are introduced to further accelerate productivity and reduce overhead for development teams [1]

Core Insights - Deloitte Tax has expanded its partnership with Snowflake to enhance tax data management practices, focusing on cloud modernization and improved data solutions for tax teams [1][2] Group 1: Partnership Objectives - The collaboration aims to build foundational data systems that enable tax departments to utilize technology more effectively, reduce integration costs, and access both historical and current data [2] - The alliance will provide a consolidated view of tax information, facilitating accurate reporting, easier reconciliation, and strategic planning [2] Group 2: Innovation and Tools Development - Deloitte Tax is committed to driving innovation in tax data management, with the partnership aimed at empowering clients through advanced data management capabilities [3] - A key aspect of the initiative includes the joint development of tools to accelerate tax data management across various areas [3] Group 3: Data Integration and Standardization - The collaboration will focus on creating unified data models to integrate information from different sources, ensuring consistency throughout tax processes [4] - Standardized reporting formats will be introduced based on common data frameworks, including workpapers and management reporting [4] Group 4: Future AI Integration - Efforts will be made to create structured datasets that support the implementation of generative AI in tax functions, paving the way for AI-powered solutions [4] - The partnership aims to address current client challenges while enabling predictive analytics and strategic decision-making [5]

Group 1: Company Insights - Yaxing Integrated (603929.SH) reported a record high quarterly profit with a significant increase in gross margin, achieving a revenue of 1.425 billion yuan in Q3 2025, down 9% year-on-year but up 68% quarter-on-quarter, and a net profit of 282 million yuan, up 40% year-on-year and 257% quarter-on-quarter [10][12] - The company’s gross margin reached 27.5% in Q3 2025, a substantial increase of 7.1 percentage points from the previous quarter and 11.0 percentage points from the same period last year, indicating improved cost control in the Singapore market [10][12] - The company is expected to continue benefiting from significant orders in the semiconductor cleanroom engineering sector, with profit forecasts for 2025-2027 adjusted to 679 million, 1.007 billion, and 1.237 billion yuan respectively, reflecting a strong growth outlook [12] Group 2: Industry Trends - The automotive industry is experiencing a surge in intelligent technology, with companies like Xiaoma Zhixing and Wenyuan Zhixing preparing for IPOs in Hong Kong, and Junsheng Electronics securing a global order worth 5 billion yuan in automotive intelligence [16][19] - The pharmaceutical sector is focusing on cardiovascular diseases, with multinational pharmaceutical companies intensifying their efforts on PCSK9 and Lp(a) targets, projecting a global market size for PCSK9 inhibitors to reach 11-19 billion USD and Lp(a) inhibitors to reach 3-7 billion USD [20][21] - The electronic gas market is expanding, driven by the demand for semiconductor manufacturing, with companies like Guanggang Gas (688548.SH) reporting a 14.85% increase in revenue year-to-date, indicating a robust growth trajectory in the electronic gas sector [24][25]

Investment Rating - The report assigns an "Outperform" rating to the company, marking its first coverage in this regard [4][6]. Core Insights - The company is a leading data cloud provider focused on breaking down data silos and enabling unified data management and efficient utilization through its innovative platform [1][9]. - The company has a strong growth trajectory, with projected revenues of $3.51 billion, $4.39 billion, and $5.49 billion for FY2025, FY2026, and FY2027, respectively, reflecting growth rates of 25%, 25.2%, and 25.1% [4][5]. - The company is leveraging AI to drive its commercialization process and expand its market presence [4][81]. Summary by Sections Company Overview - The company specializes in data cloud services, aiming to help organizations manage and utilize data effectively, with a revenue model based on platform usage [1][9]. - As of FY2026Q2, the company has 12,062 customers, including 751 from the Forbes Global 2000, contributing approximately 42% of its revenue [9]. Financial Performance - For FY2026Q2, the company reported revenues of $1.145 billion, a year-over-year increase of 31.78%, while GAAP net loss was $298 million, up 5.96% year-over-year [1][25]. - The company expects to achieve revenues of $3.51 billion in FY2025, with a net loss of $614 million, improving to a profit of $65 million by FY2027 [5][25]. Platform Advantages - The company's platform is designed as a cloud-native data storage solution, offering high scalability and cost control, and is recognized for its superior performance in TPC-H tests [2][43]. - The platform's unique multi-cluster shared data architecture meets diverse needs, from startups to Fortune 500 companies, and allows for flexible resource allocation [2][58]. Ecosystem and Data Sharing - The launch of Snowflake Marketplace in 2021 has enabled direct data sharing among customers across different regions and cloud providers, creating a strong network effect that enhances customer retention and consumption [3][68]. - As of FY2026Q2, 40% of customers are engaged in data sharing, up from 26% in FY2024Q2 [68]. AI Integration - The company has introduced Cortex AI, which allows users to create data agents for automated data analysis and task execution, enhancing the platform's capabilities [3][75]. - The updated Snowflake Intelligence platform, set to launch in 2025, will enable users to interact with data using natural language, further improving data accessibility and usability [3][78]. Market Potential - The total addressable market (TAM) for the company is projected to grow from $161 billion in 2024 to $370 billion by 2029, with a CAGR of 18%, driven by AI and data engineering [81].