Snowflake借AI热潮强劲增长 股价一日飙升20%引发分析师乐观调升目标价

Core Viewpoint - Snowflake is experiencing strong growth driven by the AI boom, leading analysts to raise target prices and maintain optimistic ratings following the release of its Q2 earnings and future outlook [1][2]. Financial Performance - In Q2, Snowflake's product revenue was approximately $1.0905 billion, exceeding market expectations of $1.04 billion, with a year-over-year growth of 32% [2]. - The adjusted earnings per share were $0.35, significantly higher than the market expectation of $0.27 [2]. - As of the end of July, Snowflake's net revenue retention rate was about 125%, indicating strong revenue generation capabilities [2]. - The number of high-value customers spending over $1 million in the past 12 months grew by 30%, reaching 654 [2]. - For Q3, Snowflake expects product revenue to be between $1.125 billion and $1.130 billion, surpassing the market expectation of $1.12 billion, with a growth rate projected at 25% to 26% [2]. - The company anticipates total revenue for FY2026 to reach $4.395 billion, above the market estimate of $4.34 billion, with a potential year-over-year growth of 27% [2]. Market Position and Competitive Landscape - Snowflake is recognized as a benchmark enterprise in the cloud data warehouse sector, evolving from SQL analytics to an AI-native data service platform [3]. - The company holds a key position in the AI software technology stack, particularly in data governance and operational layers [3]. - Databricks is viewed as Snowflake's main competitor, with a recent valuation of approximately $100 billion, while Snowflake's market capitalization is around $80 billion, indicating growth potential [3]. - The strong performance and outlook of Snowflake reinforce the bullish narrative for AI application software, highlighting robust demand for AI infrastructure and enterprise-level AI applications [3]. Growth Drivers - Snowflake's product revenue in Q2 saw a sequential increase of $94 million, marking the largest single-quarter increase in history, attributed to new cloud-native workloads from large customers and the acquisition of Crunchy Data [4]. - Analysts note that the company's expansion of its sales and marketing teams in 2025 reflects a commitment to stronger performance growth [4]. - The optimistic market sentiment towards Snowflake is driven by its data warehouse appeal, strong product innovation, and corporate focus on data services and AI strategies [4].