编译：Grace、Haozhen 在过去十年里，Snowflake（SNOW）凭借云原生数据仓库的创新，成为企业数据平台领域最具代 表性的公司之一。2020 年 Snowflake 以 120 美元发行价完成约 34 亿美元的 IPO，成为当时软件行 业规模最大的上市发行。 但随着 AI 的迅速崛起，企业使用数据的方式、技术栈构建和产品演进节奏都出现显著变化。接任 CEO 的 Sridhar Ramaswamy 在过去 18 个月中推动 Snowflake 迎来重要转折：从以数据基础设施为 核心的公司，升级为以 AI 驱动、面向更广泛企业用户的 AI Data Cloud。 在最新访谈中，Sridhar 解释了为什么 Snowflake Intelligence 是公司战略转型的关键一步。从底层技 术到跨云生态，再到与主要合作伙伴的关系演进，Snowflake 通过 AI 不断放大企业在自身平台上沉 淀的数据价值。此外，他还分享了企业应该如何衡量 AI ROI、AI 对广告行业的影响，以及在大模 型不断进步的今天，传统搜索技术为什么仍然不可或缺。 01 . Snowflake 的"转型"：利用 AI 放大已有 ...

Core Insights - Snowflake (SNOW) is experiencing robust growth due to its leadership in cloud-based data analytics and AI-driven solutions, with product revenues reaching $1.09 billion, a 32% increase year over year in Q2 of fiscal 2026 [1][11] Company Performance - The company reported a net revenue retention rate of 125% in Q2 of fiscal 2026, indicating strong customer adoption and usage [2] - The customer base grew by 19% year over year, reaching 12,062 customers in Q2 of fiscal 2026, with 654 customers generating over $1 million in trailing 12-month product revenues [2][11] - Snowflake's partnerships with major cloud providers, particularly Microsoft Azure, contributed to growth, with Azure experiencing a 40% year-over-year growth in Q2 of fiscal 2026 [4][11] AI Integration and Collaborations - Snowflake's focus on AI integration, including products like Cortex AI SQL and Snowflake Intelligence, enhances its analytics capabilities, allowing enterprises to gain deeper insights and automate workflows [3] - A recent collaboration with Siemens aims to connect operational technology (OT) and information technology (IT) data, leveraging AI-driven insights to improve operational efficiency [5] Competitive Landscape - Snowflake faces significant competition from companies like Alphabet (GOOGL) and Datadog (DDOG), both of which are expanding their presence in the cloud analytics market [6] - Alphabet's Google Cloud revenues grew by 31.7% year over year, reaching $13.62 billion in Q2 of fiscal 2025, indicating strong competition in the sector [7] - Datadog reported an increase in its customer base, with 3,850 customers generating an annualized run rate of $100,000 or more, reflecting strong demand for its offerings [8] Stock Performance and Valuation - Snowflake's stock has appreciated by 48.7% year to date, outperforming the broader Zacks Computer & Technology sector's return of 22.4% and the Zacks Internet Software industry's increase of 26.5% [9] - The stock is trading at a premium, with a forward 12-month Price/Sales ratio of 14.79X compared to the Internet Software industry's 6.01X [12] - The consensus estimate for SNOW's fiscal 2026 earnings is $1.17 per share, reflecting a 40.96% year-over-year increase [14]

Core Insights - Yuki has launched the Yuki Optimization Platform as a Snowflake Native App, aimed at enhancing compute operations and workload efficiency for joint customers [1][6] - The platform automates warehouse operations and dynamically adjusts compute resources in near real-time, allowing data teams to optimize resource usage without altering queries or infrastructure [2][3] Company Overview - Yuki is positioned as a real-time optimization platform specifically designed for Snowflake environments, targeting high-scale data teams [7] - The integration with Snowflake allows Yuki to deliver its optimization engine directly within customers' Snowflake instances, ensuring data governance and security [3][6] Industry Context - The partnership between Yuki and Snowflake is expected to empower organizations to scale their operations confidently and innovate on the AI Data Cloud [4][6] - The Yuki Optimization Platform is now available on Snowflake Marketplace, facilitating easier access for joint customers to enhance efficiency and accelerate various use cases [6]

This presentation includes certain non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non- ...

Financial Performance - Snowflake's product revenue reached $996.813 million in Q1 FY26, representing a year-over-year growth of 26%[36, 86] - The company's net revenue retention rate was 124% in Q1 FY26[36, 61] - Snowflake had 606 customers with over $1 million in product revenue as of Q1 FY26, a 27% year-over-year increase[36, 58] - Non-GAAP product gross margin was 76% in Q1 FY26[36, 64] - Non-GAAP operating margin was 9% in Q1 FY26[64, 91] - Non-GAAP adjusted free cash flow margin was 20% in Q1 FY26[64, 96] - Remaining Performance Obligations (RPO) reached $6.687 billion, with 50% expected to be recognized as revenue in the next twelve months[49, 50] Market and Customer Growth - Snowflake estimates its platform TAM to be $342 billion[34] - The company had 11,578 total customers in Q1 FY26[52] - Snowflake had 754 Forbes Global 2000 customers in Q1 FY26[54] AI Data Cloud Metrics - 39% of Snowflake's customers have at least one stable edge for data sharing[72, 79] - There were 3,098 Marketplace listings, a 21% year-over-year growth[72] Fiscal Year 2026 Guidance - Snowflake projects product revenue of $4.325 billion for FY26[74] - The company anticipates a 25% year-over-year product revenue growth for FY26[74] - Snowflake expects a non-GAAP product gross margin of 75% and a non-GAAP operating margin of 8% for FY26[74] - The company forecasts a non-GAAP adjusted free cash flow margin of 25% for FY26[74]