智通财经APP获悉，摩根士丹利周二发布研报，首次将云数据分析公司Snowflake(SNOW.US)股票评级 定为"增持"，并给出262美元的目标价。报告指出，在新任首席执行官斯里达尔·拉马斯瓦米的领导下， 这家云数据巨头正展现出更强的战略执行力和产品迭代速度，其业务转型已取得实质性进展。 这家华尔街投行强调，人工智能技术正在为Snowflake的核心业务构筑长期增长曲线。通过向数据工程 和人工智能领域的战略延伸，公司有望在2030年前实现超过20%的复合年均增长率。研报特别指出，拉 马斯瓦米执掌后，Snowflake在销售体系优化、市场策略调整及产品研发流程三大关键环节实现质效提 升，产品收入增速已稳定在20%量级。 尽管人工智能相关业务和应用市场仍处于发展初期，但公司通过将AI技术深度融入核心产品，叠加企 业客户加速推进数据基础设施现代化改造的强劲需求，其基础数据仓库业务已呈现企稳态势。 市场表现方面，Snowflake股价年初至今累计上涨37%，显著跑赢同期剔除Palantir(PLTR.US)后大型软件 股9%的平均涨幅。虽然投资者对该公司人工智能战略的认知存在合理分歧，但摩根士丹利认为，随着 后续季 ...

作者 | 郭炜 白鲸开源 CEO，Apache 基金会成员 从技术架构的角度看，我认为这一次的 AI 浪潮将深刻影响整个软件生态。DSS 系统的设计是以 人作为最终消费者的决策支持逻辑为中心，然而，随着 Agentic AI 时代来临，最终的"消费者"更 可能是 Agent，对数据仓库和复杂 ETL 链路将被重新设计，甚至消失。传统数据仓库偏重结构与 查询模式，会被 Agentic Data Stack 架构强调语义与响应模式取代。本文作者的原标题为《 传统 数据仓库正在被 Agentic AI 吞噬？Agentic Data Stack 初探》。 引言：Snowflake 换 CEO 背后的信号 2024 年春天，云数据仓库的明星公司 Snowflake 宣布换帅，前 Google 广告业务负责人 Sridhar Ramaswamy 接替了曾带领 Snowflake 实现 600 亿美元估值的传奇 CEO Frank Slootman 。 如果你只是把这当成一次高管轮换，理解就不够透彻，因为这背后真正的隐喻是， 数据仓库世界 的范式，正在悄然巨变 。 "技术的演进，从来不是线性推进，而是技术的跃迁，从 OL ...

Core Viewpoint - UBS's participation in the Databricks investor day indicates a strong ongoing investment in the "data layer," which may benefit both Databricks and Snowflake despite their competition [1] Databricks Disclosure - Databricks expects a revenue run rate of $3.7 billion for the second half of the year, representing a year-over-year growth of approximately 50% [2] - Databricks anticipates its data warehouse revenue run rate will exceed $1 billion this year, which aligns with expectations and does not raise concerns about Snowflake's market share loss [2] - Databricks' "AI suite" has an annual recurring revenue (ARR) of $300 million, surpassing Snowflake [2] - The CEO of Databricks has adopted a more neutral stance towards Snowflake compared to the past [2] - Demand for Postgres databases is described as "very hot," which may not bode well for MongoDB [2] - Most enterprises are still in the early stages of deploying AI agents, with much of the activity being speculative [2] - Demand in the Europe, Middle East, and Africa (EMEA) markets is reported to be weak [2] Customer/Partner Feedback - Feedback from clients regarding Databricks is overwhelmingly positive, particularly concerning product functionality, pricing, and innovation speed [2] - Feedback on Snowflake is unexpectedly constructive, with clients noting that the development pace of Snowflake and Databricks appears similar, a sentiment not expressed two years ago [3] - Enterprises are attempting to organize data for AI applications, supported by feedback from interviews [3] - Adoption of data lake or iceberg technology is reported to be more positive than anticipated [3] Valuation - UBS maintains that if Snowflake's growth rate trends towards 30% and the data investment cycle remains prolonged, a multiple of 13x/51x CY26E revenue/free cash flow (FCF) does not seem unreasonable [3] - The target price for Snowflake remains at $265, based on a multiple of 17x/66x CY26E, which is considered a reasonable premium relative to high-growth peers [3]