Core Thesis - Snowflake Inc. is experiencing strong momentum under CEO Sridhar Ramaswamy, with a focus on AI-driven platform expansion and robust financial performance [2][6]. Financial Performance - Snowflake's Q2 revenue growth accelerated to +31.8% year-over-year, with remaining performance obligations (RPO) and current RPO growth at +32.5%, and billings up +41.4% [3]. - The company maintains an operating margin of 11.1% and a free cash flow margin of 43%, while managing stock-based compensation dilution [5]. Customer Growth and Ecosystem - The company added 484 total customers in Q2, including 48 large accounts with over $1 million in annual recurring revenue (ARR), and expanded its ecosystem with 302 new Marketplace listings [3][4]. - Snowflake's net revenue retention stands at 125%, with data sharing now accounting for 40% of usage, indicating strong network effects and platform stickiness [4]. Strategic Positioning - Snowflake is recognized as a leader in cloud-native data platforms, AI integration, and secure data collaboration by Gartner and Forrester [4]. - The company has made strategic acquisitions, such as Datavolo and Crunchy Data, to enhance its AI data infrastructure and integration capabilities [4]. Market Potential - With a forward EV/Sales ratio of 14.6x, below sector medians, and a total addressable market (TAM) of $170 billion expanding at a 16% compound annual growth rate (CAGR), Snowflake presents a compelling risk/reward profile [5].