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Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks rose late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 0.7%.The Philadelphia Semiconductor Index advanced 1.6%.In sector news, California Governor Gavin Newsom issued an executive order Friday to speed up independent oversight of AI companies and advance creation of an emergency "AI kill switch" for frontier models, his office said in a statement.In corporate news, OpenAI hired Brian McCarthy as its new global sales chief and added two veteran sales executives from Snowflake (SNOW), The Information reported. McCarthy previously worked at Space Exploration Technologies' (SPCX) Cursor unit, the report said. Snowflake shares fell 1.5%.Apple (AAPL) faces softer early demand for its new iPhone 18 Pro and Pro Max based on shorter wait times since preorders opened on Saturday, UBS Securities said in a note. Apple shares were down 0.2%.New York City Council Speaker Julie Menin said Friday on X that the chamber asked Meta (META) CEO Mark Zuckerberg, Alphabet's (GOOGL) Google CEO Sundar Pichai and X's Elon Musk participate in its Oct. 5 hearing on potential risks posed by AI. Meta shares were down 2.5%, and Alphabet added 0.6%.SpaceX (SPCX) has secured a $946 million contract modification from NASA for three additional crew missions to the International Space Station, the agency said in a Friday statement. SpaceX shares were down 1.1%.

$AAPL$GOOGL$META$SNOW$SPCX
Sectors

Sector Update: Tech

Tech stocks rose late Friday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) gaining 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 0.5%.The Philadelphia Semiconductor Index advanced 1.4%.In corporate news, OpenAI hired Brian McCarthy as its new global sales chief and added two veteran sales executives from Snowflake (SNOW), The Information reported. McCarthy previously worked at Space Exploration Technologies' (SPCX) Cursor unit, the report said. Snowflake shares fell 1.7%.

$SNOW
Wire

Market Chatter: OpenAI Hires Cursor's McCarthy as Sales Chief, Poaches Two Snowflake Sales Executives

Microsoft-backed (MSFT) OpenAI has hired Brian McCarthy as its new global sales chief and added two veteran sales executives from Snowflake (SNOW), The Information reported Friday, citing the companies.McCarthy previously worked at SpaceX's (SPCX) Cursor unit, the report said.Meanwhile, Snowflake told employees Thursday that Mark Fleming, senior vice president of sales for its Americas Enterprise unit, and Jaime Patel, vice president of sales engineering for North America Enterprise, are departing for OpenAI, the report said, citing an email.OpenAI and Snowflake did not immediately respond torequests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $495.26, Change: $-2.50, Percent Change: -0.50%

$MSFT$SNOW$SPCX
Insider Trading

Snowflake Insider Sold Shares Worth $4,131,636, According to a Recent SEC Filing

Jonathan Mead Beaulier, Chief Revenue Officer, on September 15, 2026, sold 12,292 shares in Snowflake (SNOW) for $4,131,636. Following the Form 4 filing with the SEC, Beaulier has control over a total of 213,085 common shares of the company, with 213,085 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1640147/000212702526000007/xslF345X05/wk-form4_1789605465.xml

$SNOW
Insider Trading

Snowflake Insider Sold Shares Worth $2,608,915, According to a Recent SEC Filing

Frank Slootman, Director, on September 15, 2026, sold 8,191 shares in Snowflake (SNOW) for $2,608,915. Following the Form 4 filing with the SEC, Slootman has control over a total of 229,053 common shares of the company, with 19,024 shares held directly and 210,029 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1640147/000140234826000018/xslF345X05/wk-form4_1789605319.xml

$SNOW
Off-Quarter Software Companies' Revenue Outperformance Decelerates Slightly Sequentially, RBC Says
US Markets

Off-Quarter Software Companies' Revenue Outperformance Decelerates Slightly Sequentially, RBC Says

Quarterly revenue outperformance of software companies that don't follow the standard reporting calendar decelerated slightly sequentially, with a "catch-up trade" into the end of the year likely, RBC Capital Markets said in a note e-mailed Monday.The mean June-quarter revenue beat for 33 off-quarter software companies was 2.1%, compared with a 2.2% outperformance in the previous quarter, according to RBC. The average on-quarter software company beat second-quarter revenue estimates by 2.6%, marking the seventh straight outperformance versus off-quarter, the brokerage said in the note to clients."(Off-quarter revenue) beats modestly decelerated (quarter on quarter) and are down (year over year), which we view as a result of bifurcating results, with application software largely driving down the beat magnitude," Matthew Hedberg, RBC's head of global technology, Internet, media, and telecommunications research, wrote.Infrastructure, vertical, and security vendors delivered the largest top-line beats, while front office and Software-as-a-Service platforms posted the smallest outperformance, according to RBC."Off-(quarter) earnings was a roller coaster, with the (iShares Expanded Tech-Software Sector ETF) being up as much as 8% in the three-week period of off-(quarter) reporters, but is now flat from the start," Hedberg said.This divergence stems from artificial intelligence shifting budgets away from discretionary and legacy software, while dollars flow toward vendors that directly enable and leverage AI capabilities, according to the note."Looking ahead, we believe there could be a catch-up trade into year-end, as software generally performs better as estimates begin to move higher on (third-quarter) prints, with management teams feeling more comfortable on raising guides and investors chasing benchmarks given software's solid performance in the past month," Hedberg said.RBC noted higher post-earnings confidence in cyber, infrastructure, and data leaders, including Salesforce (CRM), CrowdStrike (CRWD), Snowflake (SNOW), Palo Alto Networks (PANW) and MongoDB (MDB), while having incremental questions about application-focused peers such as Asana (ASAN), Intuit (INTU), and UiPath (PATH)."Investors continue to prefer cyber/infra/data leaders, but software has caught a broader bid and investors are widening their aperture beyond select AI leaders given generally solid software fundamentals and a brief sentiment boost from (Salesforce's) Claudeforce announcement," Hedberg wrote. "That said, there remains a bifurcation in results with application software generally underperforming the cyber/infra/data group."Late last month, Salesforce and Anthropic unveiled Claudeforce, an expanded partnership combining Claude's reasoning with the data, workflows, business logic, actions, and governance of the Salesforce platform.Recently, leading AI executives warned of increasing safety risks and urged the industry to advance AI model capabilities at a more measured pace.Price: $257.56, Change: $+9.84, Percent Change: +3.97%

$ASAN$CRM$CRWD$INTU$MDB$PANW$PATH$SNOW
Insider Trading

Snowflake Insider Sold Shares Worth $16,786,000, According to a Recent SEC Filing

Benoit Dageville, Director, on September 08, 2026, sold 50,000 shares in Snowflake (SNOW) for $16,786,000. Following the Form 4 filing with the SEC, Dageville has control over a total of 4,281,718 common shares of the company, with 180,171 held directly and 4,101,547 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1640147/000182173726000013/xslF345X05/wk-form4_1789086782.xml

$SNOW
Insider Trading

Snowflake Insider Sold Shares Worth $17,500,000, According to a Recent SEC Filing

Mark Garrett, Director, on September 04, 2026, sold 50,000 shares in Snowflake (SNOW) for $17,500,000. Following the Form 4 filing with the SEC, Garrett has control over a total of 131,084 common shares of the company, with 10,074 shares held directly and 121,010 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1640147/000124621526000003/xslF345X05/wk-form4_1788995196.xml

$SNOW
Wire

Snowflake Benefits From AI-Driven Data Platform Modernization, Macquarie Says

Snowflake (SNOW) AI efforts are driving investments in data platform modernization, while the company is benefiting from accelerating data warehouse migrations, Macquarie said.The investment firm said in a note Thursday that management expects continued momentum in the core data platform business and a meaningful step-up in revenue from Snowflake's agentic front ends.Management raised fiscal 2027 product revenue guidance by 5 percentage points to 36% year over year. Macquarie raised its 2027, 2028 and 2029 product revenue estimates by 4%, 8% and 11%.The company is on the right track with its AI products and its rating balances a relatively high valuation against strong business fundamentals, according to the research note.Macquarie raised its price target to $350 from $200 on Snowflake, while maintaining a neutral rating.Shares of Snowflake were down 3.7% in Friday afternoon trading.Price: $343.15, Change: $-13.33, Percent Change: -3.74%

$SNOW
Asia Markets

Update: US Equity Indexes Jump as Sliding Odds for Fed Policy Tightening in September Push Treasury Yields Lower

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes rose in a broad-based rally as falling odds of the Federal Reserve increasing interest rates later this month pushed government bond yields lower.The Nasdaq Composite rose 1.4% to 26,584.06, the S&P 500 climbed 1.1% to 7,747.71, and the Dow Jones Industrial Average advanced 1.2% to 53,686.11 on Thursday. All sectors rose except energy, materials and consumer staples. Communication services, consumer discretionary and financials topped the gainers.Federal Reserve Governor Christopher Waller said he would be "inclined to support" holding rates steady at the next Federal Open Market Committee meeting in September if the August inflation print shows progress toward the central bank's 2% goal."Yields retreated in reaction to Waller's latest comments," Lindsey Piegza, chief economist at Stifel, said in a note. "The relatively quick and notable reaction in the market to the latest Fed commentary suggests investors were already skeptical of the Fed's intentions to move forward with firmer policy as early as later this month."The probability of the Fed raising its target rate by 25 basis points to 3.75%-4.0% in September slumped to 50% after midday Thursday from 63% a day ago, according to the CME FedWatch tool. The remaining likelihood is that policy will remain on hold.Treasury yields fell, with the 10-year down 2.4 basis points to 4.77% and the two-year lower by 4.6 basis points to 4.34%.Gold futures surged 2.4% to $4,518.3, and silver futures soared 3.2% to $67.53.In company news, Palantir Technologies (PLTR) and PwC expanded their strategic alliance to help enterprises deploy artificial intelligence tools across critical business operations, PwC said Thursday. Palantir shares jumped 7.7%, the top gainer on the S&P 500 and the Nasdaq.Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said in a blog post.Snowflake (SNOW) shares soared 17% as the cloud-based data platform lifted its full-year product revenue outlook. Snowflake could see faster revenue growth as business use of AI increases demand for data products, and strong usage and backlog trends combined with wider AI adoption could push growth above current expectations, UBS said in a note.In geopolitical news, the US and Iran have intensified tit-for-tat military strikes in recent days, remaining locked between ceasefire and all-out war as the White House struggles to end the six-month conflict, Bloomberg reported. Iran said it attacked bases in Kuwait and the United Arab Emirates "in response to America's crimes against the Iranian people," Al Jazeera, a Middle Eastern broadcaster, reported.In economic news, initial jobless claims rose sequentially to 206,000 during the week ended Aug. 29 from an upwardly revised 204,000, compared with expectations for an increase to 205,000 in a Bloomberg-compiled survey. The four-week moving average rose by 1,500 to 207,250.The Institute for Supply Management's US services index rose to 55.4 in August from 54.1 in July, compared with expectations for no change in a survey compiled by Bloomberg. The index now sits at its highest since February, before Operation Epic Fury and the run-up in energy prices from the closure of the Strait of Hormuz, according to a Jefferies note.

Dow JonesNasdaq CompositeS&P 500$NVDA$PLTR$SNOW
Update: Dow Marks Best Day in More Than 4 Weeks as Rate Hike Bets Ease
US Markets

Update: Dow Marks Best Day in More Than 4 Weeks as Rate Hike Bets Ease

(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average and the S&P 500 rose the most in more than four weeks on Thursday as traders tempered expectations for a September interest rate hike.The Dow advanced 1.2% to close at 53,686.11, while the S&P 500 climbed 1.1% to 7,747.71 -- both marking their biggest single-day percentage gains since Aug. 4. The Nasdaq Composite rose 1.4% to 26,584.06. Most sectors ended in the green, led by consumer discretionary, while energy saw the biggest drop.Fed Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.Markets are now almost evenly split between a tighter policy later this month and another Fed pause, according to the CME FedWatch tool. The probability of a 25-basis-point rate hike was 63% on Wednesday."The relatively quick and notable reaction in the market to the latest Fed commentary suggests investors were already skeptical of the Fed's intentions to move forward with firmer policy as early as later this month," Stifel Chief Economist Lindsey Piegza said in a note e-mailed to.Treasury yields were lower, with the two-year yield down 4.6 basis points at 4.34% and the 10-yield yield falling 2.2 basis points to 4.77%.West Texas Intermediate crude oil was up 0.8% at $91.72 a barrel in Thursday late-afternoon trade, while Brent edged up 0.2% to $95.80.The Kuwaiti military said Thursday it was confronting missile and drone attacks from Iran.Earlier this week, the US Central Command said that its forces completed a wave of strikes against Iranian military targets.In company news, shares of Broadcom (AVGO) fell 2.7% after releasing its latest financial results. The chipmaker's guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.Snowflake (SNOW) jumped nearly 17% as the cloud-based data platform lifted its full-year product revenue outlook.Ciena (CIEN) was the worst performer on the S&P 500, down 10%, despite raising its full-year revenue outlook as the networking systems and software company reported better-than-expected fiscal third-quarter results.Campbell's (CPB) guided for a soft fiscal 2027 outlook amid persistent inflation worries and cut quarterly dividend. The stock slumped 7%.In economic news, US job cut announcements in August hit the lowest total for the month in four years, Challenger, Gray & Christmas said, ahead of the official jobs report due Friday.The US economy likely added 55,000 nonfarm jobs in August, compared with a loss of 23,000 reported for the month prior, according to a Bloomberg poll. The unemployment rate seen holding at 4.1%.Spot gold rose 2.1% to $4,471.47 per troy ounce, while silver advanced 3.2% to $67.58 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CPB$SNOW
Asia Markets

Update: US Equity Indexes Rise as Plunging Fed Policy Tightening Odds Send Treasury Yields Lower

(Updates with index/price moves and company news from the first paragraph.)US equity indexes rose in a broad-based rally as a fall in market expectations for an interest-rate increase this month pushed government bond yields lower.The Nasdaq Composite rose 1.3% to 26,555.7, the S&P 500 climbed 1% to 7,740.9, and the Dow Jones Industrial Average advanced 1.2% to 53,675.5 ahead of Thursday's close. All sectors except energy and materials rose. Communication services, consumer discretionary and financials topped the gainers.Federal Reserve Governor Christopher Waller said he would be "inclined to support" holding rates steady at the next Federal Open Market Committee meeting in September if the August inflation print shows progress toward the central bank's 2% goal."Yields retreated in reaction to Waller's latest comments," Lindsey Piegza, chief economist at Stifel, said in a note. "The relatively quick and notable reaction in the market to the latest Fed commentary suggests investors were already skeptical of the Fed's intentions to move forward with firmer policy as early as later this month."The probability of the Fed raising its target rate by 25 basis points to 3.75%-4.0% in September slumped to 50% after midday Thursday from 63% a day ago, according to the CME FedWatch tool. The remaining likelihood is that policy will remain on hold.Treasury yields fell, with the 10-year down 2.6 basis points to 4.77% and the two-year lower by five basis points to 4.34% in the final leg of trading.In company news, Palantir Technologies (PLTR) and PwC expanded their strategic alliance to help enterprises deploy artificial intelligence tools across critical business operations, PwC said Thursday. Palantir shares jumped 8.1%, the top gainer on the S&P 500 and the Nasdaq.Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said in a blog post.Snowflake (SNOW) shares soared 18% as the cloud-based data platform lifted its full-year product revenue outlook. Snowflake could see faster revenue growth as business use of AI increases demand for data products, and strong usage and backlog trends combined with wider AI adoption could push growth above current expectations, UBS said in a note.

Dow JonesNasdaq CompositeS&P 500$NVDA$PLTR$SNOW
Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.1%.The Philadelphia Semiconductor Index was fractionally higher.In corporate news, Nvidia (NVDA) has agreed to buy AI platform Hugging Face in a deal worth up to $12.93 billion as the technology bellwether pledged to foster open-source models in the AI ecosystem. Nvidia shares were up 2%.Palantir (PLTR) and PwC expanded their strategic alliance to help companies deploy AI tools, PwC said Thursday. Palantir shares added 8.4%.Snowflake (SNOW) shares jumped 18% as the cloud-based data platform lifted its full-year product revenue outlook.Broadcom (AVGO) shares fell 2.3% after releasing its latest financial results. The chipmaker's guidance that its AI revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.

$AVGO$NVDA$PLTR$SNOW
Wire

Snowflake AI Demand Seen Driving Faster Growth, UBS Says

Snowflake (SNOW) could see faster revenue growth as business use of AI increases demand for its data products, while strong usage, backlog trends and wider AI adoption could push growth above current expectations, UBS said in a note Wednesday.Snowflake's Q3 guidance points to product revenue growth of about 43% if the company delivers a typical beat, which would mark another acceleration from recent quarters; however, Snowflake's guidance may still be cautious, as stronger use of newer AI products has made revenue harder to predict, UBS said.AI usage, rather than large customer renewals, appears to be the main driver of stronger demand and could help Snowflake exit Q4 with product revenue growth above 42%, according to the note.Snowflake also shows that AI spending is expanding beyond chips and hardware into cloud infrastructure and data software as more companies build AI into their operations, the investment firm said.UBS maintained its buy rating for Snowflake and raised its price target to $500 from $425.Price: $365.88, Change: $+60.04, Percent Change: +19.63%

$SNOW
Wire

Top Midday Gainers

ChargePoint (CHPT) shares jumped 74% amid heavy trading after the company reported a narrower Q2 loss and higher revenue late Wednesday.Intraday trading volume catapulted to over 33.6 million from a daily average of about 605,000.Snowflake (SNOW) lifted its full-year product revenue outlook and reported fiscal Q2 results above market expectations.Shares surged 21%, with intraday trading volume rising to over 15.6 million from a daily average of roughly 5.5 million.Palantir Technologies (PLTR) and PwC expanded their strategic alliance to help enterprises deploy artificial intelligence tools across critical business operations, PwC said Thursday.Shares rose 8%, with intraday trading volume at over 26.7 million, versus a daily average of about 41.0 million.Price: $8.89, Change: $+3.70, Percent Change: +71.19%

$CHPT$PLTR$SNOW
Sectors

Sector Update: Tech Stocks Rise Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.2%.The Philadelphia Semiconductor index was down 0.3%.In corporate news, Nvidia (NVDA) has agreed to buy AI platform Hugging Face in a deal worth up to $12.93 billion as the technology bellwether pledged to foster open-source models in the AI ecosystem. Nvidia shares were up 1.3%.Snowflake (SNOW) shares jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook.Broadcom (AVGO) shares fell 3.5% after releasing its latest financial results. The chipmaker's guidance that its AI revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.

$AVGO$NVDA$SNOW
Equities Jump Intraday, Yields Fall as Markets Split Over Fed's Next Move
US Markets

Equities Jump Intraday, Yields Fall as Markets Split Over Fed's Next Move

US benchmark equity indexes were advancing intraday and Treasury yields dropped as markets remained split over the Federal Reserve's next move.The Nasdaq Composite was up 1.3% at 26,569.6 after midday Thursday, while the Dow Jones Industrial Average rose 1.1% to 53,653.9. The S&P 500 climbed 1% to 7,744.5. The indexes finished the previous trading session higher, snapping a three-day losing streak.Except materials all sectors were in the green intraday Thursday, led by consumer discretionary.Treasury yield were lower intraday, with the two-year yield down 4.8 basis points at 4.34% and the 10-yield yield falling 3.8 basis points to 4.76%.Fed Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.Markets are now evenly split between a tighter policy later this month and another Fed pause, according to the CME FedWatch tool. The probability of a 25-basis-point rate hike was 63% on Wednesday.West Texas Intermediate crude oil rose 0.5% to $91.45 a barrel intraday, while Brent was little changed at $95.66.In company news, shares of Broadcom (AVGO) fell 2.9% intraday after releasing its latest financial results. The chipmaker's guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.Snowflake (SNOW) jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook.Ciena (CIEN) was the worst performer on the S&P 500, down 9.3%, despite raising its full-year revenue outlook as the networking systems and software company reported better-than-expected fiscal third-quarter results.Campbell's (CPB) guided for a soft fiscal 2027 outlook amid persistent inflation worries and cut quarterly dividend. The stock slumped 9.4%.Spot gold rose 2.4% to $4,487.83 per troy ounce, while silver advanced 3.4% to $67.66 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CPB$SNOW
Wire

Snowflake Product Revenue Growth Accelerates on Broad-Based Demand, AI Momentum, Oppenheimer Says

Snowflake (SNOW) is seeing broad-based demand across customers, workloads and geographies, with accelerating product revenue growth, AI adoption and data migration activity reinforcing confidence in its platform strategy and supporting further upside, Oppenheimer said.The brokerage said in a note Wednesday that a meaningful increase in AI-related revenue, growing adoption of CoCo and CoWork, and stronger migration activity are helping drive consumption growth.Oppenheimer added that demand trends remain broad-based rather than concentrated in AI alone, while AI tools are creating a flywheel that is accelerating core platform usage.The investment firm raised its estimates after results topped expectations and said management's guidance is based on observed customer behavior, leaving room for additional upside if current trends persist. It added that the AI opportunity remains in its early stages, with observability and Postgres-related offerings not yet contributing meaningfully.Oppenheimer raised its price target on Snowflake to $475 from $400, with an outperform rating.The company's shares were up nearly 22% in Thursday afternoon trading.Price: $372.38, Change: $+66.54, Percent Change: +21.76%

$SNOW
Wire

Update: Morgan Stanley Adjusts Snowflake Price Target to $470 From $300, Maintains Overweight Rating

(Updates with the analyst's commentary.)Morgan Stanley raised the price target on Snowflake (SNOW) to $470 from $300 while maintaining its overweight rating.The brokerage said acceleration for a third quarter in a row "against a tough compare + high expectations" highlight how well artificial intelligence (AI) is performing in the core platform.Snowflake raised fiscal full-year 2027 product revenue guidance by $230 million, compared with the $74 million Q2 beat, the brokerage said.The company's AI strategy also allows for addressing cases "previously unavailable," including "finance or supply-chain optimization," Morgan Stanley said in its note.Snowflake has an average rating of buy and mean price target of $422.88, according to analysts polled by FactSet.Price: $367.76, Change: $+61.92, Percent Change: +20.25%

$SNOW
Wire

Snowflake Product Revenue Growth Accelerates on AI Momentum, RBC Says

Snowflake (SNOW) delivered strong fiscal Q2 results, with product revenue growth accelerating as the AI flywheel gains momentum at scale, RBC Capital Markets said Thursday.Product revenue growth accelerated to 37% in fiscal Q2 from 34% in fiscal Q1 and 30% in fiscal Q4, while fiscal 2027 product revenue growth guidance was raised to 36% from 31%, according to the note.Results continue to benefit from AI tailwinds driving core platform value and AI products, as early adoption remains impressive. This is expanding the total addressable market and the range of buying personas.AI accounted for approximately half of the revenue beat in fiscal Q2, with AI-powered coding and workflow agent CoCo exceeding 9,100 accounts after adding over 2,000 in the quarter, while migration acceleration, Notebooks, app deployment and AI functions were meaningful contributors to the other half, the note added.RBC kept an outperform rating on Snowflake and raised its price target to $440 from $372.Shares of Snowflake rose more than 20% in Thursday afternoon trading.Price: $367.72, Change: $+61.88, Percent Change: +20.23%

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