SNOW - 1 Artificial Intelligence (AI) Stock Down 30% From Its Highs to Scoop Up Now
2024-05-21 10:00:00 ET
This has been a much different investing year than 2023. While it started off nearly the same, with practically any stock tied to artificial intelligence (AI) rising, some of the companies have been under greater scrutiny.
That's exactly what happened to Snowflake (NYSE: SNOW) , which is now down 30% from its 2024 highs, last reached at the end of February. Most of this sell-off happened one day after it reported results for its fiscal 2024's fourth-quarter (ended Jan. 31) -- and that will likely make investors more apprehensive about the company's next results.
However, I think this sell-off was massively overdone, and it's time to scoop up the stock before it has a chance to rebound.
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1 Artificial Intelligence (AI) Stock, Down 30% From Its Highs, to Scoop Up Now