SNOW - Can Snowflake Stock Bounce Back After Falling 30% This Year?
2024-07-18 07:10:00 ET
Artificial intelligence (AI) stocks have been doing well for the most part this year, but one exception is Snowflake (NYSE: SNOW) . The data-storage company should be benefiting from a surge in AI-related spending, but instead, its share price is down 30% this year. What's wrong with Snowflake, and can now be a good time to invest in the company? Or could things get even worse for the stock?
Snowflake's struggles this year began in February, when investors learned that the company's CEO, Frank Slootman, was retiring. The news came as a surprise, and it led to a sharp sell-off. And the stock hasn't been able to recover since then.
Even though new CEO Sridhar Ramaswamy comes with a strong background in tech, including working at Alphabet and being in charge of Google's ad business, investors have remained skeptical of the company's future without Slootman.
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Can Snowflake Stock Bounce Back After Falling 30% This Year?