SNOW - Prediction: This Tech Stock Could Make a Big Move Thanks to Artificial Intelligence (AI)
2024-06-02 15:15:00 ET
The broader technology sector has received a big boost in the past year and a half thanks to the emergence of artificial intelligence (AI), which explains why the Nasdaq-100 Technology Sector index has gained an impressive 83% since the beginning of 2023. However, not all tech stocks have benefited from this surge; Snowflake (NYSE: SNOW) is one such example.
Shares of the company, which provides a cloud-based data platform, have gained only 5% since the beginning of last year. Snowflake's latest results for the first quarter of fiscal 2025 (for the three months ended April 30, 2024) didn't do much to inspire investor confidence either as the stock fell more than 5% .
However, a closer look at Snowflake's results indicate investors may have overreacted.
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Prediction: This Tech Stock Could Make a Big Move Thanks to Artificial Intelligence (AI)