Is Snowflake the New Market Darling of AI Software -- or Will It Follow Palantir's Path?
2026-06-04 11:18:00 ET
Snowflake (NYSE: SNOW) stock was down in the dumps until May 27 this year, but a solid set of results for the first quarter of fiscal 2027 (which ended on April 30) sent it skyrocketing the following day.
Snowflake stock surged a whopping 36% on May 28, as it beat Wall Street's expectations and raised its full-year revenue and earnings guidance. The stock -- which had lost 19% of its value in 2026 before the release of its fiscal Q1 results on May 27 -- seems to have become the new darling of the artificial intelligence (AI) software space.
That's not surprising, as Snowflake's AI business is taking off. The company operates a cloud-based data platform, which helps customers store and analyze both structured and unstructured data. Snowflake's platform also enables customers to share data, derive analytics and insights from their proprietary data, and build applications, among other use cases.
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