Posted 1/30/2024, 9:55:00 AM
Snowflake Stock Down 50% Despite Explosive Growth in AI Data Platform
- Nvidia stock has surged over 200% in the past year, but Snowflake is down 50% from its peak presenting an opportunity
- Snowflake provides a platform to combine and analyze data from different cloud sources to power AI
- Snowflake's revenue and customers are growing rapidly, up 34% and 52% year-over-year respectively
- Snowflake recently launched new services Cortex and Snowpark to enable customers to more easily build AI apps
- Snowflake estimates $10B in product revenue in 5 years, so the stock has big growth potential given the AI trend and data explosion