Posted 2/29/2024, 6:27:01 PM
Snowflake Stock Slumps 20% on Soft Earnings and Surprise CEO Switch to AI Expert Ramaswamy
- Snowflake stock plunged 20% after soft quarterly results and unexpected CEO change
- New CEO Sridhar Ramaswamy has strong AI expertise from past work at Alphabet and Neeva
- Ramaswamy could guide Snowflake further into generative AI with acquisition of his previous company, Neeva
- The stock drop seems excessive given Snowflake's long-term potential in AI and the data cloud
- Analysts remain largely bullish on Snowflake with an average price target 22% above current levels