Snowflake shares returned 136.7% from April 28 to October 27, 2026, versus 8.8% for the S&P 500, and revenue growth accelerated from 28.7% in fiscal Q3 2026 to 35.1% in fiscal Q2 2027. Its own AI products, Cortex Code and CoWork, reached 5.8 thousand and 9.1 thousand accounts, with CoWork adding more than 2,000 accounts in the quarter. Management says customers using AI also spend more across the core data platform, and it raised its fiscal 2027 product revenue forecast to $6.07 billion, or 36% growth. The stock trades at 21.7 times last twelve months of sales, against 3.2 times for the S&P 500, while the company still reports an operating margin of -17.0%. The article warns growth could fall short if AI adoption slows or spending does not extend beyond these two products, and notes management has not yet disclosed the exact consumption lift for AI adopters.
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