However, there’s an important catch: management lowered its product gross-margin outlook to 74% because AI workloads are more expensive to run. That means revenue growth is accelerating, but profitability is not moving in the same direction.
My view: SNOW is a strong long-term AI/cloud story, but I’d rather buy the pullback than chase the breakout. If growth keeps accelerating and margins stabilize, today’s valuation could eventually look reasonable. If margins keep deteriorating, the market may quickly reconsider the premium.
@Marktomarket [贱笑]
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