Bond.az reports - Snowflake shares surged 36% in premarket trading Thursday after the data analytics firm raised its annual product revenue forecast and announced a $6 billion five-year AI infrastructure deal with Amazon Web Services.
The gains, if sustained, would add over $20 billion to its market cap.
Snowflake shares are down 20% year-to-date. Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "This jump shows how much skepticism had built up."
Peers Datadog and MongoDB rose 5.9% and 10.4%, respectively, riding on Snowflake's blowout results.
The company is embedding AI across its platform with tools like Cortex Code and Snowpark, helping businesses build generative AI applications.
The AWS partnership will boost Snowflake's enterprise AI push.
