What happened: Snowflake (SNOW) stock jumped 36% on Thursday in its best day on record after the cloud data company posted better-than-expected quarterly results, driven by accelerating enterprise AI demand for its platform and an expanded deal with Amazon’s (AMZN) Amazon Web Services.
Shares of peer ServiceNow (NOW) also jumped, along with the broader iShares Expanded Tech-Software ETF (IGV).
What’s behind the move: Snowflake said AI products contributed to the “strongest sequential product revenue dollar growth” in its history. Fiscal first quarter revenue grew 33% year over year to $1.39 billion.
The company announced an expanded collaboration with AWS through a new multiyear, $6 billion agreement aimed at accelerating global enterprise AI adoption. It also deepened its partnership with OpenAI (OPAI.PVT).
What else do you need to know: WedBush Securities analyst Dan Ives reiterated an Outperform rating on Snowflake stock while raising his share price…
