US Stock Market Movement | Snowflake Surges 38% After-Hours, Invests 40 billion to Expand Computing Power
Gelonghui, May 28 | Snowflake surged 37.62% after hours. After six consecutive months of decline, the company has risen 28.42% this month. Its current market capitalization is about $60.7 billion.
In terms of news, Amazon announced locally on Wednesday that Snowflake has committed to purchasing $6.0 billion (about RMB 40.681 billion) worth of services and technology from AWS over five years, including Graviton general-purpose chips based on Arm architecture and GPUs for artificial intelligence. This is reported to be the largest investment since Snowflake's establishment. The company was founded in 2012 and is the world's largest cloud-native data warehouse and AI data cloud platform. Specifically, the company's main product integrates data warehousing, data sharing, and AI analytics into an online service.
At the same time, Snowflake announced its results for the first fiscal quarter ending April 30, with both core metrics exceeding expectations: adjusted earnings per share came in at $0.39, and revenue reached $1.39 billion, up 33% year-on-year. Analysts at the London Stock Exchange Group had previously expected earnings per share of $0.32 and revenue of $1.32 billion. Subsequently, Snowflake also announced the acquisition of Natoma—a model context protocol (MCP) platform for AI agents aimed at enterprises.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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