Data is the lifeblood of every artificial intelligence (AI) software application. The more information a business can feed into its AI models, the smarter and more useful its software will be. But since most large organizations host their valuable digital assets across multiple different cloud platforms like Amazon Web Services and Microsoft Azure, their AI models often draw information from fragmented data sets.
Snowflake‘s (NYSE: SNOW) Data Cloud solves this problem by bringing data together from across different cloud environments, and it offers an expanding portfolio of tools and services to help businesses turn it into powerful AI software.
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The stock is up 67% in 2026 and is closing in on a fresh record high for the first time in five years, but despite the company’s spectacular operating results over the last few quarters, here’s why investors might want to think twice about adding it to their portfolio.
At the center of the enterprise AI revolution
Snowflake built a flagship AI platform called Cortex AI, where companies can pair their internal data with leading AI models from third-party developers like Anthropic and Meta Platforms to create AI agents, chatbots, and other software applications. The platform includes a series of ready-made tools to make the process easier, including CoCo (formerly Cortex Code), an AI-powered coding assistant.
Then there is CoWork, a powerful AI assistant that can help every knowledge worker — even those in nontechnical jobs — extract value from an organization’s data. It even plugs into every major email and customer-relationship management platform so employees can use it to accelerate workflows, whether they want to identify sales trends or summarize meeting notes.
Cortex AI also features processing tools to help pull data from unstructured sources like contracts and invoices, which can be useful when training and deploying AI models.
Snowflake had a record 14,554 total customers at the conclusion of its fiscal 2027 second quarter (ended July 31), and 9,100 of them had deployed CoCo, while 5,800 were using CoWork, so there is clear demand for these new AI products.
Accelerating revenue growth
Product revenue was $1.49 billion during the second quarter, a 37% increase from the year-ago period. That growth accelerated from 34% in the first quarter, highlighting the company’s strong momentum. This great result prompted management to lift its product revenue guidance for fiscal 2027 by $230 million to $6.07 billion.
