Snowflake Stakes Turnaround on AI Usage Before Earnings and Summit
May 27 results followed by the June 1–4 Snowflake Summit will test whether partner integrations like Dataiku’s Cobuild along with Snowflake’s AI tools can raise platform consumption enough to lift product revenue.
Overview
- Dataiku launched Cobuild on Snowflake on May 15, embedding Dataiku’s agentic builder with Snowflake Cortex AI so customers can turn natural‑language intent into governed AI agents and workflows inside Snowflake.
- Benchmark raised its price target on May 19 to $200 and said product revenue and operating income could beat expectations because Snowflake Intelligence, Cortex Code, and Observe are driving AI adoption across thousands of accounts.
- RBC Capital trimmed its target from $245 to $220 while keeping an Outperform rating, reflecting a view that Cortex Code adoption could support strong results even as the outlook remains uncertain.
- Investors are watching specific metrics in the May 27 earnings report—product revenue, consumption or usage tied to AI features, and guidance—as early proof that enterprise AI workloads run on Snowflake rather than bypass it.
- If Snowflake shows measurable AI-driven consumption at earnings and demonstrates practical partner use cases at the Summit, the company could convert enterprise interest into faster platform monetization and narrow the valuation gap investors debate.