Snowflake guidance shock: slower growth hits a high-multiple favourite

In this episode we are breaking down the move in $SNOW after it guided to slower product revenue growth for Q4, despite strong AI buzz and a big tie-up with Anthropic. The market is asking a simple question: if AI demand is so strong, why is growth nudging down while the stock is still priced for perfection?

Snowflake is now expecting product revenue growth around the high-20s percent for Q4, a step down from the previous quarter and below what many momentum traders wanted to see. Discounts on large multi-year deals may lock in customers, but they also smooth out and slow how revenue shows up.

WINNERS

Category 1 – Cloud hyperscalers and AI infrastructure

Names: $MSFT, $AMZN

Reason: Snowflake’s story still confirms that e ...