Snowflake launches AI marketplace discovery feature as software stocks rebound
On October 9, Snowflake released Agentic Marketplace Discovery in public preview, allowing users to search and compare Marketplace listings through its CoCo AI tool in Snowsight. The launch came as technology shares recovered from a prior AI-related selloff. Snowflake also reported fiscal second-quarter product revenue of $1.49 billion, up 37% year over year, and raised full-year product revenue growth guidance to 36%.
Why it matters
The feature broadens Snowflake’s AI workflow offering and gives customers another way to use its Marketplace. JPMorgan expects Snowflake to benefit from customer migrations and rising AI-related revenue, while Citi analyst Tyler Radke raised his price target to $490 from $395 and kept a Buy rating.
Key facts
- 1Agentic Marketplace Discovery entered public preview and is available through the Marketplace Discover page in Snowsight, where users can query CoCo to find and compare listings. tradingview.com
- 2Snowflake reported fiscal second-quarter product revenue of $1.49 billion, an increase of 37% from the prior-year period. invezz.com
- 3Management raised full-year product revenue growth guidance to 36%. quiverquant.com
- 4Citi analyst Tyler Radke raised Snowflake’s price target to $490 from $395 while maintaining a Buy rating. invezz.com
Open questions
- The materials report different same-day percentage gains for Snowflake shares: 4.1%, 4.4%, and 6%.
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.