"Snowflake's market cap sits at roughly $53.09 billion, while ServiceNow's is closer to $97.63 billion as of mid-morning Thursday. The contrast deserves attention because both names have been hammered in 2026. Snowflake stock entered Thursday down 36% year to date, while ServiceNow shares were sitting down 42% year to date through Wednesday's close."
"The pop has no single confirmed catalyst, but the backdrop has been building for weeks. Bargain-hunting in heavily sold-down cloud names, AI workload migration narratives favoring data platforms, and a broader rotation back toward software are all in the mix. Snowflake's pitch as the data layer for enterprise AI keeps attracting buyers whenever sentiment thaws."
"In Q4 FY2026, reported February 25, Snowflake posted product revenue of $1.23 billion, up 30% year over year, and remaining performance obligations of $9.77 billion, up 42%. The company added a record 740 net new customers, and free cash flow surged to $765 million at a 60% margin."
Snowflake stock jumped approximately 9% in early Thursday trading to around $152, significantly outpacing peer ServiceNow's 5% gain to $94. Both stocks serve as bellwethers for enterprise software sentiment, with Snowflake's market cap at $53.09 billion and ServiceNow's at $97.63 billion. Despite brutal 2026 performance—Snowflake down 36% year-to-date and ServiceNow down 42%—today's gains suggest partial sentiment recovery. The rally lacks a single confirmed catalyst but reflects bargain-hunting in sold-down cloud names, AI workload migration favoring data platforms, and broader software rotation. Snowflake's fundamentals remain strong with Q4 product revenue of $1.23 billion (up 30% YoY), record 740 net new customers, and $765 million free cash flow at 60% margin.
Read at 24/7 Wall St.
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