Snowflake Inc. (SNOW) — the peer cohort

Long reads

• The Agentic Winners 25Dossier · $49 · 31 Mar 2026Snowflake provides the governed data warehouse agents query for analytical context.
• Agentic Application Software: The SaaSpocalypse MapDossier · $39 · 27 Feb 2026Long AI infrastructure from Strand 2: Datadog (DDOG — observability gravity), Cloudflare (NET — edge distribution), Snowflake (SNOW — data gravity), MongoDB (MDB — developer ecosystem), Pure Storage (PSTG — ICMS context memory), Elastic…
• Agentic Infrastructure Software: The Orchestration LayerDossier · $39 · 24 Feb 2026The hardware requires all-flash array partners (Pure Storage, NetApp, Dell) to build the physical boxes, while software platforms (Elastic, MongoDB, Snowflake) organize and query the data.

101 and glossary

• ABR — Agent Beneficiary Ratio: Scoring AI Disruption Impact101Key Companies NVDA NVIDIA Natural Position — infrastructure provider CRM Salesforce Cannibalize or Die — Agentforce pivot SNOW Snowflake Natural Position — data infrastructure for agents ZEN Zendesk Terminal — agents replace tier-1 support
• Agentic AI Adoption Curve: Where We Are and What Comes Next101Key Companies CRM Salesforce Agentforce adoption as leading indicator MSFT Microsoft Copilot/agent platform — largest distribution ANTH Anthropic Agent framework + tool use (private) SNOW Snowflake Data infrastructure for agent workloads
• Agentic AI: Who Eats Whose Lunch — A Concrete Winner/Loser Map101Cloud compute: AWS, Azure, GCP — agents run on their infrastructure Data platforms: Snowflake, Databricks — agents need data to act on Observability: Datadog, Elastic — monitoring agent behavior at scale Semiconductor: The entire 6-layer…
• AI Infrastructure Outlook 2026: Layers, Risks, and Positioning101Snowflake, Datadog, and Confluent benefit from the inference-side of AI spending.
• SaaSpocalypse: Why Agentic AI Destroys the SaaS Pricing Moat101Snowflake, Databricks, and MongoDB provide the data layer that agents consume.
• The 6-Layer Model: How Closelooknet Maps the AI Supply Chain101Layer 5 — Data Platforms: Snowflake, Datadog, Confluent, Elastic.
• Work-as-a-Service: The Post-SaaS Business Model101Similar to Snowflake's compute credits model.

Dailies

• AI Capex — chip index −3.4% after OpenAI's revenue comes in at $50 billion, not $70 billion; software risesMorning 10 · 9 Oct 2026The sell-off hit the build-out — Broadcom −4.4%, Micron −4.8%, Oracle −5.5%, CoreWeave −7.8% — while application software rose: Atlassian +4.0%, Adobe +3.6%, Snowflake +3.2%, cloud fund WCLD +1.5%.
• AI Trade — cloud fund +2.9% on a second up day, security +2.7%; chips −0.9% again, Delta −1.6% on fuelMidday 10 · 9 Oct 2026The data and monitoring layer: Datadog +5.7%, Snowflake +4.8%, Cloudflare +4.2%
• Bonds — the long end breaks: 30-year at 5.56%, gold -3.9%; MongoDB sinks 18% as Meta moves inMorning 10 · 29 Sept 2026Per-user software sold: Atlassian -4.90%, ServiceNow -3.07%, Salesforce -2.88%, Snowflake -2.33%; the software fund IGV only -0.55%
• Nvidia — up 2.7% in a red market; MongoDB sinks 18% as Meta hires its CEO, gold slides 3.8%Midday 10 · 28 Sept 2026Seat-based software sold on the Meta news: Atlassian $178.67 (-4.83%), ServiceNow $131.22 (-3.25%), Oracle $133.61 (-2.55%), Salesforce $228.93 (-2.18%), Snowflake $331.05 (-1.46%); the software fund IGV only -0.36%
• Asian Chips — Korea’s chip exports more than tripled and the Kospi touched 7,000, with Tokyo shutMorning 10 · 21 Sept 2026
• Rates — the Fed hikes and the 10-year closes above 5%: the belly sold, the relief unwound, chips back under $505Morning 10 · 17 Sept 2026The Agentic Ecosystem index closed +0.3% at 1,606.60 on its European infrastructure names, OVHcloud +8.0%, and on DigitalOcean +5.0%, CoreWeave +3.0%, Snowflake +2.5%; its Compute Operators layer +2.0% — the sellers of compute recovering…
• Asia’s chip rally fades into the close: Kospi touches 7,171 and ends under 7,000, Nikkei −1.2% on a 153 yen — and Lenovo drops 6%, Z.ai 10% in Hong KongMorning 10 · 8 Sept 2026S&P 500 futures are down 0.2%, the Dow’s 0.8%, the Nasdaq’s up 0.2%, and today’s close grades Broadcom, Snowflake and HPE.
• Chips up again, software down again — Friday's split is turning into a trendMidday 10 · 8 Sept 2026Snowflake entered at $305.84 and trades near $334.93, far above its $315.02 line: paid.