FY1Q27 Preview; Still in Early Stages of Monetizing AI Data Strategy

研报英文原文证据摘录

FY1Q27 Preview; Still in Early Stages of Monetizing AI Data Strategy

hares Outst (M) 342.2

52-Week Range $118.30 - $280.67 misconceptions in this sell-off is that enterprises are going to bypass software

platforms and connect frontier models directly in the data, but enterprises require

REV (M) in $ security, access controls, lineage, and governance before AI interacts/connects FYE Jan 2026A 2027E 2028E

Q1 Apr 1,042.1A 1,324.9E 1,644.9E with production systems. The market is treating advances at Anthropic as if better

Q2 Jul 1,145.0A 1,445.9E 1,792.7E models reduce the need for data platforms, when in reality, enterprises will

Q3 Oct 1,212.9A 1,531.7E 1,902.0E significantly push more proprietary/sensitive data into AI workflows as models

Q4 Jan 1,284.0A 1,620.9E 2,001.6E improve which increases the need for clean, governed, auditable data layers and Year* 4,683.9A 5,923.4E 7,341.2E

continued strength with SNOW’s core data warehousing business. As frontier

EPS in $ models converge in quality, value shifts away from the model layer and toward FYE Jan 2026A 2027E 2028E

Q1 Apr 0.24A 0.34E 0.52E data orchestration; this is where SNOW benefits as it is model-agnostic, allowing

Q2 Jul 0.35A 0.46E 0.61E customers to switch between Anthropic, OpenAI, and open-source models without

Q3 Oct 0.35A 0.50E 0.66E re-architecting data pipelines. This positions SNOW as the trusted layer between

Q4 Jan 0.32A 0.57E 0.71E enterprise data and external models like Anthropic and OpenAI, further reinforcing Year* 1.25A 1.87E 2.49E

P/E NM 91.9x 69.1x SNOW’S position as an AI winner moving forward. We also note that the company

can leverage its already existing partnerships with both leading AI labs to develop

Pricing data provided by Thomson Reuters. new AI use cases within the SNOW platform.