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AI & Enterprise

Snowflake soars 40 percent to recover year-to-date losses; AI chip supercycle expectations

Snowflake shares surged about 40 percent on May 28, recovering their cumulative decline since the start of the year in a single session. The AI data cloud company posted results that beat market expectations and said it signed a $6 billion long-term contract with Amazon Web Services. Revenue rose 33 percent to $1.39 billion, while adjusted earnings per share topped forecasts. Snowflake raised its fiscal 2027 annual product revenue guidance to $5.84 billion.

AI & Enterprise

AWS adds big Graviton CPU customer as Snowflake signs $6 billion five-year deal

Snowflake will spend $6 billion over the next five years on Amazon Web Services’ in-house Arm-based Graviton CPU chips, the Wall Street Journal reported on May 27. Graviton, unveiled in 2018, is used to run data centre servers and AI systems. The deal makes Snowflake one of AWS’s biggest CPU-based computing customers. Snowflake shares jumped about 30 percent in after-hours trade after the announcement.

AI & Enterprise

AWS first-quarter revenue up 28 percent, fastest growth in over three years

Amazon posted first-quarter revenue of $181.5 billion, up 17 percent from a year earlier, and net profit of $30.3 billion, up 77 percent, topping market expectations, the Wall Street Journal reported. AWS revenue rose 28 percent to $37.59 billion, making up about 21 percent of total revenue. Amazon forecast second-quarter revenue of $194 billion to $199 billion and operating profit of $20 billion to $24 billion.