Snowflake shares surge as AI demand powers growth, lifts outlook

Sept 3 : Snowflake's shares surged more than 24 per cent before the bell on Thursday as investors cheered a stronger annual revenue forecast and signs that the company's AI products are gaining traction.The cloud data platform provider lifted its fiscal 2027 product revenue forecast on Wednesday to $6.07 billion from $5.84 billion and posted a 37 per cent jump in second-quarter product revenue. Its AI offerings accounted for "approximately half of the acceleration" in growth, according to CEO Sridhar Ramaswamy. The results show AI is beginning to translate into tangible demand for Snowflake's core platform rather than simply creating a new product opportunity, underscoring how the tech spending boom can benefit software firms traditionally seen as more vulnerable to AI disruption."AI conti