10 AI News That Broke The Internet

4. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 71

Snowflake Inc. (NYSE:SNOW) is an enterprise software giant and an AI Data Cloud company. On December 9, Telsey Advisory raised the firm’s price target on Snowflake (NYSE:SNOW) to $220 from $170 and kept an “Outperform” rating on the shares. The analyst told investors in a research note that the company’s core data warehouse market is facing intense competition, and there is uncertainty about what the Iceberg open-table format means for the company. The issue with the Iceberg’s open format is that it allows multiple platforms, not just Snowflake, to access and manage the same data seamlessly. This reduces vendor lock-in, meaning customers can switch between Snowflake and competitors more easily. While investors are deeply concerned about this issue, the positive facet is that the firm’s fieldwork has been marginally improving on Snowflake as an AI beneficiary. Moreover, it believes it has been making the right moves in investing in AI-related product innovation.