5 Best Future Stocks For The Long Term

2. Snowflake Inc (NYSE:SNOW)

Number of Hedge Fund Investors: 86

Cloud computing platform Snowflake Inc (NYSE:SNOW) shares have gained about 21% year to date through February 26.

A total of 86 hedge funds in Insider Monkey’s database had stakes in Snowflake Inc (NYSE:SNOW) as of the end of 2023.

ClearBridge Multi Cap Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its Q2 2023 investor letter:

“While the ClearBridge Multi Cap Growth Strategy has limited mega cap exposure, which has been a recent headwind to relative performance, we own several companies that stand to benefit from the explosive growth in generative AI. These holdings play key roles in building out the necessary infrastructure and helping customers leverage capabilities enabled by this emerging technology.

Snowflake Inc. (NYSE:SNOW), a cloud-based data platform company, is positioned well to help enterprises better leverage their own data to get the most out of AI models. Though it is still early days in terms of adoption, Snowflake saw workloads for data science, machine learning, and AI use cases grow more than 90% year-over-year in its most recent quarter.”