Jim Cramer’s Bearish Calls: 10 Tech Stocks Heading for a Crash

4. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders In Q3 2024: 71

Date of Cramer’s Comments: 08-16-24

Performance Since Then: 27.35%

Snowflake Inc. (NYSE:SNOW) is a data warehousing company which estimates show holds a sizable 22% market share. Its business model and market share create unique opportunities in the AI wave as data is the ‘oil’ of AI models. However, Snowflake Inc. (NYSE:SNOW)’s shares are down by 13.9% year-to-date as the firm has been hit with a slowdown in the broader cloud industry and battled management issues. The second half of the year has been kinder to Snowflake Inc. (NYSE:SNOW) as it appears to have regained its footing. The stock is up by 26% since its third-quarter earnings report which beat analyst revenue and product revenue estimates. The release also saw Snowflake Inc. (NYSE:SNOW) guide Q4 and full-year revenue at $908.5 million and $3.43 billion to beat analyst estimates. Since Cramer’s remarks in August, the shares have gained 27.35%. Here’s what he said:

“The latest feedback I’m getting about Snowflake is that they’re facing some difficulties and are being challenged by a couple of companies. It’s kind of a tough road for them right now. I think I’m going to hold off on recommending it.”