Snowflake’s stock has fallen roughly 25% year-to-date as investors react to a deceleration in subscription revenue growth from 32% year-over-year in Q4 2025 to 29% in Q1 2026. While management continues to boast a 125% net revenue retention rate and $7.88 billion in remaining performance obligations, heavy stock-based compensation drove GAAP losses above $1 billion in the quarter. At a market capitalization near $59 billion, one leading analyst argues the valuation requires a significant uptick in top-line acceleration and a clear path to sustained GAAP profitability before the shares can be deemed a buy.

At a recent media appearance, CEO Sridhar Ramaswamy detailed Snowflake’s new AI coding agent, Cortex Code, which leverages the company’s Intelligence platform to automate application development tasks and scaffold AI-driven workflows. Ramaswamy explained that users will be able to generate query logic, build connectors and design end-to-end data pipelines through conversational prompts, enabling teams to “operate at a higher plane” by offloading routine coding chores. The tool will be offered as an add-on to existing Snowflake subscriptions, with beta access slated for select enterprise customers in Q3 2026.

Snowflake has partnered with Fitch Solutions to deliver comprehensive credit and loan-level performance datasets directly within Snowflake Marketplace. Initial coverage includes U.S. auto loans, consumer unsecured credit and non-agency RMBS benchmarks from dv01, with future releases from Sustainable Fitch, CreditSights and BMI. Rachel Lojko, President of Fitch Solutions, emphasized that these analytics-ready files enable clients to integrate trusted insight into their AI workflows without building custom ingestion pipelines. Tom Gray, Senior Manager of Financial Services Data Cloud Partners at Snowflake, noted that free trials of dv01 consumer credit benchmarks are now available, accelerating time-to-insight for lending and risk management teams.