Snowflake’s stock has declined roughly 25% year-to-date in 2026 after the company reported a deceleration in subscription revenue growth from 32% year-over-year in its prior quarter to 29% in the most recent period. Investors had anticipated an acceleration in line with peers, but the moderation has raised concerns about the sustainability of its top-line momentum. Despite maintaining a 125% net revenue retention rate and reporting $7.88 billion in remaining performance obligations, Snowflake’s GAAP losses continue to exceed $1 billion per quarter, driven largely by substantial stock-based compensation. Analysts argue that the company’s $59 billion market capitalization lacks justification without a clear path to both faster revenue growth and meaningful GAAP profitability over the next 12–18 months.

At a recent interview on Yahoo Finance, CEO Sridhar Ramaswamy detailed the launch of Cortex Code, Snowflake’s new AI-driven coding agent designed to streamline the development of data applications and autonomous AI agents. According to Ramaswamy, Cortex Code leverages Snowflake’s built-in Intelligence platform and integrates directly with customers’ existing data pipelines, promising to reduce manual SQL coding by up to 50% and accelerate time-to-production for data-centric applications by an estimated 30%. Early pilot programs with select enterprise customers have demonstrated the ability to auto-generate complex transformation scripts and maintain them as underlying datasets evolve, positioning Snowflake to capture incremental revenue from higher-value AI workloads.

Snowflake has forged a collaboration with Fitch Solutions to make the latter’s credit and loan-level performance datasets available on the Snowflake Marketplace. Initially, users can access benchmarks covering U.S. auto loans, consumer unsecured debt and non-agency RMBS, with plans to add Sustainable Fitch ESG data and CreditSights analytics later this year. Delivered in standardized, analytics-ready formats, these datasets eliminate the need for custom ingestion pipelines and enable clients to integrate credit intelligence directly into their Snowflake environments. Snowflake reports that free trials for dv01 consumer credit benchmarks have already attracted more than 50 enterprise clients, underscoring strong market demand for turnkey data offerings within its AI Data Cloud ecosystem.