Data cloud · Cortex AI (consumption-based)
Snowflake
A data-cloud firm. Q3 product revenue $1.16B (+29%), with AI influencing 50% of bookings and an AI revenue run-rate of $100M reached early. Cortex AI integrates OpenAI and Anthropic models, with NVIDIA the primary hardware partner for its GPU clusters. It runs on AWS and Azure and sells via their marketplaces. An application demand node buying cloud and GPUs to sell enterprise data and AI.
Business categories Data Cloud & Observability · Cloud & Enterprise Software · primary Enterprise & Industry AI Applications · Cloud & Enterprise Software
SNOW Updated Sep 24, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Snowflake is directly linked to 7 companies (3 supply, 4 revenue relationships) and reaches 81 companies within two hops; the links are backed by 10 dated sources, 2 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · Q3 product revenue $1.16B (+29%)
- Customer concentration · AI 50% of bookings; NVIDIA, OpenAI, Anthropic.
- Segments · Data cloud (consumption) · Cortex AI
Revenue from
- Enterprises (data cloud · consumption-based) High confidence· net revenue retention 125% · FY2026
Data cloud to enterprises (consumption-based, Q3 $1.16B, +29%).Mentions EN consensus (via MarketBeat) Published Jun 1, 2026: Snowflake analyst Buy consensus (2026) - Cortex AI (50% of AI bookings) High confidence
Cortex AI to enterprises (OpenAI/Anthropic models, 50% of bookings AI). - ResMed Inc. Medium confidence
Snowflake provides ResMed with hosting and fast, large-scale data analysis support for an AirSense 11 activity-management solution, with spending on Snowflake undisclosed. - Otis Worldwide Corporation Medium confidence
Snowflake provides the data lake in which Otis Worldwide stores and analyzes elevator data collected by Otis ONE, while Otis does not disclose its data-platform spending.Confirms KO ITWorld Korea Published Jun 24, 2022: Otis Strengthens Digital Services with AI and Sensors - Verisk Analytics Medium confidence
Snowflake is used in AWS by Verisk's PAAS AI data layer to provide scalable, real-time data access and analytics, while vendor-specific spending is not disclosed.Confirms EN Amazon Web Services Published Feb 20, 2025: Turbocharging premium audit capabilities with the power of generative AI: Verisk's journey toward a sophisticated conversational chat platform to enhance customer support - Expand Energy Corporation Medium confidence
Snowflake provides the data platform that Expand Energy uses to integrate field operations data and legacy systems and to host real-time models for drilling, while the contract value was not disclosed.Confirms EN Expand Energy Corporation Published Mar 3, 2026: EXE Announces Strategic Partnerships to Strengthen Data-Driven Operational Efficiency
Pays to
- NVIDIA Medium confidence
NVIDIA is the primary hardware partner for Cortex AI GPU clusters — the key upstream for AI-feature cost and performance. - Amazon Medium confidence
Runs the data cloud on AWS and sells via its marketplace ($2B) — depends on it for both infrastructure and distribution. - Microsoft Low confidence
Also runs multi-cloud on Azure — a redundancy that spreads single-cloud dependence.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| American International Group | lead2 | +53.9 | +13.8 | +9.8 | +9.8 | +20 | -9.8 |
| ResMed Inc. | lead1 | +23.4 | -19.5 | -16.5 | +34.2 | +6.3 | -4.4 |
| Expand Energy Corporation | lead1 | · | +62.3 | -14.8 | +33.2 | +14.4 | -9.7 |
| Verisk Analytics | lead1 | +10.9 | -22.3 | +36.2 | +16 | -18.2 | -16.5 |
| Otis Worldwide Corporation | lead1 | +30.4 | -8.8 | +16 | +5.2 | -4 | -23.2 |
| Snowflake | node | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +280.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +236.2 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +191.3 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +105.7 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +92.3 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +85.3 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +69.4 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +63.8 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +61.9 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| GE Vernova | benef2 | · | · | · | · | +99 | +54 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +53.7 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +51.1 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +49.7 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +40.6 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +40.1 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +36 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +34.5 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +29.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +22.5 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +21.2 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| Church & Dwight Co., Inc. | benef2 | +18.9 | -20.4 | +18.7 | +12 | -18.9 | +18.1 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +16.3 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +13.2 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +11.7 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +8.4 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | +6.6 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Ameren Corporation | benef2 | +17.1 | +2.5 | -16.1 | +27.5 | +15.3 | +4.5 |
| Omnicom Group Inc. | benef2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +2.8 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | +1 |
| The Estée Lauder Companies Inc. | benef2 | +40 | -32.3 | -40.1 | -47.6 | +42.1 | +0.2 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | -1.2 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | -1.5 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -3 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | -7.4 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -19 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -27.5 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -44.1 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -44.3 |
YTD as of 2026-10-09 · source: Yahoo Finance
Snowflake operates across NYSE, Data cloud, Cortex AI (consumption). It is up +53.7% in 2026. The stock (+53.7%) and its supply side (avg +13.2%) are moving in step. Among connected nodes the furthest ahead is NVIDIA (+23.7%) and the furthest behind is Microsoft (+4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. An application demand node buying cloud and GPUs to sell enterprise data and AI.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $313 · Price $368.89 (10-09) · Upside -15%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Wells Fargo · Ryan MacWilliams | Overweight | $320 | Jun 9, 2026 | Report ↗ |
| Scotiabank · Patrick Colville | Sector Outperform | $320 | Jun 8, 2026 | Report ↗ |
| Jefferies · Brent Thill | Buy | $300 | Jun 4, 2026 | Report ↗ |
Wall Street consensus is firmly bullish on AI monetization (CoCo coding agent) and re-accelerating Data Cloud growth, with targets clustered in the $295-370 range.
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