Snowflake Shows Some Immunity to the SaaSpocalypse

Shares of traditional software providers have been battered this year over AI fears. Investors’ reaction to Snowflake’s and Salesforce’s quarterly results Wednesday suggests some providers are in better shape than others.

Snowflake shares jumped more than 35% to their highest point since December after the database provider said its most-watched sales metric grew 34% during its April quarter from a year-ago, beating the company’s own projection by seven percentage points.