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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InAmid the accelerating global race for generative AI, Snowflake shares surged 36% to close at $239.20 on May 28, 2026 (up from $175.26), marking the company's largest single-day gain since it went public in 2020. The rally followed a strategic $6 billion, five-year partnership with Amazon Web Services (AWS) — more than double the prior $2.5 billion agreement struck in 2023 — to accelerate AI-driven data growth.
Fiscal Q1 results topped expectations, with revenue of $1.39 billion, up 33% year over year, while the company raised its full-year product revenue guidance to roughly $5.84 billion (about +31%) for the fiscal year ending January 2027. The print marked a sharp turn in sentiment for a stock that had been sliding into the report, as enterprises continue to commit large budgets to data and AI infrastructure.
Traders will watch whether the momentum holds at current levels after the record jump. On the macro front, markets await US consumer confidence data, which could influence risk appetite across the high-growth software sector.
Update: HSBC has further bolstered the bullish case by upgrading Snowflake to 'Buy' with a $289.00 price target, implying a 21% upside. This follows the company's decision to raise its annual product revenue guidance to $5.84 billion—representing 31% growth—effectively outperforming the $5.68 billion previously expected by analysts.