Snowflake shares jump 36% after announcing an AI-driven deal with Amazon, defying broader software sector weakness.
Snowflake Inc. rallied 36% following the announcement of a strategic partnership with Amazon, bolstered by strong AI-driven demand. The surge contrasts with broader declines in the software sector, which faces valuation pressures and seasonal slowdowns.
Analysts had anticipated muted growth for Snowflake, citing valuation concerns and macroeconomic headwinds. The company’s resilience highlights sustained investor appetite for AI-related equities, despite sector-wide challenges.
BTC fell 23% to $57K amid ETF outflows and geopolitical tensions, though some analysts noted underlying resilience in crypto markets.