Snowflake's AI-Fueled Surge Signals Shift as Software Stocks Outperform Semiconductors

Snowflake shares soared 29%—its largest single-day gain—after delivering exceptional third-quarter earnings and raising its product-revenue guidance. This impressive performance, paired with confident commentary from management, has shifted focus toward software stocks, which are reaping rewards from increased generative AI investments. In contrast, Nvidia, despite reporting solid results, saw its shares dip 1.6%, reflecting tempered enthusiasm.

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