10 AI Stocks on the Market’s Radar

8. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 100

Snowflake Inc. (NYSE:SNOW) is one of the 10 AI Stocks on the Market’s Radar. On October 10, UBS raised its price target on the stock to $310.00 from $285.00 while maintaining a Buy rating. The rating affirmation follows analyst attendance at two recent industry New York City events: a Snowflake customer event and a conference held by emerging competitor ClickHouse.

Analysts noted how a few things stood out from the Snowflake event, of which the only negative was a view that “Snowflake (the core DW as well as Cortex) are “expensive”, although that doesn’t seem to be weighing too heavily on demand”.

Another observation they made was how several checks have revealed that the data management market has hovered around two main winners—Databricks and Snowflake—which marks a transition from the competitive narrative that dominated the previous narrative of 2023/2024.

The firm further pinpointed that artificial intelligence is a demand driver for Snowflake, although the direct revenue impact is tough to quantify.

Takeaways from the ClickHouse event were that the company presents a “high-performance solution for latency-sensitive workloads, these represent just a small portion of broader data analytics use cases, such that the threat to Snowflake is limited/manageable in our view”.

Snowflake Inc. (NYSE:SNOW) is a cloud-based data storage company providing a data analysis, storage, and sharing platform.