Snowflake'in Patlama Çeyreği, Yapay Zeka Alanında Halihazırda Bir Yazılım Sektörüne Ekleniyor

Snowflake’s Blowout Quarter Adds to a Software Sector Already Rallying on AI

Sheryar Siddiq

Sun, September 13, 2026 at 4:38 PM GMT+3 4 min read

• SNOW -0.22%
• CRM +1.94%

For much of the past year, the "AI trade" has been focused on infrastructure: processors, data centers, and cloud capacity. Snowflake Inc. (NYSE:SNOW)'s blowout quarter, which was reported after the market closed on September 2, provided something unique: clear evidence that AI is translating into real, incremental spending within software companies that are closer to the end customer. The reaction echoed throughout corporate software the next morning, adding to a rally that, for Salesforce, Inc. (NYSE:CRM) in particular, had already begun for its own reasons.

Snowflake's Numbers

Snowflake Inc. (NYSE:SNOW) boosted its fiscal 2027 product revenues target to $6.07 billion from $5.84 billion, following a 37% increase in second-quarter product revenue to $1.49 billion. CEO Sridhar Ramaswamy stated that the company's AI products accounted for around half of that growth acceleration, which analysts took as implying that AI demand is increasing Snowflake's core data platform, instead of just adoption of standalone AI add-ons. UBS analyst Karl Keirstead said the figures, together with Palantir and Databricks' rapid growth, gave compelling proof of robust enterprise AI adoption.

Snowflake's beat rippled across enterprise software, with ServiceNow, Atlassian, Adobe, Intuit, and Salesforce, Inc. (NYSE:CRM) all up 3.5% to 6% on the same day, while the sector-wide iShares Expanded Tech-Software ETF rose 3%.

Salesforce Already Had Its Own Moment

That Snowflake-driven spike was piled on top of a much bigger adjustment made by Salesforce, Inc. (NYSE:CRM) on its own. The company released its second-quarter fiscal 2027 results on August 26, a week before Snowflake Inc. (NYSE:SNOW), with revenue of $11.35 billion, up 11% year-over-year, with current remaining performance obligations up 14% to $33.5 billion and adjusted EPS of $5.90, exceeding the $3.27 consensus. Along with those results, Salesforce and Anthropic announced Claudeforce, an expanded partnership that initially brings Salesforce data, workflows and business logic directly into Claude through a plugin with 37 prebuilt sales skills. The companies plan additional integrations across Claude, Salesforce and Slack. That said, Salesforce recorded $2.61 billion in net gains on strategic investments during the quarter, which added $2.53 per share to non-GAAP EPS.

Taken together, the two events suggest that enterprise AI adoption can increase the value and consumption of established software platforms when AI is connected to existing corporate data and workflows

What to Watch From Here On

The key challenge for both stocks is sustainability rather than the first reaction. For Snowflake Inc. (NYSE:SNOW), the value of this quarter is that AI product usage is translating into more core-platform consumption rather than existing as a separate, bolted-on revenue line; continued acceleration in Cortex Code and CoWork account growth next quarter would be the clearest confirmation that this isn't a one-time step-up. Salesforce, Inc. (NYSE:CRM)'s picture is complicated by the one-time nature of the Anthropic investment gain, so investors should look beyond the headline EPS figure to underlying metrics like Agentforce ARR growth and cRPO, both of which indicate operating momentum independent of the accounting gain. Claudeforce is still in its early stages of rollout, so whether the partnership results in meaningful customer adoption at scale, rather than just a positive earnings announcement, remains to be seen.

Insider Monkey's Verdict

Both stocks spent much of 2026 as prime examples of investor concern that AI would undermine, rather than improve, the software-as-a-service model. These back-to-back results offer a compelling counter-narrative: AI adoption within established platforms, whether through Snowflake's internal AI tools or Salesforce's partnership with an external AI lab, can accelerate growth rather than diminish it. Investors should view Snowflake's announcement as the more organically generated of the two, since it shows growth purely from the company's own products, while Salesforce's rise requires separating a one-time investment gain and an unproven partnership from otherwise solid underlying growth. The next two quarters, especially Claudeforce's broader rollout and whether Snowflake's AI-driven acceleration continues for a fourth consecutive quarter, will determine whether this was a turning point for enterprise software or simply a welcome, if temporary, respite from a difficult year.

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