Snowflake Shares Rise 4% on Mizuho Channel Checks
Snowflake rose 4% in afternoon trading after Mizuho’s channel checks pointed to continued customer spending on data modernization and growing interest in Snowflake’s newer AI tools. The stock later cooled to $163.42, still up 3.8% from the previous close.
Mizuho’s customer calls
Mizuho said it reached customers, resellers, and partners before earnings. Those calls showed companies were still investing in modernizing their data. They also showed rising interest in Intelligence and Cortex Code, two newer Snowflake tools.
Snowflake and the SaaS Rout of 2026
The move came after a stretch in which software stocks traded at a discount to the S&P 500 during the period dubbed the “SaaS Rout of 2026.” Snowflake is a cloud data platform provider, and the market has been testing whether AI will pressure that model or add new products buyers want.
What traders are weighing
The stock has had 22 moves greater than 5% over the last year. It is down 24.6% since the beginning of the year. It is also 41% below its 52-week high of $277.14 from November 2025.
Three days earlier, the stock gained 4.7% after President Trump's state visit to Beijing lifted market sentiment across tech. Investors now have a narrower question in front of them: whether the next earnings report turns channel checks into real sales evidence for Intelligence and Cortex Code.
