Bernstein flags Snowflake as undervalued after FY27 product-growth outlook raised to 36%, while Oracle outlook remains uncertain
AI Market Summary
Enterprise data and AI infrastructure demand is supporting both Snowflake and Oracle, but investor narratives are diverging. Snowflake's raised long-term product revenue growth outlook and accelerating near-term growth improved confidence in its AI-led strategy, while Oracle remains sensitive to concerns about capital intensity and profitability of its AI datacenter buildout despite improving cloud momentum. Near term, positioning may remain volatile around upcoming Oracle results and AI capex scrutiny.
Impact level
● Medium
Affected assets
NCSKORCL2USD/USDT+0.69%
AI Insight · NCSKORCL2USD/USDTAI Insight
● Neutral
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Snowflake and Oracle are both positioned to benefit from the enterprise data and AI buildout, but their stock performances have diverged. Snowflake lifted its FY27 product revenue growth forecast by five percentage points to 36% after results pointed to improving consumption trends. Oracle’s latest earnings beat expectations and its product revenue growth accelerated from 34% to 37%, sending the shares up more than 16% in a single session, though the stock is still down 20% year to date and remains well below last year’s high.
