SNOW report+35% - This is not just a SaaS report Today is truly a double happiness day. Not only has IREN gone crazy, but SNOW has also had an unexpected surprise hahaha. After buying and building a position last week, I forgot about it. Even today, I remember that there is a financial report today. It's true that fools have their own happiness 。 I recommended SNOW and CRM during the week of May 12th. SNOW performed better in the data layer, while CRM performed average. At that time, I asked my friends to switch from hardware to software because DATADOG, DOCN, TEAM, and so on had skyrocketed. I thought there was a chance, and now I have verified it. Unfortunately, I didn't buy much, only a small portion of the position was transferred from hardware stocks to software stocks. back to the point This Snowflake financial report is, to some extent, the most important AI repricing for the SaaS sector this year. It proves one thing: AI has truly entered the stage of enterprise software monetization. First, let's take a look at the core numbers Q1 revenue was 1.39 billion US dollars, a year-on-year increase of 33%, higher than market expectations. Product Revenue was $1.33 billion, a year-on-year increase of 34%. Product Revenue is the most concerning number in the market. Snowflake is essentially a consumption model, where product revenue growth represents customers really running a lot of workloads. Net Revenue Retention 126%， Still very strong, indicating that old customers not only did not reduce their budget, but also continued to expand their usage. There are 779 customers with an annual consumption of over 1 million US dollars, a year-on-year increase of 29%. RPO of 9.21 billion US dollars, a year-on-year increase of 38%. RPO represents the revenue reserve that has already been signed up for the future, indicating that the enterprise's AI expenditure pipeline is still expanding. What truly ignited the market was the realization of AI storytelling The CEO said something that the market is very concerned about: "Q1 marks a clear inflection point." In the past two years, all SaaS companies have been talking about AI, and the market has been skeptical whether it has truly become revenue. Snowflake gave a clear answer for the first time this time. Snowflake's positioning is changing Previously, its label was Data Warehouse. Now management repeatedly emphasizes the combination of Cortex and Snowflake Intelligence, with the goal of AI Enterprise Operating Layer. The logic is clear: in the future, when enterprise AI agents run, where the data is located, how permissions are managed, how context is called, how models are connected, and how workflows run may all pass through Snowflake. It serves as the data entry point for the implementation of AI in card enterprises. Simultaneously announcing the acquisition of Natoma, with the aim of enhancing the secure connectivity of AI agents. Snowflake began to extend from a data platform to an agent infrastructure. The $6 billion AWS cooperation agreement is the real big news Snowflake announces spending $6 billion on AWS over the next five years. Many people's first reaction is' how to spend money ', but the real important signal is that Snowflake cannot commit to a $6 billion computing power purchase in advance without sufficient demand. The enterprise AI workload is exploding, as confirmed by Snowflake with real money. This matter is equally significant for AWS. Snowflake itself does not provide underlying computing power, it requires AWS to provide AI compute, networking, storage, inference inference, and agent runtime. AWS is slowly becoming the underlying power grid for enterprise AI, and Snowflake is more like an AI data operating system built on top of it. Why does the market directly increase by 35% The consensus in the market over the past year is that AI CapEx will only flow to NVDA, AVGO, MRVL, optical modules, and data centers. This financial report is starting to change this perception. Ultimately, all AI agents need to read enterprise data, call workflows, access databases, manage permissions, and complete automated tasks. The entrance of this traffic, Snowflake, is stuck. The market has increased by 30% this time, not buying the performance of one quarter, but the entry valuation of the enterprise AI agent era in the next few years. summary AI usage is truly increasing, enterprise AI workloads are significantly accelerating, Agentic AI is entering the actual deployment phase, Snowflake is upgrading from a data warehouse to an AI enterprise platform, and AWS has become the underlying infrastructure for enterprise AI. These signals combined indicate that AI monetization is penetrating from the hardware layer to the software layer. The story of the SaaS sector may have just begun to be re priced. SNOW Financial Report Analysis SaaS AgenticiAI Enterprise Software US Stock Exchange