• In late July 2026, Snowflake launched Cortex AI Gateway and a wave of security-focused integrations with partners including 1Password, Aembit, Okta, SailPoint, and others to govern, secure, and monitor first- and third-party AI agents, while giving enterprises centralized visibility into AI access and usage.
• This push to make AI agents auditable, identity-aware, and cost-controlled positions Snowflake as a core control plane for organizations running production-grade AI workloads across multiple tools and platforms.
• We’ll now explore how Cortex AI Gateway’s focus on governing and auditing AI agents could influence Snowflake’s existing investment narrative around AI-driven growth.

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Snowflake Investment Narrative Recap

To own Snowflake, you need to believe it can evolve from a powerful cloud data warehouse into the trusted control layer for AI and analytics across enterprises, while eventually improving its still-negative profitability. In the near term, the key catalyst is broader AI workload adoption on its platform, with the biggest risk being intense competition from hyperscalers and specialized AI platforms. The Cortex AI Gateway news reinforces the AI control-plane story, but does not remove that competitive risk.

Among the recent announcements, the launch of Cortex AI Gateway looks most relevant. By giving customers centralized governance over both Snowflake-native and third-party AI agents, plus tighter cost visibility, Cortex AI Gateway ties Snowflake more directly to production AI usage rather than just data storage. If enterprises lean into agentic workflows, this could support the AI-driven usage catalyst, while also testing whether Snowflake can defend pricing power as more vendors chase the same budgets.

Yet, while Cortex AI Gateway strengthens Snowflake’s AI story, investors should also be aware that competitive pressure from hyperscalers could still...

Snowflake’s narrative projects $10.1 billion revenue and $792.7 million earnings by 2029. This implies 26.3% yearly revenue growth and an earnings increase of about $2.0 billion from -$1.2 billion today.

Uncover how Snowflake's forecasts yield a $292.53 fair value, in line with its current price.

Exploring Other Perspectives

Compared with the consensus view, the most optimistic analysts already expected revenue to reach about US$11.2 billion by 2029 and margins to turn positive, and they may see Cortex AI Gateway as supporting that upside, while others worry that heavy hyperscaler reliance could still limit how much of this AI opportunity Snowflake can truly capture.

Explore 9 other fair value estimates on Snowflake - why the stock might be worth as much as 54% more than the current price!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Snowflake research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Snowflake research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Snowflake's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.