9 Trillion Vanished in a Day... AI Data Cloud Leader's Stock Price Rebounds

AI data-cloud provider Snowflake Inc. (SNOW) plunged 8.44% from the prior session to close at $239.11. Its market capitalization by trading value fell to about $82.9 billion (roughly KRW 116 trillion), wiping out nearly $6.4 billion (around KRW 9 trillion) in a single day. A hefty trading volume of some 6.69 million shares accompanied the drop, suggesting profit-taking after the recent rally.

The stock had skyrocketed more than 36% in one day last week, immediately following its Q1 earnings release, buoyed by strong AI workloads, an upward revision to its full-year product-revenue guidance, a $6 billion (approximately KRW 8 trillion) AWS infrastructure contract, and plans to acquire the AI-agent platform Natoma. The ensuing pullback appears driven by valuation pressures and investors locking in gains.

Meanwhile, at its June 2 annual “Snowflake Summit ’26,” the company unveiled its shift toward an “authentic AI platform,” introducing an AI coding agent called Snowflake CoCo to automate code generation, along with Datastream 6, a Kafka-based streaming service. Reflecting these summit announcements, Loop Capital today raised its price target in a report that affirmed the sustainability of enterprise AI workloads, underscoring continued positive fundamental assessments.

Founded in 2012, Snowflake is a U.S. cloud-based data-platform company that delivers data warehousing, data sharing, and AI analytics within a unified “AI Data Cloud.” Its 2020 initial public offering on the New York Stock Exchange marked the largest software IPO in history. Headquartered in Menlo Park, California, Snowflake—under CEO Sridhar Ramaswamy, who took the helm in 2024—is accelerating its push into the enterprise data and AI market with an AI-focused product strategy.