3. Snowflake Inc. (NYSE:SNOW)
Number of Hedge Fund Holders — 103
Value of Holdings — $7.50 billion
AI Data Cloud Growth Depends on What Customers Actually Use
Snowflake Inc. (NYSE: SNOW) generated fiscal second-quarter 2027 revenue of approximately $1.55 billion, up 35%. Product revenue increased 37% to $1.49 billion, and management raised its full-year product revenue forecast to $6.07 billion, representing 36% growth.
Net revenue retention was 126%, while 828 customers generated more than $1 million each in trailing annual product revenue. Remaining performance obligations reached $9 billion.
A key distinction is the consumption model. Product revenue is recognized as customers use computing, storage, and data-transfer resources, rather than simply over the duration of a subscription contract. That creates room for expansion, but customer usage decisions also influence quarterly revenue.
Profitability remains a significant qualification. The quarter produced a GAAP operating loss of approximately $263 million, compared with non-GAAP operating income of roughly $237 million. Stock-based compensation-related charges accounted for about $456 million of the reconciliation.
The growth case rests on more valuable data and AI workloads driving consumption. The shareholder test is whether that expansion can continue while the business moves toward sustainable reported operating profitability.
Ranking Rationale
Snowflake Inc. (NYSE: SNOW) ranks third with 103 hedge fund holders. Its $7.50 billion combined stake is the largest in the supplied selection, but the two higher entries have more individual hedge fund holders.
