Snowflake AI Data Cloud growth highlights competitive pressure on Oracle and Dell
Snowflake is gaining momentum as enterprises adopt AI and expand cloud analytics through its governed AI Data Cloud, combining enterprise data with models, applications and workflows. Product revenue rose 37% to $1.49B in Q2, with 14,554 customers and 692 net adds, including 14 Global 2000 firms; 126% retention and $9B in remaining obligations. It raised fiscal 2027 revenue guidance to $6.07B and expects Q3 product revenue of $1.588B–$1.593B as it strengthens competition versus Oracle.