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AWS·애저 위에서 돌고 그 마켓플레이스로 판다. 클라우드·GPU를 사서 기업 데이터·AI를 파는 응용 수요 노드다.","lead_en":"A data-cloud firm. Q3 product revenue $1.16B (+29%), with AI influencing 50% of bookings and an AI revenue run-rate of $100M reached early. Cortex AI integrates OpenAI and Anthropic models, with NVIDIA the primary hardware partner for its GPU clusters. It runs on AWS and Azure and sells via their marketplaces. 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On top of Q3 product revenue of $1.16B (+29%), AI now accounts for 50% of new bookings and an AI run-rate of $100M was reached early, and it is expanding Cortex AI by layering in OpenAI and Anthropic models. But it runs the platform on AWS and Azure, sells via their marketplaces, and depends on NVIDIA for GPU clusters — so upstream cloud/GPU costs and a consumption slowdown are the twin risks. Upstream on the graph sit NVIDIA (GPUs) and AWS/Azure (hosting and distribution), and downstream enterprise AI adoption is the path that propagates demand into this node.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"기업 (데이터 클라우드·소비 기반)","counterparty_slug":null,"confidence":"high","metric":{"type":"net_revenue_retention","unit":"%","as_of":"2026-01","value":125,"period":"FY2026","qualifier":"consumption_model"},"note":"기업에 데이터 클라우드(소비 기반, 3Q $1.16B, +29%).","note_en":"Data cloud to enterprises (consumption-based, Q3 $1.16B, +29%).","sources":[{"stance":"mentions","publisher":"consensus (via MarketBeat)","publisher_en":"consensus (via MarketBeat)","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketbeat.com/stocks/NYSE/SNOW/forecast/","title":"스노우플레이크 애널리스트 매수·목표가(2026)","title_en":"Snowflake analyst Buy consensus (2026)","excerpt":"Analyst consensus Buy on Snowflake, on Cortex AI adoption and data-cloud consumption growth.","excerpt_en":"Analyst consensus Buy on Snowflake, on Cortex AI adoption and data-cloud consumption growth."},{"stance":"confirms","publisher":"Snowflake (SEC EDGAR)","publisher_en":"Snowflake (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1640147/000164014726000008/snow-20260131.htm","title":"스노우플레이크 10-K (FY2026, 1월 결산)","title_en":"Snowflake 10-K (FY2026)","excerpt":"Snowflake FY2026 net revenue retention rate 125%; consumption-based product revenue.","excerpt_en":"Snowflake FY2026 net revenue retention rate 125%; consumption-based product revenue."},{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2025-12-01","url":"https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html","title":"Snowflake, AI 수요·Cortex·NVIDIA","title_en":"Snowflake rides strong AI demand (Cortex, NVIDIA)","excerpt":"기업에 데이터 클라우드(소비 기반, 3Q $1.16B, +29%).","excerpt_en":"Data cloud to enterprises (consumption-based, Q3 $1.16B, +29%)."},{"stance":"confirms","publisher":"Snowflake","publisher_en":"Snowflake","kind":"filing","lang":"en","published_at":"2025-12-01","url":"https://www.snowflake.com/en/news/press-releases/snowflake-doubles-aws-marketplace-sales-growth-yoy/","title":"Snowflake AWS 마켓플레이스 $2B·AI","title_en":"Snowflake doubles AWS Marketplace growth, $2B","excerpt":"기업에 데이터 클라우드(소비 기반, 3Q $1.16B, +29%).","excerpt_en":"Data cloud to enterprises (consumption-based, Q3 $1.16B, +29%)."}]},{"direction":"revenue","counterparty":"Cortex AI (AI 수주 50%)","counterparty_slug":null,"confidence":"high","metric":{"as_of":"2026-01","qualifier":"ai_bookings"},"note":"기업에 Cortex AI(OpenAI·앤트로픽 모델, AI 수주 50%).","note_en":"Cortex AI to enterprises (OpenAI/Anthropic models, 50% of bookings AI).","sources":[{"stance":"confirms","publisher":"Motley Fool","publisher_en":"Motley Fool","kind":"research","lang":"en","published_at":"2025-12-11","url":"https://www.fool.com/investing/2025/12/11/this-ai-stock-crushing-sp-500-nasdaq-nvidia-2026/","title":"Snowflake, AI 채택 변곡점","title_en":"Snowflake at an enterprise-AI inflection","excerpt":"기업에 Cortex AI(OpenAI·앤트로픽 모델, AI 수주 50%).","excerpt_en":"Cortex AI to enterprises (OpenAI/Anthropic models, 50% of bookings AI)."},{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2025-12-01","url":"https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html","title":"Snowflake, AI 수요·Cortex·NVIDIA","title_en":"Snowflake rides strong AI demand (Cortex, NVIDIA)","excerpt":"기업에 Cortex AI(OpenAI·앤트로픽 모델, AI 수주 50%).","excerpt_en":"Cortex AI to enterprises (OpenAI/Anthropic models, 50% of bookings AI)."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":{"as_of":"2026-01","qualifier":"ai_compute"},"note":"Cortex AI GPU 클러스터의 주 하드웨어 파트너가 NVIDIA — AI 기능 원가·성능의 핵심 상류.","note_en":"NVIDIA is the primary hardware partner for Cortex AI GPU clusters — the key upstream for AI-feature cost and performance.","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2025-12-01","url":"https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html","title":"Snowflake, AI 수요·Cortex·NVIDIA","title_en":"Snowflake rides strong AI demand (Cortex, NVIDIA)","excerpt":"Cortex AI GPU 클러스터에 NVIDIA(주 하드웨어 파트너).","excerpt_en":"NVIDIA for Cortex AI GPU clusters (primary hardware partner)."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"as_of":"2026-01","qualifier":"aws_cloud_infra"},"note":"AWS 위에서 데이터 클라우드를 구동하고 마켓플레이스로 판매($2B) — 인프라와 유통을 동시에 의존.","note_en":"Runs the data cloud on AWS and sells via its marketplace ($2B) — depends on it for both infrastructure and distribution.","sources":[{"stance":"confirms","publisher":"Snowflake","publisher_en":"Snowflake","kind":"filing","lang":"en","published_at":"2025-12-01","url":"https://www.snowflake.com/en/news/press-releases/snowflake-doubles-aws-marketplace-sales-growth-yoy/","title":"Snowflake AWS 마켓플레이스 $2B·AI","title_en":"Snowflake doubles AWS Marketplace growth, $2B","excerpt":"AWS 위에서 데이터 클라우드 운영·마켓플레이스 판매($2B).","excerpt_en":"Runs data cloud on AWS and sells via its marketplace ($2B)."}]},{"direction":"cost","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"low","metric":{"as_of":"2026-01","qualifier":"azure_cloud_infra"},"note":"애저에서도 멀티클라우드로 구동 — 특정 클라우드 종속을 분산하는 이중화.","note_en":"Also runs multi-cloud on Azure — a redundancy that spreads single-cloud dependence.","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2025-12-01","url":"https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html","title":"Snowflake, AI 수요·Cortex·NVIDIA","title_en":"Snowflake rides strong AI demand (Cortex, NVIDIA)","excerpt":"애저 위에서도 멀티클라우드로 운영.","excerpt_en":"Also runs multi-cloud on Azure."}]}]}