# Snowflake (SNOW)
> 데이터 클라우드 기업. 3분기 제품 매출 $1.16B(+29%), AI가 수주의 50%를 차지하고 AI 매출 연환산 $1억을 조기 달성했다. Cortex AI에 OpenAI·앤트로픽 모델을 통합하며, NVIDIA가 그 GPU 클러스터의 주 하드웨어 파트너다. AWS·애저 위에서 돌고 그 마켓플레이스로 판다. 클라우드·GPU를 사서 기업 데이터·AI를 파는 응용 수요 노드다.
Canonical: https://valuechain.wiki/snowflake · Updated: 2026-07-12T08:23:09.953726+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Snowflake의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 0)이고, 사슬을 2차까지 넓히면 66곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 3Q 제품 매출 $1.16B (+29%)
- 고객 집중도: AI 수주 50%, NVIDIA·OpenAI·앤트로픽.
- 사업부문: 데이터 클라우드(소비 기반), Cortex AI

## Annual stock return (as of 2026-07-10)
- 2021: +20.4%
- 2022: -57.6%
- 2023: +38.6%
- 2024: -22.4%
- 2025: +42.1%
- 2026 YTD: +19.2%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Snowflake | node | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 아마존 | benef1 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 샌디스크 | benef2 | · | · | · | · | · | +707.1% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Seagate | benef2 | +87.5% | -51.4% | +69.1% | +4.1% | +225.3% | +231.4% |
| Murata | benef2 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| Marvell | benef2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef2 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef2 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| Ciena | benef2 | +45.6% | -33.8% | -11.7% | +88.4% | +175.8% | +97% |
| 크레도 | benef2 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef2 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Coherent | benef2 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | benef2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| GE Vernova | benef2 | · | · | · | · | +99% | +67.3% |
| Caterpillar | benef2 | +16% | +18.6% | +25.9% | +24.7% | +60.3% | +67% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef2 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| Wiwynn | benef2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| 자빌 | benef2 | +66.4% | -2.5% | +87.4% | +13.3% | +58.7% | +44.9% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| 알칩 | benef2 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Quanta | benef2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| Cummins | benef2 | -1.7% | +14.1% | +1.7% | +48.9% | +49.4% | +33.3% |
| 글로벌스타 | benef2 | +241.2% | +14.7% | +45.9% | +6.7% | +96.6% | +31.2% |
| Eaton | benef2 | +46.7% | -7.2% | +56.2% | +39.5% | -2.8% | +28.6% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| 페가트론 | benef2 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Celestica | benef2 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Luxshare | benef2 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef2 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| 위스트론 | benef2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Schneider Electric | benef2 | +25.9% | +1.6% | +25.8% | +36.1% | +0.5% | +13% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| 엑셀론 | benef2 | +41.5% | +8.3% | -14% | +9.2% | +20% | +9.3% |
| KYEC | benef2 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Procter & Gamble | benef2 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Talen Energy | benef2 | · | · | · | +214.8% | +86.1% | +2.9% |
| Vistra | benef2 | +19.6% | +5.1% | +70.7% | +261.5% | +17.7% | -1.3% |
| BlackRock | benef2 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| IonQ | benef2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| 아모레퍼시픽 | benef2 | -30.1% | -5.7% | -18.4% | +9.9% | +8.2% | -10.5% |
| TE Connectivity | benef2 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef2 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Quantum Computing Inc | benef2 | -75.8% | -55.7% | -39.5% | +1712.7% | -38% | -15.6% |
| D-Wave Quantum | benef2 | · | -85.3% | -38.9% | +854.5% | +211.3% | -23.2% |
| Nike | benef2 | +18.7% | -29% | -6% | -29.1% | -13.8% | -29.3% |
| BYD일렉트로닉스 | benef2 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| Tower Semiconductor | benef3 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| MDA 스페이스 | benef3 | · | -32.6% | +80% | +156.3% | -9.8% | +80.8% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| MACOM | benef3 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Sumitomo Electric | benef3 | +11.4% | +6.3% | +30.8% | +52.9% | +139% | +55.3% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 기가바이트 | benef3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| Williams | benef3 | +38.4% | +32.8% | +11.9% | +62.3% | +14.9% | +26.6% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| 미쓰비시전기 | benef3 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| FANUC | benef3 | -16.5% | +4.4% | -8.1% | +15.6% | +37.7% | +15.3% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| 알파벳 (구글) | benef3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Cameco | benef3 | +63.2% | +4.3% | +90.5% | +19.5% | +78.4% | +4.9% |
| 에어버스 | benef3 | +34.8% | +3.9% | +30.5% | +15% | +18.3% | +3.9% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 소프트뱅크그룹 | benef3 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 메타 플랫폼스 | benef3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 스페이스X | benef3 | · | · | · | · | · | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 캐논 | benef3 | +22.5% | +11.1% | +46.4% | +27% | -3.2% | -5.6% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Phison | benef3 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 아비오 | benef3 | -9.9% | -4.7% | -17.1% | +98.4% | +117% | -10.8% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| BYD | benef3 | -6.5% | +10.5% | -28.5% | +58.9% | +8.7% | -12.7% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| Rigetti Computing | benef3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| UBTech | benef3 | · | · | · | -21.6% | +95.4% | -39.2% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

고객이 데이터·AI를 소비할수록 매출이 커지는 소비기반(usage-based) 데이터 클라우드로, AI가 수요의 다음 변곡점이다. 3분기 제품매출 $1.16B(+29%)에 더해 AI가 신규 수주의 50%를 차지하고 AI 매출 연환산 $1억을 조기 달성하며, Cortex AI에 OpenAI·앤트로픽 모델을 얹어 확장 중이다. 다만 플랫폼을 AWS·애저 위에서 돌리고 그 마켓플레이스로 팔며 GPU 클러스터를 NVIDIA에 의존해, 상류 클라우드·GPU 원가와 소비 둔화가 양대 리스크다. 그래프상 상류는 NVIDIA(GPU)·AWS·애저(구동·유통)이고, 하류 기업 AI 채택률이 이 노드로 수요를 전파하는 경로다. (analysis as of 2026-07-09)

## Money in · revenue from (2)
### 기업 (데이터 클라우드·소비 기반) (high)
- metric: net revenue retention 125% · FY2026
- note: 기업에 데이터 클라우드(소비 기반, 3Q $1.16B, +29%).
- [mentions] consensus (via MarketBeat) (EN, research, published 2026-06-01) https://www.marketbeat.com/stocks/NYSE/SNOW/forecast/: "Analyst consensus Buy on Snowflake, on Cortex AI adoption and data-cloud consumption growth."
- [confirms] Snowflake (SEC EDGAR) (EN, filing, published 2026-03-20) https://www.sec.gov/Archives/edgar/data/1640147/000164014726000008/snow-20260131.htm: "Snowflake FY2026 net revenue retention rate 125%; consumption-based product revenue."
- [confirms] Yahoo Finance (EN, news, published 2025-12-01) https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html: "기업에 데이터 클라우드(소비 기반, 3Q $1.16B, +29%)."
- [confirms] Snowflake (EN, filing, published 2025-12-01) https://www.snowflake.com/en/news/press-releases/snowflake-doubles-aws-marketplace-sales-growth-yoy/: "기업에 데이터 클라우드(소비 기반, 3Q $1.16B, +29%)."

### Cortex AI (AI 수주 50%) (high)
- note: 기업에 Cortex AI(OpenAI·앤트로픽 모델, AI 수주 50%).
- [confirms] Motley Fool (EN, research, published 2025-12-11) https://www.fool.com/investing/2025/12/11/this-ai-stock-crushing-sp-500-nasdaq-nvidia-2026/: "기업에 Cortex AI(OpenAI·앤트로픽 모델, AI 수주 50%)."
- [confirms] Yahoo Finance (EN, news, published 2025-12-01) https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html: "기업에 Cortex AI(OpenAI·앤트로픽 모델, AI 수주 50%)."

## Money out · pays to (3)
### NVIDIA (mid)  → /nvidia.md
- note: Cortex AI GPU 클러스터의 주 하드웨어 파트너가 NVIDIA — AI 기능 원가·성능의 핵심 상류.
- [confirms] Yahoo Finance (EN, news, published 2025-12-01) https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html: "Cortex AI GPU 클러스터에 NVIDIA(주 하드웨어 파트너)."

### 아마존 (mid)  → /amazon.md
- note: AWS 위에서 데이터 클라우드를 구동하고 마켓플레이스로 판매($2B) — 인프라와 유통을 동시에 의존.
- [confirms] Snowflake (EN, filing, published 2025-12-01) https://www.snowflake.com/en/news/press-releases/snowflake-doubles-aws-marketplace-sales-growth-yoy/: "AWS 위에서 데이터 클라우드 운영·마켓플레이스 판매($2B)."

### 마이크로소프트 (low)  → /microsoft.md
- note: 애저에서도 멀티클라우드로 구동 — 특정 클라우드 종속을 분산하는 이중화.
- [confirms] Yahoo Finance (EN, news, published 2025-12-01) https://finance.yahoo.com/news/snowflake-rides-strong-ai-demand-165200349.html: "애저 위에서도 멀티클라우드로 운영."

## 질문별 엔드포인트
- 누가 스노우플레이크의 고객인가? 스노우플레이크의 매출은 어디서 오는가? → https://valuechain.wiki/snowflake/customers.md
- 스노우플레이크의 주요 공급사는 어디인가? 스노우플레이크의 비용은 누구에게 가는가? → https://valuechain.wiki/snowflake/suppliers.md
- 스노우플레이크 주가가 움직이면 누가 수혜를 보는가? 스노우플레이크의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/snowflake/ripple.md
- 증권가가 보는 스노우플레이크: 목표주가와 투자의견은? → https://valuechain.wiki/snowflake/consensus.md

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._