Snowflake’s product revenue growth accelerated to 37% last quarter, helped by rising use of its AI coding assistant. CoCo gives customers access to models from Anthropic, OpenAI and others as companies try to keep AI costs under control. Read more:

Snowflake says customer accounts using its CoCo coding assistant grew at least 28% last quarter to 9,100 as companies sought more flexibility in choosing AI models. Its results suggest software firms can benefit as customers look for alternatives to relying heavily on Anthropic. Read more:

Snowflake's product revenue growth has accelerated 7 points in two quarters, from 30% to 37%. They say that approximately half of that acceleration is coming from their AI products. My guess is that puts their direct AI products at ~$150-200M in run-rate.

Snowflake on the ROI they're getting from running their own AI products internally, per their earnings call: - Marketing: SEO brought in-house, $400K of annual agency spend eliminated - Finance: long-range planning went from a 3-person team to 1 analyst - Sales: prospecting automated across 100K+ leads, with 70% of initial outreach emails to inbound leads generated before an SDR is involved

Snowflake just blew out the quarter -- and reaccelerated at a $6 billion run rate The reason, of course is AI. But not mainly from AI native customers. Third straight quarter of acceleration: 30% → 34% → 37%. Sequential product revenue added: Q4 FY26: +$68M Q1 FY27: +$108M Q2 FY27: +$158M They raised the full-year guide from $5.84B to $6.07B in one quarter, moving implied growth from 31% to 36%. #1#. About half the acceleration came from AI products The other half came from those products pulling more core consumption behind them. AI went on the same consumption meter customers already had, not into a separate SKU with its own quota. #2#. CoCo, their coding agent, is on 9,100 accounts out of 14,554 customers, and added 2,000 in the quarter Its cost-management skill is a top-10 skill. Snowflake shipped an agent that helps customers spend less on Snowflake and consumption accelerated anyway. #3#. They gave up gross margin on purpose Product gross margin went 76% to 75%, and they guided the year down to 74% on AI workload mix. Then they raised the operating margin guide from 13.5% to 14.5%. Revenue grew 35%, opex grew 17%. The AI bill came out of headcount. #4#. NRR 126% 49 customers crossed $1M this quarter against a $158M sequential add. At this scale the base is the engine. #5#. Total RPO grew 30% while current RPO grew 42% In consumption, RPO tells you when a customer signed. Revenue tells you when they burned it. -> Still a $263M GAAP operating loss, with stock comp at 29% of revenue. GAAP breakeven is targeted for Q4 FY28. Two points of gross margin for seven points of growth. Stock went from $306 to roughly $370. Almost double its low, and almost back to its peak.