SNOW Broke Out Above Huge Triangle
The price action of SNOW has formed a significant triangle pattern beginning in August 2022. In December 2023, the price broke above this triangle and is currently undergoing consolidation within a smaller triangle, delineated by yellow lines. Another positive technical indicator is the 'Golden Crossover,' where the daily 50 moving average (white) crosses above the daily 200 moving average (blue).
On the fundamental side, SNOW's growth trajectory is impressive. The company's revenue surged from $97 million in 2019 to $2 billion in 2023. This growth is partly attributed to the increasing efficacy of AI and the pivotal role of data in developing large language models. Assuming data continues to play a dominant role in AI development, it's reasonable to anticipate a continued rise in Snowflake's revenue.
Moreover, Warren Buffett's investment of $735 million in the company adds another layer of confidence in its prospects.
On the fundamental side, SNOW's growth trajectory is impressive. The company's revenue surged from $97 million in 2019 to $2 billion in 2023. This growth is partly attributed to the increasing efficacy of AI and the pivotal role of data in developing large language models. Assuming data continues to play a dominant role in AI development, it's reasonable to anticipate a continued rise in Snowflake's revenue.
Moreover, Warren Buffett's investment of $735 million in the company adds another layer of confidence in its prospects.
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