Snowflake is a huge winner in AI, says Jefferies' Brent Thill

Watch on YouTube ↗  |  May 27, 2026 at 22:18  |  3:52  |  CNBC
Speakers
Brent Thill — Analyst, Jefferies

Summary

Brent Thill of Jefferies discusses Snowflake earnings, highlighting strong backlog growth and AI positioning as a huge winner. He recommends staying overweight software infrastructure and underweight applications, citing AI benefits for infrastructure and duress for applications like Salesforce.

  • Snowflake reported earnings beat and raised guidance, with backlog growing 38%.
  • Brent Thill argues Snowflake is a huge winner in AI due to its data management role.
  • He sees a separation in software: infrastructure names thriving, applications struggling.
  • He recommends overweight software infrastructure and underweight application software.
  • Salesforce is under duress from AI disruption and executive departures, but may bounce.
  • Datadog and Google infrastructure prints are cited as evidence of infrastructure strength.
Trade Ideas
Brent Thill Analyst, Jefferies 0:26
Snowflake is a huge AI winner
Snowflake is a huge winner in AI. The company beat revenue estimates by $70M and raised full-year guidance by more than the beat. Backlog grew 38%. The narrative that Databricks was crushing them became overly negative. Snowflake's platform is essential for enterprises to stage and manage data for AI, and all major cloud platforms use its technology. Snowflake provides the safe harness to run AI workloads, and the stock has more upside due to the gravitational pull to create agents.
SNOW HIGH
Brent Thill Analyst, Jefferies 1:22
Overweight infrastructure, underweight applications
There is a clear separation in software: infrastructure names are thriving due to AI while application companies are under duress. Investors should stay overweight software infrastructure and underweight application software. Infrastructure names like Datadog and Google infrastructure prints show strength, while applications like Salesforce and Adobe face headwinds from AI disruption, lower growth rates, and executive departures.
Software Infrastructure MED
Brent Thill Analyst, Jefferies 1:22
Overweight infrastructure, underweight applications
There is a clear separation in software: infrastructure names are thriving due to AI while application companies are under duress. Investors should stay overweight software infrastructure and underweight application software. Infrastructure names like Datadog and Google infrastructure prints show strength, while applications like Salesforce and Adobe face headwinds from AI disruption, lower growth rates, and executive departures.
Software Applications MED
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This CNBC video, published May 27, 2026, features Brent Thill discussing SNOW, Software Infrastructure, Software Applications. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brent Thill  · Tickers: SNOW, Software Infrastructure, Software Applications