Palantir (NASDAQ: PLTR) remains the talk of the stock market after the equity soared to new highs above the $100 mark, inspired by the recent blowout earnings for the last quarter of 2024.
PLTR has spiked by a whopping 366% in the past year, valued at $102 as of the last trading session. The equity has rallied almost 40% in 2025, leading the stock market despite the recent volatility.
Palantir’s venture into artificial intelligence (AI) and massive revenue from commercial and government clients are central to its growth.
Picks for you
For investors who missed the PLTR rally, there might be another option positioning itself for a sustained run—Snowflake (NYSE: SNOW). At press time, SNOW was trading at $189.11, although it remains in the red over the past year, down 12%.
Snowflakes’s AI opportunity
The company’s growth potential lies in its being a major player in cloud data warehousing, enabling enterprises to manage and analyze data across multiple clouds backed by its venture into the booming AI space.
AI-driven innovation remains a key catalyst, with Snowflake AI, Cortex Search, and Cortex Analyst gaining traction. Investments in Iceberg Tables and Snowpark Container Services give the company a competitive edge. With a $350 billion addressable market and 34% of customers adopting data sharing, Snowflake has room for expansion.
The company’s investment in AI has also seen it focus on infrastructure, such as acquiring chips from semiconductor giant Nvidia (NASDAQ: NVDA). The focus on AI infrastructure seeks to help Snowflake customers set up and deploy applications within its data cloud without extra investment.
The AI market Snowflake is targeting is set to double to $342 billion by 2028. Notably, AI is already boosting its performance, as seen in a 55% year-over-year rise in remaining performance obligations (RPO) in Q3 FY2025—outpacing its 29% product revenue growth. With $5.7 billion in RPO versus $3.6 billion in expected FY2025 revenue, Snowflake is securing more contracts than it fulfills, signaling future revenue acceleration.
Another great potential is that only 30% of the firm’s customers currently leverage its AI tools, leaving significant room for growth.
Meanwhile, analysis by charting platform TrendSpider indicated that SNOW might be gearing up for a significant breakout with the possibility of emulating PLTR’s rally.
SNOW stock technical analysis
According to the analysis shared in an X post on February 4, the stock is forming the bullish “cup and handle” pattern, signaling a potential upside. The stock’s rounded bottom, which developed between December 2023 and late January 2024, points to accumulation before a brief consolidation phase that shaped the handle.
In a recent trading session, the equity surged past the handle’s resistance around the $180 spot. At the same time, SNOW’s volume profile shows increasing buying interest above the $180 spot, hinting at the sustainability of the current bullish move.
On the other hand, a consensus of 32 Wall Street analysts at TipRanks has maintained a ‘Strong Buy’ rating for SNOW stock in the next 12 months. The analysts have set an average price target of $198.66, with a high forecast of $225 and a low forecast of $180.
SNOW may not replicate PLTR’s rally, but its AI strategy, expanding adoption, large market potential, and infrastructure investments position it well for the AI boom. If momentum holds, it’s a stock to watch.
Featured image via Shutterstock
