Palantir Technologies (NASDAQ: PLTR) built its reputation on years of base-building before staging an explosive rally, fueled by growing demand for its government and enterprise AI platforms.
That consolidation phase set the stage for one of the most dramatic moves in recent technology history, with the stock hitting multiple highs in recent months.
As of press time, PLTR shares were trading at $177.57, up 136% year-to-date.
Now, data from charting platform TrendSpider suggests that Snowflake (NYSE: SNOW) may be tracing a similar path.
While its share price has traded sideways since its IPO, revenue has continued to grow steadily quarter after quarter, mirroring Palantir’s pre-breakout pattern.
With data emerging as the backbone of AI adoption, the parallels raise the question: could Snowflake be the next Palantir?
PLTR and SNOW stock fundamentals
Palantir’s momentum has been driven by a string of high-profile contracts that expand its dominance in AI-enabled defense and government work.
The company recently secured a $10 billion U.S. Army contract, signed a major partnership with Boeing’s defense unit, and saw NATO adopt its Maven Smart System, all underscoring its role as a critical AI provider in security and defense.
Snowflake, meanwhile, is broadening its platform beyond data warehousing into full AI infrastructure. The company is acquiring Crunchy Data to strengthen its PostgreSQL and AI app development capabilities, positioning it to compete more directly with Databricks.
It has also partnered with Salesforce, dbt Labs, and others on the Open Semantic Interchange initiative, aimed at making enterprise data more interoperable for AI applications.
Leadership changes are also underway. In this case, longtime CFO Mike Scarpelli recently stepped down after overseeing a $3 billion share buyback, a move seen as a vote of confidence in Snowflake’s long-term value.
At the same time, institutional investors have been quietly increasing their stakes, reflecting renewed optimism in the company’s growth trajectory.
Overall, Snowflake’s chart mirrors Palantir’s pre-breakout phase, but while PLTR is already benefiting from major defense contracts, Snowflake is still building its foundation to become an AI-first enterprise platform.
Featured image via Shutterstock
