$Kingsoft Cloud(KC.US) rose almost four points, $Snowflake(SNOW.US) moved sideways, $Figma(FIG.US) rose slightly, and $Salesforce(CRM.US) dipped slightly. The divergence in the SaaS sector today is quite interesting—AI benefits are flowing towards the "cost side" and "tool side": $Kingsoft Cloud(KC.US) is being driven by AI inference demand on the Hong Kong stock side; $Snowflake(SNOW.US) option IV fell back to low levels after the 6/27 earnings report; $Figma(FIG.US) is in the post-IPO adjustment period; $Salesforce(CRM.US) completed a wave of valuation recovery after its Q1 earnings.
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