<p>所有的目光都集中在 <strong>Nvidia</strong> 身上，期待这家半导体巨头最新的季度报告，但投资者似乎对这家芯片设计公司的业绩并不满意。</p>
<p>尽管 Nvidia 超过了华尔街的预期，并且在收入和盈利方面实现了健康的同比增长，但对公司在中国业务的担忧压制了股价。因此，股价在第二天几乎没有变化。然而，还有另一家人工智能（AI）公司在同一天发布了业绩，其股价却大幅上涨。事实上，这只股票在过去一年中显著超过了 Nvidia 的股票。</p>
<p>让我们更仔细地看看这个名字，以及它为何有潜力进一步上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDEvcGVyc29uLWNoYXJ0LWxhcHRvcC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDEvcGVyc29uLWNoYXJ0LWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<h2>人工智能数据库产品的需求激增使 Snowflake 获得了巨大的推动</h2>
<p><strong>Snowflake</strong>(SNOW -0.96%) 运营着一个基于云的数据平台，客户可以在其上安全地存储数据以进行处理和分析。其数据云平台可在 <strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 Google Cloud 等领先的云计算平台上使用。此外，Snowflake 还运营一个市场，客户可以在此访问其他客户共享的应用程序和数据。</p>
<p>该公司一直在向客户提供 AI 工具，以便他们能够更好地利用数据，这一策略在最近几个季度取得了良好的效果。因此，当 Snowflake 发布其 2026 财年第二季度业绩（截至 7 月 31 日的三个月）时，超出华尔街的预期并不令人惊讶。</p>
<p>该公司的收入在上个季度同比激增 32%，达到 11 亿美元，比去年同期加速了三个百分点。Snowflake 的 AI 解决方案的快速采用在推动这一加速中发挥了关键作用。该公司的客户基础在上个季度同比增长了 19%，而且超过一半的客户账户正在使用 Snowflake 的 AI 解决方案。</p>
<p>该公司的 AI 平台帮助客户构建用于分析文档的 AI 代理，开发和部署 AI 模型和应用程序，并访问他们可以应用于数据的流行大型语言模型（LLMs）。Snowflake 管理层在最新的财报电话会议上明确表示，AI 确实是其客户基础增长的原因。首席执行官 Sridhar Ramaswamy 表示：“今天，AI 是客户选择 Snowflake 的核心原因，影响了第二季度近 50% 的新客户。而一旦他们在我们的平台上，AI 就成为他们战略的基石，推动了 25% 的所有已部署用例，每周有超过 6,100 个账户使用 Snowflake 的 AI。”</p>
<p>更好的是，AI 正在帮助 Snowflake 从现有客户基础中推动更强的支出。这从该公司上个季度 125% 的净收入留存率中可以看出，该指标比较了客户在一个时期的支出与同一客户群体在前一年支出的情况。超过 100% 的读数意味着其现有客户扩大了对 Snowflake 解决方案的使用或购买了更多的产品。</p>
<p>Snowflake 客户基础的增长和现有客户支出的扩大导致其非 GAAP（调整后）营业利润率同比增长了六个百分点。因此，Snowflake 的调整后每股收益几乎是去年同期的两倍，达到 0.35 美元。此外，该公司稳健的收入管道和巨大的可寻址市场表明，它可以继续提供更多的上行空间。</p>
<h2>Snowflake 在过去一年中击败了 Nvidia，并可能维持其势头</h2>
<p>Snowflake 的股价在过去一年中上涨了 108%，远远超过了同期 Nvidia 40% 的涨幅。展望未来，考虑到其剩余业绩义务（RPO）在上个季度增长了 33%，达到 69 亿美元，Snowflake 还有进一步增长的空间。不出所料，该公司已将其 2026 财年的产品收入预测从之前的 43.3 亿美元上调至 44 亿美元。</p>
<p>随着时间的推移，Snowflake 可能会进一步提高其预测，因为它正坐拥可观的收入机会，未来由于 AI 的普及可能会进一步增长。该公司预计其总可寻址市场（TAM）将在未来五年内翻一番，预计到 2029 年将达到 3550 亿美元，这表明该公司有望享受多年的良好增长。</p>
<p>另一个值得注意的事情是，Snowflake 的收益增长速度超过了 Nvidia 上个季度报告的 54% 的同比增长。分析师预计它在未来也将继续超过 Nvidia 的收益增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/23c3c0a62a0b69b0c1bb6148f85a2c38.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/23c3c0a62a0b69b0c1bb6148f85a2c38.png"/></p>
<p>SNOW 当前财年每股收益估计数据来自 YCharts</p>
<p>因此，不要惊讶于看到 Snowflake 股票在长期内为投资者带来更多收益。而且，考虑到该股票的市销率为 19 倍，而 Nvidia 的市销率为 30 倍，增长型投资者在过去一年中获得健康收益后，仍然可以考虑购买 Snowflake。</p>

SNOW

英伟达

<p>英伟达最近的季度报告令投资者失望，尽管超出预期，但主要由于对其在中国业务的担忧，导致股价表现停滞。相比之下，另一家人工智能公司 Snowflake 报告了 32% 的年同比收入增长，达到 11 亿美元，这得益于其人工智能数据库产品的强劲需求。Snowflake 的股价在过去一年中飙升了 108%，显著超过了英伟达的 40% 涨幅。该公司预计将继续增长，上调了 2026 财年的收入预测，并预计到 2029 年其可寻址市场将超过 3550 亿美元</p>

<p>All eyes were on <strong>Nvidia</strong> on Aug. 27 in anticipation of the semiconductor giant's latest quarterly report, but it looks like investors were not impressed with the chip designer's results.</p>
<div class="lb-trans"><p>所有的目光都集中在 <strong>Nvidia</strong> 身上，期待这家半导体巨头最新的季度报告，但投资者似乎对这家芯片设计公司的业绩并不满意。</p>
</div><p>Though Nvidia coasted past Wall Street's expectations and delivered a healthy year-over-year increase in both revenue and earnings, concerns about the company's business in China weighed on the stock. As a result, the stock remained almost flat the following day. However, there's another artificial intelligence (AI) company that released its results on the same day, and its stock soared impressively. In fact, this stock has outpaced Nvidia stock significantly in the past year.</p>
<div class="lb-trans"><p>尽管 Nvidia 超过了华尔街的预期，并且在收入和盈利方面实现了健康的同比增长，但对公司在中国业务的担忧压制了股价。因此，股价在第二天几乎没有变化。然而，还有另一家人工智能（AI）公司在同一天发布了业绩，其股价却大幅上涨。事实上，这只股票在过去一年中显著超过了 Nvidia 的股票。</p>
</div><p>Let's take a closer look at that name and why it has the potential to fly even higher.</p>
<div class="lb-trans"><p>让我们更仔细地看看这个名字，以及它为何有潜力进一步上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDEvcGVyc29uLWNoYXJ0LWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831401%2Fperson-chart-laptop.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images</p>
<div class="lb-trans"><p>图片来源：Getty Images</p>
</div><h2>Booming demand for AI database products has given Snowflake a massive boost</h2>
<div class="lb-trans"><h2>人工智能数据库产品的需求激增使 Snowflake 获得了巨大的推动</h2>
</div><p><strong>Snowflake</strong>(SNOW -0.96%) operates a cloud-based data platform on which customers can securely store data for processing and analysis. Its data cloud platform is available on leading cloud computing platforms such as <strong>Amazon</strong> Web Services, <strong>Microsoft</strong> Azure, and Google Cloud. Moreover, Snowflake also operates a marketplace on which its customers can get access to applications and data shared by other customers.</p>
<div class="lb-trans"><p><strong>Snowflake</strong>(SNOW -0.96%) 运营着一个基于云的数据平台，客户可以在其上安全地存储数据以进行处理和分析。其数据云平台可在 <strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 Google Cloud 等领先的云计算平台上使用。此外，Snowflake 还运营一个市场，客户可以在此访问其他客户共享的应用程序和数据。</p>
</div><p>The company has been offering AI tools to its customers so they can get more out of their data, and this strategy has been paying off nicely in recent quarters. So, it wasn't surprising to see Snowflake exceeding Wall Street's expectations when it released its fiscal 2026 second-quarter results (for the three months ended July 31).</p>
<div class="lb-trans"><p>该公司一直在向客户提供 AI 工具，以便他们能够更好地利用数据，这一策略在最近几个季度取得了良好的效果。因此，当 Snowflake 发布其 2026 财年第二季度业绩（截至 7 月 31 日的三个月）时，超出华尔街的预期并不令人惊讶。</p>
</div><p>The company's revenue shot up 32% year over year to $1.1 billion last quarter, an acceleration of three percentage points from the year-ago period. The rapidly improving adoption of Snowflake's AI solutions is playing a key role in driving this acceleration. The company's customer base was up by 19% year over year in the previous quarter, and just over half of its customer accounts were using Snowflake AI solutions.</p>
<div class="lb-trans"><p>该公司的收入在上个季度同比激增 32%，达到 11 亿美元，比去年同期加速了三个百分点。Snowflake 的 AI 解决方案的快速采用在推动这一加速中发挥了关键作用。该公司的客户基础在上个季度同比增长了 19%，而且超过一半的客户账户正在使用 Snowflake 的 AI 解决方案。</p>
</div><p>The company's AI platform helps customers build AI agents for analyzing documents, develop and deploy AI models and applications, and access popular large language models (LLMs) that they can apply to their data. Snowflake management made it clear on the latest earnings conference call that AI is indeed the reason why its customer base is swelling. In the words of CEO Sridhar Ramaswamy, &#34;Today, AI is a core reason why customers are choosing Snowflake, influencing nearly 50% of new logos won in Q2. And once they're on our platform, AI becomes a cornerstone of their strategy, powering 25% of all deployed use cases with over 6,100 accounts using Snowflake's AI every week.&#34;</p>
<div class="lb-trans"><p>该公司的 AI 平台帮助客户构建用于分析文档的 AI 代理，开发和部署 AI 模型和应用程序，并访问他们可以应用于数据的流行大型语言模型（LLMs）。Snowflake 管理层在最新的财报电话会议上明确表示，AI 确实是其客户基础增长的原因。首席执行官 Sridhar Ramaswamy 表示：“今天，AI 是客户选择 Snowflake 的核心原因，影响了第二季度近 50% 的新客户。而一旦他们在我们的平台上，AI 就成为他们战略的基石，推动了 25% 的所有已部署用例，每周有超过 6,100 个账户使用 Snowflake 的 AI。”</p>
</div><p>Even better, AI is helping Snowflake drive stronger spending from its existing customer base. This is evident from the company's net revenue retention rate of 125% last quarter, a metric that compares the spending by its customers in a period to the spending by the same customer cohort in the previous year. A reading of more than 100% means that its existing customers have expanded their usage of Snowflake's solutions or are buying more of its offerings.</p>
<div class="lb-trans"><p>更好的是，AI 正在帮助 Snowflake 从现有客户基础中推动更强的支出。这从该公司上个季度 125% 的净收入留存率中可以看出，该指标比较了客户在一个时期的支出与同一客户群体在前一年支出的情况。超过 100% 的读数意味着其现有客户扩大了对 Snowflake 解决方案的使用或购买了更多的产品。</p>
</div><p>The growth in Snowflake's customer base and the expansion in spending by existing customers led to an impressive year-over-year growth of six percentage points in its non-GAAP (adjusted) operating margin. As a result, Snowflake's adjusted earnings almost doubled from the year-ago period to $0.35 per share. What's more, the company's solid revenue pipeline and huge addressable market indicate that it can continue to deliver more upside.</p>
<div class="lb-trans"><p>Snowflake 客户基础的增长和现有客户支出的扩大导致其非 GAAP（调整后）营业利润率同比增长了六个百分点。因此，Snowflake 的调整后每股收益几乎是去年同期的两倍，达到 0.35 美元。此外，该公司稳健的收入管道和巨大的可寻址市场表明，它可以继续提供更多的上行空间。</p>
</div><h2>Snowflake has crushed Nvidia in the past year, and could sustain its momentum</h2>
<div class="lb-trans"><h2>Snowflake 在过去一年中击败了 Nvidia，并可能维持其势头</h2>
</div><p>Shares of Snowflake have jumped 108% in the past year, well ahead of the 40% gains clocked by Nvidia during the same period. Looking ahead, Snowflake has room for further growth considering that its remaining performance obligations (RPO) jumped by 33% in the previous quarter to $6.9 billion. Not surprisingly, the company has now raised its fiscal 2026 product revenue forecast to $4.4 billion from the earlier estimate of $4.33 billion.</p>
<div class="lb-trans"><p>Snowflake 的股价在过去一年中上涨了 108%，远远超过了同期 Nvidia 40% 的涨幅。展望未来，考虑到其剩余业绩义务（RPO）在上个季度增长了 33%，达到 69 亿美元，Snowflake 还有进一步增长的空间。不出所料，该公司已将其 2026 财年的产品收入预测从之前的 43.3 亿美元上调至 44 亿美元。</p>
</div><p>Snowflake could further raise its forecast as the year progresses since it is sitting on a sizable revenue opportunity, which could jump higher in the future thanks to the proliferation of AI. The company expects its total addressable market (TAM) to more than double in the next five years to $355 billion in 2029, suggesting that the company is on track to enjoy years of terrific growth.</p>
<div class="lb-trans"><p>随着时间的推移，Snowflake 可能会进一步提高其预测，因为它正坐拥可观的收入机会，未来由于 AI 的普及可能会进一步增长。该公司预计其总可寻址市场（TAM）将在未来五年内翻一番，预计到 2029 年将达到 3550 亿美元，这表明该公司有望享受多年的良好增长。</p>
</div><p>Another thing worth noting is that Snowflake's earnings increased at a faster pace than the 54% year-over-year growth reported by Nvidia last quarter. Analysts are expecting it to keep outpacing Nvidia's earnings growth in the future as well.</p>
<div class="lb-trans"><p>另一个值得注意的事情是，Snowflake 的收益增长速度超过了 Nvidia 上个季度报告的 54% 的同比增长。分析师预计它在未来也将继续超过 Nvidia 的收益增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/23c3c0a62a0b69b0c1bb6148f85a2c38.png" alt="" original-src="https://media.ycharts.com/charts/23c3c0a62a0b69b0c1bb6148f85a2c38.png"/></p>
<p>SNOW EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>SNOW 当前财年每股收益估计数据来自 YCharts</p>
</div><p>So, don't be surprised to see Snowflake stock deliver more gains to investors in the long run. And with the stock trading at 19 times sales as compared to Nvidia's price-to-sales ratio of 30, growth investors can still consider buying Snowflake even after the healthy gains it has clocked in the past year.</p>
<div class="lb-trans"><p>因此，不要惊讶于看到 Snowflake 股票在长期内为投资者带来更多收益。而且，考虑到该股票的市销率为 19 倍，而 Nvidia 的市销率为 30 倍，增长型投资者在过去一年中获得健康收益后，仍然可以考虑购买 Snowflake。</p>
</div>

Meet the Monster Stock That's Crushing Nvidia on the Market

- Nvidia 发布季度报告，超出预期但股价平稳，因对中国市场的担忧。  
- Snowflake 同日发布财报，营收同比增长 32%，客户增长 19%。  
- Snowflake 股价过去一年上涨 108%，预计未来仍将持续增长。

认识一下在市场上击败英伟达的强势股票