<p>如果您是一位瞭解情況的投資者，您很可能會閲讀您投資的公司的季度報告。如果您想要更深入的瞭解，您可能會聽管理層在季度收益電話會議上的評論。但如果您仍有額外時間，聽取投資者會議上的演講可能會提供更多見解。</p>
<p>9 月 12 日，數據公司 <strong>Snowflake</strong>(SNOW -3.29%) 在 <strong>高盛</strong>Communacopia + Technology Conference 上做了一個演講。在他的講話中，首席財務官 Mike Scarpelli 説了 16 個對投資者非常重要的詞。這甚至讓我重新考慮這支股票作為一個潛在的投資。</p>
<h2>Snowflake 正在進行重大改變</h2>
<p>人工智能（AI）趨勢不可否認，Snowflake 也被捲入其中。作為證據，只需看看它的新聞稿。其 2022 財年第二季度的報告開始時簡單地稱自己為&#34;數據雲公司&#34;。但在其 2025 財年第二季度的報告中，它稱自己為&#34;AI 數據雲公司&#34;。</p>
<p>在我看來，幾乎所有科技公司都在努力説服投資者他們多年來一直是 AI 領域的領導者。但實際上，大多數公司都在積極投資於 AI，拼命地試圖跟上。我認為 Snowflake 也屬於這一類。事實上，該公司一直在購買圖形處理單元（GPU）以滿足 AI 工作負載的需求。</p>
<p>問題在於 GPU 價格昂貴，這損害了 Snowflake 的利潤率——稍後會詳細討論。管理層一直表示對 AI 的投資正在進行中。但在最近的會議演講中，Scarpelli 的語氣聽起來大不相同。</p>
<p>在談到 GPU 昂貴的價格標籤時，Scarpelli 出人意料地説:&#34;在看到支持它的收入之前，我不會再購買任何 GPU。&#34; 這 16 個詞既令人震驚，對我來説也是一股清新的空氣。</p>
<h2>這為什麼重要</h2>
<p>在我的投資生涯中，我見過股票的估值超過 100 倍銷售額，也見過市值超過 1000 億美元的公司。但很少見到兩者兼具，就像 Snowflake 股票在上市後不久那樣。</p>
<p>投資者願意讓 Snowflake 股票成為我見過的最昂貴的股票之一，因為它有驚人的增長率和令人羨慕的利潤率。普遍共識是，該業務的增長速度如此驚人，以至於它很快就會價值遠遠超過 1000 億美元。</p>
<p>AI 也被認為是 Snowflake 的催化劑。畢竟，它是一家數據公司，而沒有數據，AI 是無法運行的。但 AI 並沒有像許多人預期的那樣成為催化劑。公司的增長率仍然強勁，但卻穩步下降。對 AI 基礎設施的投資也促使管理層下調了利潤預期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c2a6aeb5b53a2d7b713649d8b911c42e.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/c2a6aeb5b53a2d7b713649d8b911c42e.png"/></p>
<p>YCharts 提供的 SNOW 營收（季度同比增長）數據。</p>
<p>具體來説，Snowflake 在 2025 財年開始時預計其產品收入增長 22%，運營利潤率為 6%，調整後的自由現金流利潤率為 29%。但截至第二季度，預計增長率為 26%，運營利潤率為 3%，自由現金流利潤率為 26%。</p>
<p>Snowflake 的營收前景是向上的，是的。但不要急於將其歸因於 AI。正如 Scarpelli 關於 AI 所説:&#34;事實是今天很少有人大規模使用它。&#34; 因此，似乎 AI 並沒有推動收入增長。但 AI 正在推動支出，因為公司正在購買 GPU——這可能是為什麼沃倫·巴菲特的公司最近出售了 Snowflake 股票。</p>
<p>一般來説，投資於支出上升且沒有收入增長的公司可能是危險的。這就是為什麼我覺得 Scarpelli 的評論令人耳目一新。他不會再購買任何 GPU，除非它實際開始為業務增長做出貢獻。</p>
<h2>是時候重新考慮 Snowflake 股票了嗎？</h2>
<p>當公司不加區分地在最新的&#34;大事&#34;上花錢時，這可能是永遠浪費的錢。但當企業審慎審視支出並要求看到財務效益時，股東可能會受益。<strong>Meta Platforms</strong> 是一個很好的最近例子。在將 2023 年定為&#34;效率年&#34;之後，該公司的利潤飆升，而不犧牲增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e9398d87725d525958ee6bf88306f400.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/e9398d87725d525958ee6bf88306f400.png"/></p>
<p>YCharts 提供的 META 營收（TTM）數據。</p>
<p>就 Meta Platforms 股票而言，自 2023 年初以來已經翻了四倍。簡言之，當它專注於證明其支出合理時，其利潤飆升，將股票推至新高。</p>
<p>Snowflake 股票可能會發生類似的情況嗎？現在還為時過早。但該公司的首席財務官要求在 AI 方面看到投資回報。這是正確的心態，可能會為 Snowflake 帶來更好的效率。</p>
<p>以 11 倍銷售額計算，Snowflake 股票從未如此便宜。如果它繼續以目前的速度增長並控制支出，我相信更好的日子可能就在前方。</p>

SNOW

<p>雪花計算（Snowflake）的首席財務官 Mike Scarpelli 最近表示，在收入支持之前，公司不會再購買更多的 GPU，這表明在人工智能相關支出不斷上升的背景下，公司戰略發生了轉變。儘管雪花計算的增長強勁，但利潤率受到 GPU 成本的影響，導致了謹慎的展望。公司預計到 2025 財年產品收入增長 26％，但人工智能尚未顯著提升收入。這種謹慎的支出方式可能提高效率，潛在地提升股東價值，類似於 Meta Platforms 在專注於合理支出後取得的最近成功</p>

<p>If you're an informed investor, you likely read the quarterly reports from the companies you've invested in. If you're looking for even deeper insight, you might listen to management's commentary on quarterly earnings calls. But if you still have extra time, listening to presentations at investor conferences can provide even more insight.</p>
<div class="lb-trans"><p>如果您是一位瞭解情況的投資者，您很可能會閲讀您投資的公司的季度報告。如果您想要更深入的瞭解，您可能會聽管理層在季度收益電話會議上的評論。但如果您仍有額外時間，聽取投資者會議上的演講可能會提供更多見解。</p>
</div><p>On Sept. 12, data company <strong>Snowflake</strong>(SNOW -3.29%) made a presentation at the <strong>Goldman Sachs</strong> Communacopia + Technology Conference. In his remarks, CFO Mike Scarpelli said 16 words that are extremely important for investors. They even have me rethinking the stock as a potential investment.</p>
<div class="lb-trans"><p>9 月 12 日，數據公司 <strong>Snowflake</strong>(SNOW -3.29%) 在 <strong>高盛</strong>Communacopia + Technology Conference 上做了一個演講。在他的講話中，首席財務官 Mike Scarpelli 説了 16 個對投資者非常重要的詞。這甚至讓我重新考慮這支股票作為一個潛在的投資。</p>
</div><h2>Snowflake is making a big change</h2>
<div class="lb-trans"><h2>Snowflake 正在進行重大改變</h2>
</div><p>The artificial intelligence (AI) trend is undeniable, and Snowflake is swept up in it. For evidence, just look at its press releases. Its report for its fiscal Q2 2022 started with simply calling itself &#34;The Data Cloud company.&#34; But in its report for its fiscal Q2 2025, it called itself &#34;The AI Data Cloud company.&#34;</p>
<div class="lb-trans"><p>人工智能（AI）趨勢不可否認，Snowflake 也被捲入其中。作為證據，只需看看它的新聞稿。其 2022 財年第二季度的報告開始時簡單地稱自己為&#34;數據雲公司&#34;。但在其 2025 財年第二季度的報告中，它稱自己為&#34;AI 數據雲公司&#34;。</p>
</div><p>From my perspective, almost all tech companies are trying to convince investors that they've been leaders in the AI space for years. But in reality, most are investing aggressively in AI, desperately trying to just keep up. I'd lump Snowflake in this bunch. Indeed, the company has been buying graphics processing units (GPUs) to have what it needs to power AI workloads.</p>
<div class="lb-trans"><p>在我看來，幾乎所有科技公司都在努力説服投資者他們多年來一直是 AI 領域的領導者。但實際上，大多數公司都在積極投資於 AI，拼命地試圖跟上。我認為 Snowflake 也屬於這一類。事實上，該公司一直在購買圖形處理單元（GPU）以滿足 AI 工作負載的需求。</p>
</div><p>The problem is that GPUs are expensive, and it's hurt Snowflake's profit margins -- more on that in a moment. Management has been saying that the investment in AI is ongoing. But Scarpelli's tone sounded much different during his recent conference presentation.</p>
<div class="lb-trans"><p>問題在於 GPU 價格昂貴，這損害了 Snowflake 的利潤率——稍後會詳細討論。管理層一直表示對 AI 的投資正在進行中。但在最近的會議演講中，Scarpelli 的語氣聽起來大不相同。</p>
</div><p>While talking about the expensive price tags of GPUs, Scarpelli surprisingly said: &#34;I'm not going to buy any more GPUs until I see the revenue to support it.&#34; Those 16 words were both shocking, and, for me, a rare breath of fresh air.</p>
<div class="lb-trans"><p>在談到 GPU 昂貴的價格標籤時，Scarpelli 出人意料地説:&#34;在看到支持它的收入之前，我不會再購買任何 GPU。&#34; 這 16 個詞既令人震驚，對我來説也是一股清新的空氣。</p>
</div><h2>Why it matters</h2>
<div class="lb-trans"><h2>這為什麼重要</h2>
</div><p>During my investing career, I've seen stocks richly valued at more than 100 times sales, and I've seen companies with enormous market caps above $100 billion. But I've rarely seen both, as was the case with Snowflake stock shortly after it went public.</p>
<div class="lb-trans"><p>在我的投資生涯中，我見過股票的估值超過 100 倍銷售額，也見過市值超過 1000 億美元的公司。但很少見到兩者兼具，就像 Snowflake 股票在上市後不久那樣。</p>
</div><p>Investors were willing to make Snowflake stock one of the most expensive I've ever seen because it had a phenomenal growth rate and enviable profit margins. The general consensus was that the business would grow at such an impressive rate that it would be worth far more than $100 billion in short order.</p>
<div class="lb-trans"><p>投資者願意讓 Snowflake 股票成為我見過的最昂貴的股票之一，因為它有驚人的增長率和令人羨慕的利潤率。普遍共識是，該業務的增長速度如此驚人，以至於它很快就會價值遠遠超過 1000 億美元。</p>
</div><p>AI was also believed to be a catalyst for Snowflake. After all, it's a data company, and AI doesn't work without data. But AI hasn't been the catalyst that many expected. The company's growth rate is still strong, but it's plunged steadily nonetheless. Investments in AI infrastructure also motivated management to lower its outlook for profits.</p>
<div class="lb-trans"><p>AI 也被認為是 Snowflake 的催化劑。畢竟，它是一家數據公司，而沒有數據，AI 是無法運行的。但 AI 並沒有像許多人預期的那樣成為催化劑。公司的增長率仍然強勁，但卻穩步下降。對 AI 基礎設施的投資也促使管理層下調了利潤預期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c2a6aeb5b53a2d7b713649d8b911c42e.png" alt="" original-src="https://media.ycharts.com/charts/c2a6aeb5b53a2d7b713649d8b911c42e.png"/></p>
<p>SNOW Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>YCharts 提供的 SNOW 營收（季度同比增長）數據。</p>
</div><p>To put specific numbers here, Snowflake started fiscal 2025 expecting 22% growth for its product revenue, as well as a 6% operating margin and a 29% adjusted free cash flow margin. But as of Q2, it expects 26% growth, a 3% operating margin, and a 26% margin for free cash flow.</p>
<div class="lb-trans"><p>具體來説，Snowflake 在 2025 財年開始時預計其產品收入增長 22%，運營利潤率為 6%，調整後的自由現金流利潤率為 29%。但截至第二季度，預計增長率為 26%，運營利潤率為 3%，自由現金流利潤率為 26%。</p>
</div><p>Snowflake's outlook for revenue is up, yes. But don't be quick to attribute this to AI. As Scarpelli said regarding AI: &#34;The reality is that very few are using it en masse today.&#34; Therefore, it seems AI is <em>not</em> boosting revenue. But AI is boosting expenses because the company is buying GPUs -- this might be why Warren Buffett's company recently sold Snowflake stock.</p>
<div class="lb-trans"><p>Snowflake 的營收前景是向上的，是的。但不要急於將其歸因於 AI。正如 Scarpelli 關於 AI 所説:&#34;事實是今天很少有人大規模使用它。&#34; 因此，似乎 AI 並沒有推動收入增長。但 AI 正在推動支出，因為公司正在購買 GPU——這可能是為什麼沃倫·巴菲特的公司最近出售了 Snowflake 股票。</p>
</div><p>Generally speaking, it can be dangerous to invest in a company with rising expenses and without a boost for revenue. That's why I find Scarpelli's comments refreshing. He's not buying any more GPUs unless it actually starts contributing to the growth of the business.</p>
<div class="lb-trans"><p>一般來説，投資於支出上升且沒有收入增長的公司可能是危險的。這就是為什麼我覺得 Scarpelli 的評論令人耳目一新。他不會再購買任何 GPU，除非它實際開始為業務增長做出貢獻。</p>
</div><h2>Is it time to rethink Snowflake stock?</h2>
<div class="lb-trans"><h2>是時候重新考慮 Snowflake 股票了嗎？</h2>
</div><p>When companies indiscriminately spend money on the latest &#34;big thing,&#34; it can be money forever wasted. But when businesses scrutinize spending and demand to see a financial benefit, good things can happen for shareholders. <strong>Meta Platforms</strong> is a good recent example. After dubbing 2023 its &#34;year of efficiency,&#34; the company's profits soared without sacrificing growth.</p>
<div class="lb-trans"><p>當公司不加區分地在最新的&#34;大事&#34;上花錢時，這可能是永遠浪費的錢。但當企業審慎審視支出並要求看到財務效益時，股東可能會受益。<strong>Meta Platforms</strong> 是一個很好的最近例子。在將 2023 年定為&#34;效率年&#34;之後，該公司的利潤飆升，而不犧牲增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e9398d87725d525958ee6bf88306f400.png" alt="" original-src="https://media.ycharts.com/charts/e9398d87725d525958ee6bf88306f400.png"/></p>
<p>META Revenue (TTM) data by YCharts.</p>
<div class="lb-trans"><p>YCharts 提供的 META 營收（TTM）數據。</p>
</div><p>For perspective, Meta Platforms stock has quadrupled since the start of 2023. In short, as it focused on justifying its spending, its profits skyrocketed, which lifted the stock to new highs.</p>
<div class="lb-trans"><p>就 Meta Platforms 股票而言，自 2023 年初以來已經翻了四倍。簡言之，當它專注於證明其支出合理時，其利潤飆升，將股票推至新高。</p>
</div><p>Could something similar be in the works for Snowflake stock? It's too early to say. But the company's CFO demands to see a return on investment when it comes to AI. That's the right mindset to have, and it could lead to better efficiency for Snowflake.</p>
<div class="lb-trans"><p>Snowflake 股票可能會發生類似的情況嗎？現在還為時過早。但該公司的首席財務官要求在 AI 方面看到投資回報。這是正確的心態，可能會為 Snowflake 帶來更好的效率。</p>
</div><p>At 11 times sales, Snowflake stock has never been cheaper. And if it keeps growing at its current pace while keeping expenses under control, I believe better days could be ahead.</p>
<div class="lb-trans"><p>以 11 倍銷售額計算，Snowflake 股票從未如此便宜。如果它繼續以目前的速度增長並控制支出，我相信更好的日子可能就在前方。</p>
</div>

Snowflake's CFO Just Said 16 Words That Should Be Music to Every Shareholder's Ears

- Snowflake CFO 表示將暫停購買 GPU，直到有收入支持。  
- 公司在 AI 投資上面臨高成本，利潤率受到影響。  
- 該策略可能改善 Snowflake 的財務效率，股價有望回升。

Snowflake 的首席財務官剛剛説了 16 個字，這對每個股東來説應該是好消息