<p>所有的目光都集中在 <strong>Nvidia</strong> 身上，期待這家半導體巨頭最新的季度報告，但投資者似乎對這家芯片設計公司的業績並不滿意。</p>
<p>儘管 Nvidia 超過了華爾街的預期，並且在收入和盈利方面實現了健康的同比增長，但對公司在中國業務的擔憂壓制了股價。因此，股價在第二天幾乎沒有變化。然而，還有另一家人工智能（AI）公司在同一天發佈了業績，其股價卻大幅上漲。事實上，這隻股票在過去一年中顯著超過了 Nvidia 的股票。</p>
<p>讓我們更仔細地看看這個名字，以及它為何有潛力進一步上漲。</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>圖片來源：Getty Images</p>
<h2>人工智能數據庫產品的需求激增使 Snowflake 獲得了巨大的推動</h2>
<p><strong>Snowflake</strong>(SNOW -0.96%) 運營着一個基於雲的數據平台，客户可以在其上安全地存儲數據以進行處理和分析。其數據雲平台可在 <strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 Google Cloud 等領先的雲計算平台上使用。此外，Snowflake 還運營一個市場，客户可以在此訪問其他客户共享的應用程序和數據。</p>
<p>該公司一直在向客户提供 AI 工具，以便他們能夠更好地利用數據，這一策略在最近幾個季度取得了良好的效果。因此，當 Snowflake 發佈其 2026 財年第二季度業績（截至 7 月 31 日的三個月）時，超出華爾街的預期並不令人驚訝。</p>
<p>該公司的收入在上個季度同比激增 32%，達到 11 億美元，比去年同期加速了三個百分點。Snowflake 的 AI 解決方案的快速採用在推動這一加速中發揮了關鍵作用。該公司的客户基礎在上個季度同比增長了 19%，而且超過一半的客户賬户正在使用 Snowflake 的 AI 解決方案。</p>
<p>該公司的 AI 平台幫助客户構建用於分析文檔的 AI 代理，開發和部署 AI 模型和應用程序，並訪問他們可以應用於數據的流行大型語言模型（LLMs）。Snowflake 管理層在最新的財報電話會議上明確表示，AI 確實是其客户基礎增長的原因。首席執行官 Sridhar Ramaswamy 表示：“今天，AI 是客户選擇 Snowflake 的核心原因，影響了第二季度近 50% 的新客户。而一旦他們在我們的平台上，AI 就成為他們戰略的基石，推動了 25% 的所有已部署用例，每週有超過 6,100 個賬户使用 Snowflake 的 AI。”</p>
<p>更好的是，AI 正在幫助 Snowflake 從現有客户基礎中推動更強的支出。這從該公司上個季度 125% 的淨收入留存率中可以看出，該指標比較了客户在一個時期的支出與同一客户羣體在前一年支出的情況。超過 100% 的讀數意味着其現有客户擴大了對 Snowflake 解決方案的使用或購買了更多的產品。</p>
<p>Snowflake 客户基礎的增長和現有客户支出的擴大導致其非 GAAP（調整後）營業利潤率同比增長了六個百分點。因此，Snowflake 的調整後每股收益幾乎是去年同期的兩倍，達到 0.35 美元。此外，該公司穩健的收入管道和巨大的可尋址市場表明，它可以繼續提供更多的上行空間。</p>
<h2>Snowflake 在過去一年中擊敗了 Nvidia，並可能維持其勢頭</h2>
<p>Snowflake 的股價在過去一年中上漲了 108%，遠遠超過了同期 Nvidia 40% 的漲幅。展望未來，考慮到其剩餘業績義務（RPO）在上個季度增長了 33%，達到 69 億美元，Snowflake 還有進一步增長的空間。不出所料，該公司已將其 2026 財年的產品收入預測從之前的 43.3 億美元上調至 44 億美元。</p>
<p>隨着時間的推移，Snowflake 可能會進一步提高其預測，因為它正坐擁可觀的收入機會，未來由於 AI 的普及可能會進一步增長。該公司預計其總可尋址市場（TAM）將在未來五年內翻一番，預計到 2029 年將達到 3550 億美元，這表明該公司有望享受多年的良好增長。</p>
<p>另一個值得注意的事情是，Snowflake 的收益增長速度超過了 Nvidia 上個季度報告的 54% 的同比增長。分析師預計它在未來也將繼續超過 Nvidia 的收益增長。</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 當前財年每股收益估計數據來自 YCharts</p>
<p>因此，不要驚訝於看到 Snowflake 股票在長期內為投資者帶來更多收益。而且，考慮到該股票的市銷率為 19 倍，而 Nvidia 的市銷率為 30 倍，增長型投資者在過去一年中獲得健康收益後，仍然可以考慮購買 Snowflake。</p>

SNOW

英偉達

<p>英偉達最近的季度報告令投資者失望，儘管超出預期，但主要由於對其在中國業務的擔憂，導致股價表現停滯。相比之下，另一家人工智能公司 Snowflake 報告了 32% 的年同比收入增長，達到 11 億美元，這得益於其人工智能數據庫產品的強勁需求。Snowflake 的股價在過去一年中飆升了 108%，顯著超過了英偉達的 40% 漲幅。該公司預計將繼續增長，上調了 2026 財年的收入預測，並預計到 2029 年其可尋址市場將超過 3550 億美元</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，期待這家半導體巨頭最新的季度報告，但投資者似乎對這家芯片設計公司的業績並不滿意。</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>儘管 Nvidia 超過了華爾街的預期，並且在收入和盈利方面實現了健康的同比增長，但對公司在中國業務的擔憂壓制了股價。因此，股價在第二天幾乎沒有變化。然而，還有另一家人工智能（AI）公司在同一天發佈了業績，其股價卻大幅上漲。事實上，這隻股票在過去一年中顯著超過了 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>讓我們更仔細地看看這個名字，以及它為何有潛力進一步上漲。</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>圖片來源：Getty Images</p>
</div><h2>Booming demand for AI database products has given Snowflake a massive boost</h2>
<div class="lb-trans"><h2>人工智能數據庫產品的需求激增使 Snowflake 獲得了巨大的推動</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%) 運營着一個基於雲的數據平台，客户可以在其上安全地存儲數據以進行處理和分析。其數據雲平台可在 <strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 Google Cloud 等領先的雲計算平台上使用。此外，Snowflake 還運營一個市場，客户可以在此訪問其他客户共享的應用程序和數據。</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>該公司一直在向客户提供 AI 工具，以便他們能夠更好地利用數據，這一策略在最近幾個季度取得了良好的效果。因此，當 Snowflake 發佈其 2026 財年第二季度業績（截至 7 月 31 日的三個月）時，超出華爾街的預期並不令人驚訝。</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>該公司的收入在上個季度同比激增 32%，達到 11 億美元，比去年同期加速了三個百分點。Snowflake 的 AI 解決方案的快速採用在推動這一加速中發揮了關鍵作用。該公司的客户基礎在上個季度同比增長了 19%，而且超過一半的客户賬户正在使用 Snowflake 的 AI 解決方案。</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>該公司的 AI 平台幫助客户構建用於分析文檔的 AI 代理，開發和部署 AI 模型和應用程序，並訪問他們可以應用於數據的流行大型語言模型（LLMs）。Snowflake 管理層在最新的財報電話會議上明確表示，AI 確實是其客户基礎增長的原因。首席執行官 Sridhar Ramaswamy 表示：“今天，AI 是客户選擇 Snowflake 的核心原因，影響了第二季度近 50% 的新客户。而一旦他們在我們的平台上，AI 就成為他們戰略的基石，推動了 25% 的所有已部署用例，每週有超過 6,100 個賬户使用 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 正在幫助 Snowflake 從現有客户基礎中推動更強的支出。這從該公司上個季度 125% 的淨收入留存率中可以看出，該指標比較了客户在一個時期的支出與同一客户羣體在前一年支出的情況。超過 100% 的讀數意味着其現有客户擴大了對 Snowflake 解決方案的使用或購買了更多的產品。</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 客户基礎的增長和現有客户支出的擴大導致其非 GAAP（調整後）營業利潤率同比增長了六個百分點。因此，Snowflake 的調整後每股收益幾乎是去年同期的兩倍，達到 0.35 美元。此外，該公司穩健的收入管道和巨大的可尋址市場表明，它可以繼續提供更多的上行空間。</p>
</div><h2>Snowflake has crushed Nvidia in the past year, and could sustain its momentum</h2>
<div class="lb-trans"><h2>Snowflake 在過去一年中擊敗了 Nvidia，並可能維持其勢頭</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 的股價在過去一年中上漲了 108%，遠遠超過了同期 Nvidia 40% 的漲幅。展望未來，考慮到其剩餘業績義務（RPO）在上個季度增長了 33%，達到 69 億美元，Snowflake 還有進一步增長的空間。不出所料，該公司已將其 2026 財年的產品收入預測從之前的 43.3 億美元上調至 44 億美元。</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>隨着時間的推移，Snowflake 可能會進一步提高其預測，因為它正坐擁可觀的收入機會，未來由於 AI 的普及可能會進一步增長。該公司預計其總可尋址市場（TAM）將在未來五年內翻一番，預計到 2029 年將達到 3550 億美元，這表明該公司有望享受多年的良好增長。</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>另一個值得注意的事情是，Snowflake 的收益增長速度超過了 Nvidia 上個季度報告的 54% 的同比增長。分析師預計它在未來也將繼續超過 Nvidia 的收益增長。</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 當前財年每股收益估計數據來自 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，不要驚訝於看到 Snowflake 股票在長期內為投資者帶來更多收益。而且，考慮到該股票的市銷率為 19 倍，而 Nvidia 的市銷率為 30 倍，增長型投資者在過去一年中獲得健康收益後，仍然可以考慮購買 Snowflake。</p>
</div>

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

- Nvidia 發佈季度報告，超出預期但股價平穩，因對中國市場的擔憂。  
- Snowflake 同日發佈財報，營收同比增長 32%，客户增長 19%。  
- Snowflake 股價過去一年上漲 108%，預計未來仍將持續增長。

認識一下在市場上擊敗英偉達的強勢股票