Shares of Snowflake (SNOW) surged 12.19% during intraday trading on Thursday, as the cloud-based data platform company impressed investors with robust first-quarter results and an optimistic outlook, while also highlighting its artificial intelligence (AI) initiatives.

Snowflake reported its fiscal first-quarter 2026 earnings after Wednesday's market close, marking its first-ever $1 billion revenue quarter. The company's Q1 revenue jumped 26% year-over-year to $1.04 billion, surpassing analysts' expectations of $1.01 billion. Adjusted earnings per share came in at $0.24, also beating the consensus estimate of $0.21.

Adding fuel to the rally, Snowflake raised its full-year product revenue forecast to $4.33 billion, up from its previous guidance of $4.28 billion. The company's CEO, Sridhar Ramaswamy, emphasized Snowflake's mission to "empower every enterprise to achieve its full potential through data and AI," signaling the company's strong focus on leveraging artificial intelligence capabilities.

The impressive results and raised outlook prompted a flurry of positive reactions from Wall Street analysts. Multiple firms, including JP Morgan, Barclays, and Needham, raised their price targets for Snowflake stock. Analysts highlighted the company's strong execution, expanding product portfolio, and potential in the rapidly growing AI and data cloud markets as key factors driving their bullish stance.

Investors appear to be betting on Snowflake's ability to capitalize on the surging demand for AI and cloud services, despite broader economic concerns. The company's continued momentum in its core business, coupled with its strategic push into AI-driven solutions, seems to be resonating well with the market, as reflected in today's significant stock price jump.