云计算巨头Snowflake（SNOW）今日盘前股价大幅下挫8.81%，创下近期单日最大跌幅之一。
直接导火索为该公司昨日公布的第四财季业绩指引不及预期：调整后营业利润率预计仅7%，显著低于市场预期的8.5%。尽管第三财季营收12.1亿美元（同比+29%）超预期，但投资者更担忧其AI工具的商业化能力——公司今年为强化AI布局完成四笔收购并与Anthropic达成2亿美元合作，这些投入短期拖累利润率。
此外，核心市场竞争加剧同样施压股价。主要对手Databricks正以超1300亿美元估值融资，而Snowflake当前市值不足900亿美元。分析师指出，在全年股价上涨72%后，市场对增长放缓的容忍度已显著降低。
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