On May 28, Snowflake surged 33.03% in regular trading, trading at $232.605/share, with trading volume of $1.75 billion. The rally was driven by a dual catalyst of stronger-than-expected Q1 fiscal 2027 earnings and a landmark strategic partnership with Amazon Web Services.

Snowflake reported adjusted earnings per share of $0.39 on revenue of $1.39 billion, representing 33% year-over-year growth and significantly exceeding analyst estimates of $0.32 EPS and $1.32 billion in revenue. The company raised its full-year product revenue guidance to $5.84 billion from $5.66 billion, surpassing the Wall Street consensus of $5.67 billion, while projecting 30% growth in Q2.

Simultaneously, Amazon announced that Snowflake has committed to purchasing $6 billion in AWS services over five years, encompassing Arm-based Graviton chips and AI-focused GPUs. This represents a significant escalation from a prior $2.5 billion framework, reflecting accelerating enterprise AI deployment demand. Multiple analysts maintained Buy ratings, with price targets raised to a range of $280 to $300.

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