Wedbush Securities has raised its price target on Snowflake Inc. (NYSE:SNOW) to $280 from $270, maintaining an outperform rating on the data cloud enterprise. The adjustment signals roughly 10% upside from its current level as enterprise software shifts into a critical phase of artificial intelligence (AI) monetization.
The Shift To Software Monetization
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Speaking to CNBC, Dan Ives, global head of tech research at Wedbush, said the broader AI market has moved beyond semiconductor hardware into the crucial infrastructure layer.
Following robust cloud utilization data, Ives emphasizes that data integration is proving to be the primary engine for software enterprise growth. "What it's showing you is the data layer is now the monetization. It's not just chips. It's gone to the data layer," Ives stated.
