Snowflake Spikes Fuel Salesforce AI Sentiment

Salesforce's stock price rose by 2.75% to $264 on Thursday, as Snowflake's strong quarterly performance reignited interest in enterprise software.

The cloud-data company reported a 37% surge in product revenue, with artificial intelligence driving nearly half of its growth acceleration.

This development has bolstered confidence among Salesforce investors, who are now more convinced that enterprise AI demand is translating into real spending.

Salesforce itself is already building an AI machine, and its second-quarter results showed revenue increasing 11% to $11.3 billion, while current remaining performance obligations rose 14% to $33.5 billion.