关键机制很简单：Snowflake 的 AI 工具，包括程式码代理 CoCo，使人更容易查询储存的资料，进而提出更详细的问题并处理更多资料。由于 Snowflake 依据被运算的资料量收费，使用量越高，营收就越高。但市场反应看起来过于剧烈，尤其是 Oracle 去年 9 月也曾出现类似的单日飙升，之后又下跌将近 40%，显示热情可能迅速逆转。
投资人不再把所有软体都视为注定失败，但他们的看法仍然是二元化的。文章认为，先前的恐慌来自于对终端价值可能归零的担忧，原因是 Anthropic、OpenAI 等公司的颠覆会造成致命打击；而现在的赢家则是那些能证明 AI 带来加速成长的公司。不过，Snowflake 仍面临来自 Databricks、SAP、Microsoft 与 Google 的竞争加剧，分析师也预期要到 2031 年才会转盈，因此 SaaS 低潮或许已结束，但真正的复兴恐怕还言之过早。
Snowflake’s 37% one-day share jump shows that the software selloff is becoming selective rather than universal. Of the 30 software and service companies in the S&P 500, 22 are still below their starting point for 2026, and Workday and ServiceNow are each down roughly one-third. Even so, Snowflake’s first-quarter results and guidance for 31% sales growth this year, faster than in 2025, mark it as a perceived winner because investors think AI will expand usage and spending rather than destroy demand.
The key mechanism is simple: Snowflake’s AI tools, including the coding agent CoCo, make it easier to query stored data, which leads to more detailed questions and more data processed. Because Snowflake charges based on volume of data crunched, heavier usage raises revenue. But the market’s reaction looks extreme, especially since Oracle had a similar one-day surge last September and then fell by almost 40%, showing how quickly enthusiasm can reverse.
Investors are no longer treating all software as doomed, but their view remains binary. The article argues that fears of terminal value falling to zero, due to disruption from Anthropic, OpenAI and others, drove the earlier panic, while current winners are those that can show AI-driven acceleration. Yet Snowflake still faces intensifying competition from Databricks, SAP, Microsoft and Google, and analysts do not expect positive earnings until 2031, so the SaaS downturn may be over even if a true renaissance is not.