In late July and early August 2026, Alteryx, Aembit, and 1Password announced new integrations with Snowflake’s AI Data Cloud and security ecosystem, while Snowflake launched Cortex AI Gateway to help enterprises govern, secure, and orchestrate both first- and third-party AI agents at scale.
Together, these moves deepen Snowflake’s AI partner ecosystem and reinforce its focus on cost-aware, tightly governed AI and agentic workflows directly on its platform.
Now, we’ll examine how Snowflake’s Cortex AI Gateway and new AI security integrations could influence the company’s existing investment narrative.
The future of work is here. Discover the 37 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.
Snowflake Investment Narrative Recap
To own Snowflake, you generally need to believe it can evolve from a premium data warehouse into a central AI and data operations platform, while eventually improving profitability. In the near term, the key catalyst is whether AI workloads translate into sustained product revenue growth, with the biggest risk being that AI-native and bundled cloud alternatives blunt that demand. The latest Cortex AI Gateway and security integrations modestly support the catalyst but do not fundamentally change these risks yet.
The Cortex AI Gateway launch is the most relevant recent announcement here, because it directly addresses AI governance, interoperability, and cost visibility across agents. By giving enterprises a single control point for AI access and spend, Cortex AI Gateway sits squarely in the middle of Snowflake’s AI adoption story, but it also highlights how exposed the company is if customers push harder on AI cost control or favor integrated hyperscaler offerings instead.
Yet beneath the AI excitement, investors should be aware of how quickly richer AI native and bundled cloud alternatives could pressure Snowflake’s pricing power and…
Read the full narrative on Snowflake (it’s free!)
Snowflake’s narrative projects $10.1 billion revenue and $792.7 million earnings by 2029. This requires 26.3% yearly revenue growth and about a $2.0 billion earnings increase from -$1.2 billion today.
Uncover how Snowflake’s forecasts yield a $292.53 fair value, a 13% downside to its current price.
Exploring Other Perspectives 
SNOW 1-Year Stock Price Chart
While Cortex AI Gateway and new security integrations may strengthen Snowflake’s AI story, the lowest analysts still expect only about US$9.2 billion revenue and US$723.7 million earnings by 2029, underscoring how differently you might view the stock if you worry that AI native platforms could siphon demand away from Snowflake’s core.
Explore 9 other fair value estimates on Snowflake – why the stock might be worth less than half the current price!
Reach Your Own Conclusion
Don’t just follow the ticker – dig into the data and build a conviction that’s truly your own.
Contemplating Other Strategies?
Early movers are already taking notice. See the stocks they’re targeting before they’ve flown the coop:
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SNOW.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com