SNOWDDOGMNDYNOW
SNOW CY1Q25: Data Engineering and AI Products Are Customers' Top Priorities
FUNDA
AI stack (Snowpark, Cortex, Iceberg) is accelerating SNOW consumption; partners see 35–40% y/y growth.
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In our last quarter's SNOW Preview, our interviews revealed:
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Iceberg represents net new revenue rather than migration from data warehouse revenue
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OpenAI's budget cuts for DDOG benefit SNOW, as OpenAI's new architecture utilizes Grafana+SNOW/Databricks
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Data Engineering momentum is extremely strong and was a key growth driver for 2024Q4
These insights were subsequently confirmed in earnings results and management callbacks.
We've provided a detailed analysis of SNOW's new products and AI technology stack in this report.
SNOW and MNDY are experiencing rare product-driven years in 2025, with second and third growth curves simultaneously contributing incremental revenue.
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