2 Reasons Why I'm Doubling Down on Snowflake
The increase in data obtained by businesses has been drastic. However, many companies aren't prepared to process the sheer volume of data. Businesses recognize that it can be hard to retrieve and analyze all of their data stored in separate clouds. That's where Snowflake (NYSE: SNOW) comes to the rescue.
Snowflake has the potential to capitalize on cloud transformation over the next five years, and so far, it is seeing rapid adoption. Snowflake has no horse in the race and does not care if your data is stored in Amazon's AWS or Microsoft's Azure. This is the primary driver of success for the company, and I think that this advantage could continue to push it forward. Unfortunately, many high-growth tech companies have been crushed over the past week, and Snowflake is no exception, falling 14% from its all-time high. If the market continues to punish Snowflake, then its shares could become more lucrative, and I might add more shares to my existing position.
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Source Fool.com
