Provides a cloud-based data warehousing and analytics platform enabling data sharing across organizations.Yahoo Finance ↗snowflake.com ↗
3 takes · first discussed Jun 21, 2025 · last Mar 27, 2026
Every call, plotted at the price the day they made it.
Chamath uses Snowflake as a prime example of SaaS re-rating, noting its price-to-free-cash-flow multiple has already been cut in half from near-100x as markets begin pricing in AI disruption risk to software cash flows.
Brad Gerstner cites Snowflake's re-accelerating growth as evidence that data platform companies are AI beneficiaries, unlike thin-application SaaS vendors.
The hosts are divided on Snowflake, with Chamath consistently bearish and guest Brad Gerstner taking a bullish view. Chamath argues on two separate occasions that Snowflake is a cautionary tale: its consumption-based pricing model is structurally flawed because it drives customers toward cheaper alternatives like Postgres and Supabase, and its valuation multiple has already been cut in half from ~100x price-to-FCF as markets begin pricing in AI disruption risk to software cash flows. Gerstner, by contrast, points to Snowflake's re-accelerating growth as evidence that foundational data platform companies — unlike thin-application SaaS vendors — are net beneficiaries of AI adoption. The core disagreement is whether Snowflake's data infrastructure positioning makes it resilient to AI-driven disruption or uniquely vulnerable to it.
Chamath uses Snowflake as a prime example of SaaS re-rating, noting its price-to-free-cash-flow multiple has already been cut in half from near-100x as markets begin pricing in AI disruption risk to software cash flows.
Snowflake in 2023, it would've taken you almost 100 years. And where is it now? It's been cut in half.”32:15