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Snowflake’s AI-fueled rally sent the SNOU 2X ETF soaring 45% Thursday. The leveraged ETF is now up over 91% YTD and 248% in six months.
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The Nasdaq 100 fell 1.5% at midday Friday as memory chips and AI-debt names sold off, while Fed Chair Warsh declined to rule out an October hike after hot CPI and PPI. WTI held near $96, the 10-year yield hovered around 5.1%, gold bounced toward $4,200 and bitcoin traded near $81,300.
The companies look to combine Lumen's programmable networking capabilities with Snowflake's AI Data Cloud to help customers streamline how data is connected, governed, and activated across analytics,
As AI reduces software development costs, proprietary data and distribution networks become the primary competitive advantages for software companies. Companies like Palantir, CrowdStrike, and ServiceNow have built defensible moats through accumulated data and embedded customer operations, while others like Salesforce and Snowflake face disruption as AI commoditizes their traditional business models.