Snowflake stock slides nearly 8% in software rout; traders brace for next catalyst
Snowflake shares fell 7.7% to $199.37 Thursday, tracking a sharp selloff in software stocks amid fears that AI could disrupt subscription-based models. The S&P 500 Software and Services Index dropped 8.7% to a nine-month low. Snowflake’s recent launch of an energy-focused data package failed to offset sector-wide concerns. No new financial results were released by the company this week.