Snowflake CEO Sridhar Ramaswamy Talks Stock Surge, $6 Billion Amazon Deal

Summary

Podcast Summary: Bloomberg Talks

Episode: Snowflake CEO Sridhar Ramaswamy Talks Stock Surge, $6 Billion Amazon Deal
Date: May 28, 2026
Host: Bloomberg
Guest: Sridhar Ramaswamy, CEO of Snowflake

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Episode Overview

This episode features an in-depth conversation with Sridhar Ramaswamy, CEO of Snowflake, following the company’s landmark quarter. The discussion covers Snowflake’s stock surge, major developments in its AI product suite, the headline $6 billion deal with Amazon, and the strategic vision for future M&A. Ramaswamy provides concrete examples of how AI is reshaping both Snowflake’s platform and the broader software landscape, offering insights into productivity gains, cost efficiencies, and partnership evolution.

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Key Discussion Points & Insights

1. Landmark Quarter and AI-Driven Growth

• Record Performance Metrics
  • Product revenue reached $1.334 billion (up 34% YoY).
  • Net revenue retention rate hit 226%.
  • Raised yearly guidance from 27–31%.
• AI as a Core Growth Driver
  • AI is now a compounding advantage for Snowflake, shifting from a product narrative to a real revenue driver.
  • Key products highlighted:
    • Snowflake Intelligence (work agent): Doubled in adoption by accounts.
    • Cocoa (coding agent): Used by over 7,000 accounts.

“This is the quarter where we clearly showed that AI is compounding Snowflake’s advantage in data… We did this the old fashioned way—creating amazing products.”
— Sridhar Ramaswamy (00:33)

2. Customer Productivity Gains via AI

• Enhanced Speed & Efficiency
  • Customers complete tasks 5–10 times faster with Snowflake, especially through Cocoa.
  • Internal data teams eliminated multi-year backlogs in a few quarters.
• Real-World Usage Example
  • At a CEO conference, Ramaswamy leveraged Snowflake Intelligence to instantly access key customer information, demonstrating the platform’s practical value in business situations.

“People are literally getting jobs 5 to 10 times faster… With products like Snowflake Intelligence, the end of your work is at your fingertips.”
— Sridhar Ramaswamy (01:39)

3. The Amazon Partnership & $6 Billion Deal

• Strategic Infrastructure Commitment
  • Snowflake will spend $6 billion on AWS infrastructure, enabling cost efficiencies and further AI adoption.
  • Deal allows Snowflake to bulk purchase resources, then pass savings on to customers, particularly in AI pricing.
• Strengthening Collaboration
  • Deep alignment between Snowflake and Amazon at all organizational levels, focused on solving complex data problems together (e.g., metadata migration).

“With deals like this, we get massive economies of scale that let us pass on some of these savings back to our customers. It makes AI much less expensive for them.”
— Sridhar Ramaswamy (04:21)

“Amazon is interested in solving customer problems and having a data platform is a key part of that… It is truly a better together story.”
— Sridhar Ramaswamy (05:31)

4. Mergers, Acquisitions & AI Vision

• Open Approach to M&A
  • Snowflake remains “very open minded” about acquisitions to further its AI and data management capabilities.
• Recent Acquisition: Natoma
  • Expands visibility in Snowflake Intelligence—can now process data across documents, emails, and other apps, enhancing actionable insights.
  • Builds on the capabilities acquired through Neva (Ramaswamy’s previous company).

“Natoma is a key acquisition because it widens the aperture of what is visible in Snowflake Intelligence… You can get much better insight and take actions directly from Snowflake Intelligence.”
— Sridhar Ramaswamy (06:19)

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Notable Quotes & Timestamps

• “AI is compounding Snowflake’s advantage in data… We did this the old fashioned way—creating amazing products.”
  — Sridhar Ramaswamy (00:33)

• “People are literally getting jobs 5 to 10 times faster… the end of your work is at your fingertips.”
  — Sridhar Ramaswamy (01:39)

• “What we also showed decisively this quarter is the ability to harness AI to get more value from Snowflake… Now, with products like Snowflake, all of the power of the data and so much more is there right within that work agent.”
  — Sridhar Ramaswamy (03:09)

• “With deals like this [Amazon], we get massive economies of scale… we give to our customers, create amazing products on top that are very cost efficient and so on.”
  — Sridhar Ramaswamy (04:21)

• “We will continue to be very active on this front—key pieces of technology as well as amazing teams that are going to make us so much better, like Niva did.”
  — Sridhar Ramaswamy (06:19)

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Timestamps for Key Segments

• Landmark quarter & AI’s business impact — 00:33–01:26
• Specific productivity improvements for clients — 01:39–02:31
• AI shifting from narrative to revenue driver — 03:09–04:00
• Amazon deal details: efficiency & value — 04:21–05:12
• Strategic partnership and better together story — 05:31–06:02
• M&A approach and Natoma acquisition — 06:19–06:57

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Memorable Moments

• Ramaswamy’s anecdote about using Snowflake Intelligence to instantly scan which CEOs at a conference were customers, illustrating on-the-ground utility.
• The shift in industry narrative—from “AI may disrupt software” to “AI may accelerate software,” underscored by Snowflake’s concrete results.

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Final Thoughts

This episode provides a business-savvy, forward-looking conversation focused on how AI is transforming enterprise software through practical examples and strategic moves. Sridhar Ramaswamy underscores the tangible impact of AI on both Snowflake’s growth and customer productivity, while the $6 billion Amazon partnership marks a pivot toward larger scale, efficiency, and collaboration. For industry watchers, the discussion is essential listening on the real-world acceleration of AI in the cloud data ecosystem.

Transcript

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[Podcast Host]

Bloomberg Audio Studios Podcasts Radio News she extraordinary. You've just added $20 billion to your market capitalization. How does that feel? Reflect for a

[Sridhar Ramaswamy]

We had a landmark Water Caroline strongest sequential dollar growth in company's history product revenue up to $1.334 billion up 34% net revenue retention rate a key metric we watch up 226% but I think the bigger news really was that this is the quarter where we clearly showed that AI is compounding Snowflake's advantage in data. We did this old fashioned way, creating amazing products like Snowflake Intelligence which is our work agent which doubled its adoption with respect to accounts and a coding agent which code or Cocoa which is used by more than 7,000 accounts. And this is what gives us confidence in the business. So we raised the yearly guidance from 27. 31% solid performance, but I think it's much more of what does this mean for our future that we are very

[Podcast Host]

happy with Product revenues up 34% on the quarter just reported in. Your stock is up 34, 35% right now. What exactly are your clients using you for? How is this actually building productivity?

[Sridhar Ramaswamy]

First of all, it's a whole lot easier to get things done with Snowflake. This is what Cocoa facilitates. People are literally getting jobs 5 to 10 times faster part of many companies and getting them to be more productive is hugely impactful. Our data team, for example, has been able to get through their multi year backlog in a matter of a small number of quarters. With products like Snowflake Intelligence, the end of your work is at your fingertip. To give you a very concrete example, I was at a conference, didn't know who I was going to be meeting. 30 odd CEOs in two minutes. I knew which of them were customers. How much should prioritize of instant access? That's really driving business results and you have great customers like using these products to great effect.

[Podcast Interviewer]

All right, I'm going to say we're having a slight audio issue. Sridhar, you're breaking up a little bit and hopefully we can work on that and fix it. But you know, I was thinking about this story all night long because you know, for so long the narrative has been AI may disrupt software and that has now changed with your results with your Amazon deal to I May accelerate software. Certainly in the case of Snowflake, what changed this quarter that proves AI is now a revenue tailwind rather than just a product narrative?

[Sridhar Ramaswamy]

Well, first of all, we've been very, very consistent. Data platform, especially one that's based on a consumption for the value that they are getting is aided by. I think what we also showed decisively this quarter is that ability to harness AI to get more value from Snowflake. People would build dashboards on top of Snowflake. Now, with products like Snowflake, all of the power of the data and so much more, the applications that you need is there right within that work agent. It is that combination of the secular drive that AI is providing for data platforms, plus our ability to harness AI ourselves and drive meaningful token consumption. For example, on

[Podcast Host]

we are still having that audio issue. So I'm going to ask this question and maybe your team can just tweak some things you're in a little bit quickly shoot up. But I'm really interested in the Amazon deal. Six billion is a lot that you're committing in terms of infrastructure spending. What are you getting in return? How much more efficient is Graviton? Is the Amazon chip to your cost base?

[Sridhar Ramaswamy]

First of all, they're a longtime partner. They are the biggest cloud service provider that we run on top of it, on top of Azure as well at gcp. The important thing with Amazon is how we go to our customers together. Both teams are extraordinary value that we deliver for our, for our customers. And with deals like this, we get massive economies of scale that let us pass on some of these savings back to our customers. Beyond a huge change in how we price AI, that makes a lot less expensive for our customers. It's aided by deals like this because of this ability to bulk purchase confidently, which as I said in turn we, we give to our customers, create amazing products on top that are very cost efficient and so on.

[Podcast Interviewer]

So what does Amazon get out of this deal with you? I mean, of course there's a massive headline of a $6 billion number, but how do they work with you and and collaborate?

[Sridhar Ramaswamy]

This deal makes us much more effective together. Amazon is interested in solving customer problems and having a data platform is a key part of solving customer problems. Us being able to go to market together, we work at every level of the hierarchy. Matt and I are Garmin, the CEO and I are in constant touch, but so are our teams. It's that ability to collaborate at a deep level to solve complex problems, for example like metadata migration, that makes pretty unique. It is truly a better gather story

[Podcast Host]

better together is kind of the very thesis of why you're at Snowflake. Neva was the company that you built a generative AI company that Snowflake bought and you became head of AI and now CEO and you've been making other purchases and I noticed Natoma is one of them. This is about managing data actions of AI agents. Any more M and A that we

[Sridhar Ramaswamy]

should expect sri we will continue to be very open minded about M and A. Natoma is a key acquisition because it widens the aperture of what is visible in Snowflake Intelligence to all of the data that matters to you. Caroline Everything that you have in your email or perhaps your documents or other applications that you use are now visible to the work agent, which means that you can get much better insight. You can also take actions directly from Snowflake Intelligence. We will continue to be very active on this front, key pieces of technology as well as amazing teams that are going to make us so much better like Niva did.

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