Snowflake Inc. (NYSE:SNOW) shares are trading higher Wednesday, alongside the broader tech sector, ahead of NVIDIA’s earnings report. The sector has been in the spotlight amid AI interest this year.
What To Know: NVIDIA’s previous earnings report in May took the market by storm, revealing the enormous demand for AI technology. As a result, NVIDIA and AI have been hot topics since the report. Ahead of NVIDIA’s second-quarter report after the close of the market Wednesday, the broader tech sector rallied, including Snowflake. However, the pressure is on NVIDIA to deliver, with some analysts describing it as a critical moment for the market.
Snowflake is also set to report second-quarter earnings after the market close. The company is expected to report earnings of 10 cents per share and revenue of $662.24 million.
Furthermore, Rosenblatt analyst Blair Abernethy reiterated Snowflake with a Neutral and maintained the $170 price target.
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SNOW Price Action: Shares of SNOW were up 2.19% at $155.93 at the time of publication, according to Benzinga Pro.
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