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Cortex AI Gateway

Snowflake · seit 28. Juli 2026 (Ankündigung; Public Preview folgt in Kürze) · 8× · zuletzt 25. Aug. 2026

Momentum

Cortex AI Gateway ist eine von Snowflake am 28. Juli 2026 vorgestellte, zentrale Kontrollebene (Control Plane) zur Steuerung, Überwachung und Absicherung von KI-Agenten im Unternehmen. Sie regelt den Zugriff von First-Party-Agenten (z. B. Snowflake CoWork, CoCo) und Third-Party-Agenten (z. B. Claude Code, Cursor, Amazon Bedrock, Azure AI Foundry) auf Modelle, Tools, MCP-Server und Unternehmenssysteme, protokolliert Agentenaktivitäten lückenlos und ermöglicht die Zuordnung sowie Begrenzung von Token-Kosten. Das Produkt befindet sich laut Ankündigung in Kürze in der Public Preview; einzelne Sicherheits- und Governance-Funktionen sind bereits allgemein verfügbar bzw. in Private Preview.

Momentum-Verlauf

17.06.15.09.

Features

Deployment (Self-host/Cloud)	Vollständig verwalteter Cloud-Service innerhalb der Snowflake-Plattform, kein Self-Hosting dokumentiert
Durchsatz/Latenz	Keine offiziellen Durchsatz-/Latenzangaben gefunden; geplantes Feature 'Intelligent Model Routing' (Private Preview) routet Anfragen u.a. nach Latenz
Plattform	Teil der Snowflake AI Data Cloud / Cortex-Plattform, cloud-basiert
Preis	Keine öffentliche Preisliste gefunden; allgemeine Cortex-AI-Nutzung wird über Snowflake AI Credits abgerechnet (2,00 $/Credit bei globalem Routing, 2,20 $/Credit bei regionaler Bindung)
Protokoll-Kompatibilität	Unterstützt über 100 MCP-Server (Model Context Protocol) für Governance, Auth und Audit-Logging
Release-Datum	Angekündigt am 28. Juli 2026 bei Black Hat 2026; Public Preview soll in Kürze folgen
Unterstützte Modelle/Provider	Modellkatalog (Private Preview) mit GPT, Gemini, Claude, Grok, Mistral, GLM u.a.; steuert zudem Agenten wie CoWork, CoCo, Claude Code, Cursor, Amazon Bedrock, Azure AI Foundry

Weitere Produkte in dieser Kategorie: LLM-APIs & Gateways

Belege (8)

Unternehmens-Analyse: Snowflake

Stand 13.9.2026

HOLDSynthszr Vote

Data supports a constructive operating view (Q2 FY2027 product revenue +37% YoY; raised FY2027 product revenue guidance to $6.07B; expanding non-GAAP operating margin guidance to 14.5%; RPO $9.00B). However, the stock remains priced at a premium EV/Sales multiple and is GAAP loss-making (negative P/E per tool), with SBC still material. Netting these factors, HOLD is the most data-consistent stance until the market either offers a more attractive entry valuation or Snowflake demonstrates sustained margin expansion and improved GAAP earnings quality alongside continued growth acceleration. (investors.snowflake.com)

Zusammenfassung

Snowflake (SNOW) operates a cloud-native data platform (“AI Data Cloud”) that unifies data warehousing, data engineering, analytics, data sharing/marketplace, and AI/ML workloads across major public clouds. The core business model is consumption-based (usage-driven) product revenue, complemented by capacity commitments and professional services. This model can scale efficiently when customer workloads expand, but it also introduces near-term variability because customers can optimize usage and shift consumption timing. Management explicitly highlights product revenue as the key indicator of customer value and satisfaction given this flexibility. (investors.snowflake.com) Market position remains strong in enterprise data platforms, with competitive advantages centered on multi-cloud portability, governance/security, and an ecosystem that supports data collaboration and application/AI workloads. Recent company messaging emphasizes “agentic enterprise” workflows and rapid product velocity, including AI features (e.g., CoCo and CoWork adoption metrics) and a high cadence of GA releases in 1H FY2027. (investors.snowflake.com) In the most recent reported quarter (Q2 FY2027, ended July 31, 2026; reported September 2, 2026), Snowflake delivered product revenue of $1.49B (+37% YoY) and total revenue of $1.55B (+35% YoY). Net revenue retention was 126%, with 828 customers generating >$1M in trailing-12-month product revenue (+27% YoY). Remaining performance obligations (RPO) were $9.00B (+30% YoY), supporting forward visibility. (investors.snowflake.com) Profitability metrics show improving operating leverage on a non-GAAP basis: Q2 non-GAAP operating margin was ~15% (vs ~11% prior-year quarter per the press release tables), while non-GAAP product gross margin was ~75% (GAAP gross margin ~67%). However, GAAP profitability remains negative, with stock-based compensation still a large percentage of revenue (notably disclosed in the non-GAAP reconciliation tables). (investors.snowflake.com) Guidance was raised: FY2027 product revenue guidance increased to $6.07B (+36% YoY), with FY2027 non-GAAP product gross margin guided to 74.0%, non-GAAP operating margin to 14.5% (up from 13.5%), and non-GAAP adjusted free cash flow margin to 23.0%. Q3 FY2027 product revenue guidance is $1.588B–$1.593B (+37%–38% YoY) with a 15.5% non-GAAP operating margin. (investors.snowflake.com) Valuation: the stock is loss-making on GAAP EPS, so the trailing P/E is not meaningful (tool shows negative P/E). Investors typically anchor on EV/Sales; third-party data sources indicate a high-teens to ~20x forward EV/Sales range, consistent with a premium multiple for accelerating growth and improving margins. (alphaspread.com) EUR framing (for reference): latest tool price is $328.99 (as of Sep 11, 2026). Using the ECB EUR/USD reference rate of 1.1592 (USD per EUR) for Sep 11, 2026, this implies ~€283.81 per share. (ecb.europa.eu) Outlook (data-driven): near-term setup is supported by (1) three consecutive quarters of product revenue growth acceleration per management, (2) raised FY guidance, and (3) expanding non-GAAP margins. Medium-term performance will hinge on sustaining AI-driven incremental consumption while managing cloud infrastructure costs (including AI inference/GPU-related spend) and keeping SBC dilution in check. (investors.snowflake.com)

Key Takeaways

Q2 FY2027 showed re-acceleration: product revenue $1.49B (+37% YoY) and total revenue $1.55B (+35% YoY). (investors.snowflake.com)
FY2027 guidance was raised to $6.07B product revenue (+36% YoY) and higher non-GAAP operating margin (14.5%). (investors.snowflake.com)
Customer economics remain solid: net revenue retention 126% and 828 $1M+ customers (+27% YoY). (investors.snowflake.com)
Forward visibility is supported by RPO of $9.00B (+30% YoY). (investors.snowflake.com)
GAAP profitability is still negative and SBC remains material; valuation is therefore better assessed via EV/Sales and margin trajectory rather than P/E. (investors.snowflake.com)

Action-Ideen

BUY

For investors seeking exposure to accelerating enterprise data/AI platform spend, Snowflake’s latest quarter and guidance provide concrete evidence of improving demand and operating leverage: Q2 FY2027 product revenue grew 37% YoY and management raised FY2027 product revenue guidance to $6.07B (+36% YoY) while also lifting non-GAAP operating margin guidance to 14.5% and maintaining strong non-GAAP product gross margin guidance (74%). The combination of growth acceleration, expanding non-GAAP margins, and a large RPO base ($9.00B) supports a fundamentals-driven long position despite premium EV/Sales valuation. ([investors.snowflake.com](https://investors.snowflake.com/news/news-details/2026/Snowflake-Reports-Financial-Results-for-the-Second-Quarter-of-Fiscal-2027/default.aspx))

Horizont: 12 Mon.

HOLD

For existing holders with gains, a HOLD can be justified because fundamentals are improving (raised FY guidance; Q3 product revenue guide implies 37%–38% YoY growth; non-GAAP operating margin guide 15.5% for Q3), but the stock’s valuation remains elevated and GAAP earnings are still negative (negative P/E per tool). This setup can reward patience while monitoring whether AI-driven adoption translates into sustained consumption and whether margin expansion persists as AI-related cloud costs scale. ([investors.snowflake.com](https://investors.snowflake.com/news/news-details/2026/Snowflake-Reports-Financial-Results-for-the-Second-Quarter-of-Fiscal-2027/default.aspx))

Horizont: 6 Mon.

SELL

A valuation- and risk-control SELL is appropriate for investors with low tolerance for volatility or those requiring GAAP profitability, because Snowflake remains GAAP loss-making (negative P/E per tool) and relies heavily on non-GAAP adjustments (notably SBC). With the stock priced at a premium EV/Sales multiple, any slowdown in consumption growth or margin slippage from AI infrastructure costs could lead to a rapid re-rating. This is a portfolio construction decision rather than a view that the operating business is weakening (recent results were strong). ([investors.snowflake.com](https://investors.snowflake.com/news/news-details/2026/Snowflake-Reports-Financial-Results-for-the-Second-Quarter-of-Fiscal-2027/default.aspx))

Horizont: 3 Mon.

Contrarian Insights

• RPO growth (+30% YoY to $9.00B) is supportive, but it is not a complete proxy for near-term product revenue because Snowflake’s model includes on-demand usage and customers can consume above/beyond contracted capacity; therefore, investors should avoid over-weighting RPO as a single leading indicator and instead track product revenue and retention together. (investors.snowflake.com)
• AI can be a margin headwind before it is a margin tailwind: the 10-Q explicitly notes increases in third-party cloud infrastructure expenses, including AI inference/GPU-related spend, tied to platform development. Even with strong non-GAAP gross margins today, scaling AI features may require sustained infrastructure commitments that can pressure GAAP margins and cash conversion if monetization lags cost growth. (sec.gov)