What's Going On With Snowflake Stock On Thursday?
Portfolio Pulse from Anusuya Lahiri
Databricks has open-sourced its Unity Catalog platform, which may impact Snowflake Inc. (NYSE:SNOW) as it recently introduced its own open catalog implementation, Polaris Catalog. Snowflake is also facing scrutiny due to data violations and a threat campaign identified by Alphabet Inc.'s (NASDAQ:GOOG, NASDAQ:GOOGL) cybersecurity subsidiary, Mandiant. Snowflake stock is trading lower by 2.23% at $127.43.
June 13, 2024 | 5:15 pm
News sentiment analysis
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NEGATIVE IMPACT
Snowflake Inc. (NYSE:SNOW) is facing increased competition from Databricks' open-sourcing of Unity Catalog. Additionally, Snowflake is under scrutiny for data violations and a threat campaign identified by Mandiant. SNOW shares are down 2.23%.
The open-sourcing of Databricks' Unity Catalog increases competition for Snowflake, which recently introduced its own open catalog implementation. Additionally, Snowflake is dealing with data violations and a threat campaign, further impacting investor sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Alphabet Inc.'s (NASDAQ:GOOG, NASDAQ:GOOGL) cybersecurity subsidiary, Mandiant, identified a threat campaign targeting Snowflake customer database instances. This highlights Alphabet's role in cybersecurity.
Mandiant's identification of a threat campaign against Snowflake customers showcases Alphabet's cybersecurity expertise, which could positively impact investor perception of Alphabet's cybersecurity capabilities.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50