In This Article:
Snowflake (SNOW) maintains its stock gains ahead of Thursday's market close, pushed higher by the company's first quarter earnings beat and raised full-year guidance.
Quantum computing company IonQ (IONQ) shares continue to surge after CEO Niccolo de Masi stated his mission to become the Nvidia (NVDA) of quantum computing.
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Now time for some of today's trending tickers, going to check in on shares of Snowflake and Quantum Computing Company IonQ. First up, Snowflake shares. They are soaring today. That's after beating first quarter earnings expectations, raising its full year guidance. So strong outlook for quarterly sales. They did raise the full year forecast for product revenue to about 4.33 billion. Got to tell you, Maddie, a number of notes in my inbox from smart analysts who've been doing this a long time. I got Evercore's Kirk Materne, rates this one outperform, saying we believe the bump to full year revenue despite the macro backdrop illustrates management's confidence in the durability of near-term demand. RBC's Matthew Hedberg, another smart guy, also fan of this name, says it remains his top large cap pick, takes his target to 236. Brent Teller, Jeffrey says, we believe the stock can continue to grind higher on a turn in the AI narrative in 26.
Yeah, and to that point, Ken are highlighting that any churn concerns were abated here. I also think it's really critical to note the company going public back in 2020, reporting more than a billion sales in the quarter for the first time ever. That seems to be a key sticking point today, part of what's driving those shares higher. And you mentioned a lot of the notes coming in your inbox here, but we also had a slew of price target raises today as well. From, as you mentioned, DA Davidson, we had Bernstein, Cantor, also TD Cowen this morning. Uh, and another thing that I noted earlier is that they talked about how they've been utilizing AI services in its cloud database platform. Uh, and when a company can, you know, add in a little AI sweetener that always makes the customers happy. If the company saying in the earnings released late Wednesday that that AI add-on did allow them to reach an additional 11,000 customers over the course of the quarter.
Let's talk about quantum computing company IonQ soaring higher today after the company CEO said it aims to become the Nvidia of quantum computing, quote, or in the business of quantum just like Nvidia and Broadcom are in the business of classical GPUs. That is according to the CEO in a conversation with Barons that shares are up almost 38% off the back of that commentary. And I think it is a very interesting story here that a CEO can just mention Nvidia and then you can have such a huge stock price. I do think part of what's also driving the tape a little bit here is the action that we've seen more broadly in quantum over the course of the week. Obviously, DWave having a huge week as well. IonQ getting themselves into a momentum trade that's already gaining some traction here.
Yeah, and this was one of the first quantum plays, you know, pure plays to go public. Um, CEO Nicola DeMassi saying there will be other people that copy us and follow us. They have always copied and followed us. Strong confident tone there. It has been a name that we know has been in the crosshairs of short sellers. CEO did did respond to that as well, telling Barons, there's a short report every few years, he said. They have all been baseless and nonsense, and we haven't even bothered trying to defend ourselves because they're all wrong.
We're Nvidia. Don't look at the short sellers. We're Nvidia.
It was good enough today.