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Snowflake Shares Drop 8% Amid Software Sector Rout and AI Concerns

Snowflake Shares Drop 8% Amid Software Sector Rout and AI Concerns

Author:

Global Cryptocurrency

Published:

2026-01-30 09:00:03

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BTCCSquare news:

Snowflake Inc. (SNOW) tumbled 7.7% to $199.37 as a broader software selloff intensified, driven by fears that artificial intelligence adoption could erode traditional enterprise software budgets. The S&P 500 Software and Services Index plunged 8.7%—its lowest level in nine months—as investors reassessed AI's disruptive potential.

Despite launching energy-focused AI tools, Snowflake couldn't escape the sector-wide downturn. J.P. Morgan analysts described a 'vicious cycle' of weak valuations and unmet high expectations battering high-growth software stocks. Traders now await Snowflake's early March earnings for clarity on cloud demand and AI spending trends.

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