Down 23% in the YTD, Should You Buy the Dip in Snowflake Stock?

Earnings season is moving at full speed, but investors haven’t been handing out easy rewards. Even companies that top Wall Street’s estimates are seeing their stocks tumble if guidance disappoints or management signals heavier near-term spending. In today’s market, a simple earnings beat isn’t enough — investors want strong forecasts, disciplined costs, and clear visibility. Anything less, and the reaction can be swift and unforgiving. That dynamic has been especially brutal for capital-intensive tech names, where heavy AI capital expenditures and elevated guidance have turned upbeat prints into sell-the-news events.

One notable casualty has been Snowflake (SNOW), which has plunged significantly in 2026, and not because of its earnings. Snowflake has been caught in the crossfire of concerns that AI-native architectures and autonomous agents could weaken demand for legacy data workflows. Yet a new analyst note from Evercore ISI paints a different picture, describing Snowflake as one of the most resilient “scaffolding” plays in enterprise AI adoption.