0931 GMT - Snowflake's new artificial intelligence feature is in a positive feedback loop as demand soars, Jefferies's Brent Thill writes. Cortex Code, Snowflake's coding assistant, is the company's "killer AI capability," the analyst says. Registered accounts for the AI co-pilot jumped by more than 2,000 on-quarter, surpassing 9,100 in total and driving headline revenue growth higher, Thill writes. Users of Cortex Code are also using the U.S. cloud-based AI company's overall platform more, "reinforcing our view that AI is additive rather than cannibalistic," Thill says. Snowflake guided for third-quarter revenue growth well-ahead of analysts' expectations, the analyst notes. Shares jump 24% premarket.
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