• Warren Buffett's Berkshire Hathaway made $800 million on Snowflake's first day of trading as the stock spiked

    9 days ago - By Business Insider

    REUTERS/Rick Wilking/File Photo
    Warren Buffett's Berkshire Hathaway saw its stake in Snowflake surge by more than $800 million on Wednesday as the cloud-data unicorn's shares more than doubled in their first day of trading. Berkshire held roughly $730 million worth of shares heading into the cloud-data startup's IPO. After the stock closed a whopping 111% higher on Wednesday , that stake was worth about $1.55 billion. Snowflake's debut garnered outsize investor demand as the largest software IPO ever and the biggest offering of the year. The single-day gain is fairly unique to Buffett, as...
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  • Snowflake's stock can double from here if the cloud-data platform outshines top rival Oracle, strategist says

    9 days ago - By Business Insider

    Reuters
    Snowflake's stock could double from current levels if it outperforms its biggest enterprise-data rival Oracle, a chief investment strategist told CNBC on Thursday. California-based Oracle provides "on-premise" data warehousing, whereas Snowflake offers "off-premise" data storage, King Lip of Baker Avenue Asset Management pointed out. Cloud computing services, or off-premise data, are gaining more popularity due to higher flexibility in use of remote resources, saving organizations the cost of servers and other equipment. Snowflake's shares "could double from here" as long as it...
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