The world has changed, technology is driving all businesses and underpinning that is data. Snowflake (SNOW US) is a very interesting US-listed data business that came to market when technology was running hot in late 2019. The IPO had the who’s who of investors and it did spectacularly well, doubling in short succession. Since then it has fallen away on the broader tech sell-off, however, this is a business that is growing very strongly and is cash-flow positive. This is a more speculative stock, and position sizing should reflect that, however, we are bullish on SNOW into current weakness.
MM is bullish on SNOW US ~US$150
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