SNOU surges as Snowflake jumps on strong Q2 and guidance

The T-Rex 2X Long SNOW Daily Target ETF (BATS: SNOU ) moved higher on Thursday after Snowflake Inc. (NYSE: SNOW ) shares jumped over 22% following a strong fiscal second-quarter report and upbeat guidance. SNOU was up 38.45% at $79.21 at the time of publication Thursday afternoon, according to Pro data. The leveraged ETF opened at $83.36 and climbed to $86 before pulling back, with trading volume at about 0.4 million shares.

The move left SNOU near its 52-week high of $85.51 and far above its previous 52-week low of $10.51. The ETF has gained more than 91% year to date and 248% over the past six months. Snowflake shares were up more than 22% at $382 at one point after touching $384.56 intraday. The stock is up roughly 70% in 2026 and trading at its highest level since December 2021.

The move was linked to Snowflake’s accelerating growth and expanding AI business. Second-quarter product revenue rose 37% year over year to $1.49 billion, and Snowflake lifted its fiscal 2027 product revenue outlook to $6.07 billion from $5.84 billion. The company said it is increasingly positioning its data platform as infrastructure for enterprise AI, with Cortex Code, CoCo and CoWork helping customers build AI applications and increase data consumption. Wall Street reacted with a series of target-price increases.

Rosenblatt’s Blair Abernethy raised his target to $370 from $345, Needham’s Mike Cikos to $450 from $330, Cantor Fitzgerald’s Thomas Blakey to $430 from $405 and Canaccord Genuity’s Kingsley Crane to $450 from $325. BTIG, DA Davidson and JPMorgan also raised their targets, with JPMorgan’s Samik Chatterjee moving to $426 from $285. Analysts pointed to stronger AI adoption, faster core consumption and improving AI monetization as signs that Snowflake’s growth reacceleration could be durable. Snowflake said fiscal-year non-GAAP product gross margin is expected to be 74%, reflecting a higher mix of AI workloads that carry lower margin.

Non-GAAP operating margin widened by more than 400 basis points year over year to 15%, and full-year operating margin guidance was lifted to 14.5%. The SNOU move on Thursday reflects the effect of daily leverage, with the ETF aiming to deliver 2X the daily performance of SNOW. That structure can amplify gains and losses, and daily compounding means longer-term returns can diverge from twice Snowflake’s cumulative performance. Read Also: Tesla-Tied ETF Rallies 11% as TSLA Jumps on Cybercab Hype: Key Levels Traders Need to Watch