Snowflake (SNOW) returned to focus after rolling out its Cortex AI Gateway and new security partnerships with Aembit and 1Password, sharpening attention on how its stock reflects growing interest in enterprise AI. The company’s share price rose 4.86% in the last day, delivering a 90 day share price return of 120.07%, while the 1 year total shareholder return sits at 49.45%. Bulls see the AI push and recent share price surge as proof the premium is justified; bears see exuberance running ahead of the numbers. According to the most followed Snowflake narrative from user Brogers, the fair value is set at $78.83 compared with the last close of $307.53, which puts a sharp spotlight on the gap between story and price. The narrative leans heavily on ambitious revenue growth, improving margins and a premium future earnings multiple. However, Snowflake’s story could change quickly if AI demand cools or if competitors like Databricks win more share in cloud data warehousing. Another view on Snowflake’s valuation comes from the SWS DCF model, which suggests Snowflake is undervalued, with an estimated future cash flow value of $452.91.