Snowflake stock is trading near recent highs, with analyst Slowinski noting that Databricks' Investor Briefing showed accelerating demand for cloud data platforms as AI increases the need for better business data context. Databricks, which is privately held, expects to exit the first half of fiscal 2027 at about $6.9 billion in annual recurring revenue, with more than 80% year-over-year growth, while its core business grew 65% year over year in the first half of fiscal 2027 and has accelerated for the past 15 months. Databricks SQL reached $1.5 billion in annual recurring revenue, growing more than 100% year-over-year. Slowinski said Databricks' growth and continued success in Snowflake's core SQL market could keep weighing on Snowflake sentiment, noting Snowflake's growth recently accelerated to about 34%, with annual recurring revenue about $5.8 billion based on fiscal second-quarter estimates annualized. Snowflake trades at about 14 times annual recurring revenue, compared with about 19 to 25 times for Databricks. Databricks' latest public funding round valued the company at $134 billion, with a potential new valuation round reportedly placing it at $165 billion to $175 billion, compared with Snowflake's roughly $80 billion market value. BNP Paribas lists a $282 forecast price on Snowflake, implying 18% upside from the June 16 price of $238.30, with