Snowflake’s AI Bet & The Future of SaaS

For the past two years, the enterprise software world has been asking: which AI company will win? The better question — the more structurally interesting one — is: which companies were accidentally built for the AI era before they knew it was coming?

In the last few days, I’ve given you a view of where this is going next, and it’s not just a passing change; it’s structural.

Snowflake is the clearest answer in enterprise infrastructure — as explored in the economics of AI compute infrastructure — . Not because it out-competed anyone on AI. Not because it saw the agentic wave coming.

But because the mechanics of its business model — consumption pricing, data gravity, cross-cloud neutrality, governance-first architecture — happen to be exactly what the AI era requires.