法国巴黎银行研报点评：Snowflake AI 变现动能改善、Salesforce 仍处 AI 采用早期，仅渠道调研观点无评级/目标价变动

Snowflake ( SNOW ) appears to be gaining traction in its AI monetization efforts, while Salesforce ( CRM ) indicates it remains in the early stages of expanding AI adoption, according to BNP Paribas. "On margins, while AI revenues are coming with lower margins, AI is pulling along core workloads, which benefits margins," said BNP Paribas Equity Research senior analyst Stefan Slowinski in an investor note. "Snowflake also confirmed that it is not looking to record significant token pass-through revenue, unlike peers, with its AI Gateway product, which should limit margin pressure. AI products like CoCo are also facilitating demand for data engineering products, and we picked up solid results for Snowpark in our recent checks." "Overall, we sense Snowflake continues to aim toward 3pp beats, with the surprises earlier this year coming from the first-time contribution of CoCo in Q1, along with some other one-offs in Q2," he added. Meanwhile, Salesforce continues to drive up revenue related to Slack, but emerging products like ClaudeForce are not expected to generate meaningful revenue in the short term. "Slack continues to be a driver of upgrades, with customers moving to higher tiers, like premium edition, upon renewal, and with new customers coming in at higher tiers in order to get Slackbot," Slowinski noted. "And while some businesses continue to see headwinds, Marketing Cloud appears to be performing better, while 'create and close' deals have also been better, driven, in part, by AI-first customers buying." "Overall, Salesforce continues to see areas of strength like Slack, Data360 and Agentforce, but also continues to characterize AI adoption as early, with pricing still evolving," he added. "Considering the importance of FQ4 ACV, we believe the trend in software this year will be to wait for Q4 results to issue FY guidance, and we believe Salesforce may do the same." Snowflake and Salesforce are not scheduled to release their third-quarter fiscal 2027 earnings results until December 2.