In addition to trading down 64% from its lifetime high, Snowflake stock is also down roughly 38% from market close on the day of its IPO. While the overall business continues to look strong and has incredible long-term expansion potential, macroeconomic headwinds are putting some pressure on Snowflake's near-term sales growth outlook and valuation. Last year, the company grew its product revenue roughly 70% and posted a non-GAAP (adjusted) free cash flow of 25%, and it expects to post the same margin this year and grow product revenue by another 40%. It also provides tools for sharing and monetizing data and a platform for building analytics-focused applications. Snowflake makes it possible to combine, store, and analyze data from disparate cloud sources.
That company is Snowflake ( SNOW -0.71%) - a provider of data warehousing and analytics software that's been growing at a rapid pace. Since buying a stake in Ford upon its public debut in 1956, a Buffett-led company has only invested in one other company on the day of its initial public offering. Between the introduction of services like the company's recently announced Bedrock generative AI platform and improvements that artificial intelligence will bring to its e-commerce and cloud services businesses, the tech giant is likely just starting to benefit from this revolutionary trend. In addition to its fast-growing digital advertising unit that's quickly emerging as a key new business pillar, there's a good chance Amazon will be able to score huge wins with artificial intelligence (AI) technologies. With shares down about 40% from their high, the technology leader is trading in roughly the same range as it was when Berkshire last bought shares, and it looks like the market is underestimating Amazon right now. While Buffett's company has held off on purchasing more of the tech titan's stock in subsequent years, the business's long-term outlook remains incredibly promising, and it wouldn't be shocking to see Berkshire add more Amazon shares in the not-too-distant future. Amazonīerkshire first bought shares of Amazon ( AMZN 1.59%) in 2019, and the Oracle of Omaha lamented not having made the move sooner.
If you're interested in potentially explosive stocks that still trade at big discounts compared to previous highs, read on for a look at three of the most promising growth stocks owned by Buffett's company. In addition to making Apple its largest stock holding, Berkshire has also established smaller positions in other promising tech companies - some of which could deliver incredible returns. While Berkshire Hathaway's overall stock portfolio remains largely value focused, CEO Warren Buffett's investment conglomerate has also made a much bigger push into the technology sector over the last decade.
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