SNOW Is Up 30% and WULF Wants In: The AI Infrastructure Trade Is Getting Loud
Snowflake's blowout quarter, TeraWulf's power play, and why the real AI money is in the boring stuff nobody's Instagramming
Ticker Ratings
$SNOW just had its main character moment. A $6 billion AWS commitment, a 38% backlog growth beat by $70 million, and a full-year guidance raise that made the bears look genuinely silly. Jefferies analyst Brent Thill called it a major AI winner — and for once, the analyst and the stock price agreed in real time. Shares ripped 26-30% after hours. The whole 'Databricks is crushing Snowflake' narrative? Officially on life support.
Meanwhile, $WULF is quietly running a different play. The TeraWulf CEO told CNBC that power infrastructure — not GPUs — is the real bottleneck in the AI data center buildout. Wall Street's average price target sits at $31.20 against a sub-$26 stock price, and the company just announced a gigawatt-scale Kentucky data center serving investment-grade hyperscaler clients. That's not a Bitcoin miner. That's an AI infrastructure company wearing a Bitcoin miner's old jacket.
The theme connecting both tickers is the same one Bloomberg's memory chip coverage keeps hammering: the AI boom rewards the infrastructure layer first, the application layer eventually, and the hype layer never. SNOW is the data plumbing. WULF is the electrical grid. Sexy? No. Up 30% overnight? Apparently yes.