Cloud-native data warehousing specialist Snowflake's (NYSE: SNOW) shares fell by over 15% after the company released results for the first quarter of fiscal 2024 (ending April 30). Although the company's revenues and earnings have surpassed consensus estimates, broader economic conditions seem to have put downward pressure on the company's future growth outlook.

Since then, Snowflake's shares have again recovered by over 21% in the past week. Is the recent bull rally sustainable? Let's assess the bullish and bearish case for the stock in greater detail.

The increasing adoption of artificial intelligence (AI) and machine learning across industries and functions is undoubtedly a major tailwind for Snowflake. The company's scalable, secure, and cloud-provider agnostic data platform (interoperable with Amazon's AWS, Alphabet's Google Cloud, and 's Azure) is playing a major role in breaking down silos of structured and unstructured data and analyzing them to help make optimal data-driven decisions.

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Source Fool.com