Snowflake’s $200M partnership with OpenAI ‘positive,’ says RBC Capital

Snowflake (SNOW) announced a $200M multiyear partnership with OpenAI, integrating its models into Cortex, creating a joint go-to-market motion, and enabling joint enterprise customers to deploy context-aware AI apps, RBC Capital tells investors in a research note. The “positive” deal reinforces Snowflake’s central role in enterprise AI, builds on its $100M AI annual recurring revenue momentum, and mirrors its prior Anthropic partnership, highlighting strong growth potential from AI-driven workloads in CY26, the firm says. RBC Capital has an Outperform rating and $300 price target on Snowflake shares.