Snowflake SNOW and Alphabet GOOGL are major players in the cloud data and analytics space. While Snowflake provides a pure-play cloud data warehousing and analytics platform, Alphabet offers similar capabilities through Google Cloud’s BigQuery as part of its broader cloud ecosystem.
Snowflake or Alphabet — Which of these Cloud Analytics stocks has the greater upside potential? Let’s find out.
The Case for SNOW Stock
Snowflake is benefiting from strong adoption and growing usage of its platform, as reflected in a net revenue retention rate of 126% in the first quarter of fiscal 2027. In the same quarter, Snowflake reported 13,912 total customers and added 616 net new customers, up 38% year over year. The company now has 779 customers spending more than $1 million annually, up 29% year over year, and the number of customers spending more than $10 million annually increased to 64.
SNOW is benefiting from an expanding portfolio that is driving both accelerated growth and deeper customer engagement. In the first quarter of fiscal 2027, Product revenues grew 34% year over year, with AI products like Cortex Code and Snowflake Intelligence seeing the fastest adoption in company history.
The introduction and rapid adoption of products like Snowflake Intelligence and Cortex Code remain noteworthy. In the fiscal first quarter, Snowflake delivered more than 20% more product capabilities than last year. This includes new features in Cortex Code (CoCo) and Snowflake Intelligence. These products are seeing the fastest uptake in Snowflake’s history, with CoCo already in use by more than 7,100 accounts and Snowflake Intelligence more than doubling quarter over quarter.
SNOW is benefiting from a strategic expansion of its AI reach through deepening partnerships and innovative product launches. A key driver of Snowflake’s momentum is its expanded collaborations with Amazon’s cloud computing platform, Amazon Web Services. In May 2026, Snowflake announced a new $6 billion multiyear agreement with Amazon Web Services to accelerate enterprise AI adoption globally, leveraging Amazon’s AWS Graviton compute and AI services. This partnership builds on Snowflake’s surpassing of $7 billion in lifetime AWS Marketplace sales, reflecting the growing demand for AI and data workloads on its platform.
The Case for GOOGL Stock
Alphabet is growing its presence in the cloud analytics market with its cloud computing platform, Google Cloud’s BigQuery, a powerful serverless data warehouse solution. BigQuery is strongly integrated into the broader Google Cloud ecosystem, allowing enterprises to leverage Google’s infrastructure, data and AI services seamlessly.
The company has been growing rapidly in the booming cloud-computing market. In the first quarter of 2026, Alphabet’s cloud revenues surged 63% year over year to roughly $20 billion. This growth is primarily driven by the rapid adoption of enterprise AI solutions and advanced analytics platforms, such as BigQuery and Gemini Enterprise, which have become the primary engines of Google Cloud’s expansion.
Major global brands such as Bosch, Citi Wealth, Merck, and Mars Incorporated are leveraging Gemini Enterprise to drive business transformation. The number of paid monthly active users for Gemini Enterprise grew 40% quarter-over-quarter, and workflows powered by Gemini in BigQuery (Alphabet’s analytics platform) grew more than 30 times year over year.
Robust demand for AI-powered analytics and infrastructure solutions, with products built on Alphabet’s generative AI models, experienced nearly 800% year-over-year revenue growth in the first quarter of 2026. The company’s cloud backlog nearly doubled quarter-over-quarter to over $460 billion, reflecting a dramatic acceleration in enterprise adoption and long-term commitments.
