SNOW Morgan Stanley TMT 2026

All right. Continuing the afternoon sessions at TNT day 2. I'm Sanjit Singh. I cover the infrastructure software practice on the Morgan Stanley research team.

Thrilled to have the Snowflake management team CEO Sridhar Ramaswamy; and Chief Financial Officer, Brian Robins, Sridhar, Brian, welcome back to the T&T conference.

Thank you. Excited to be here.

For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. So we've got 35 minutes and Sridhar, we got a lot to talk about. Between a durable core business. We got Snowflake Intelligence out.

We got Cortex code, and we've got to figure out how all this will translate into an attractive growth in free cash flow story. e Inc,dvc0s,f.fv ARu TN'Tucc Nnu'su W

I wanted to start the conversation with the core business. So when I was going at various conferences with AWS or other the hyperscaler conferences, the sort of rallying cry that I heard was you had to get your data state ready to prepare for AI. It seems to me like those initiatives really got operationalized in calendar -- and so when you look at the core business, how it's sustained over the past year, was at these data modernization is that drove that durability and that strength in the quarter?

Or were there other additional factors that you would call out?

Data monetization continues to play an important role, but we've fundamentally been limited by how quickly we can do these modernization. And I'll come back to this topic because it's a really important one.

But as 2025 progressed, people were beginning to understand the value of agent AI because we had started doing Snowflake Intelligence initially prototypes and POC and not the folks right off the public preview started using the product. And it's a magical product. It looks forward to what could agent systems with reasoning do with different kinds of data sets and truly the power of agent AI on top of data states that were on Snowflake.

So that's a strength that continues to pull in terms of what drives the core business. And migration to be honest with you, is this problem that our industry as a whole, not just Snowflake, has struggled. For a very long time, these tend to be long, complicated, messy with lots and