Snowflake shares jumped as much as 36 percent in extended trading Wednesday after the data-warehousing company beat fiscal first-quarter estimates and disclosed a five-year, $6 billion spending commitment to Amazon Web Services that will expand its use of Amazon's custom Graviton processors and cloud-based AI chips. Salesforce, reporting an hour earlier on the same evening, beat the same quarter's estimates but issued full-year revenue guidance that came in below Wall Street's number, and its stock slipped 1.5 percent after hours.

The split was the cleanest read yet on a question hanging over enterprise software in 2026: which incumbents are pulling demand from the artificial-intelligence buildout, and which are losing it. Snowflake is selling more compute to customers training and running AI workflows. Salesforce is fighting the perception that generative AI from companies like Anthropic and OpenAI will eat into the seat-license business that built it.

What Snowflake disclosed

The AWS agreement, announced in a joint press release, implies average annual spending of $1.2 billion through 2031, up from a $2.5 billion five-year commitment the two companies signed in 2023 and a $1.2 billion deal disclosed at Snowflake's 2020 initial public offering. Unlike Amazon's recent pacts with Anthropic and OpenAI, this one does not include an equity investment.

Snowflake reported adjusted earnings of 39 cents a share on $1.39 billion in revenue for the quarter ended April 30, ahead of the 32 cents and $1.32 billion that analysts polled by LSEG had expected. Revenue grew 33 percent year over year. The company guided second-quarter product revenue to $1.415 billion to $1.420 billion at a 12.5 percent adjusted operating margin, above StreetAccount's $1.37 billion and 11.9 percent. Snowflake also said it was acquiring AI startup Natoma for undisclosed terms.

What Salesforce disclosed

Salesforce reported $2.42 in adjusted earnings per share on revenue that grew 13 percent from a year earlier, both above the LSEG consensus. The company raised its full-year forecast to $14.06 to $14.12 a share on $45.9 billion to $46.2 billion in revenue, putting the midpoint at $46.05 billion, or about 11 percent growth. Analysts had been looking for $46.12 billion at the top line.

Chief Operating and Financial Officer Robin Washington told analysts the guide reflects continuing weakness in marketing and commerce, deteriorating Tableau bookings and renewals, and revenue volatility from the $9.6 billion Informatica acquisition that closed in November. Salesforce shares are down 33 percent in 2026; the S&P 500 is up about 10 percent.

The company's Agentforce business, the AI-agent line that Chief Executive Marc Benioff has put at the center of the bull case, crossed $1 billion in annualized revenue for the first time and reached $1.2 billion, up 205 percent from a year earlier.

Benioff's response

Benioff, appearing on CNBC's "Mad Money" after the print, dismissed concerns about what he called the "Saaspocalypse" and said the company would lean on share repurchases and Agentforce growth to defend the stock. Salesforce has now bought back $27.1 billion of its own shares, which Washington said reduced the diluted share count by 10 percent year over year and added 23 cents to first-quarter adjusted earnings.

"You can see we just had a record quarter," Benioff said. "We've never seen this many large transactions happen." Slack, which Salesforce bought in 2020 for more than $27 billion, was involved in nearly half the deals worth more than $1 million in the quarter, the company said.

The counterpoint

Wednesday's reporting reflects the trading-day take from CNBC, the only outlet in this dossier. Bears outside the trading desk had not weighed in publicly by press time, and the AI-disruption thesis on Salesforce, while widely cited as the reason for the stock's 33 percent year-to-date drop, was not laid out by a named skeptic in the available sources. Salesforce's own guide concedes weakness in two product lines and bakes in volatility from a recently closed $9.6 billion deal, which leaves room for the next quarter to either confirm or rebut the bear case the share price already reflects.

Salesforce's fiscal second-quarter results, the next data point on whether Agentforce can outrun the legacy seat business, are due in late August. Snowflake reports the same quarter on the same calendar.