Snowflake stock slips below 50-day SMA as AI worries return
Snowflake is losing momentum after a strong rebound as renewed doubts over AI valuations pressure the tech sector. The next test is whether $319 can hold before the correction extends back toward $300.
338.57
343.55
Investors are still assessing Snowflake’s expanded partnership with Oracle, announced on October 27. Snowflake AI Data Cloud will become a native service on Oracle Cloud Infrastructure, giving enterprise customers access to analytics and artificial intelligence tools while simplifying billing through Oracle.
Sentiment across the technology sector deteriorated on October 29, however, after investors reacted negatively to Alphabet’s quarterly results. Concerns over the returns on massive AI investments triggered a selloff in Alphabet stock and added pressure to other companies tied to the artificial intelligence theme.
Losing $319 could open the way toward $300
Snowflake stock completed the bullish scenario outlined previously. The price reached the $333 target and went on to test resistance near $340.
The first signs of weakness appeared after Alphabet’s report. In premarket trading on October 29, the stock had already fallen toward $326.50 and slipped below the 50-day SMA.
The correction may continue during the regular session. The next target is support at $319. A break and sustained move below that level would open the way for another test of $300.
A move above $340 would invalidate this scenario. In that case, the technical picture would improve considerably, with the next resistance level around $363.
Fed policy and AI valuations remain key risks
The Federal Reserve kept rates unchanged at 3.75%–4.00% on October 28, but two policymakers argued in favor of an increase. That reminded investors that further monetary tightening remains possible, while elevated rates continue to put pressure on technology valuations.
For Snowflake, the backdrop is complicated further by a broader reassessment of the AI sector. Investors are paying closer attention not only to how quickly new technologies are being adopted, but also to whether those investments can generate sustainable profits.
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