$SNOW's biggest threat is not Amazon. It's Anthropic.
Sridhar Ramaswamy told Nicolai Tangen @NicolaiTang1 that AI coding agents scare him more than any cloud hyperscaler. The conventional CEO answer names AWS or Azure. Ramaswamy named Anthropic.
His logic: software has always been protected by scarcity - engineers as concert pianists, he called them. Coding agents are industrializing that craft at a scale that breaks the moat around purpose-built platforms like Snowflake.
If you model $SNOW against Redshift and Fabric, you are watching the wrong fight. The competitive battleground is now the coding agent interface layer.
Full competitive threat map - which layer Anthropic is actually attacking and what Snowflake is doing about it: https://podcastalpha.substack.com/p/snowflake-ceo-names-anthropic-as Source: In Good Company with Nicolai Tangen - https://www.youtube.com/watch?v=lbSeyzlAGLc
