Observed Signal · May 28, 2026 · M&A · Source: State of Streaming · Impact: 4/5 · Sentiment: Positive
Snowflake $6B AWS Deal and Natoma Acquisition Impact Streaming
Snowflake reported $1.33 billion in product revenue (up 34% year-over-year) and announced an expanded $6 billion agreement with Amazon Web Services to accelerate enterprise AI. On the same day it disclosed intent to acquire startup Natoma, which provides governance for AI agents to access enterprise data and act across platforms. The article argues these moves matter for streaming advertising because Snowflake is the primary data warehouse for enterprise media operations; the AWS commitment supplies the compute floor for agentic ad workflows, while Natoma addresses the governance barrier that has kept autonomous, agent-driven media buying in pilot mode. Together, the deals could accelerate deployment of governed, agentic ad-buying workflows across streaming ad stacks.
Snowflake is a foundational enterprise data warehouse for media operations; a $6B AWS compute commitment plus acquisition of Natoma (governance for AI agents) materially lowers technical and governance barriers to deploying autonomous, agentic ad-buying workflows across streaming ad stacks.
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Key Takeaways & Evidence Grounding
- Snowflake posted $1.33 billion in product revenue, up 34% year-over-year.
- Snowflake announced an expanded $6 billion agreement with Amazon Web Services to accelerate enterprise AI adoption.
- Snowflake announced its intent to acquire Natoma, a startup that enables governed AI agents to access enterprise data and act across platforms.
- The article frames the AWS commitment as the compute infrastructure ('compute floor') for agentic streaming ad workflows and Natoma as the governance layer enabling safe agentic buying.
Connected Companies & Entities
2 Entities mapped“The company posted $1.33 billion in product revenue, up 34% year-over-year....”
“"We're deepening our strategic partnerships — we announced an expanded $6B agreement with Amazon Web Services to further accelerate enterpri...”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Snowflake Jumps 35% After Earnings; $6B AWS Deal
Snowflake reported stronger-than-expected fiscal first-quarter results and announced a five-year, $6 billion commitment to purchase Amazon Web Services products and services, including AWS’s Arm-based Graviton CPUs and cloud GPUs for AI workloads. The company reported $0.39 adjusted EPS on $1.39 billion revenue (33% year-over-year), beating LSEG analyst estimates of $0.32 and $1.32 billion. Snowflake guided to a 12.5% fiscal second-quarter adjusted operating margin on $1.415–$1.420 billion in product revenue, above StreetAccount expectations. The stock rose as much as 35% in after-hours trading. Snowflake also said it is acquiring AI startup Natoma for an undisclosed sum. The AWS commitment underscores growing hyperscaler demand for AI infrastructure and reinforces Snowflake’s ongoing reliance on Amazon’s cloud ecosystem.
Snowflake Signs $6B AWS Graviton Deal
Snowflake and Amazon Web Services announced a new $6 billion, five-year commercial agreement giving Snowflake expanded access to AWS’s ARM-based Graviton CPU capacity to support growing AI workloads. Snowflake — which also runs on Microsoft Azure and Google Cloud — said customer spend on AWS doubled in 2025 to $2 billion. AWS notes Snowflake has sold roughly $7 billion via the AWS Marketplace since 2012, making the new contract nearly as large as Snowflake’s cumulative AWS Marketplace sales. The deal underscores rising CPU demand for AI agent and inference workloads, positions AWS’s homegrown chips as a lower-cost alternative to GPU-centric options, and follows other large cloud chip commitments such as AWS’s recent Graviton agreement with Meta.
Snowflake Jumps 35% on AI Momentum
Snowflake shares surged about 35% on May 28, 2026 after the company beat fiscal first-quarter adjusted earnings and revenue expectations, raised guidance, and announced expanded AI initiatives. The company said it will spend $6 billion on compute from Amazon and is expanding use of Amazon’s in-house chips for AI workloads. Finance chief Brian Robins said tools such as Cortex Code and Snowflake Intelligence are creating a “step function change” in AI-driven revenue potential and internal productivity. Snowflake added 616 net new customers in the quarter, has 779 customers spending more than $1 million on a trailing 12-month basis, provided fiscal Q2 margin and product revenue guidance, and disclosed intent to acquire AI startup Natoma. The results helped lift software peers and eased concerns about AI reducing SaaS demand.
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