Snowflake Has a Hot New Product

Snowflake’s recent 33% revenue growth, driven by its new AI-powered "Cortex Code" tool, signals a potential turnaround, though high compute costs and substantial stock-based compensation continue to pressure profitability. Meanwhile, the mortgage market faces significant headwinds as refinancing volume plummeted 18% following a rise in 30-year mortgage rates to 6.65%. This contraction impacts broader economic sectors, including homebuilders, lenders, and home improvement retailers, as consumers delay large projects. In the gaming sector, Fertitta Entertainment’s $12 billion acquisition of Caesars Entertainment underscores a transition toward cash-flow-focused business models. This deal potentially benefits real estate investment trusts like VICI Properties, which stands to gain from the improved tenant quality and stability provided by the new ownership structure, despite the cyclical nature of Las Vegas tourism.