Cloud data platform whose Iceberg bet trades proprietary lock-in for openness, enabling customers to store data in open formats readable by multiple compute engines.
Snowflake's proprietary data format moat is eroding as Apache Iceberg becomes the industry-standard open table format. When customers can store data in open Iceberg tables accessible by any compute engine, Snowflake loses the storage lock-in that justified its premium pricing. If data is portable, compute pricing must compete on commodity terms, compressing Snowflake's gross margins and growth rate simultaneously.
View position memo →Articles from the Gross Retention archive that reference Snowflake Inc. (SNOW).
August 25, 2026
Stripe, Databricks, and Canva are eyeing public markets. Together they represent more than $250 billion in potential market cap entering public markets — but the question is whether public investors will match their last private valuations.
August 25, 2026
The Change Healthcare attack exposed data tied to roughly 190 million people HHS Breach Portal, meaning patients could be swept up without ever choosing…
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