Snowflake (NYSE:SNOW) is set to release its latest quarterly earnings report after market close on September 2nd ET. The company's stock price has risen 47.15% year-to-date, nearing its 52-week high, with market expectations generally anticipating that AI agents will drive increased data processing volume for its consumption-based revenue model. Analysts note that Snowflake has signed a five-year, $6 billion contract with AWS and expects the growth of AI workloads to support its 75% gross margin target. Given the current forward P/E ratio of 169x, the market has already priced in an earnings beat, so investors will be closely watching product revenue, large customer growth, net revenue retention rate, and management's full-year guidance.