Investors pull $700 million from IGV before Snowflake shares surge 16.55%

Sep 7, 2026 10:10 (48d ago)

Investors withdrew $700 million from the iShares Expanded Tech-Software Sector ETF hours before Snowflake reported fiscal second-quarter 2027 results.
Snowflake revenue rose 35.1% to $1.55 billion, product revenue grew 37% to $1.49 billion and adjusted EPS reached $0.62.
Snowflake raised fiscal 2027 product-revenue guidance to $6.07 billion, while shares gained 16.55% after the results and AI demand remained a key growth driver.

Investors withdrew $700 million from the iShares Expanded Tech-Software Sector ETF (IGV) just hours before Snowflake reported fiscal second-quarter 2027 results that exceeded forecasts. Revenue rose 35.1% year over year to $1.55 billion, product revenue increased 37% to $1.49 billion and adjusted earnings per share reached $0.62 versus a $0.45 consensus estimate. Snowflake raised its fiscal 2027 product-revenue outlook to $6.07 billion from $5.84 billion, citing artificial-intelligence demand, while shares rose 16.55% on September 3.