Snowflake Surges Past IBM and AMD With Market Value at $120 Billion

Jeran Wittenstein (Bloomberg) -- A blistering rally in the shares of cloud-computing company Snowflake Inc. continued on Tuesday, sending its market valuation above International Business Machines Corp. and Advanced Micro Devices Inc.

Snowflake rose as much as 10% for a market capitalization of about $120 billion. The stock has now gained more than 40% since Dec. 2, when its first-earnings report as a public company impressed Wall Street analysts with triple-digit revenue growth.

IBM, which is projected to generate about $74 billion in revenue this year, has a market cap of $112 billion, while AMD, with nearly $10 billion in projected sales, weighs in at $111 billion. Snowflake revenue is estimated to be $578.2 million in its current fiscal year which ends at the end of January.

Total call option volume on Tuesday exceeded the 20-day average by 10:15 a.m. in New York and outpaced put options by a rate of almost 3-to-1.