Cloud-native data warehousing specialist Snowflake's (NYSE: SNOW) shares fell by over 15% after the company released results for the first quarter of fiscal 2024 (ending April 30). Although the company's revenues and earnings have surpassed consensus estimates, broader economic conditions seem to have put downward pressure on the company's future growth outlook. The increasing adoption of artificial intelligence (AI) and machine learning across industries and functions is undoubtedly a major tailwind for Snowflake.