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Buffett-backed Snowflake surges in public debut

Warren Buffett backed Snowflake surges in its public debut. Yahoo Finance's Jared Blikre shares the details.

Video Transcript

JULIE HYMAN: We've been talking about Snowflake, has, indeed, opened for trading. Our Jared Blikre has the rundown for us. So tell us, we got this big pop. Again, why is Snowflake so hotly anticipated here?

JARED BLIKRE: Well, the cloud. Enough said, right? No, Warren Buffett himself has a big stake in this company. It's worth-- as of the opening trade here at $245, it's worth $1 and 1/2 billion. The entire company is now valued at $68 billion. That is a huge jump from its last valuation round, or its last round of funding, which valued it at about $12 billion.

Just looking at the YFi Interactive, we can see Snowflake now getting that 130% pop on its first trade. And I should mention another cloud company also came to market today, or came to the-- came to the-- its first trade. And that would be JFrog. JFrog is up 56%. And this comes after another software company, Outset, came to market yesterday with about 145% pop. So the cloud and software companies doing very well here in their initial debut of trading.

JULIE HYMAN: Indeed, and then some. Jared, thank you so much. Appreciate it.