This disruptive approach impressed companies like PepsiCo and Kraft Heinz, and attracted big investors like Warren Buffett's Berkshire Hathaway and Salesforce. The bulls will argue that Snowflake's stellar growth rates justify that premium, but the stock could face an uphill battle as rising bond yields and inflation fears rattle the tech sector. That's ironic, since Snowflake's platform runs on Amazon Web Services (AWS) and Azure -- which means it actually rents cloud computing power from its biggest competitors.