This has been the general pattern of high-growth technology stocks as they face an immense pressure from inflation and the Federal Reserve's combative interest rate hikes. Snowflake's business continues to make headway The company delivered a solid second-quarter earnings report in late August, causing a short-lived spike in its share price. On a generally accepted accounting principles (GAAP) basis, Snowflake remains widely unprofitable, which makes it a risky investment moving forward.