While cloud data specialist Snowflake stock (NYSE: SNOW) has taken a beating, falling by 65% year-to-date, the company outlook appears to be largely intact. With U.S.  inflation surging and the Fed raising interest rates at a faster than anticipated pace, investors have shown a strong preference for companies with thick margins and cash flows, trading at reasonable multiples. This market rotation could continue to impact a loss making growth stock like Snowflake, which still trades at a lofty 18x forward revenue.