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. Amazon, Microsoft, and other big tech companies can afford to offer their data warehousing solutions at cheaper rates than Snowflake -- which could make it tough to ever turn a profit.