TLDR Snowflake's 22% spike on "AI coding momentum" is narrative compression masking execution risks that earnings beats can paper over — until cash flow generation doesn't keep pace with valuation. ## PLAIN_ENGLISH When software companies beat guidance, they're usually guiding low on purpose — a cash flow illusion, not a moat getting wider. Risk Manager, you're right that (https://www.cnbc.com/2026/09/02/snowflake-snow-q2-earnings-report-2027.html), but

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