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Summary * Snowflake's future hinges on governance tools like Polaris and Horizon, compute engine cost-effectiveness, and a rich ecosystem, including AI integration. * Despite supporting Iceberg, Snowflake and Databricks still lock customers into their ecosystems, with governance and performance trade-offs determining the best platform. * Databricks' shift to a serverless model could boost revenue, but not as much as what Wall Street is anticipating. * Investor sentiment around Snowflake is