SNOWFLAKE INC

Snowflake Inc. (SNOW, CUSIP 833445109) entered Q1 2026 as a $39B and change-point institutional-ownership name with one of the largest single-quarter manager rotations of the cycle so far — BlackRock reduced its SNOW position by $1.97B, the single biggest seller across the 13F universe this quarter, while Royal Bank of Canada added $240M and three new positions were initiated or meaningfully expanded. The signal is not simply bearish — Snowflake is still held by 1,234 institutional accounts with $39B in aggregate value, which is a broad-based holder foundation. The rotation pattern (BlackRock reducing, RBC adding) is most consistent with a strategic sleeve rotation: portfolio managers trimming former AI-infrastructure larges at cycle peak while dividend/sector rotation managers or international-diversified players step in. For AI-watchers and smart-money trackers, SNOW's Q1 rebalancing represents the most readable single-name exit event in the software tier, and the question generating alpha from this filing is whether new and increasing holders are fundamentally different from the exiting trimmer or whether they are filling the same sleeve at a lower weight. The 3 newly-initiated positions alongside a $2B exit are the structural feature to watch.