Part 2 of the interview with Sonu Chawla, Co-Portfolio Manager at TimesSquare Capital Management, about one of her team's highest-conviction investment ideas in enterprise AI. Sonu explains why Snowflake sits at the center of the AI data ecosystem, how her team developed conviction to increase its position during a sharp software selloff, and why they believe enterprise AI adoption remains in its earliest stages. The conversation examines primary research, expert networks, valuation discipline, and the role of AI tools in investment research, highlighting how experienced analysts combine domain expertise with fundamental research to identify long-term growth opportunities before they become widely recognized.
ETF: TSCMTickers: SNOW
*Not Investment Advice. ______________________________________________________________________
[00:00:00] Introduction and highlights to part 2 of this interview with Sonu Chawla.
[00:02:20] Snowflake's business model and why it is foundational to enterprise AI infrastructure.
[00:05:50] Why enterprise AI adoption is still in its earliest innings.
[00:08:05] How Snowflake differentiates itself from hyperscale cloud providers and competing data platforms.
[00:15:06] The investment thesis behind increasing the firm's Snowflake position during the software selloff.
[00:17:49] Why Cortex Code (CoCo) created a variant perception and wasn't reflected in company guidance.
[00:18:16] Customer adoption data, channel checks, and primary research that strengthened conviction.
[00:22:17] Using LinkedIn, expert calls, and management commentary as part of the research process.
[00:22:17] Balancing valuation discipline with high-growth investment opportunities.
[00:26:53] Why discounted cash flow analysis and free cash flow remain central to investment decisions.
[00:29:48] Comparing Snowflake's growth profile with Palantir and the broader enterprise AI landscape.
[00:31:20] How Times Square uses AI tools to accelerate investment research and improve productivity.
[00:33:20] Building an internal AI-enabled research ecosystem and connecting proprietary data sources.
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TimesSquare Links:Sonu Chawla on LinkedIn: https://www.linkedin.com/in/sonu-chawla-cfa-0093612/TimesSquare: https://tscmllc.com/
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