Snowflake: pricing power is showing up in renewals, not in the list price

The transmission is through realised price rather than list price. Discounting happens at the deal level, so realised price per seat captures pricing power that the published price schedule hides entirely. Realised pricing is disclosed indirectly but consistently. Revenue per account rose faster than seat count in each of the last five quarters, which only happens when discounting is narrowing. The position: long on Snowflake, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The main risk is that the cost programme lands late rather than never. Late still gets there, and a name trading on a margin story tends to re-rate on the delivery rather than on the timing.