Snowflake: the mix shift is now accretive rather than dilutive

The driver is gross margin arithmetic on the mix. Two revenue lines with different margins blend to a company number that moves purely with the weighting, so mix shift alone changes reported profitability without any operational improvement. The mix is now explicit. Cloud passed two thirds of revenue this quarter and management confirmed its gross margin is above the on-premise line, which reverses the sign on every remaining point of transition. 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. What breaks this is a re-acceleration in the weak cohort. Renewal behaviour has inflected before on a single product release, and one good release would invalidate the cohort argument entirely.