Shares of Snowflake saw their largest percentage increase on record after the cloud data storage company posted better-than-expected product revenues and forged a new generative artificial-intelligence partnership.

Software stocks were outperforming semiconductor stocks after Snowflake and Nvidia reported earnings, highlighting what could be a trend in the months to come, according to one Mizuho analyst. “The combo of SNOW material beat and raise,

Snowflake shares jumped 20% in extended trading Wednesday after the data analytics software maker reported better-than-expected earnings and boosted its revenue outlook. Monitor these key chart levels.

The company's third-quarter numbers were stunning, as it nearly doubled its revenue from the prior year. However, its guidance wasn’t as strong as some analysts had expected.