Snowflake technological unicorn seduced Warren Buffet, grows 111% on the first trading day after the largest initial public offering in the US - Snowflake, the technology unicorn backed by Warren Buffet, raised 3.400 million dollars (2.830 million euros) this Wednesday after its IPO, which represents the largest OPV of a software company in history.
The cloud data company announced on Tuesday that it would sell 28 million shares at $ 120 each, which represents a valuation of 25,269 million euros today. The firm, which in February was valued at 12.400 million dollars and that counts among its investors the billionaire Warren Buffett, has become one of the major protagonists of Wednesday's day on the New York Stock Exchange, where it has begun to quote under the symbol SNOW.
The expected OPV of the San Mateo-based company managed to generate the enthusiasm of Buffett, historically far from technological actions. In this case, the investor agreed to endow the company with more than 550 million dollars once it went public.
According to Renaissance Capital, the departure of Snowflake has been the largest initial public offering of a software company and the largest overall since Uber raised $ 8.1 billion in May 2019.
Snowflake went to the parquet at $ 120 a share, well above the planned range of $ 100 to $ 110. The initial stock price had been revised several times higher from the initial $ 75 to $ 85 prior to Wednesday's IPO.
The company listed on the New York Stock Exchange with the symbol (SNOW) had a strong demand in the initial minutes that led the stock to exceed $ 300, an improvement of 165%. The stock price stopped shortly after the opening due to high volatility.
At the close of the session the price of Snowflake shares retraced and closed the day to 253 dollars, representing a gain of 111%.
Snowflake technological unicorn seduced Warren Buffet
Snowflake has emerged this year as one of the strongest players in cloud data storage, mainly because the pandemic forced millions of people to work remotely and fueled the trend of networking on web-based platforms.
The company apparently sought to achieve a valuation of $ 20 billion, a goal that it has far exceeded. In total, Snowflake has raised $ 1.4 billion from investors such as Sequoia and Iconiq Capital.
In principle, the company estimates that it has about 3,100 customers, including 56 large ones who have paid at least one million dollars annually for their services. Constellation Research Analyst Ray Wang said his IPO would be "the big hit of 2020."
This week there will be other major IPOs on the U.S. parquet, including Unity, a video game software firm that is expected to raise $ 950 million, and Sumo Logic, a data software platform that could raise about $ 280 million.
End of Snowflake technological unicorn seduced Warren Buffet
RadarCOVID dodges a bug that would have left the app unusable on the iPhone: several developers ask for changes to continue to help detect bugs
It's only been a week since the Secretary of State for digitalization and Artificial Intelligence released the RadarCOVID code. Thanks to this, a first scare has been avoided.
In computer slang, "releasing" code involves publicly teaching how the operation and development of a computer program has been written. In this case, the National application that helps to track contacts and prevent contagion and regrowth of coronavirus: RadarCOVID.
The shock in particular was how the new update RadarCOVID, which left the application in its version 1.0.6, modified a line of code to make the app communicate with a server obsolete with the tests are being performed, and not with the official server, configured to store the data of the contacts between positive COVID-19.
The first notice was given by a user of GitHub, the platform on which the Executive released the app code last week. Just 3 hours later, one of the developers of the program warned that the problem had already been fixed and sent an urgent update to the Apple App Store, so that iPhone users did not have any major problems.
Your app will work correctly on iPhone if it is in version 1.0.7.
This error would have left the app unusable for iPhone users; something fatal, since the contagions can be given at any time and the application has already been downloaded by more than 3 million users, according to the State Secretariat of digitalization and Artificial Intelligence, the public body responsible for the platform.
The development and launch of the Spanish contact tracking app has always been controversial. In May, Apple and Google confirmed the launch of a compatibility protocol authorizing public authorities in each country to develop an application for users to track each other using a low-power Bluetooth system.
The premise is that if you cross the street with someone, your phone and yours will share a series of encrypted codes. If that" someone " ends up communicating on the app having tested positive for COVID-19 and you were close to him less than a meter and a half away for more than fifteen minutes, you will receive an alert on your phone that you may be exposed to a contagion.
The app is not yet integrated in all the autonomous communities. Madrid already has the platform, however they have not yet started to take advantage of it —it depends on the autonomous health systems deliver passwords with which users will be able to communicate in the app that they have been infected with coronavirus—.
The 'scare' has been avoided thanks to the collaboration of the Spanish developer community, who are selflessly sharing suggestions and proposals to improve and strengthen the tracking app.
However, several of these experts have shared their impressions on social networks and some have shown disappointment in seeing how the government has shared the code: suddenly-so you can not study how the development went step by step - and using mirror repositories.
When you develop an application, the code with which you write the application is organized by repositories. The code released from RadarCOVID is uploaded in repositories that are not, so to speak, the 'real'ones.
The' real ' repositories are still hidden, and the authors of RadarCOVID work on them in their updates.
This has been discovered by several developers as some of their suggestions included in the new app updates include minor bugs that reveal that these have been done manually, not automatically.
The government has published the app code, but has hidden the real repositories that are being worked on. This generates conflicting opinions among several developers.
Sergio Carrasco is a legal and technical consultant in Phase Consulting. He explains that the fact that the published repositories are not the same ones the government is working on "is something that has been criticized" since the code was released a week ago.
"The idea that the development is public and the code is accessible is that there is a match between the code that is seen and that is being contributed, with the version that will later be available on the platforms," he details. "Also, since the repository owner can approve Pull Requests, there is no reason to have them separate."
In Carrasco's view, this creates an " appearance of distrust "in the community and"perception is negative". "In the end you can't verify that the code you're seeing is the one being used in the app." The explanation that this expert has for this way of proceeding is "lack of practice". "You're not so used to developing open source apps and making repositories accessible." In this case, the RadarCOVID app has been developed by the Spanish multinational Indra for a contract of more than 300,000 euros. "I imagine that the company will work with its own repositories on the one hand and the government will be passing the new versions to the public repositories."
"All this should have been specified when making the contract," he maintains.
Marta Beltrán, coordinator of the degree in cybersecurity engineering and director of the Master of cybersecurity and privacy at the Rey Juan Carlos university, does not think so. Beltran signed a manifesto signed by academics and experts who encouraged to introduce "a series of guidelines in software developments intended to serve the public." "These guidelines describe elements essential to implement open processes that allow society to participate in the integration of new technologies in administration developed with public money."
"The manifesto did not talk about opening the code specifically," Beltran herself notes. "People have focused a lot on the app code, which is something that worries me to a certain extent. No one is thinking about protocols, cryptography or the integration of the 17 autonomous health systems with the platform. This integration may be the critical part of the app, because regional services do handle essential or critical information."