Snowflake Inc. (NYSE:SNOW) just put up one for the record books. The data cloud giant rocketed 87.3% in May, from an April 30 close of $136.47 to a May 29 finish of $255.55, its best single-month performance in company history. 

SNOW stock is moving. See the chart and price action here.

That kind of move doesn’t happen quietly. It happens with a short squeeze attached.

The ignition point was earnings. On May 28, SNOW blasted 36.5% higher in a single session after reporting results that vaporized every bearish thesis bears had built around slowing enterprise software spend. 

The stock went from $175.26 to $239.20 overnight. Short sellers who had been betting on continued SaaS malaise were suddenly staring at a margin call.

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