MongoDB (MDB) shares are having a moment. The stock surged more than 10% in after-hours trading Wednesday, and the reason isn't hard to find: Snowflake (SNOW) just delivered a quarter that investors loved, and MongoDB is along for the ride.

Snowflake beat estimates on both the top and bottom lines in its first quarter, reporting revenue of $1.39 billion against expectations of $1.32 billion and adjusted earnings per share of 39 cents versus the 32 cents analysts were looking for. The AI data cloud company also guided for second-quarter product revenue growth of 30%, with CEO Sridhar Ramaswamy pointing to AI as a "powerful tailwind."

"We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products," Ramaswamy said.

So why does this matter for MongoDB? Both companies operate in the data platform space, and their stocks often move together. When Snowflake reports strong results, it tends to lift the whole sector—and investors start betting that MongoDB's own earnings will follow a similar pattern. Snowflake described the first quarter as a "clear inflection point" for AI-related demand, which is exactly the kind of language that gets the market excited.

MongoDB is set to report its own first-quarter results after the market close on Thursday. Analysts are currently expecting revenue of $663.47 million and earnings of 89 cents per share, according to market data.

Analysts are feeling optimistic ahead of the print. On Wednesday, Canaccord Genuity analyst Kingsley Crane maintained a Buy rating on MongoDB and raised the price target from $375 to $400. Baird and Cantor Fitzgerald have also bumped up their price targets on MongoDB in recent weeks, signaling growing confidence heading into the report.

As of Wednesday's after-hours session, MongoDB shares were trading at $325.80, up 10.64% from the close. All eyes are now on Thursday's earnings call.