Snowflake is trading at $323.45, down 4.09%, after announcing a proposed $3.5 billion private placement of zero-coupon convertible senior notes. - The offering includes $1.3 billion due 2029 and $2.2 billion due 2031. - The notes may be settled partly in shares, raising dilution concerns; proceeds are intended to fund capped calls and repurchase some existing convertible notes. - A September 27 Form 144 proposed insider sale added pressure; broad risk-off trading in technology stocks was an additional headwind.