Shares of Snowflake were down more than 11% Thursday, a day after the cloud company’s blockbuster market debut. 

Share prices closed Wednesday up more than 111%, giving Snowflake a $70.4 billion valuation at the end of trading. The company’s market cap dropped in morning trading to about $65 billion. 

Thursday’s slide comes amid a broader decline among tech stocks.

“A stock is worth exactly what somebody wants to pay for it,” CEO Frank Slootman told CNBC just after the shares began trading Wednesday. “It’s like talking about the weather — it is what it is. Tomorrow’s another day, we’ll see what it brings.”

Snowflake raised more $3 billion based on its opening price, the most ever for a software company. The stock trades under the symbol SNOW.

Snowflake is growing alongside the major public cloud vendors by providing technology that allows clients, including McKesson and DoorDash, to quickly analyze and share vast amounts of data and increase capacity as needed, rather than relying on databases that are tied to hardware. 

However, the company faces a risk in its relationship with Amazon: It relies on Amazon Web Services (AWS) to run a large part of its infrastructure, and has committed to spending $1.2 billion on technology from AWS over the next five years. At the same time, AWS has a competing service, Redshift, in which it’s been investing heavily for the last few years.

— CNBC’s Jordan Novet contributed to this report.

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