Snowflake Teams Up With Nvidia to Enhance AI Offerings
Snowflake (SNOW:US), a data cloud company based in Montana, announced today it has partnered with chip titan Nvidia (NVDA:US) to further enhance its product offerings related to artificial intelligence (AI), machine learning (ML), and data analytics.
Snowflake CEO Frank Slootman hosted Nvidia CEO for a fireside chat during Snowflake’s Investor Day “Summit 2023.” Two executives discussed the recent generative AI trends and unveiled a new partnership, which is aimed at allowing Snowflake’s customers to develop customized generative AI applications using their own proprietary data.
“Snowflake’s partnership with NVIDIA will bring high-performance machine learning and artificial intelligence to our vast volumes of proprietary and structured enterprise data, a new frontier to bringing unprecedented insights, predictions and prescriptions to the global world of business,” said Frank Slootman, chairman and CEO of Snowflake.
The partnership was announced just a few hours after Snowflake further expanded its cooperation with Microsoft (MSFT:US). As a part of the new agreement, Snowflake will increase its Azure spending while Microsoft will help the data cloud company to integrate its products with Azure OpenAI, Azure ML (Machine Learning), etc.
“Our integrations with Microsoft’s generative AI and LLM services will enable joint customers to leverage the latest AI models and frameworks, enhancing the productivity of developers,” added Chris Degnan, Chief Revenue Officer.
New AI-focused collaborations come as Snowflake shares continue to struggle, underperforming Nasdaq year-to-date by about 320 basis points (+24.2% vs +27.4%, respectively).
Congress members Daniel Goldman and Ro Khanna were mostly selling SNOW shares at the end of 2022 after the stock fell about 70% from its November 2021 record high.
