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NVIDIA (NVDA) & Snowflake Partner to Offer Generative AI Tool
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NVIDIA Corporation (NVDA - Free Report) and Snowflake Inc. (SNOW - Free Report) have partnered to help organizations harness their data to create their own generative artificial intelligence (AI) assistant. The AI computing company and the data analytics company announced their partnership at the Snowflake Summit 2023 on Monday.
Under the partnership, NVIDIA’s NeMo platform, which is used for developing large language models (LLMs), will be integrated with Snowflake Data Cloud. The integration will enable the data analytics company’s customers to make custom LLMs for advanced generative AI services, including chatbots, search and summarization.
Additionally, NVIDIA will provide the necessary infrastructure, including graphics processing units (GPUs), which will help enterprises train their generative AI models. The partnership will enable more than 8,000 Snowflake Data Cloud customers across industries, including financial institutions, healthcare, media, manufacturing, telecom and retail, to build a custom generative AI assistant.
Though AI has been around for years, the meteoric rise of OpenAI’s ChatGPT has captivated the world’s attention on the power of generative AI to augment human capability, suggesting that the AI boom may just get started.
Generative AI is a type of AI technology that can produce various types of content, including text, imagery, audio and synthetic data. It is driven by LLMs, which means it uses a lot of data to understand and generate conversations.
The growing demand to modernize the workflow across industries is expected to drive the demand for generative AI applications. The global generative AI market size is anticipated to reach $109.37 billion by 2030, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 35.6% from 2023 to 2030.
The adoption of ChatGPT among enterprises has already proven generative AI technology’s usefulness across multiple industries, including marketing, advertising, customer service, education, content creation, healthcare, automotive, energy & utilities and video game development.
NVIDIA’s next-generation chips with high computing power can be the top choice for enterprises. The company’s CEO, Jensen Huang, already stated during the first-quarter fiscal 2024 earnings conference call that existing data centers are insufficiently equipped to handle growing AI workloads.
NVIDIA’s GPUs are already being applied in AI models, which is expanding its footprint in untapped markets like automotive, healthcare and manufacturing. The generative AI revolution is likely to create huge demand for its next-generation high computing powerful chips. NVIDIA expects its second-quarter fiscal 2024 revenues to reach $11 billion from $6.7 billion in the year-ago quarter, largely driven by surging AI investments across the data center end market.
Software Companies Integrating Generative AI
The proven success of generative AI has sparked competition among software makers, including Salesforce (CRM - Free Report) and Adobe (ADBE - Free Report) , to integrate the technology into their products. However, generative AI requires vast knowledge to create content and needs huge computational power. Therefore, enterprises looking to create generative AI-based applications will require to upgrade their existing network infrastructure.
Salesforce forayed into the generative AI space with the launch of Einstein GPT in March 2023. Earlier this month, the company elevated the set of its generative AI tools with the launch of the AI Cloud service. With this, the company claims to offer one-stop AI-powered solutions for enterprises looking to enhance productivity.
Salesforce’s newly launched AI Cloud is a suite of services that delivers enterprise-ready real-time, open and secure generative experiences across all applications and workflows. The suite will power new capabilities across Salesforce’s products, including Einstein service, data analysis software Tableau and workplace-messaging app, Slack.
The digital media solution provider, Adobe, aggressively expanded its footprint in the generative AI space through partnerships and new solutions. Adobe has unveiled a family of generative AI models, Firefly, focused on the generation of texts and images.
Per Adobe, Firefly will offer more precision, speed, power and ease in content creation. It will let users of various experience levels create high-quality images and stunning text effects.
At present, Salesforce sports a Zacks Rank #1 (Strong Buy), while NVIDIA has a Zacks Rank #2 (Buy). Adobe and Snowflake each carry a Zacks Rank #3 (Hold). Shares of CRM, NVDA, ADBE and SNOW have rallied 56.4%, 178%, 42.4% and 18.3%, respectively, year to date. You can see the complete list of today's Zacks #1 Rank stocks here.
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NVIDIA (NVDA) & Snowflake Partner to Offer Generative AI Tool
NVIDIA Corporation (NVDA - Free Report) and Snowflake Inc. (SNOW - Free Report) have partnered to help organizations harness their data to create their own generative artificial intelligence (AI) assistant. The AI computing company and the data analytics company announced their partnership at the Snowflake Summit 2023 on Monday.
Under the partnership, NVIDIA’s NeMo platform, which is used for developing large language models (LLMs), will be integrated with Snowflake Data Cloud. The integration will enable the data analytics company’s customers to make custom LLMs for advanced generative AI services, including chatbots, search and summarization.
Additionally, NVIDIA will provide the necessary infrastructure, including graphics processing units (GPUs), which will help enterprises train their generative AI models. The partnership will enable more than 8,000 Snowflake Data Cloud customers across industries, including financial institutions, healthcare, media, manufacturing, telecom and retail, to build a custom generative AI assistant.
NVIDIA Corporation Price and Consensus
NVIDIA Corporation price-consensus-chart | NVIDIA Corporation Quote
NVIDIA Focuses on Capitalizing Generative AI Boom
Though AI has been around for years, the meteoric rise of OpenAI’s ChatGPT has captivated the world’s attention on the power of generative AI to augment human capability, suggesting that the AI boom may just get started.
Generative AI is a type of AI technology that can produce various types of content, including text, imagery, audio and synthetic data. It is driven by LLMs, which means it uses a lot of data to understand and generate conversations.
The growing demand to modernize the workflow across industries is expected to drive the demand for generative AI applications. The global generative AI market size is anticipated to reach $109.37 billion by 2030, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 35.6% from 2023 to 2030.
The adoption of ChatGPT among enterprises has already proven generative AI technology’s usefulness across multiple industries, including marketing, advertising, customer service, education, content creation, healthcare, automotive, energy & utilities and video game development.
NVIDIA’s next-generation chips with high computing power can be the top choice for enterprises. The company’s CEO, Jensen Huang, already stated during the first-quarter fiscal 2024 earnings conference call that existing data centers are insufficiently equipped to handle growing AI workloads.
NVIDIA’s GPUs are already being applied in AI models, which is expanding its footprint in untapped markets like automotive, healthcare and manufacturing. The generative AI revolution is likely to create huge demand for its next-generation high computing powerful chips. NVIDIA expects its second-quarter fiscal 2024 revenues to reach $11 billion from $6.7 billion in the year-ago quarter, largely driven by surging AI investments across the data center end market.
Software Companies Integrating Generative AI
The proven success of generative AI has sparked competition among software makers, including Salesforce (CRM - Free Report) and Adobe (ADBE - Free Report) , to integrate the technology into their products. However, generative AI requires vast knowledge to create content and needs huge computational power. Therefore, enterprises looking to create generative AI-based applications will require to upgrade their existing network infrastructure.
Salesforce forayed into the generative AI space with the launch of Einstein GPT in March 2023. Earlier this month, the company elevated the set of its generative AI tools with the launch of the AI Cloud service. With this, the company claims to offer one-stop AI-powered solutions for enterprises looking to enhance productivity.
Salesforce’s newly launched AI Cloud is a suite of services that delivers enterprise-ready real-time, open and secure generative experiences across all applications and workflows. The suite will power new capabilities across Salesforce’s products, including Einstein service, data analysis software Tableau and workplace-messaging app, Slack.
The digital media solution provider, Adobe, aggressively expanded its footprint in the generative AI space through partnerships and new solutions. Adobe has unveiled a family of generative AI models, Firefly, focused on the generation of texts and images.
Per Adobe, Firefly will offer more precision, speed, power and ease in content creation. It will let users of various experience levels create high-quality images and stunning text effects.
At present, Salesforce sports a Zacks Rank #1 (Strong Buy), while NVIDIA has a Zacks Rank #2 (Buy). Adobe and Snowflake each carry a Zacks Rank #3 (Hold). Shares of CRM, NVDA, ADBE and SNOW have rallied 56.4%, 178%, 42.4% and 18.3%, respectively, year to date. You can see the complete list of today's Zacks #1 Rank stocks here.