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Snowflake (SNOW) Partners With Microsoft for AI Integrations
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Snowflake (SNOW - Free Report) recently extended its partnership with Microsoft (MSFT - Free Report) to offer new product integrations for AI, low code/no code development and data governance. It will bring joint solutions to customers and enhance their go-to-market strategies.
The partnership focuses on improving field collaboration and helping customers use generative AI. Snowflake will integrate with Microsoft's generative AI and LLM services to enable customers to use the latest AI models and frameworks.
With this strategic expansion, Snowflake aims to focus on new product integrations with Azure ML, Azure OpenAI and Microsoft Cognitive Services. It intends to create seamless experiences for customers by integrating with Microsoft products such as Purview, Power Apps & Automate, Azure Data Factory and Power BI.
The combination of Snowflake's Data Cloud expertise and Microsoft's cloud technologies and AI capabilities will allow customers to manage, understand and govern their data and provide industry-leading AI solutions to data scientists and developers.
Strong Partnerships to Aid Snowflake’s Generative AI Prospects
Snowflake’s generative AI partnerships offer customers tools and platforms to leverage on the latest AI innovation and create custom AI and data models.
It announced strategic collaborations with enterprises like NVIDIA (NVDA - Free Report) and OpenAI that will help scale its data cloud ecosystem, achieve AI innovation goals and bolster top-line growth.
Snowflake’s partnership with NVIDIA allows customers to use Nvidia's NeMo platform for training and running generative AI models within the Snowflake Data Cloud. It also allows customers to access Nvidia's AI Enterprise software and GPU infrastructure.
The partnership with OpenAI facilitates SNOW’s customers to access and use OpenAI's generative AI models within the Snowflake Data Cloud. It enables customers to use Microsoft's Azure OpenAI Service, which provides cloud-based versions of OpenAI's machine learning models, including GPT-4.
Snowflake Faces Stiff Competition
Snowflake has been experiencing growing adoption of its data cloud, ML and AI solutions. However, it faces stiff competition from enterprises like Amazon (AMZN - Free Report) that provide cloud-based data management and analytics solutions.
Amazon’s cloud arm Amazon Web Services offers a range of cloud services, including data warehousing, data lake, data integration and machine learning. Earlier this month, Amazon announced the AWS Generative AI Innovation Center, a new program to help customers successfully build and deploy generative AI solutions.
Shares of Snowflake have gained 18.3% year to date, underperforming Amazon and the Zacks Computer and Technology sector. Shares of Amazon and the sector have increased 51.6% and 34.8% year to date, respectively.
Nevertheless, Snowflake continues to expand its portfolio with improved solutions to expand global footprint. It plans to continue investing in partner program to drive platform consumption and awareness, broaden distribution footprint and expand customer base.
The Zacks Consensus Estimate for fiscal second-quarter revenues is pegged at $661.93 million, indicating a 33.12% growth from the year-ago quarter’s reported figure.
The consensus mark for second-quarter earnings were unchanged at 8 cents per share in the past 30 days.
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Snowflake (SNOW) Partners With Microsoft for AI Integrations
Snowflake (SNOW - Free Report) recently extended its partnership with Microsoft (MSFT - Free Report) to offer new product integrations for AI, low code/no code development and data governance. It will bring joint solutions to customers and enhance their go-to-market strategies.
The partnership focuses on improving field collaboration and helping customers use generative AI. Snowflake will integrate with Microsoft's generative AI and LLM services to enable customers to use the latest AI models and frameworks.
With this strategic expansion, Snowflake aims to focus on new product integrations with Azure ML, Azure OpenAI and Microsoft Cognitive Services. It intends to create seamless experiences for customers by integrating with Microsoft products such as Purview, Power Apps & Automate, Azure Data Factory and Power BI.
The combination of Snowflake's Data Cloud expertise and Microsoft's cloud technologies and AI capabilities will allow customers to manage, understand and govern their data and provide industry-leading AI solutions to data scientists and developers.
Snowflake Inc. Price and Consensus
Snowflake Inc. price-consensus-chart | Snowflake Inc. Quote
Strong Partnerships to Aid Snowflake’s Generative AI Prospects
Snowflake’s generative AI partnerships offer customers tools and platforms to leverage on the latest AI innovation and create custom AI and data models.
It announced strategic collaborations with enterprises like NVIDIA (NVDA - Free Report) and OpenAI that will help scale its data cloud ecosystem, achieve AI innovation goals and bolster top-line growth.
Snowflake’s partnership with NVIDIA allows customers to use Nvidia's NeMo platform for training and running generative AI models within the Snowflake Data Cloud. It also allows customers to access Nvidia's AI Enterprise software and GPU infrastructure.
The partnership with OpenAI facilitates SNOW’s customers to access and use OpenAI's generative AI models within the Snowflake Data Cloud. It enables customers to use Microsoft's Azure OpenAI Service, which provides cloud-based versions of OpenAI's machine learning models, including GPT-4.
Snowflake Faces Stiff Competition
Snowflake has been experiencing growing adoption of its data cloud, ML and AI solutions. However, it faces stiff competition from enterprises like Amazon (AMZN - Free Report) that provide cloud-based data management and analytics solutions.
Amazon’s cloud arm Amazon Web Services offers a range of cloud services, including data warehousing, data lake, data integration and machine learning. Earlier this month, Amazon announced the AWS Generative AI Innovation Center, a new program to help customers successfully build and deploy generative AI solutions.
Shares of Snowflake have gained 18.3% year to date, underperforming Amazon and the Zacks Computer and Technology sector. Shares of Amazon and the sector have increased 51.6% and 34.8% year to date, respectively.
Nevertheless, Snowflake continues to expand its portfolio with improved solutions to expand global footprint. It plans to continue investing in partner program to drive platform consumption and awareness, broaden distribution footprint and expand customer base.
This Zacks Rank #3 (Hold) company’s fiscal second-quarter 2024 product revenues are pegged between $620 million and $625 million, indicating a year-over-year growth of 33-34%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for fiscal second-quarter revenues is pegged at $661.93 million, indicating a 33.12% growth from the year-ago quarter’s reported figure.
The consensus mark for second-quarter earnings were unchanged at 8 cents per share in the past 30 days.