Snowflake rises as it announces Nvidia partnership for generative AI apps
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Snowflake (NYSE:SNOW) shares rose nearly 2% in early trading on Tuesday after the company announced a partnership with Nvidia (NASDAQ:NVDA) to collaborate on building generative AI apps in Snowflake's data cloud.
The deal, announced at Snowflake's (SNOW) Summit 2023 conference late on Monday, will allow Snowflake's (SNOW) customers build AI models using their own data by integrating NVIDIA NeMo, Nvidia's cloud-based end-to-end cloud-native enterprise framework into Snowflake's data cloud.
"Snowflakeâs 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, Snowflake, in a statement.
Nvidia CEO Jensen Huang said the partnership will "create an AI factory" that lets other businesses create custom generative AI models right from the cloud they use to run their businesses.
Nvidia (NVDA) shares were up around 0.7% in pre-market trading.
No financial details of the partnership were disclosed, but Huang told Reuters that the company would sell more GPUs and would be able to charge customers for using Nvidia AI Enterprise.
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