Snowflake Inc. (SNOW) saw a boost in shares after the company’s CEO, Frank Slootman, announced various new offerings at the Summit 2023 event in Las Vegas. The cloud data company revealed Snowflake Native App Network, Document AI LLM, and Snowpark Container Services.
New Offerings
Snowflake Native App Network
Snowflake Native App Network is a new offering that has just been made available on Amazon.com’s Amazon Web Services. It is also on preview for Alphabet Inc.’s Google Cloud Platform and Microsoft Corp.’s Azure cloud platforms.
Document AI LLM
With the 2022 acquisition of Applica, Snowflake was able to introduce the technology behind Document AI. This will allow users to use their unstructured data alongside structured data to provide novel insights.
Snowpark Container Services
Snowpark Container services will unlock broader infrastructure options for users. It will enable accelerated computing with Nvidia GPUs and AI software, leading to a software library expansion for AI developers.
Partnerships
On Monday, NVIDIA Chief Executive Jensen Huang joined Slootman in a fireside chat as the companies announce an AI partnership. The previous day, Snowflake also revealed their generative AI partnership with Microsoft.
Despite the pandemic, Snowflake has had a successful year so far. It co-led the charge in the public markets for technology IPOs in 2020, coming second to only Airbnb Inc. in size. Furthermore, it exceeded market expectations by posting revenue growth of 110% during its most recent earnings retreat.
Investors are excited to see what the future holds for Snowflake Inc. as it expands its business offerings and engages in strategic partnerships with other companies within the industry.
