Snowflake hosted a user conference and analyst day in Las Vegas in June 2022. Snowflake stock pulled off the largest initial public offering ever by a software company in September 2020. Snowflake aims to enable customers to access and distribute data across their business ecosystem, thereby accelerating business intelligence and advanced analytics. About 84% of Snowflake customers run cloud workloads on AWS. Snowflake and AWS currently have over 6,000 joint customers. The two companies will expand strategic initiatives by developing industry solutions, deepening product integrations, increasing sales collaboration, and expanding marketing strategies. Snowflake has committed $2.5 billion in spending on AWS over the next five years as part of the deal.

Both companies will contribute to stepped-up marketing. SNOW stock could get a boost from a recent multi-year expansion of its partnership with Amazon Web Services. But analysts still debate the valuation of Snowflake stock amid stellar, but decelerating, revenue growth. One of the software industry's most expensive stocks in 20, Snowflake's trading multiple is down significantly. Snowflake shares retreated more than 57% in 2022. In August 2022, Snowflake bought another AI startup, Applica. Investors included chipmaker Nvidia ( NVDA), one of the hottest AI stocks. In September, Databricks raised over $500 million at a $43 billion valuation. Rival Databricks in June acquired generative AI startup MosaicML for $1.3 billion. The company offers Snowflake Cortex, a new fully-managed service to provide access to large language models, AI models and vector search functionality. One question is whether consumption-based software stocks are back in favor. Snowflake's business model is consumption-based. That said, we expect the more material impact on results is likely to come in 2025 and beyond as the new products go into general availability.' 'As such, we believe Snowflake is well positioned given the large amount of customer data on their platform and new gen AI offerings that should help drive incremental workload utilization.

'We believe a comprehensive data strategy is a precursor to a gen AI strategy,' he said. A material boost from generative AI projects may wait until 2025, said RBC Capital analyst Matthew Hedberg in a report. Some analysts expect 2024 upside from the roll out of new products. Snowflake was recently featured in the New America section. Plus, learn how to read stock charts to spot buy and sell signals. Take a look at our stock trading system and exclusive stock lists. The Nasdaq composite jumped 43% amid buzz over generative artificial intelligence and AI stocks.

As of March 1, Snowflake still had $1.4 billion remaining in authorized buybacks. The board of directors authorized the repurchase of up to $2 billion of common stock in February 2023.

Moreover, Snowflake acquired artificial intelligence startup Neeva, where Ramaswamy was CEO, in 2023. Snowflake said a former top executive at Alphabet's ( GOOGL) Google, Sridhar Ramaswamy, will be its new CEO. The company announced its chief executive, Frank Slootman, will retire. Shares plunged after the software maker reported fourth quarter earnings that beat Wall Street targets but revenue guidance for fiscal 2025 came in well below expectations. The company is evolving into a cloud data management platform. Snowflake sells data analytics and management software that runs on the cloud computing platforms of ( AMZN), Microsoft ( MSFT) and Alphabet's ( GOOGL) Google. A slowdown in cloud computing growth has been one concern for SNOW stock. Think of Snowflake ( SNOW) as a proxy on the growth of cloud computing giants.

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