Shares of Snowflake soared 35% Thursday, marking its best day ever, after the company announced a $6 billion investment in compute capacity from Amazon and exceeded Wall Street earnings estimates.
The company is increasing its use of Amazon’s in house chips to support AI initiatives.
Additionally, Snowflake reported better than expected fiscal first quarter adjusted earnings per share and revenue.
CFO Brian Robins highlighted that AI tools like Cortex Code are creating a “step change” in revenue potential, noting that AI is transforming internal operations by boosting productivity through reduced hiring and increased cloud spending.
The company also raised its outlook, citing growing momentum for its AI powered offerings, including Snowflake Intelligence and Cortex Code.
Source (CNBC)
