Shares of Snowflake Inc. (NYSE: SNOW) plunges 4.74% on Monday despite the company’s announcement of an expanded partnership with Microsoft Corporation (MSFT). The partnership aims to bring generative AI models and machine learning capabilities to the data cloud.
Snowflake revealed on Monday that it has formed a stronger alliance with Microsoft, allowing for new product integrations in areas such as AI, low code/no code application development, and data governance.
Chris Degnan, Chief Revenue Officer of Snowflake, emphasized the evolving nature of the partnership with Microsoft and its focus on improving collaboration to assist customers in embracing the next phase of generative AI.
He stated, “Snowflake’s partnership with Microsoft is evolving and focused on improving our field collaboration to help our customers enter the next wave of generative AI.”
The collaboration between Snowflake and Microsoft will enable joint customers to take advantage of the latest AI models and frameworks, thereby enhancing the productivity of developers. Integrations with Microsoft’s generative AI and LLM services will play a crucial role in achieving this goal.
The annual user conference of Snowflake, known as Snowflake Summit 2023, commenced today and will continue until June 29. Snowflake and Microsoft will be demonstrating the latest product integrations during breakout sessions at the conference.
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
