Snowflake Reports AI Products Now Drive Core Platform Growth
Snowflake Inc. said its AI tools are increasing usage of its main data platform. Shares rose more than 35 percent before regular trading after the company released first-quarter results.
thehindu.comSnowflake Inc. reported that its artificial-intelligence products are now increasing consumption on its core data platform. " The company’s shares rose more than 35 percent in premarket trading after the results were released.
Management highlighted Cortex Code, also called Cocoa, an AI-powered coding and workflow tool, as a key contributor to the growth. The company stated that AI is currently driving business activity rather than serving only as a future opportunity.
Investors have spent the past year assessing whether AI would raise enterprise software spending or reduce it through commoditization. Snowflake’s statements present the first of those outcomes as the one taking place.
Key Facts
Story Timeline
2 events- Earnings call
CEO stated AI is accelerating consumption on the core platform.
1 sourceBenzinga - After earnings release
Shares rose more than 35 percent in premarket trading.
1 sourceBenzinga
Potential Impact
- 01
Higher reported usage may lead Snowflake to adjust capacity planning for its cloud infrastructure.
- 02
Other data-platform vendors may face investor questions on similar AI-driven consumption trends.
Transparency Panel
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