Snowflake Inc. SNOW shares rose Tuesday as the cloud data company announced apps, a new large language model and new data container service during its Summit 2023 event in Las Vegas. Snowflake shares rose as much as 4.8% to an intraday high of $177.95 as Snowflake Chief Executive Frank Slootman delivered the conference keynote address Tuesday, and the company announced its Snowflake Native App Network, Document AI LLM, and Snowpark Container Services. The company said the apps are available now on Amazon.com Inc.’s AMZN Amazon Web Services, and on preview for Alphabet Inc.’s GOOGGOOGL Google Cloud Platform and Microsoft Corp.’s MSFT Azure cloud platforms. With Document AI, which came from the 2022 acquisition of Applica, Snowflake said users will be able to put their “unstructured data to work,” and with Snowpark Container Services, users will be able to unlock “broader infrastructure options such as accelerated computing with Nvidia NVDA GPUs and AI software,” along with an expanding software library for AI developers, the company said. Late Monday, Nvidia Chief Executive Jensen Huang joined Slootman in a “fireside chat” as the companies announced an AI partnership. Earlier Monday, Snowflake also announced a generative AI partnership with Microsoft.
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