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Snowflake Inc. said Monday that it was expanding its partnership with Microsoft Corp. to bring generative AI to its Data Cloud product.
The announcement kicked off Snowflakeโs
SNOW,
Summit 2023 in Las Vegas this week.
Microsoft
MSFT,
which also operates its own public cloud service, Azure, has invested billions of dollars in OpenAI, the company behind the generative-AI ChatGPT, which took artificial intelligence mainstream this year.
In a statement, Snowflake said the expansion allows its own and Microsoftโs data scientists to โbuild new integrations between the Data Cloud and Azure ML, and leverage integrations with Azure OpenAI and Microsoft Cognitive Services.โ
Also read: Snowflakeโs stock advances toward best winning streak in 19 months
The cloud-based data-management companyโs Data Cloud platform allows businesses to access their data from multiple sources and silos.
From May: Snowflake stock catches another downgrade: โThe growth outlook is very differentโ now
Microsoft shares are up 38% year to date, and Snowflakeโs are up 20%.
Meanwhile, the Dow Jones Industrial Average
DJIA,
which counts Microsoft among its 30 components, is up 1.5%, the S&P 500
SPX,
has advanced 13% and the tech-heavy Nasdaq Composite
COMP,
is up 28%.
Read: Microsoft tells judge in FTC hearing โthis will decideโ fate of Activision deal
Year to date, the iShares Expanded Tech-Software Sector exchange-traded fund
IGV,
is up 31% and the First Trust Cloud Computing ETF
SKYY,
is up 28%.
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