Snowflake Raises Annual Forecast – AI Drives Growth to New Heights

Snowflake, a provider of a cloud-based data platform for analytics, storage, and the execution of AI workloads, presented robust growth in the third quarter. Product revenue rose by 29% to $1.16 billion, accompanied by a record of 615 new customers. CEO Sridhar Ramaswamy emphasized that Snowflake is "at the center of the current AI revolution," as AI already influenced half of all bookings signed during the quarter. Additionally, the company achieved its targeted AI revenue of $100 million a quarter earlier than planned. Partnerships and Platform...