Announcement kicks off Snowflake’s Summit 2023 event in Las Vegas this week
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 Snowflake’s SNOW, -4.72% Summit 2023 in Las Vegas this week.
Microsoft MSFT, -1.92%, 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 Microsoft’s data scientists to “build new integrations between the Data Cloud and Azure ML, and leverage integrations with Azure OpenAI and Microsoft Cognitive Services.”
The cloud-based data-management company’s Data Cloud platform allows businesses to access their data from multiple sources and silos.
Microsoft shares are up 38% year to date, and Snowflake’s are up 20%.
Meanwhile, the Dow Jones Industrial Average DJIA, -0.04%, which counts Microsoft among its 30 components, is up 1.5%, the S&P 500 SPX, -0.45% has advanced 13% and the tech-heavy Nasdaq Composite COMP, -1.16% is up 28%.
Year to date, the iShares Expanded Tech-Software Sector exchange-traded fund IGV, -0.85% is up 31% and the First Trust Cloud Computing ETF SKYY, -0.84% is up 28%.