Snowflake Stock Is Rising Today: What's Going On?

Snowflake Inc SNOW shares are trading higher Tuesday after the company announced a partnership with Nvidia Corp NVDA.

What Happened: At the Snowflake Summit 2023, Snowflake and Nvidia announced that they will partner to provide businesses with an accelerated path to create customized generative AI applications using their own proprietary data. 

The partnership aims to enable enterprises to use data within the Snowflake data cloud to make custom LLMs for advanced generative AI services.

"Snowflake's partnership with NVIDIA will bring high performance machine learning and artificial intelligence to our vast volumes of proprietary and structured enterprise data, a new frontier to bringing unprecedented insights, predictions and prescriptions to the global world of business," said Frank Slootman, chairman and CEO of Snowflake.

Related Link: Snowflake Unites With NVIDIA To Aid Organizations Creating AI Models With Own Data

The news comes after Snowflake announced a partnership with Microsoft Corp MSFT on Monday to enable new product integrations across AI.

The Snowflake Summit kicked off on Monday and will continue through Thursday. 

Following the partnership announcement, JMP Securities analyst Joe Goodwin reiterated Snowflake with a Market Outperform rating and maintained a $200 price target.

SNOW Price Action: Snowflake shares were up 2.83% at $174.64 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Snowflake.