Posted 1/14/2024, 3:47:00 PM
Snowflake Poised to Ride AI Boom with Data Cloud Platform Despite Lofty Valuation
- Global spending on public cloud services expected to increase 20% in 2024, driven partly by AI adoption
- Snowflake well-positioned to benefit from AI boom due to its data cloud platform
- Snowflake trades at a premium valuation but has potential for fast growth
- Snowflake rolling out new products like Snowpark and Streamlit to support AI development
- After a slowdown in 2023, Snowflake growth could reaccelerate in 2024 with help from AI demand