Snowflake jumps as AWS deal, upbeat forecast lift lagging sentiment - BNN Bloomberg
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Article Excerpt
Snowflake shares surged 39 per cent premarket on Thursday after the company raised its annual revenue forecast and a US$6 billion deal with Amazon bolstered investor confidence that the data platform is emerging as a major beneficiary of the AI boom.
The five-year deal with Amazon Web Services provides Snowflake with a crucial supply of AWS’s Graviton chips at a time when compute capacity has been constrained due to a massive surge in AI usage.
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It also deepens the integration of Snowflake’s data storage, processing and analytics products a…
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