Snowflake details next stage of AI data strategy as new CEO takes the helm – CIO Dive
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The retirement of Snowflake’s CEO and ascendance of its SVP of AI punctuates an AI-fueled data boom for the company.
Data-hungry LLMs gave cloud storage a welcome boost on the heels of an optimization push last year. Snowflake reaped the rewards.
Product revenue grew 33% year over year to $738.1 million during the three-month period ending Jan 31. The company closed out the fiscal year with nearly $2.7 billion in product revenue, a 38% increase year over year.
The gains were grounded in enterprise data needs.
“There’s no AI strategy without a data strategy,” Ramaswamy said Wednesday. “This has opened a massive opportunity for Snowflake.”
Ramaswamy led the launch of Cortex, which the company expects to make generally available in time for its Data Cloud Summit in June.
Snowflake’s AI/ML container services, currently in AWS public preview, is also due for full release in June, along with the Document AI natural language data extraction solution and an AI-enabled SQL copilot tool, EVP of Product Christian Kleinerman confirmed during the call.
“Document AI is about extracting structured information from unstructured documents like PDFs that every enterprise has boatloads of,” Ramaswamy said.
The copilot tool uses natural language processing to simplify database queries.
“The big unlock is being able to get at the structured data that is in Snowflake and have that be accessed by many, many more people,” said Ramaswamy.
As the company ramps up its AI production line, it plans to hire an additional 1,000 employees and pour approximately $50 million into GPU hardware, CFO Mike Scarpelli said.
“A lot of our expensive hiring is in the R&D area and it will continue to be more in the AI/ML space,” Scarpelli said, adding “these engineers are very expensive.”
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Using third-party generative AI products without the proper controls exposes existing security gaps, McKinsey and Company Partner Jan Shelly Brown said Tuesday at the MIT Sloan CIO Symposium.
“The pressure is on — this is no longer the experimental phase of the cloud,” Alistair Speirs, director of Azure global infrastructure, said.
Subscribe to CIO Dive for top news, trends & analysis
Get the free daily newsletter read by industry experts
Using third-party generative AI products without the proper controls exposes existing security gaps, McKinsey and Company Partner Jan Shelly Brown said Tuesday at the MIT Sloan CIO Symposium.
“The pressure is on — this is no longer the experimental phase of the cloud,” Alistair Speirs, director of Azure global infrastructure, said.
The free newsletter covering the top industry headlines
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
The retirement of Snowflake’s CEO and ascendance of its SVP of AI punctuates an AI-fueled data boom for the company.
Data-hungry LLMs gave cloud storage a welcome boost on the heels of an optimization push last year. Snowflake reaped the rewards.
Product revenue grew 33% year over year to $738.1 million during the three-month period ending Jan 31. The company closed out the fiscal year with nearly $2.7 billion in product revenue, a 38% increase year over year.
The gains were grounded in enterprise data needs.
“There’s no AI strategy without a data strategy,” Ramaswamy said Wednesday. “This has opened a massive opportunity for Snowflake.”
Ramaswamy led the launch of Cortex, which the company expects to make generally available in time for its Data Cloud Summit in June.
Snowflake’s AI/ML container services, currently in AWS public preview, is also due for full release in June, along with the Document AI natural language data extraction solution and an AI-enabled SQL copilot tool, EVP of Product Christian Kleinerman confirmed during the call.
“Document AI is about extracting structured information from unstructured documents like PDFs that every enterprise has boatloads of,” Ramaswamy said.
The copilot tool uses natural language processing to simplify database queries.
“The big unlock is being able to get at the structured data that is in Snowflake and have that be accessed by many, many more people,” said Ramaswamy.
As the company ramps up its AI production line, it plans to hire an additional 1,000 employees and pour approximately $50 million into GPU hardware, CFO Mike Scarpelli said.
“A lot of our expensive hiring is in the R&D area and it will continue to be more in the AI/ML space,” Scarpelli said, adding “these engineers are very expensive.”
Get the free daily newsletter read by industry experts
Using third-party generative AI products without the proper controls exposes existing security gaps, McKinsey and Company Partner Jan Shelly Brown said Tuesday at the MIT Sloan CIO Symposium.
“The pressure is on — this is no longer the experimental phase of the cloud,” Alistair Speirs, director of Azure global infrastructure, said.
Subscribe to CIO Dive for top news, trends & analysis
Get the free daily newsletter read by industry experts
Using third-party generative AI products without the proper controls exposes existing security gaps, McKinsey and Company Partner Jan Shelly Brown said Tuesday at the MIT Sloan CIO Symposium.
“The pressure is on — this is no longer the experimental phase of the cloud,” Alistair Speirs, director of Azure global infrastructure, said.
The free newsletter covering the top industry headlines
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
