Snowflake jumps on Palantir partnership announcement
Snowflake jumped after announcing a partnership deal with AI software and defense data company Palantir Technologies, in which Snowflake’s AI-focused data storage product — called “AI Data Cloud” — is integrated into Palantir’s Foundry and Artificial Intelligence Platform software.
Data storage and management has emerged as a popular market theme this year as an offshoot of the all-things-AI trade.
Providers of relatively cheap, hardware-based storage options like hard disk drives — such as Seagate Technology Holdings and Western Digital — have been some of the S&P 500’s top performers.
Data management software firms like Snowflake and Datadog have also picked up momentum recently. Snowflake has doubled over the last 12 months, while Datadog has seen a 27% gain.
RBC analysts spotlighted Snowflake in a note Wednesday, writing, “We continue to believe Snowflake is well-positioned as an AI beneficiary as organizations turn to the company to prepare their data for AI workloads.”
Providers of relatively cheap, hardware-based storage options like hard disk drives — such as Seagate Technology Holdings and Western Digital — have been some of the S&P 500’s top performers.
Data management software firms like Snowflake and Datadog have also picked up momentum recently. Snowflake has doubled over the last 12 months, while Datadog has seen a 27% gain.
RBC analysts spotlighted Snowflake in a note Wednesday, writing, “We continue to believe Snowflake is well-positioned as an AI beneficiary as organizations turn to the company to prepare their data for AI workloads.”
