Snowflake announces partnership with Nvidia to develop enterprise AI

Cloud data platform Snowflake has announced an expanded partnership with Nvidia to help enterprise customers create bespoke, use-case-specific AI applications.

The partnership was announced June 3 at Snowflake Summit 2024 by CEO Sridhar Ramaswamy and Nvidia Founder and CEO Jensen Huang, and will see Nvidia’s enterprise AI software integrated with Snowflake’s Cortex AI LLM.

Combining Nvidia’s comprehensive accelerated computing and software with Snowflake’s Cortex AI LLM will enable customers across industries and skill levels to create custom AI applications based on their enterprise data with ease, efficiency and confidence, according to Ramaswamy.

This announcement continues an existing collaboration between Snowflake and Nvidia to provide a single, unified AI infrastructure and compute platform in the AI data cloud.

Snowflake’s mission to enable businesses to build foundational models aligns with AI market trends. According to a 2024 forecast from research and analytics firm GlobalData, organizations will increasingly use smaller, more vertically focused and domain-specific models.

Small language models (SLMs) have several advantages over LLMs, including cost savings and the ability to address privacy concerns, according to GlobalData’s topical briefing on AI.

By using self-hosted or smaller models, businesses will be able to train the models on their own data, increasing accuracy and relevance, while increasing efficiency and creating cost savings. In fact, some tasks, including code generation and customer service applications, are particularly suited to SLM.

Speaking to an audience at Snowflake Summit 2024, Huang highlighted a paradigm shift in how data is processed, made possible by the collaboration between Snowflake and Nvidia.

Business data processing is becoming increasingly complex as volumes increase exponentially. Bringing high-performance computing to data rather than moving data to computing access points saves time and money, according to Huang, who called the change “profound.” AI development is moving so quickly that “time to market is everything,” he added.

GlobalData predicts that the overall AI market will be worth $909 billion by 2030, after experiencing a compound annual growth rate (CAGR) of 35% between 2022 and 2030. In the generative AI space, revenues are expected grow from $1.8 billion in 2022. to $33 billion in 2027 with a CAGR of 80%.

“Snowflake Announces Partnership with Nvidia to Develop Enterprise AI” was originally created and published by Verdict, a brand owned by GlobalData.

The information on this website has been included in good faith for general information purposes only. It is not intended to constitute advice on which you should rely, and we make no representations, warranties, express or implied as to its accuracy or completeness. You should obtain professional or specialist advice before taking or refraining from any action on the basis of the content on our site.