Snowflake, a cloud data company, is accelerating spending on research and development as it builds tools that companies can use to test generative artificial intelligence in their businesses.
Snowflake offers a platform for storing, organizing and analyzing data across multiple cloud providers, including Amazon Web Services and Microsoft Azure. The Bozeman, Mont.-based company, which went public in 2020, grew rapidly during the pandemic as more companies migrated their data to the cloud storage from on-premise data warehouses. Revenue growth slowed earlier this year, however, amid a pullback in enterprise technology spending, but has since stabilized.
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