Nvidia (NASDAQ:NVDA) stock is on the move Tuesday after the company announced a partnership with Snowflake (NYSE:SNOW) to develop custom AI models.
That partnership will allow Snowflake’s customers, of which there are more than 8,000, to create their own custom generative AI assistants. This will let them create chatbots that pull from the large amounts of data they have collected.
Nvidia’s role in this partnership is to provide Snowflake with the based toolkit NeMO, as well as infrastructure including graphics cards, to train the AI. Snowflake benefits from offering its customers chatbots that are able to answer specific questions about their business.
Jensen Huang, CEO of Nvidia, said the following about the partnership with Snowflake in a statement to Reuters.
“In the old days, in small data computing, you moved data to the computer. But when you have giant amounts of data like Snowflake does, and the pile of proprietary data … data that’s so valuable to a company, then you move the compute to the data.”
What This Means For NVDA Stock
Today’s news is another win for Nvidia as it continues to lead the trend of growing AI stocks. AI has become a hot topic among traders and analysts expecting major advancements and adoption in the coming years. With this deal, NVDA is further securing its position in the space.
NVDA stock is up almost 1% and SNOW stock is up 2.7% as of Tuesday morning.
Investors seeking more of the most recent stock market news will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
