Cloud-based data storage company Snowflake (SNOW) and Palantir Technologies (PLTR), a data analysis platform provider, have announced a new strategic partnership. Under this deal, Snowflake’s AI Data Cloud will be combined with Palantir Foundry and the Palantir Artificial Intelligence Platform (AIP).
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The companies aim to help commercial and public sector customers create faster, more trusted data pipelines, accelerate analytics, and open new levels of AI-driven decision-making.
The most important feature is that the integration enables zero-copy interoperability. This means users can access and analyze data across both platforms without duplicating it. This will help save time, reduce costs, and improve governance.
Eaton Leads the Way
Global power management company Eaton (ETN) is among the first to benefit from the partnership. As a customer of both Snowflake and Palantir, Eaton said the integration helped eliminate tedious data movement and speed up the development of AI-powered workflows.
Both companies are highly optimistic about the deal. Snowflake’s Chief Revenue Officer Mike Gannon called the deal a “natural fit, aimed at reducing friction for customers to more easily deploy intelligent apps and accelerate time to value.”
Is Snowflake a Good Stock to Buy?
Turning to Wall Street, SNOW stock has a Strong Buy consensus rating based on 32 Buys and three Holds assigned in the last three months. At $266.66, the average Snowflake stock price target implies a 10.04% upside potential.
Is Palantir a Strong Buy?
On TipRanks, Palantir stock has a Hold consensus rating based on four Buys, 13 Holds, and two Sells assigned over the past three months. Also, the average PLTR price target of $157.65 suggests a 12.59% upside potential.
