Raymond James keeps an Outperform rating on Snowflake (SNOW) after the company announced a $200M multi-year partnership with OpenAI. Snowflake users can now directly access OpenAI models within Snowflake versus previously accessing OpenAI models via Azure OpenAI Services, the analyst tells investors in a research note. The firm believes the pact supports its view that large language model providers will ultimately need to partner in order to penetrate the enterprise. Snowflake’s AI portfolio is currently running at $100M annualized, and this “native choice with ease of use” should drive further AI consumption, the analyst tells investors in a research note.
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