Stay Ahead: 9 Key AI News Updates You Need to See

4. Snowflake Inc (NYSE:SNOW)

Number of Hedge Fund Holders: 71

Snowflake Inc (NYSE:SNOW) provides a cloud-based data platform for various organizations. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products. On January 30th, reports emerged indicating that the company plans to acquire startup Redpanda as it looks to strengthen its data analysis offerings amid the artificial intelligence revolution.

The deal comes as Snowflake Inc (NYSE:SNOW) has benefited from the artificial intelligence sector’s increased demand for cloud services over the previous two years. The company recently partnered with Anthropic, an AI company, to expand its cloud services. It’s also developing AI agents, programs that can carry out repetitive tasks on their own, as part of its AI offerings, much like other major technology companies like Microsoft Corporation and Salesforce.

Similarly, on January 28th, Snowflake Inc (NYSE:SNOW) confirmed signing a strategic partnership with Alloy.ai, a leading data integration and retail analytics solutions provider. The two companies are coming together to make it easier for customers to make business decisions and drive innovations. It will also allow consumer brands to connect to the alloy.ai marketplace of over 350 retailer data integrations.