Top 10 High Flying AI Stocks This Week

7. Snowflake Inc (NYSE:SNOW)

Number of Hedge Fund Holders: 71

Snowflake Inc (NYSE:SNOW) is a technology company that provides a cloud-based data platform. 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, share data and data products, and apply artificial intelligence (AI) to solve business problems. On January 16, Canto Fitzgerald reiterated an Overweight rating on the stock with a $201 price target.

Amid the rise of generative artificial intelligence, Snowflake Inc (NYSE:SNOW) has positioned itself for growth by inking strategic partnerships with Amazon, Microsoft, and Google to provoke data analytics and management software. It has also started integrating its technology into some of its hosted large language models. The moves are designed to cut down on the time and expense needed for artificial intelligence inferencing—the process of using trained models to produce outputs or make predictions based on fresh input data.

Snowflake Inc (NYSE:SNOW) has also introduced Swift, an optimization method for large languages. The method recycles information from earlier layers of an LLM to avoid repeating calculations of key-value caches for later layers. This increases the efficiency of the inference process.