Snowflake, the AI Data Cloud company, has unveiled a suite of new innovations and enhancements to its Snowflake Cortex AI platform at the annual Snowflake Summit 2024. These advancements are set to revolutionize the way organizations harness the power of enterprise AI, making it more accessible, efficient, and trustworthy. With a focus on democratizing AI, Snowflake is empowering users across various industries to create AI-powered applications, including custom chat experiences, fine-tuned best-in-class models, and accelerated no-code AI development.
One of the key highlights of the announcement is the introduction of new chat experiences, which enable organizations to develop chatbots within minutes, allowing users to interact directly with their enterprise data and obtain answers quickly. Snowflake Cortex Analyst and Snowflake Cortex Search are two new chat capabilities that facilitate the development of chatbots against structured and unstructured data, without the complexity of traditional operational processes. Cortex Analyst, built with Meta's Llama 3 and Mistral Large models, enables businesses to securely build applications on top of their analytical data stored in Snowflake. Meanwhile, Cortex Search leverages state-of-the-art retrieval and ranking technology from Neeva, acquired by Snowflake in May 2023, alongside Snowflake Arctic embed, allowing users to build applications against documents and other text-based datasets through enterprise-grade hybrid search as a service.
Snowflake is also democratizing the customization of AI for specific industry use cases through the new Snowflake AI & ML Studio. This no-code interactive interface empowers users to kickstart AI development and productize their AI applications more rapidly. Additionally, users can easily test and evaluate a robust set of state-of-the-art models from leading providers, including Google, Meta, Mistral AI, and Reka, as well as Snowflake's top-tier open source LLM, Snowflake Arctic, to find the best and most cost-effective fit for their specific use cases. This approach accelerates the path to production while optimizing operating costs.
To further enhance LLM performance and deliver more personalized experiences, Snowflake is introducing Cortex Fine-Tuning, accessible through AI & ML Studio or a simple SQL function. This serverless customization is available for a subset of Meta and Mistral AI models, and the fine-tuned models can be easily used through a Cortex AI function, with access managed using Snowflake role-based access controls.
Snowflake ML brings MLOps capabilities to the AI Data Cloud, enabling teams to seamlessly discover, manage, and govern their features, models, and metadata across the entire ML lifecycle. These centralized MLOps capabilities integrate with the rest of Snowflake's platform, including Snowflake Notebooks and Snowpark ML, for a simple end-to-end experience. The Snowflake Model Registry (now generally available) allows users to govern the access and use of all types of AI models, while the Snowflake Feature Store (now public preview) provides an integrated solution for data scientists and ML engineers to create, store, manage, and serve consistent ML features for model training and inference. Additionally, ML Lineage (private preview) enables teams to trace the usage of features, datasets, and models across the end-to-end ML lifecycle.
Data security is paramount when building production-grade AI applications and chat experiences, and scaling them across enterprises. To address this, Snowflake is introducing Snowflake Cortex Guard (generally available soon), which leverages Meta's Llama Guard, an LLM-based input-output safeguard that filters and flags harmful content across organizational data and assets. With Cortex Guard, Snowflake is further unlocking trusted AI for enterprises, helping customers ensure that available models are safe and usable.
Snowflake's advancements in Cortex AI are part of a broader set of innovations announced at Snowflake Summit 2024. These include increased flexibility and interoperability across data, new tools for developers to build in the AI Data Cloud, a collaboration with NVIDIA for building customized AI data applications in Snowflake, and the Polaris Catalog, a vendor-neutral, fully open catalog implementation for Apache Iceberg.
As Baris Gultekin, Head of AI at Snowflake, states, "Snowflake is at the epicenter of enterprise AI, putting easy, efficient, and trusted AI in the hands of every user so they can solve their most complex business challenges, without compromising on security or governance. Our latest advancements to Snowflake Cortex AI remove the barriers to entry so all organizations can harness AI to build powerful AI applications at scale and unlock unique differentiation with their enterprise data in the AI Data Cloud."
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Snowflake stock is currently in a short-term downtrend, with the price making lower highs and lower lows in the recent trading sessions. However, the overall trend remains bullish, as the stock has been consistently making higher highs and higher lows over the past few months. The stock is trading above its 50-day and 200-day moving averages, which act as support levels and suggest a bullish trend. The MACD indicator has recently shown a bearish crossover, with the MACD line crossing below the signal line, indicating a potential selling opportunity in the short term. The stock has recently retraced to the 23.6% Fibonacci retracement level and is currently trading around this level, which acts as a key support area. If the stock breaks below the 23.6% Fibonacci level, the next support level is at the 38.2% retracement level ($235). Conversely, if the stock rebounds from the 23.6% level, the next resistance level is at the previous high ($255). The stock price is currently trading near the lower Bollinger Band, indicating that the stock may be oversold in the short term. A bounce from the lower Bollinger Band could signal a potential reversal in the stock's short-term downtrend, while a break below the lower band could suggest a continuation of the downward movement. Based on the technical analysis, Snowflake stock is experiencing a short-term downtrend within an overall bullish trend. The stock is trading above key moving averages, but the recent bearish crossover in the MACD indicator suggests a potential selling opportunity in the short term. Investors should monitor the key Fibonacci levels and Bollinger Bands for potential support and resistance areas. It is essential to consider other factors, such as market sentiment and company fundamentals, before making any investment decisions.
