SNOW - Could Snowflake Be the Next Nvidia?
2023-09-18 09:00:00 ET
After Nvidia 's stellar performance this year (it's up over 200%), many investors are looking for other stocks that could duplicate its performance. Specifically, many believe this next big-time winner may come from a company associated with artificial intelligence (AI), just like Nvidia.
One company that some point to is Snowflake (NYSE: SNOW) , as its data cloud software is incredibly useful for developing AI models. But does Snowflake have the same level of upside as Nvidia? Let's take a look.
Snowflake's software is designed to help its clients handle large datasets. Whether that data is structured, semi-structured, or unstructured, Snowflake helps optimize and store it across the client's cloud provider. Additionally, it can seamlessly migrate this data to another cloud provider if the client wants to switch. This is incredibly useful in its own right. Otherwise, cloud providers would be able to lock users into unreasonable contracts.
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Could Snowflake Be the Next Nvidia?