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00:03Snowflake shares surged 36% on Thursday for their best single-day gain ever, according to CNBC.
00:09The company committed to spending $6 billion on compute from Amazon
00:13and beat Wall Street's fiscal first quarter adjusted earnings and revenue expectations.
00:19The company is expanding its use of Amazon's in-house chips for AI.
00:23Finance chief Brian Robbins said,
00:25AI tools such as CortexCode are driving a step-function change in AI revenue potential.
00:31Snowflake's results eased fears that AI tools would replace software as a service,
00:36calming a sell-off that had swept across the sector and into cybersecurity.
00:40The company added 616 net new customers in the quarter,
00:44a 38% year-over-year increase,
00:47and announced plans to acquire AI startup Natoma.
00:50For all things money, visit Benzinga.com.
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