Snowflake surges 36% for best day ever on AI frenzy, fueling software rally
Software stocks popped on Thursday after Snowflake said it plans to spend $6 billion on compute from Amazon and topped earnings estimates on artificial intelligence momentum.Shares of the software maker closed 36% higher for its best day ever. The company is expanding its use of Amazon's in-house chips for AI.Along with the announcement, Snowflake topped Wall Street's fiscal first quarter adjusted earnings per share and revenue expectations.Finance chief Brian Robins told analysts on Wednesday t...
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