We recently published a list of 10 AI titles not to be missed. In this article, we’ll take a look at where Snowflake Inc. (NYSE: SNOW) stacks up to other must-watch AI stocks.
Sovereign AI: a new concept that is gaining ground in the field of artificial intelligence. As CNBC reports, tech giants are developing “sovereign” artificial intelligence models to strengthen their competitiveness. Last month, Denmark unveiled its own artificial intelligence supercomputer, becoming one of several sovereign AI initiatives capable of “codifying” a country’s culture, history and collective intelligence.
That said, many of today’s largest language models, such as OpenAI’s ChatGPT and Anthropic’s Claude, have U.S.-based data centers to store data and process requests from the cloud. Several European politicians and regulators are starting to worry, believing that dependence on American technology is harming their continent’s competitiveness and technological resilience.
Filippo Sanesi, global head of marketing and operations at OVHCloud, noted that the French cloud company is experiencing strong demand for its infrastructure located in Europe, as it “understands the benefit of having its data in Europe, which is submitted to European legislation. »
“As this concept of data sovereignty matures and people understand what it means, we see more and more companies understanding the importance of having your data locally and under jurisdiction and governance specific. We have a lot of data. This data is sovereign in specific countries, within the framework of specific regulations.
Although AI sovereignty is not yet a regulatory mandate, European countries are increasingly investing in AI technologies that reflect their own societal norms.
Recently, more than 3,000 companies from around the world participated in the Web Summit 2024 in Lisbon. The theme of Europe’s biggest tech event was artificial intelligence, with startups showcasing machines that can think and learn, and even solve many of the world’s problems, such as deforestation. One of these startups at the summit was Woodchat, an artificial intelligence system that identifies types of wood to combat the use of illegal timber.
“WoodChat is an artificial intelligence system that identifies types of wood, and it’s all done via WhatsApp. Our technology is a Meta verified API. In Brazil, our recognition system is used to complete forestry documents. The process helps loggers fill it out so the wood goes through the federal system with authorized certification.”
Other areas where interesting startups participated in the summit were robotics, finance and also air transportation.
In addition, OpenAI, an American research organization on artificial intelligence, is preparing to launch a new artificial intelligence operator named “Operator”, reports Bloomberg. The company is reportedly set to launch the tool as a research preview in January, allowing a computer to act on behalf of a human, such as writing code or booking travel. The planned release is part of a broader industry movement toward agents, AI software that can perform multi-step tasks for users with minimal oversight.
For this article, we selected AI stocks by looking through news articles, stock analyses, and press releases. These stocks are also popular among hedge funds.
Why are we interested in stocks that hedge funds are piling into? The reason is simple: our research has shown that we can outperform the market by imitating the stocks selected by the best hedge funds. Our quarterly newsletter strategy selects 14 small- and large-cap stocks each quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
Snowflake Inc (SNOW): New AI Innovations to Drive Business Decision Making
A software engineer at work, surrounded by a wall of computer screens connected to a “Data Cloud” platform.
Market capitalization: $41.40 billion
Snowflake Inc. (NYSE: SNOW) is an American cloud-based data storage company. The company is capitalizing on the AI boom because data warehouses are a critical part of making AI useful to businesses.
On November 12, Snowflake Inc. (NYSE: SNOW) announced the latest innovations that make it easier for businesses to develop and deploy artificial intelligence solutions. Announced at the BUILD 2024 conference, the updates will streamline the development of “trusted” applications for businesses, optimize natural language processing times, and accelerate machine learning using GPU-powered containers. These advancements are driven by the need for reliable and trustworthy AI which, in turn, leads to effective decision-making within organizations.
“For businesses, AI hallucinations are simply unacceptable. Today’s organizations need accurate and reliable AI to make effective decisions, and that starts with access to high-quality data from a variety of sources to power AI models. The latest innovations from Snowflake Cortex AI and Snowflake ML enable data teams and developers to accelerate the path to delivering trusted AI with their enterprise data, so they can build chatbots faster, improve the cost and performance of their AI initiatives and accelerate ML development. .
Overall, SNOW ranks 8th on our list of must-see AI titles. While we recognize the potential of SNOW as an investment, our conviction lies in the belief that certain AI stocks hold more promise in terms of higher returns and in a shorter time frame. If you’re looking for an AI stock that’s more promising than SNOW but is trading at less than 5x earnings, check out our report on cheapest AI stock.
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