Snowflake beats Q1 earnings estimates, announces $6 billion AWS cloud and AI chip deal
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by Mike Wheatley
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· 2 sourcesSnowflake beat Q1 earnings estimates and announced a $6 billion, five-year spending commitment with Amazon Web Services (AWS) that includes a deal to use AWS's custom AI chips, causing its stock to surge in after-hours trading. TechCrunch reported that the agreement is nearly as large as the total $7 billion Snowflake has generated through AWS Marketplace since its founding in 2012. The deal underscores growing demand for AI infrastructure and puts pressure on competitors like Nvidia, according to coverage on X.
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Summary
Snowflake reported strong Q1 earnings that beat Wall Street expectations, and announced a $6 billion spending commitment with Amazon Web Services (AWS) that includes a deal to use AWS's custom AI chips. The news caused Snowflake's stock to surge in after-hours trading.
Key quotes
· 2 pulledSnowflake Inc.'s shares jumped in late trading today after it announced a $6 billion spending commitment on Amazon Web Services Inc.'s cloud infrastructure, including a deal to use the company's custom artificial intelligence chips.
The cloud data platform giant also reported stellar first-quarter earnings results, powering past Wall Street expectations.
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