Speaker 1: Bloomberg Audio Studios, podcasts, radio news set up extraordinary.
Speaker 2: You've just added twenty billion dollars to your market capitalization.
Speaker 2: How does that feel?
Speaker 1: Reflect for a minute. We had a landmark quarter Caroline,
Speaker 1: strongest sequential dollar growth in company's history. Product revenue op
Speaker 1: to one point three three four billion dollars of thirty
Speaker 1: four percent. Net revenue retention rate a key metric we
Speaker 1: watch up to one hundred and twenty six percent. But
Speaker 1: I think the bigger news really was this is the
Speaker 1: quarter where we clearly showed that AI is compounding snowflakes
Speaker 1: advantage in data. We did this O questionion way by
Speaker 1: creating amazing products like Snowflake Intelligence, which is our work agent,
Speaker 1: which doubled it that option with respect to accounts, and
Speaker 1: a coding agent which would excode our Coco which is
Speaker 1: used by more than seven thousand accounts. Okay, and this
Speaker 1: is what gives us confidence in the business. We raise
Speaker 1: the yearly itance from twenty seven to thirty one percent.
Speaker 1: Solid performance, but I think is much more of what
Speaker 1: does this mean for our future? That we're very happy with.
Speaker 2: When product revenues up thirty four percent on the court
Speaker 2: it just reported and your stock is up thirty four
Speaker 2: to thirty five percent. Right now, what exactly are your
Speaker 2: clients using you for? How is this actually building productivity?
Speaker 1: I mean, first of all, it's a whole lot easier
Speaker 1: to get things done with Snowflake. This is what Cocoa facilitates.
Speaker 1: People are literally getting jobs five to ten times faster.
Speaker 1: Part of many companies and getting them to be more
Speaker 1: productive is hugely impactful. Our data team, for example, has
Speaker 1: been able to get through their multi year backlog in
Speaker 1: a MI in a matter of a small number of quarters.
Speaker 1: With products like Snowflake Intelligence. The ends of your work
Speaker 1: is at your fingertip. To give you a very concrete example,
Speaker 1: I was at a conference, didn't know who I was
Speaker 1: going to be meeting thirty odd z. In two minutes
Speaker 1: I knew which of them are customers. How much should
Speaker 1: prioritize off instant access? That's really driving business results? And
Speaker 1: you have great customers like now, I'm using these products
Speaker 1: to great effect.
Speaker 3: All right, I'm gonna say we're having a slight audio
Speaker 3: issue street art. You're breaking up a little bit, and
Speaker 3: hopefully we can work on that and fix it. But
Speaker 3: you know, I was thinking about this story all night long,
Speaker 3: because you know, for so long the narrative has been
Speaker 3: AI may disrupt software, and that has now changed with
Speaker 3: your results with your Amazon deal to AI may accelerate software.
Speaker 3: Certainly in the case of Snowflake. What changed this quarter
Speaker 3: that proves AI is now a revenue tailwind rather than
Speaker 3: just a product narrative.
Speaker 1: Well, first of all, we've been very very consistent data platform,
Speaker 1: especially one that's based on a consumption for the value
Speaker 1: that they're getting is aided by I think what we
Speaker 1: also showed decisively this quarter is that ability to harness
Speaker 1: AI to get more value from Snowflake. People would build
Speaker 1: dashboards on top of Snowflake. Now with product like Snowflake
Speaker 1: in terms all of the power of the data and
Speaker 1: so much more, the applications that you need is there
Speaker 1: right within that work agent. It is that combination of
Speaker 1: both the secular drive that AI is providing for data
Speaker 1: platforms plus our ability to harness AI ourselves and drive
Speaker 1: meaningful tone consumption. For example, on.
Speaker 2: Time, we are still having that audio issue. So I'm
Speaker 2: going to ask this question and maybe your team can
Speaker 2: just tweet some things around a little bit quickly shoot up.
Speaker 2: But I'm really interested in the Amazon deal. Six billion
Speaker 2: is a lot that you're committing in terms of infrastructure spend.
Speaker 2: What are you getting in return? How much more efficient
Speaker 2: is gravital is the Amazon chip to your cost base?
Speaker 1: First of all, they're a longtime partner. They are the
Speaker 1: biggest cloud service provider that we run on top of.
Speaker 1: We run on top of Azure as well as GCP.
Speaker 1: Really important thing with Amazon is how we go to
Speaker 1: our customers together. Both the teams are extraordinary value that
Speaker 1: we deliver our for our customers, and with deals like
Speaker 1: this we get massive economies of scale that let us
Speaker 1: pass on some of these savings back to our customers.
Speaker 1: We ounced a huge change in how we price AI
Speaker 1: that makes AI a lot less expensive for our customers.
Speaker 1: It's aided by deals like this because of this ability
Speaker 1: to bulk purchase confidently, which, as I said, in turn
Speaker 1: we give to our customers, create amazing tracts on top
Speaker 1: that are very cost efficient and so on.
Speaker 3: So what does Amazon get out of this deal with you?
Speaker 3: I mean, of course there's a massive headline of a
Speaker 3: six billion dollar number, but how do they work with
Speaker 3: you and collaborate.
Speaker 1: This deal makes us much more effector together. Amazon is
Speaker 1: interested in solving customer problems and having a data platform
Speaker 1: is a key part of solving customer problems. Us being
Speaker 1: able to go to market together. We work at every
Speaker 1: level of the hierarchy. Matt and I are garment, the
Speaker 1: CEO and I are in constant touch, but so on
Speaker 1: our teams. It's that ability to collaborate at a deep
Speaker 1: level to solve complex problems, for example, like better data migration,
Speaker 1: that makes us pretty unique. It is truly a better
Speaker 1: gather story.
Speaker 2: But as together is kind of the very thesis of
Speaker 2: why you're at Snowflake. Neva was the company that you
Speaker 2: built in terms of AI, company that Snowflake bought and
Speaker 2: you became head of AI and now CEO, and you've
Speaker 2: been making other purchases and I noticed Natoma is one
Speaker 2: of them. This is about managing data actions of AA
Speaker 2: agents anymore M and A than we should expect straight
Speaker 2: We will.
Speaker 1: Continue to be very open minded about M and Anatoma
Speaker 1: is a key acquisition because it what's the aperture of
Speaker 1: what is visible in Snowflake Intelligence to all of the
Speaker 1: data that matters to you, Caroline, everything that you have
Speaker 1: in your email or perhaps your documents or other applications
Speaker 1: that you use are now visible to the work agent,
Speaker 1: which means that you can get much better insight. You
Speaker 1: can also take actions directly from Snowflake intelligence. We will
Speaker 1: continue to be very active on this front, key pieces
Speaker 1: of technology as well as amazing teams that are going
Speaker 1: to make us so much better, like Neva did.