Snowflake Stock Isn’t Getting a Bump From Nvidia AI Yet — Will That Change, and When?

Indeed, Snowflake's platform for digital data has quite the head of steam with lots of customer spending obligations, and the company struck a new partnership with none other than Nvidia (NASDAQ: NVDA) ahead of its financial update for the second quarter of fiscal 2024 (ended July 2023). It charges customers based on "consumption," or use, of its data platform. Customers can sign long-term obligations to spend a certain amount on data storage and compute and score some discounts in the process, and any excess use over that contract tends to get charged at a higher variable rate.