Yahoo Finance ETFs to Watch as Nvidia & Snowflake Tie Up to Boost Generative AI
Nvidia NVDA and Snowflake SNOW recently made a significant announcement during a fireside chat at the Snowflake Summit. The partnership between the two companies aims to enable Snowflake's extensive customer base, consisting of over 8,000 organizations, to develop their own generative AI assistants.
Nvidia's partnership with Snowflake further solidifies the duo’s position as a dominant force in the AI industry. This collaboration opens up opportunities for businesses to leverage large language models and generative AI to obtain specific, company-centric answers to their queries. With Nvidia providing the foundational toolkit, NeMO, and the necessary infrastructure, Snowflake customers can now build custom AI models using their internal data.
Power of Custom Generative AI Assistants
Snowflake's customers will benefit from the ability to construct their own generative AI chatbots, empowering them to extract valuable insights from their extensive databases. By utilizing Nvidia's NeMO toolkit, businesses can customize the foundational large language model according to their specific requirements.
This allows companies to leverage the power of generative AI and derive tailored insights that address their unique needs. The partnership signifies a significant step forward for businesses seeking to take advantage of advanced AI capabilities and gain precise information relevant to their operations.
Building on Nvidia's Expertise
Nvidia has positioned itself as a leading provider of AI chips and software solutions, making it a key beneficiary of the generative AI boom. The company's commitment to developing specialized chips optimized for AI systems has garnered it substantial success in the industry. Nvidia's graphics processing units (GPUs) are particularly well-suited for the parallel processing demands of AI applications.
While competitors like AMD and Intel are also making strides in AI capabilities, Nvidia has firmly established itself as the industry leader. As a result, the company's shares have witnessed impressive growth, with a 159% increase over the past one year and a 189% rise year-to-date.
Expanding Opportunities in Generative AI
The emergence of generative AI gained significant momentum with the introduction of OpenAI's ChatGPT in November 2022. Since then, major players such as Microsoft, Google, Meta, and Amazon have entered the generative AI space, either through product releases or discussions about their involvement in the technology. This ongoing trend demonstrates the immense potential and growing interest surrounding generative AI applications.
ETFs in Focus
Against this backdrop, below we highlight a few Nvidia and Snowflake ETFs that can gain due to this partnership. Following are those ETFs:
VanEck Semiconductor ETF SMH – Nvidia takes 19.63% weight
Global X Robotics & Artificial Intelligence ETF (BOTZ) – Nvidia takes 12.35% weight
SoFi Web 3 ETF (TWEB) –Nvidia takes 9.48% weight
iShares Expanded Tech Sector ETF (IGM) –Nvidia takes 9.09% weight
Spear Alpha ETF (SPRX) – SNOW takes 8.22% weight
TrueShares Technology, AI & Deep Learning ETF LRNZ – SNOW takes 7.35% weight
AXS Esoterica NextG Economy ETF WUGI – SNOW takes 5.15% weight
(Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.)
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NVIDIA Corporation (NVDA) : Free Stock Analysis Report
VanEck Semiconductor ETF (SMH): ETF Research Reports
Snowflake Inc. (SNOW) : Free Stock Analysis Report
Global X Robotics & Artificial Intelligence ETF (BOTZ): ETF Research Reports
iShares Expanded Tech Sector ETF (IGM): ETF Research Reports
TrueShares Technology, AI and Deep Learning ETF (LRNZ): ETF Research Reports
AXS Esoterica NextG Economy ETF (WUGI): ETF Research Reports
Spear Alpha ETF (SPRX): ETF Research Reports
SoFi Web 3 ETF (TWEB): ETF Research Reports
