Street Calls of the Week
BOZEMAN, Mont. - Snowflake (NYSE:SNOW), the $78.1 billion data cloud company that has seen its stock surge over 110% in the past year according to InvestingPro, announced Thursday the release of Snowflake Cortex AI for Financial Services, a suite of AI capabilities designed to help financial institutions unify their data ecosystems and deploy AI models while maintaining regulatory compliance.
The company also unveiled a new managed Model Context Protocol (MCP) Server, now in public preview, which allows organizations to connect their proprietary data with third-party data from partners including FactSet, MSCI, Nasdaq eVestment, and The Associated Press. This expansion comes as Snowflake maintains strong revenue growth of 28% year-over-year, with 37 analysts recently revising their earnings expectations upward, according to InvestingPro data.
The MCP Server enables customers to integrate their data with AI platforms such as Anthropic, CrewAI, Cursor, Devin by Cognition, Salesforce’s Agentforce, UiPath, and Windsurf to build context-rich AI applications.
"By bringing AI directly to where their data already lives and enabling secure interoperability with remote agents, Snowflake is making it easier for highly regulated industries like financial services to power business-critical use cases," said Baris Gultekin, VP of AI at Snowflake.
The Cortex AI for Financial Services suite includes several key features: Snowflake Data Science Agent for automating machine learning workflows; Cortex AISQL for analyzing unstructured data; and Snowflake Intelligence for providing business users with a conversational interface to access insights.
The MCP Server extends these capabilities by connecting Cortex Analyst and Cortex Search to external AI agents through a standards-based interface, eliminating the need for custom integrations.
Ramp, a business finance platform, has implemented Snowflake Cortex AI to analyze customer feedback. "With Snowflake Cortex AI, we can securely tap into and analyze our unstructured customer data, allowing teams across Ramp to ask questions in plain English and get instant answers," said Ian Macomber, Head of Analytics at Ramp.
The announcement comes as financial services companies seek to leverage AI while navigating industry-specific challenges including fragmented data, compliance requirements, and security concerns, according to the company’s press release. While currently operating at a loss, analysts tracked by InvestingPro expect Snowflake to achieve profitability this year, marking a significant milestone in the company’s growth trajectory. For deeper insights into Snowflake’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Snowflake has made several significant announcements impacting its operations and leadership. The company revealed that Brian Robins, formerly of GitLab, will assume the role of Chief Financial Officer following the retirement of Mike Scarpelli. Scarpelli will continue in an advisory capacity to ensure a seamless transition. Additionally, Snowflake has appointed Stella Low as Chief Communications Officer, bringing her extensive experience from roles at HP, Apple, and Cisco to the company.
Snowflake also introduced the "Snowflake for Startups" program, which aims to support the development of AI applications by providing startups with access to managed AI infrastructure and venture capital connections. In collaboration with industry partners like Salesforce and BlackRock, Snowflake launched the Open Semantic Interchange initiative to create a universal framework for semantic data exchange. These developments underscore Snowflake’s commitment to fostering innovation and expanding its influence in the AI and data cloud sectors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.