Connect with us

Technologies

Hugging Face approached Nvidia’s Huang weeks ahead of $12.9B acquisition, CEO tells CNBC

Nvidia CEO Jensen Huang said that with Hugging Face, the chipmaker will “expand access to AI for developers and institutions worldwide.”

Nvidia

With the deal, which has been expected since The Information reported on it last week, Hugging Face will “remain an open platform for the entire AI ecosystem,” Nvidia CEO Jensen Huang wrote in a blog post Thursday.

“Together, we will scale Hugging Face’s platform, strengthen its infrastructure and expand access to AI for developers and institutions worldwide,” Huang wrote.

Hugging Face CEO Clément Delangue told CNBC on Thursday that the company approached Huang over the summer about a deal, “and a few weeks later, here we are.”

“During the summer, I think we realized that Hugging Face and open-source AI in general was at the turning point, and that it needed more, more resources, more scale, more visibility,” he told CNBC’s Becky Quick on “Squawk Box.”

Delangue said he approached first because Nvidia was “a perfect home” for his company, adding that discussions went quite fast to get a deal done.

The acquisition marks Nvidia’s second biggest on record, following the $20 billion purchase of assets from chipmaker Groq in December. Before that, its largest deal was the purchase of Israeli chipmaker Mellanox for almost $7 billion in 2019.

Nvidia has become the world’s most valuable company due to the insatiable demand for its graphics processing units, which have powered the generative AI boom. Hugging Face marks a big bet on a popular AI platform, as Nvidia continues to show that it’s more than just a chip company.

Hugging Face was recently at the center of a hacking incident that raised concerns about the rapid evolution of powerful AI and cybersecurity tools.

Delangue, a proponent of open-source models, blamed engineering mistakes for the recent attack on Hugging Face and said his company used an Nvidia version of a Chinese open model to resolve it.

On Thursday, Delangue told CNBC that the breach proved the importance of open models and the need for his company to “double down” on the proliferation of open-source AI.

Huang said that the open-source environment can give defenders an “asymmetric advantage” over attackers.

“When I say asymmetric capability, there are way more people who are protecting than there are people who are attacking,” he explained. “And so, the benefit of having the community come together with open models, so that they can collaborate all transparently with each other, gives the defenders an asymmetric advantage.”

WATCH: Huang says ‘We’re at the beginning of an industrial revolution’

Technologies

Gloria Steinem, a potent voice of U.S. feminism and co-founder of Ms. Magazine, has died

Gloria Steinem, the co-founder of Ms. Magazine and a fierce advocate for feminist causes throughout her life, has died. She was 92.

Gloria Steinem, the celebrated author and activist who became one of the most visible symbols and potent voices of the U.S. women’s movement and a fierce advocate for feminist causes throughout her life, has died. She was 92.

With her trademark streaked hair parted down the middle and large aviator glasses, Steinem, a co-founder of Ms. Magazine, was a hugely recognizable presence wherever she went. And she went everywhere: Much of her life as an advocate was spent on the road, speaking at college campuses and community centers, at rallies and marches.

She died Wednesday at her home in New York City, according to her and her foundation’s social media pages.

“Gloria’s greatest gift was her ability to listen to others, to make others feel seen and heard,” the posts said. “Her words, actions, and example gave people permission to be their truest selves. Gloria lived true to her independent spirit, always with curiosity and a great sense of humor.”

Steinem enjoyed writing and spending time in the community in recent years, the posts said. She also hosted talking circles for hundreds of people in her home. She died just before a planned memoir was to be released this fall.

“You can’t do it on the phone or on the web,” she told The Associated Press in a 2015 interview. “You have to be there with all five senses. It should be obvious that people can’t empathize with each other unless we’re in the same room.”

Steinem changed her career path after a start as a journalist

She began her career as a journalist, notably one who reported, in 1963, on degrading conditions in Hugh Hefner’s Playboy empire, an undercover assignment she came to later regret. She credits a meeting six years later, where women spoke out boldly in favor of abortion rights, with changing her career path.

“That speak-out was the beginning of activism for me,” Steinem, who had undergone a secret illegal abortion herself at age 22, told the AP in an email in 2022, reflecting on the reversal of Roe v Wade. “Either our control over our own bodies is equal, regardless of sex or race, or we’re not living in a democracy.”

Though she soon became a known activist, those who watched Steinem denounce discrimination for so many years likely never suspected that she’d had to overcome a deep fear of public speaking. She would have simply stuck to writing, she said, if only editors at the time had been willing to let her write about the women’s movement.

But they weren’t interested, she told the AP in 2015. “So I ended up going out and speaking, which was my nightmare,” she said. “I mean, I was terrified. But I’m grateful, even though I still get scared even now.”

Steinem’s visibility endured throughout her life

Time hardly slowed Steinem down; well into her 80s she was traveling the globe and speaking out on issues of importance to her. These included everything from genital mutilation to Korean reconciliation, but it was equality for women that took precedence. “Being a feminist means that you see the world as whole instead of half,” she once said. “It shouldn’t need a name, and one day it won’t.”

As the years went on, Steinem’s visibility endured. At 83, she sat in the front row of her first fashion show, guest of designer Prabal Gurung. A few days after her 85th birthday, she was leading a women’s “talking circle” at an off-Broadway play celebrating her life, where one by one, women in the audience — many fighting tears — rose to thank her and tell their own stories of discrimination. In 2020, her life was the subject of a feature film, “The Glorias, A Life on The Road,” based on her 2015 memoir and starring Julianne Moore.

And at 91, she collaborated on a picture book with Liberian peace activist and Nobel laureate Leymah Gbowee aimed at inspiring young people to change the world. “Rise, Girl, Rise: Our Sister-Friend Journey. Together for All” was published in February.

The constant visibility came with a price; even into her older years, Steinem expressed frustration that despite her accomplishments, she was often described as beautiful or glamorous (A 1992 Vanity Fair profile even noted her “spectacular racehorse legs.”) It was a label she said unfairly detracted from her message.

“Nobody ever called me beautiful until I was publicly a feminist, and that was in my mid-30s,” she told AP in a 2011 interview. “It was clear that label was being assigned to me. The most hurtful part is that you work very hard, and people say it’s because of your looks.”

Steinem dealt with hostility from many directions

Of course, Steinem also had to deal with hostility. Sometimes it came from surprising places. Appearing on Larry King’s talk show on CNN in 1990, she was visibly stunned when a female caller greeted her cheerfully, then told her to “rot in hell” because she had ruined “the beautiful American family.”

But by then, she noted, at least people were taking feminists seriously. That wasn’t the case in 1972 when she co-founded Ms. Magazine and many commentators — especially male — dismissed it as ridiculous, predicting an early demise. (The magazine continues to this day, published by the Feminist Majority Foundation.)

Among Steinem’s detractors was President Richard Nixon, who was caught on an Oval Office tape ridiculing both her and the “Ms.” title. The ridicule was mutual: In a 1972 National Press Club speech, Steinem called Nixon “the most sexually insecure chief of state since Napoleon.”

It was just one example of Steinem’s trademark wit. Before she married at 66, she often explained her singlehood by saying “I can’t mate in captivity.” Laughter, she wrote, was “the only free emotion — the only one that can’t be compelled.”

In 2013, Steinem was awarded the Presidential Medal of Freedom by President Barack Obama. “Because of her work across America and around the world, more women are afforded the respect and opportunities that they deserve,” he said, “but she also changed how women thought about themselves.”

Steinem ‘read everything I could get my hands on’ growing up

Gloria Marie Steinem was born on March 25, 1934, in Toledo, Ohio. Her father was a traveling antique salesperson; she spent her early years on the road with her parents, not attending regular school. “I just read everything I could get my hands on,” she told an audience at Manhattan’s 92Y in 2026. “Which was frequently completely unsuitable … just everything and anything. I also was in love with the movies — my idea of heaven was a movie and a malted.”

In 1944 her parents divorced, and 10-year-old Gloria was left to take care of her mother. a once-promising journalist who struggled to combine her work with running a household, and eventually suffered a nervous breakdown.

As a young girl she excelled at tap dancing — it was even going to be her “ticket out of Toledo,” she said. Although she remained a good dancer, that particular career didn’t materialize. She attended Smith College in the ’50s, a time when, she has said, women were being educated to be mothers and wives.

But marriage was not on Steinem’s mind. “I was engaged to a very nice man. It wasn’t his fault, but I just didn’t want to get married,” she told her 2026 audience. Instead, she took advantage of a modest fellowship to travel to India. After that, Steinem headed to Manhattan, where she couldn’t rent her own apartment because, she said, landlords avoided single women, assuming “if you could earn enough, you must be a hooker.”

The aspiring journalist wanted to write about politics. But editors gave her assignments on food, fashion, and, in what she jokingly called “the lowpoint of my life,” an article about textured stockings. Even more demoralizing was her experience with an editor who, she said, gave her a choice one day: Spend the afternoon in a hotel with him, or mail his letters on the way out.

She chose to mail the letters. “There was no word for sexual harassment then,” she has said. “It was just life.”

But one assignment in 1963 sounded compelling: posing as a Playboy Bunny, for an exposé in the now-defunct Show magazine. Steinem went through the audition process, assuming she’d be weeded out. But she was given her bunny costume — “so tight, it would give a man a cleavage,” she joked — and worked in the job for about a month.

“I could not have made a bigger mistake,” she told the AP in 2011. “It was personally and professionally a disaster. In the short term, it was much harder to get assignments, and in the long term it’s been used to ridicule me.”

Steinem’s writing became more political in her 30s

Steinem was in her 30s when she joined the editorial board of New York magazine, and her writing became more political. In 1969, she went to cover an abortion rights hearing. She had never told anyone about her illegal abortion at 22, in London. That was the moment, she has said, that triggered her career as a women’s rights activist. “I don’t think I had ever felt part of a group before,” she said in a 1970 TV interview.

Steinem founded the National Women’s Political Caucus in 1971 along with Betty Friedan, Shirley Chisholm and Bella Abzug. The latter became a dear lifelong friend — “the woman I wished I had had as a mother,” she said at Abzug’s funeral.

Unlike Abzug, Steinem was naturally reserved, not comfortable in front of a crowd. Gradually, with her early speaking partner Dorothy Pitman Hughes, a Black feminist and child welfare advocate, she found her footing. The two formed a powerful partnership at a time when feminism was viewed as largely a white, middle-class movement. In an iconic photo, the two raise their right arms together in the Black Power salute.

As she grew more famous, Steinem drew attention not just for her work but for a glamorous Manhattan life. Asked once about her streaked hair and aviator glasses, she explained that the hair was inspired by Holly Golightly, the free-spirited character played by Audrey Hepburn in “Breakfast at Tiffany’s.” The glasses? They were “more about hiding,” she said.

When reaction was hostile, Steinem would try to reason that it was a step above ridicule. But sometimes it stung, like a snarky Esquire profile in the early ’70s, so hurtful that she cried, and colleagues called a news conference to defend her.

Steinem co-founded Ms. Magazine and stayed with it as an adviser

Then came Ms. Magazine in 1972, a magazine by women, for women. “I was so obsessed with the fear that it would fail and be a disgrace to the movement,” Steinem, age 37 when it launched, told the AP in 2011. And opponents hoped that would happen. TV newsman Harry Reasoner, an especially tart critic, later apologized on air. Steinem continued with Ms. until it was bought in 2001 by the Feminist Majority Foundation, and remained an adviser.

By 1977, numerous gains had been made for women, including Roe in 1973. But the Equal Rights Amendment, which had passed the House and Senate in 1972 but needed to be ratified by three-quarters of state legislatures, remained elusive. The issue was front and center at the 1977 National Women’s Conference, convened on a congressional mandate to examine women’s rights.

“If they want us to become the radicals that they fear we are, just let them stop the ERA and we will become those radicals,” Steinem said there.

Among groups Steinem co-founded were the Women’s Action Alliance, which was active through the 1990s; the Women’s Media Center in 2004, the Voters for Choice political action committee in 1977, and the Ms. Foundation for Women. She also helped establish the Take Our Daughters to Work Day.

Steinem never had her own children, and said she never regretted it. “No, not for a millisecond,” she told the AP, describing an incident in which she was afraid to answer that question in front of a group of women in India, fearing they wouldn’t like the answer. “But they applauded,” she said. “It’s important that some of us not have children, to show that we have a choice.”

In 2000, Steinem she did something she’d never planned to: She got married, at 66, to British activist and businessman David Bale, whom she met at a fundraiser (Bale was the father of actor Christian Bale.)

“I thought, ‘I haven’t changed, marriage had changed,’” Steinem said. “David and I wanted to be together, we loved each other. He needed a green card.” They married at a Cherokee ceremony in Oklahoma. Several years later, he became ill with brain lymphoma, and Steinem cared for him until his death in 2003.

Steinem said she had few regrets in life, but did miss being present when her father died. She received word that he’d been in a serious car accident, but did not respond in time, and he died alone. “I had taken care of my mom as a child, and I feared I’d never come back,” she explained. She was also sorry that she didn’t become closer to her mother. “I was so fearful of becoming her,” she said in an HBO documentary, “Gloria: In Her Own Words.”

Steinem’s books included ‘A Life on the Road’

Steinem’s books included the 2015 road memoir “A Life on the Road” — but she wryly noted at the time that she’d actually never learned to drive. It would have taken away, she said, from her ability to converse with her hosts, who would pick her up from airports or train stations. And, she noted, she always loved to chat with taxi drivers.

On Jan. 21, 2017, when hundreds of thousands of women gathered in Washington in their pink “pussy hats” for the historic Women’s March, it surprised nobody that the keynote speaker, and the most rousing, was Steinem.

“We are linked,” she told the crowd. “And this is a day that will change us forever because we are together.”

For many women, Steinem was the galvanizing voice that day. She would go on to advocate fiercely. But, though many saw her as a singular figure in history, she often liked to say that if she hadn’t come along, someone else would have accomplished the same things.

By the same token, she said, it was less important that younger people listen to her, and more important that they listen to themselves.

“The primary thing is not that they know who I am,” she said, “but that they know who THEY are.”

Continue Reading

Technologies

Yields are lower even as oil prices rise. Here’s what’s going on

Over the past few weeks, one thing has been certain: Oil prices rise, driving yields higher and pushing stocks lower. Except that’s not happening Thursday.

Over the past few weeks, one thing has been certain: Oil prices rise, driving yields higher and pushing stocks lower. Except that’s not what’s happening on Thursday. Stock futures were higher even as Brent crude briefly topped $97 per barrel for the first time since late July. West Texas Intermediate futures were also up more than 1%, trading above $92. Meanwhile, Treasury yields fell on the day, with the 10-year note yield sliding 6 basis points to around 4.74%. It hit a 2023 high above 4.81% earlier this week. The 30-year bond yield fell 4 basis points, to 5.221%. So what’s going on? There are two reasons: New comments from a top Federal Reserve governor A sharp rally in the Japanese yen Waller supports no rate hike Fed Governor Christopher Waller said Thursday he would support keeping the central bank’s overnight rate where it is today, in a range of 3.5%-3.75%. He said recent trends “suggest we are finally seeing some signs of disinflation.” “If this continues in the data due over the next two weeks, I would be inclined to support holding the target for the federal funds rate at its current setting,” Waller added . The 10-year Treasury yield, which was flat earlier in the day, fell following Waller’s remarks — along with expectations of a rate hike later this month. The CME Group’s FedWatch tool now shows a 52.6% chance of a rate increase at the Fed’s Sept. 15-16 meeting, down from 63% on Wednesday. Equity and bond investors had been fearing the Fed would have to raise rates. Now, those worries are somewhat alleviated. US10Y 5D mountain U.S. 10-year yield Huge yen rally The Japanese yen rallied nearly 2% against the dollar, to 155.68, after a Bank of Japan official said overnight the central bank could raise rates to defend against the sharp declines in the country’s currency. Even after Thursday’s advance, the yen remains more than 5% lower against the dollar in the past year. “A stronger JPY could be the thread that helps unravel a lot of the macro overhangs weighing on equities to the extent it continues (a sustained rally in the yen would in theory remove upward pressure from global yields),” wrote Adam Crisafulli of Vital Knowledge. This is partly due to Japan being the largest foreign holder of U.S. Treasurys, at roughly $1.1 trillion . A stronger yen could create a virtuous circle, relieving pressure on Japan to intervene in currency markets, as it did alongside the U.S. in July. That, in turn, might mean Japan wouldn’t sell part of its U.S. Treasury holdings, and might in fact have an appetite to buy more. To be sure, Mark Newton of Fundstrat thinks the latest yen move will “prove short-lived,” as other BOJ officials have not yet become more hawkish. “Short-term USDJPY weakness is underway, as the daily chart has broken its minor uptrend from the early-August lows, but I doubt it has much longevity just yet, and the more meaningful move likely waits for the BOJ meeting itself, which lands right near the FOMC on 9/18,” Newton wrote.

This site is now part of Versant. By continuing to use this service, you agree to our Terms. You also acknowledge that our updated Privacy Policy applies, including to your existing data. For details on your data rights, click here.

On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. You can access a list of all our potential 1015 vendors by selecting “IAB and Google Vendors,” although we may work with only a small selection of these on this service. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent.

Click “I Accept”, to consent to our use of these Cookies or “Reject All” to reject our use of these Cookies. Click “Manage Choices” to set your preferences. If you previously made choices with respect to Versant’s use of Cookies on this browser and device, you will need to update them. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings. Visit our Cookie Notice and Privacy Policy to learn more.

We will also use other Cookies that are essential or related to our services, including for security and fraud prevention.

Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.

– Your Privacy

– Strictly Necessary

– Save and communicate privacy choices 510 partners can use this special purpose

– Ensure security, prevent and detect fraud, and fix errors 644 partners can use this special purpose

– Deliver and present advertising and content 634 partners can use this special purpose

– Store and/or access information on a device 842 partners can use this purpose

– Personalised advertising and content, advertising and content measurement, audience research and services development 982 partners can use this purpose

– Targeted Advertising

– Content Selection

On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings.

We will also use other Cookies that are essential or related to our services, including for security and fraud prevention. To learn more about some of our vendors, see the IAB and Google Vendors under each purpose. Visit our Cookie Notice and Privacy Policy to learn more.

Always Active

These Cookies and SDKs are required for Service functionality, including security and fraud prevention, and to enable any purchasing capabilities. You can set your browser to block these tracking technologies, but some parts of the site may not function properly.

The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.

Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.

Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.

Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.

– Use limited data to select advertising 781 partners can use this purposeAdvertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).

– Create profiles for personalised advertising 629 partners can use this purposeInformation about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.

– Use profiles to select personalised advertising 633 partners can use this purposeAdvertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.

– Create profiles to personalise content 259 partners can use this purposeInformation about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.

– Use profiles to select personalised content 231 partners can use this purposeContent presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.

– Measure advertising performance 905 partners can use this purposeInformation regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.

– Measure content performance 404 partners can use this purposeInformation regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.

– Understand audiences through statistics or combinations of data from different sources 572 partners can use this purposeReports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).

– Develop and improve services 678 partners can use this purposeInformation about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.

– Use limited data to select content 180 partners can use this purposeContent presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).

These Cookies and SDKs are used to collect data about your browsing habits, use of the Services, your preferences, and your interaction with advertisements across platforms and devices for the purpose of delivering targeted advertising content, both on our Services and on third party sites. Third-party sites and services also use Targeting Cookies to deliver content, including advertisements relevant to your interests on the Services. If you reject these Cookies or SDKs, you will see less relevant advertising.

Data collected under this category through Cookies and SDKs can also be used to select and deliver personalized content, such as news articles and videos.

Consent Leg.Interest

label

Continue Reading

Technologies

Snowflake Shares Surge 22% on Strong Earnings and AI Coding Momentum

Snowflake shares jumped 22% after the company posted earnings and revenue that beat expectations, driven by strong adoption of its CoCo AI coding agent. The data analytics firm also raised its full‑year product revenue guidance.

Snowflake’s stock climbed 22% in after‑hours trading Wednesday after the data analytics software provider delivered results and outlook that exceeded Wall Street expectations.

Here’s how the company stacked up against LSEG consensus estimates:

– Adjusted earnings per share: 62 cents vs. 45 cents forecast

– Revenue: $1.55 billion vs. $1.48 billion expected

Snowflake’s revenue surged 35% year over year in the fiscal second quarter ended July 31, according to a statement. The company posted a net loss of $191.7 million, or 55 cents per share, which was narrower than the $297.9 million loss, or 89 cents per share, a year earlier.

The firm highlighted growth from its CoCo artificial intelligence coding agent, which now serves 9,100 customers, adding over 2,000 new accounts during the quarter.

For the fiscal third quarter, Snowflake projected product revenue of $1.59 billion, surpassing the $1.50 billion consensus from analysts polled by StreetAccount. Management also raised its full‑year product revenue outlook to $6.07 billion, up from the $5.84 billion forecast in May, and now expects an adjusted operating margin of 14.5%, wider than the previously projected 13.5%.

As of Wednesday’s market close, Snowflake shares were up 39% year to date, while the S&P 500 had gained roughly 12% over the same span. If the stock climbs Thursday as much as it did in after‑hours trading Wednesday, it would mark the fourth biggest jump since Snowflake’s 2020 IPO.

Executives will discuss the results with analysts on a conference call scheduled for 5 p.m. ET.

Continue Reading

Trending

Exit mobile version