Snowflake CEO Sridhar Ramaswamy said his company is focused on working on adding value as talk of an AI bubble mounts.
Snowflake CEO Sridhar Ramaswamy said his company is keeping its head down and working on adding value. It comes amid growing talk of an AI bubble, leaving the market keen to distinguish between hype and reality.
Ramaswamy stressed the importance of implementing AI incrementally, in part because employees fearing that AI will replace them may be resistant.isn't letting the stock market distract him from ambitions to become "one of the great technology companies in this world," he told CNBC.However, as investors flock to AI-related companies, fears of a bubble have emerged, leaving the market keen to distinguish between hype and reality in a bid to avoid being "You don't control the stock price," Sridhar Ramaswamy told "Squawk Box Europe" on Thursday. Shares of Snowflake rose 6.5% on Wednesday and are up over 60% year-to-date."My focus very much is on value creation. We have to earn dollars, every single dollar at a time, so we are focused on the quarter, focused on the year, but, much more, also on the value that we create with customers, or the long term, the stock market will settle itself," he added.Ramaswamy declined to comment on individuals' sales but added: "I am not selling any stock, I'm very much in favor of the long-term value that Snowflake is going to be creating, and the sales tend to be very, very modest."Ramaswamy said it was important for firms to keep their eyes on the prize — making AI useful and building returns that way — and advised customers to do the same. He stressed the importance of implementing AI incrementally, in part because not all projects will work, but also because employees fearing that AI will replace them may be resistant. "That's part of the nuance that executives need to bring in to figure out: Where is the technology most applicable? Some are thinking of AI as a technology that can cure all problems. I think it's a mistake. Definitely, there's promise, but some areas are going to be much more amenable than others," Ramaswamy said. One key opportunity right now is how quickly AI can accelerate the value that comes from data, Ramaswamy said. "The time-to-value change is also pretty remarkable. Will there be turbulence along the way in the markets, with respect to how the stock market behaves? Absolutely. But I think the value that is going to come out of this AI revolution, if I may call it that, is pretty firm, and we all need to stay focused on that," he added.But AI might not necessarily play out in the same way as the dot-com bubble, according to Vista Equity's Ashley MacNeill, especially if investors keep a cool head, While bullish, she"Is this a bubble that's going to burst like it did in 1999? Or is this more like a balloon where we're going to see it inflate and deflate as we go through the cycles?" MacNeill said. "Given the longevity of this technology and given the fact this is waves that's going to adopt this technology, I'm more inclined to think that we aren't bursting, but rather we're going to inflate and deflate as this technology ebbs and flows," she added.
Technology Breaking News: Technology Alphabet Class A Amazon.Com Inc Meta Platforms Inc Snowflake Inc Sridhar Ramaswamy Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Helping veterans: These 8 N.J. events focus on jobs, health care, benefits, resourcesPrograms range from comprehensive expos featuring service providers to targeted events focusing on specific areas such as healthcare and housing.
Read more »
GBP/USD retreats as Greenback gains, Fed-BoE divergence in focusGBP/USD drops during the North American session after failing to clear the 50-day Simple Moving Average (SMA) of 1.3464 as the Greenback registers gains amid the ongoing US government shutdown.
Read more »
Former Attorney General Eric Holder calls on Democrats to focus on Supreme Court expansion, term limitsFox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »
Calipari's brutal scheduling gauntlet for season coming more into focusRazorbacks' official game times, TV broadcast details reveal spicy big-stage matchups
Read more »
US-Mexico border apprehensions, a focus of alarm under Biden, have plummeted under TrumpTim Vandenack covers immigration, multicultural issues and Northern Utah for KSL.com. He worked several years for the Standard-Examiner in Ogden and has lived and reported in Mexico, Chile and along the U.S.-Mexico border.
Read more »
Southern Utah's film future focus of 'One Utah Summit'Chris Reed is a multimedia journalist covering St. George.
Read more »