Snowflake, the cloud computing-based data company that offers cloud-based storage and analytics services, at the Mobile World Congress 2024 in Barcelona, Spain, on Feb. 28, 2024. (Photo by Joan Cros/NurPhoto via Getty Images)

Snowflake (SNOW) shares climbed more than 3% in midday trading Wednesday, outperforming a broader market downturn, after a report from The Information indicated the cloud data company is in discussions with Google about AI data security partnerships.

According to the report, Snowflake is exploring ways to integrate Alphabet’s (GOOG, GOOGL) Gemini large language models into its platform, allowing customers to develop AI-driven applications securely. 

The discussions underscore Snowflake’s ongoing push into artificial intelligence, an area of growing competition among cloud computing firms.

The report also noted that Snowflake's rival, Databricks, is in separate talks with Anthropic, the AI startup backed by Google, Amazon (AMZN), and others, about incorporating its models into its ecosystem.

Snowflake’s conversations with Google follow its recent AI partnerships with Microsoft (MSFT) and Anthropic. 

“Snowflake is business as usual, lots of interest in AI, how value can get value from AI,” CEO Sridhar Ramaswamy told Bloomberg Technology in an interview on Tuesday, addressing broader market uncertainties around AI.

On Stocktwits, retail sentiment around Snowflake’s stock improved marginally but remained in ‘bearish’ territory. 

Despite Wednesday’s rally, Snowflake shares remain down about 2% year-to-date and have fallen 5% over the past year.

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