Databricks Hosts Data + AI Summit, Unveils Suite Of AI Tools For Customers

Key takeaways

• Databricks has announced a boost to its existing Lakehouse platform, complete with new AI and governance capabilities
• The announcement comes as competitor Snowflake reveals a new partnership with Nvidia and the expansion of its work with Microsoft
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• A Databricks IPO is still uncertain, despite the company being the eight most valuable start-up in the world, as the company looks to build out its AI offering instead

Databricks and Snowflake are hosting their respective summits this week, with a string of announcements unveiled at each event. Databricks has revealed its new AI-augmented Lakehouse IQ platform, while Snowflake confirmed it was partnering with Nvidia to help customers build their own AI models.

It’s been good news for Snowflake’s stock this year as it benefits from the AI halo effect, but investors are still left wondering when Databricks, worth $33 billion, might take the plunge and go for its IPO soon. A string of AI-focused acquisitions for the data storage company suggests that reality might be a way off. Here’s the lowdown.