2018 is welcoming one of its newest tech unicorns: Snowflake Computing. After raising $263.5 million, the cloud company is fetching a $1.5 billion valuation. Bob Muglia, CEO of Snowflake Computing, a data storage company selling database software that operates in Amazon's cloud, was with us to share why he thinks the unicorn valuation is justified.
Muglia said the valuation is justified, but the company still needs to grow into it. The new funding will put Snowflakes growth in line with Palantir and Slack. Muglia explained how the investment will help the company go up against Amazon, Microsoft, Oracle, and Google.
With $473 million in total funding, Snowflake is planning an IPO. The CEO said the company could go public in 2-3 years. Current customers include Capital One, Adobe, Nielsen and Rent the Runway.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
