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You've just added twenty billion dollars to your market capitalization. How does that feel?
Reflect for a minute. We had a landmark quarter Caroline, strongest sequential dollar growth in company's history. Product revenue op to one point three three four billion dollars of thirty four percent. Net revenue retention rate a key metric we watch up to one hundred and twenty six percent. But I think the bigger news really was this is the quarter where we clearly showed that AI is compounding snowflakes
advantage in data. We did this O questionion way by creating amazing products like Snowflake Intelligence, which is our work agent, which doubled it that option with respect to accounts, and a coding agent which would excode our Coco which is used by more than seven thousand accounts. Okay, and this is what gives us confidence in the business. We raise the yearly itance from twenty seven to thirty one percent. Solid performance, but I think is much more of what
does this mean for our future? That we're very happy with.
When product revenues up thirty four percent on the court it just reported and your stock is up thirty four to thirty five percent. Right now, what exactly are your clients using you for? How is this actually building productivity?
I mean, first of all, it's a whole lot easier to get things done with Snowflake. This is what Cocoa facilitates. People are literally getting jobs five to ten times faster. Part of many companies and getting them to be more productive is hugely impactful. Our data team, for example, has been able to get through their multi year backlog in a MI in a matter of a small number of quarters. With products like Snowflake Intelligence. The ends of your work
is at your fingertip. To give you a very concrete example, I was at a conference, didn't know who I was going to be meeting thirty odd z. In two minutes I knew which of them are customers. How much should prioritize off instant access? That's really driving business results? And you have great customers like now, I'm using these products to great effect.
All right, I'm gonna say we're having a slight audio issue street art. You're breaking up a little bit, and hopefully we can work on that and fix it. But you know, I was thinking about this story all night long, because you know, for so long the narrative has been AI may disrupt software, and that has now changed with your results with your Amazon deal to AI may accelerate software.
Certainly in the case of Snowflake. What changed this quarter that proves AI is now a revenue tailwind rather than just a product narrative.
Well, first of all, we've been very very consistent data platform, especially one that's based on a consumption for the value that they're getting is aided by I think what we also showed decisively this quarter is that ability to harness AI to get more value from Snowflake. People would build dashboards on top of Snowflake. Now with product like Snowflake in terms all of the power of the data and so much more, the applications that you need is there
right within that work agent. It is that combination of both the secular drive that AI is providing for data platforms plus our ability to harness AI ourselves and drive meaningful tone consumption. For example, on.
Time, we are still having that audio issue. So I'm going to ask this question and maybe your team can just tweet some things around a little bit quickly shoot up. But I'm really interested in the Amazon deal. Six billion is a lot that you're committing in terms of infrastructure spend. What are you getting in return? How much more efficient is gravital is the Amazon chip to your cost base?
First of all, they're a longtime partner. They are the biggest cloud service provider that we run on top of. We run on top of Azure as well as GCP. Really important thing with Amazon is how we go to our customers together. Both the teams are extraordinary value that we deliver our for our customers, and with deals like this we get massive economies of scale that let us pass on some of these savings back to our customers.
We ounced a huge change in how we price AI that makes AI a lot less expensive for our customers. It's aided by deals like this because of this ability to bulk purchase confidently, which, as I said, in turn we give to our customers, create amazing tracts on top that are very cost efficient and so on.
So what does Amazon get out of this deal with you? I mean, of course there's a massive headline of a six billion dollar number, but how do they work with you and collaborate.
This deal makes us much more effector together. Amazon is interested in solving customer problems and having a data platform is a key part of solving customer problems. Us being able to go to market together. We work at every level of the hierarchy. Matt and I are garment, the CEO and I are in constant touch, but so on our teams. It's that ability to collaborate at a deep level to solve complex problems, for example, like better data migration,
that makes us pretty unique. It is truly a better gather story.
But as together is kind of the very thesis of why you're at Snowflake. Neva was the company that you built in terms of AI, company that Snowflake bought and you became head of AI and now CEO, and you've been making other purchases and I noticed Natoma is one of them. This is about managing data actions of AA agents anymore M and A than we should expect straight We will.
Continue to be very open minded about M and Anatoma is a key acquisition because it what's the aperture of what is visible in Snowflake Intelligence to all of the data that matters to you, Caroline, everything that you have in your email or perhaps your documents or other applications that you use are now visible to the work agent, which means that you can get much better insight. You
can also take actions directly from Snowflake intelligence. We will continue to be very active on this front, key pieces of technology as well as amazing teams that are going to make us so much better, like Neva did.