Silicon Valley-based Snowflake is “in the sweet spot” to benefit from wider use of AI among businesses over the next 12 to 18 months, according to Wedbush analyst Dan Ives.

Shares of Snowflake saw their largest percentage increase on record after the cloud data storage company posted better-than-expected product revenues and forged a new generative artificial-intelligence partnership.

Wedbush Securities analyst Daniel Ives has significantly increased his optimism on the next phase of the AI revolution, focusing on its transformative impact on the software sector. The analyst projects a monumental shift driven by generative AI adoption,