CNBC's Jim Cramer on Wednesday spoke with Snowflake's outgoing CEO Frank Slootman and new leader Sridhar Ramaswamy, who said the company has big plans to make use of generative artificial intelligence.
"We have so much ambition to do more, whether it is applications running on top of Snowflake, or, of course, using the power of generative AI, which I've been focused on for the past year, to democratize access to enterprise data, to have even more people be able to get at the data quickly to get value from it," Ramaswamy said. "So I think there's a huge opportunity in the world of data applications and AI that'll keep me busy for many years to come."
Ramaswamy joined Snowflake in June of last year when it acquired his company, Neeva. Neeva had been a consumer search engine business, but it shut down that product to focus on AI shortly before the acquisition. He also spent 15 years at Google, most recently leading the company's Ads and Commerce business.
Snowflake announced Slootman's departure — as well as its quarterly earnings — on Wednesday. The company's guidance missed Wall Street's expectations, and shares plummeted more than 20% in after hours trading.
Slootman took the reins at Snowflake in 2019 after he had retired as CEO of ServiceNow. But he insisted he doesn't have plans to come out of retirement again.
"I'm finally done," Slootman said. "I don't want to be one of those quarterbacks who doesn't know how to get off the field, you know. I'm making room for bigger and greater talent."
Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com