The realm of Generative AI, a subset of artificial intelligence renowned for its ability to create new content from existing data sets, has lately seen a flurry of activity that could significantly sway the landscape of various industries, including those heavily represented in our portfolio. Recent partnerships and technological advances point to a future where this technology not only streamlines operations but also opens new avenues for growth and efficiency.

This Week’s Headlines

Reddit and OpenAI have entered a partnership that allows OpenAI to harness Reddit’s vast content to train its AI models. This collaboration signals a new era where digital platforms and AI technologies converge to enhance user experiences and advertising capabilities.

Apple’s collaboration with OpenAI to integrate ChatGPT into iOS 18 marks a significant leap in mobile technology, potentially redefining user interactions with their devices. The release of GPT-4o by OpenAI represents another leap forward, showcasing enhancements that promise to elevate the capabilities of AI technologies further.

Microsoft’s introduction of GPT-4o for Azure AI enhances its stature in the competitive AI domain. Meanwhile, Apple’s initiative to integrate AI more deeply into its operating systems underscores how critical Generative AI has become to maintaining and enhancing competitiveness and operational efficiency in the tech sector.

Spotlight on NVIDIA

NVIDIA reported a record Q1 revenue of $26 billion, marking significant growth, with data center revenue reaching $22.6 billion, driven by the NVIDIA Hopper GPU computing platform. Automotive revenue also saw growth, attributed to AI cockpit solutions and self-driving platforms. However, gaming revenue declined due to seasonal trends and challenges in the China market due to new export control restrictions. Despite these challenges, NVIDIA announced a 10-for-1 stock split and a 150% increase in its dividend, alongside a positive Q2 revenue forecast of $28 billion, indicating continued strong performance and optimism.

NVIDIA’s engagement in building sovereign AI infrastructure globally is expected to generate high single-digit billions in revenue this year. This new revenue stream, from virtually nothing the previous year, highlights NVIDIA’s strategic positioning in national AI initiatives and its potential for significant financial growth.

Data center revenue reached a record $22.6 billion, up 23% sequentially and 427% year-on-year, primarily driven by the NVIDIA Hopper GPU computing platform. This growth reflects the increasing demand for NVIDIA’s AI infrastructure from enterprise and consumer internet companies, as well as large cloud providers, indicating a robust market appetite for NVIDIA’s data center solutions.

SNOW: A Strong Performance

Snowflake reported a 34% year-over-year increase in product revenue for Q1 FY2025, reaching $790 million, and has increased its FY2025 product revenue outlook, indicating strong performance and demand for its data platform services. The company’s focus on AI, including the launch of Cortex and Arctic, has significantly contributed to growth, with over 750 customers utilizing these AI capabilities.

Snowflake also announced the introduction of new products such as Cortex, Iceberg, Snowball container services, and hybrid tables to enhance AI and machine learning capabilities. Additionally, the company has seen increased adoption of Snow Park by over 50% of its customers and expanded its customer base in processing unstructured data by adding more than 1000 customers. However, there is margin pressure due to GPU-related costs from new AI initiatives, leading to a slight decrease in non-GAAP product gross margin to 76.9%.

Snowflake’s focus on AI, including the launch of Cortex and the development of Arctic, its own language model, has been a key driver of growth. Over 750 customers are using these AI capabilities, showcasing the company’s successful expansion into AI and machine learning, which is expected to continue fueling platform growth and customer performance enhancements.

Management outlined a comprehensive AI strategy focusing on leveraging high language models across the data stack and developing small to mid-sized models efficiently. They emphasized strategic partnerships and a focus on delivering value to customers without the need for massive investments, suggesting a focused and collaborative approach to AI.

Investing in Artificial Intelligence with ARTI ETF

Interested in using generative AI to identify the best artificial intelligence and artificial intelligence-related companies fundamentally changing our world today?

Evolve Artificial Intelligence Fund (ARTI) is Canada’s first Artificial Intelligence Fund that uses generative AI in portfolio construction. ARTI is designed to provide investors with exposure to global securities from AI companies deemed to benefit from the increased global adoption of AI.

For more information on ARTI or any of Evolve ETF’s lineup of exchange-traded funds, please visit our website or contact


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Tags AI  artificial intelligence  nvidia  snowflake