Snowflake's negotiations to acquire Reka AI for over $1 billion have fallen through

Negotiations for Snowflake's proposed acquisition of the startup Reka AI for over $1 billion have fallen through, as the company's plans to bring in more generative artificial intelligence capabilities internally have now been dashed. These negotiations have concluded, and Snowflake is set to announce its quarterly earnings on Wednesday. Reka is a company that produces large language models, and Snowflake sees generative artificial intelligence as an accelerator for its business. With the popularity and hype surrounding generative artificial intelligence, several large tech companies are actively seeking partnerships or acquisitions with startups in this technology field