NetApp NTAP and NVIDIA NVDA have joined forces to enhance Retrieval-Augmented Generation (RAG) for generative AI applications. The collaboration integrates NetApp's intelligent data infrastructure with NVIDIA NeMo Retriever microservices.
The collaboration will enable NetApp ONTAP customers to "talk to their data" and obtain proprietary business insights without compromising the security or privacy of their data. Enterprises can now leverage large language models to interact securely with their proprietary data, added NetApp.
Previously, building internal chatbots, co-pilots, and applications that tap into corporate knowledge posed challenges due to data security concerns. However, the integration of NVIDIA NeMo Retriever microservices technology will allow NetApp customers to easily query various types of data, including documents, images, and ERP or CRM data while maintaining established access controls.
NetApp, Inc. Price and Consensus
NetApp, Inc. price-consensus-chart | NetApp, Inc. Quote
NetApp further added that the partnership aims to facilitate more than 500 data-driven businesses in adopting and deploying artificial intelligence (A)I successfully. The collaboration will assist users to access worldwide data across different environments as well as reduce the friction, cost, and time to value for RAG.
This collaboration extends NetApp's portfolio of AI offerings, which have been leveraged by numerous joint customers for AI model training and inference. The integration supports enterprise RAG specifically, complementing existing solutions like NVIDIA DGX BasePOD and the new NVIDIA OVX systems storage validation program designed for enterprise RAG applications.
Per a report from Fortune Business Insights, the generative AI market size was valued at $29 billion in 2022 and is projected to witness a CAGR of 47.5% from 2023 to 2030. The industry is likely to benefit from increasing adoption of VR, AR and machine learning, added the report.
NetApp provides enterprise storage as well as data management software and hardware products and services. The company assists enterprises in managing multiple cloud environments, adopting next-generation technologies like AI, Kubernetes, and contemporary databases, and navigating the complexity brought about by the quick development of data and cloud usage.
In March, the company announced a collaboration with NVIDIA to introduce new capabilities that improve the potential of generative artificial intelligence (Gen AI) projects.
At present, NetApp sports a Zacks Rank #1 (Strong Buy). The stock has gained 66.1% compared with the sub-industry’s growth of 185% in the past year.
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked stocks from the broader technology space are Woodward WWD and Perion Network PERI. Perion Network and Woodward carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Woodward’s fiscal 2024 earnings per share (EPS) has inched up 5.7% in the past 60 days to $5.27. WWD’s long-term earnings growth rate is 15.5%.
Woodward’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, delivering an average surprise of 27.2%. Shares of WWD have risen 55% in the past year.
The Zacks Consensus Estimate for Perion Network’s fiscal 2024 EPS has improved 0.6% in the past 60 days to $3.34. PERI’s long-term earnings growth rate is 22%.
The company’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 12.9%. Shares of PERI have lost 34.2% in the past year.
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