Snowflake (NYSE: SNOW) has become a popular artificial intelligence (AI) stock for a good reason: It fuels AI innovation. AI is built on the back of data, and Snowflake's business of data collection, storage, and processing makes it a perfect AI-accompanying investment.

But is the stock a top option to own in 2024? Let's find out.

Snowflake refers to its product as the data cloud. Essentially, it allows users to compile unstructured, semi-structured, or structured data from their various sources. Then, users can efficiently store it on any cloud provider system (like Amazon Web Services, Google Cloud, or Azure). By storing their data using Snowflake instead of one of the cloud providers' systems, users can easily switch from one product to another without fear of being locked into unreasonable contracts.

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Source Fool.com