What SnowFlake database object is derived from a query specification, stored for later use, and...

A materialized view in Snowflake is a database object derived from a query specification, stored for later use, and can significantly speed up expensive aggregations on large data sets. Materialized views store the result of their underlying query, reducing the need to recompute the result each time the view is accessed. This makes them ideal for improving the performance of read-heavy, aggregate-intensive queries.

References:

Snowflake Documentation: Using Materialized Views