diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 513af867d..0fa84469a 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -32,6 +32,4 @@ first_value = 1
 
 [bumpversion:part:nightly]
 
-[bumpversion:file:setup.py]
-
 [bumpversion:file:dbt/adapters/snowflake/__version__.py]
diff --git a/.changes/unreleased/Fixes-20240516-174337.yaml b/.changes/unreleased/Fixes-20240516-174337.yaml
new file mode 100644
index 000000000..955d90ed3
--- /dev/null
+++ b/.changes/unreleased/Fixes-20240516-174337.yaml
@@ -0,0 +1,6 @@
+kind: Fixes
+body: Update relation caching to correctly identify dynamic tables, accounting for Snowflake's `2024_03` bundle
+time: 2024-05-16T17:43:37.336858-04:00
+custom:
+  Author: mikealfare
+  Issue: "1016"
diff --git a/.changes/unreleased/Under the Hood-20240517-143743.yaml b/.changes/unreleased/Under the Hood-20240517-143743.yaml
new file mode 100644
index 000000000..598c60ad4
--- /dev/null
+++ b/.changes/unreleased/Under the Hood-20240517-143743.yaml	
@@ -0,0 +1,6 @@
+kind: Under the Hood
+body: Improve memory efficiency of the process_results() override.
+time: 2024-05-17T14:37:43.7414-04:00
+custom:
+  Author: peterallenwebb
+  Issue: "1053"
diff --git a/dbt/adapters/snowflake/connections.py b/dbt/adapters/snowflake/connections.py
index af26279e8..1d6e31c93 100644
--- a/dbt/adapters/snowflake/connections.py
+++ b/dbt/adapters/snowflake/connections.py
@@ -8,7 +8,7 @@
 from dataclasses import dataclass
 from io import StringIO
 from time import sleep
-from typing import Optional, Tuple, Union, Any, List
+from typing import Any, List, Iterable, Optional, Tuple, Union
 
 import agate
 from dbt_common.clients.agate_helper import empty_table
@@ -443,25 +443,28 @@ def _split_queries(cls, sql):
         split_query = snowflake.connector.util_text.split_statements(sql_buf)
         return [part[0] for part in split_query]
 
-    @classmethod
-    def process_results(cls, column_names, rows):
-        # Override for Snowflake. The datetime objects returned by
-        # snowflake-connector-python are not pickleable, so we need
-        # to replace them with sane timezones
-        fixed = []
+    @staticmethod
+    def _fix_rows(rows: Iterable[Iterable]) -> Iterable[Iterable]:
+        # See note in process_results().
         for row in rows:
             fixed_row = []
             for col in row:
                 if isinstance(col, datetime.datetime) and col.tzinfo:
                     offset = col.utcoffset()
+                    assert offset is not None
                     offset_seconds = offset.total_seconds()
-                    new_timezone = pytz.FixedOffset(offset_seconds // 60)
+                    new_timezone = pytz.FixedOffset(int(offset_seconds // 60))
                     col = col.astimezone(tz=new_timezone)
                 fixed_row.append(col)
 
-            fixed.append(fixed_row)
+            yield fixed_row
 
-        return super().process_results(column_names, fixed)
+    @classmethod
+    def process_results(cls, column_names, rows):
+        # Override for Snowflake. The datetime objects returned by
+        # snowflake-connector-python are not pickleable, so we need
+        # to replace them with sane timezones.
+        return super().process_results(column_names, cls._fix_rows(rows))
 
     def execute(
         self, sql: str, auto_begin: bool = False, fetch: bool = False, limit: Optional[int] = None
diff --git a/dbt/adapters/snowflake/impl.py b/dbt/adapters/snowflake/impl.py
index ebb15f753..e3bc3ae0b 100644
--- a/dbt/adapters/snowflake/impl.py
+++ b/dbt/adapters/snowflake/impl.py
@@ -143,26 +143,37 @@ def list_relations_without_caching(
                 return []
             raise
 
-        relations = []
-        quote_policy = {"database": True, "schema": True, "identifier": True}
-
+        # this can be reduced to always including `is_dynamic` once bundle `2024_03` is mandatory
         columns = ["database_name", "schema_name", "name", "kind"]
-        for _database, _schema, _identifier, _type in results.select(columns):
-            try:
-                _type = self.Relation.get_relation_type(_type.lower())
-            except ValueError:
-                _type = self.Relation.External
-            relations.append(
-                self.Relation.create(
-                    database=_database,
-                    schema=_schema,
-                    identifier=_identifier,
-                    quote_policy=quote_policy,
-                    type=_type,
-                )
-            )
+        if "is_dynamic" in results.column_names:
+            columns.append("is_dynamic")
+
+        return [self._parse_list_relations_result(result) for result in results.select(columns)]
+
+    def _parse_list_relations_result(self, result: agate.Row) -> SnowflakeRelation:
+        # this can be reduced to always including `is_dynamic` once bundle `2024_03` is mandatory
+        try:
+            database, schema, identifier, relation_type, is_dynamic = result
+        except ValueError:
+            database, schema, identifier, relation_type = result
+            is_dynamic = "N"
 
-        return relations
+        try:
+            relation_type = self.Relation.get_relation_type(relation_type.lower())
+        except ValueError:
+            relation_type = self.Relation.External
+
+        if relation_type == self.Relation.Table and is_dynamic == "Y":
+            relation_type = self.Relation.DynamicTable
+
+        quote_policy = {"database": True, "schema": True, "identifier": True}
+        return self.Relation.create(
+            database=database,
+            schema=schema,
+            identifier=identifier,
+            type=relation_type,
+            quote_policy=quote_policy,
+        )
 
     def quote_seed_column(self, column: str, quote_config: Optional[bool]) -> str:
         quote_columns: bool = False
diff --git a/dbt/include/snowflake/macros/adapters.sql b/dbt/include/snowflake/macros/adapters.sql
index 157738187..0bf7b7d1b 100644
--- a/dbt/include/snowflake/macros/adapters.sql
+++ b/dbt/include/snowflake/macros/adapters.sql
@@ -73,7 +73,7 @@
   {% for _ in range(0, max_iter) %}
 
       {%- set paginated_sql -%}
-         show terse objects in {{ schema_relation.database }}.{{ schema_relation.schema }} limit {{ max_results_per_iter }} from '{{ watermark.table_name }}'
+         show objects in {{ schema_relation.database }}.{{ schema_relation.schema }} limit {{ max_results_per_iter }} from '{{ watermark.table_name }}'
       {%- endset -%}
 
       {%- set paginated_result = run_query(paginated_sql) %}
@@ -124,7 +124,7 @@
   {%- set max_total_results = max_results_per_iter * max_iter -%}
 
   {%- set sql -%}
-    show terse objects in {{ schema_relation.database }}.{{ schema_relation.schema }} limit {{ max_results_per_iter }}
+    show objects in {{ schema_relation.database }}.{{ schema_relation.schema }} limit {{ max_results_per_iter }}
   {%- endset -%}
 
   {%- set result = run_query(sql) -%}
diff --git a/setup.py b/setup.py
index 728dcc8c6..f8ff363ed 100644
--- a/setup.py
+++ b/setup.py
@@ -1,7 +1,8 @@
 #!/usr/bin/env python
 import os
+from pathlib import Path
+
 import sys
-import re
 
 # require python 3.8 or newer
 if sys.version_info < (3, 8):
@@ -28,28 +29,25 @@
     long_description = f.read()
 
 
-# get this package's version from dbt/adapters/<adapter name>/__version__.py
-def _get_plugin_version_dict():
-    _version_path = os.path.join(this_directory, "dbt", "adapters", "snowflake", "__version__.py")
-    _semver = r"""(?P<major>\d+)\.(?P<minor>\d+)\.(?P<patch>\d+)"""
-    _pre = r"""((?P<prekind>a|b|rc)(?P<pre>\d+))?"""
-    _nightly = r"""(\.(?P<nightly>[a-z0-9]+)?)?"""
-    _build = r"""(\+build[0-9]+)?"""
-    _version_pattern = rf"""version\s*=\s*["']{_semver}{_pre}{_nightly}{_build}["']"""
-    with open(_version_path) as f:
-        match = re.search(_version_pattern, f.read().strip())
-        if match is None:
-            raise ValueError(f"invalid version at {_version_path}")
-        return match.groupdict()
+# used for this adapter's version
+VERSION = Path(__file__).parent / "dbt/adapters/snowflake/__version__.py"
+
+
+def _plugin_version() -> str:
+    """
+    Pull the package version from the main package version file
+    """
+    attributes = {}
+    exec(VERSION.read_text(), attributes)
+    return attributes["version"]
 
 
 package_name = "dbt-snowflake"
-package_version = "1.9.0a1"
 description = """The Snowflake adapter plugin for dbt"""
 
 setup(
     name=package_name,
-    version=package_version,
+    version=_plugin_version(),
     description=description,
     long_description=long_description,
     long_description_content_type="text/markdown",
diff --git a/tests/functional/adapter/test_list_relations_without_caching.py b/tests/functional/adapter/list_relations_tests/test_pagination.py
similarity index 86%
rename from tests/functional/adapter/test_list_relations_without_caching.py
rename to tests/functional/adapter/list_relations_tests/test_pagination.py
index b126984a3..8f14a0012 100644
--- a/tests/functional/adapter/test_list_relations_without_caching.py
+++ b/tests/functional/adapter/list_relations_tests/test_pagination.py
@@ -1,3 +1,5 @@
+import os
+
 import pytest
 
 import json
@@ -5,15 +7,19 @@
 
 # Testing rationale:
 # - snowflake SHOW TERSE OBJECTS command returns at max 10K objects in a single call
-# - when dbt attempts to write into a scehma with more than 10K objects, compilation will fail
+# - when dbt attempts to write into a schema with more than 10K objects, compilation will fail
 #   unless we paginate the result
 # - however, testing this process is difficult at a full scale of 10K actual objects populated
 #   into a fresh testing schema
 # - accordingly, we create a smaller set of views and test the looping iteration logic in
 #   smaller chunks
 
-NUM_VIEWS = 100
-NUM_EXPECTED_RELATIONS = 1 + NUM_VIEWS
+NUM_VIEWS = 90
+NUM_DYNAMIC_TABLES = 10
+# the total number should be between the numbers referenced in the "passing" and "failing" macros below
+# - MACROS__VALIDATE__SNOWFLAKE__LIST_RELATIONS_WITHOUT_CACHING (11 iter * 10 results per iter -> 110 objects)
+# - MACROS__VALIDATE__SNOWFLAKE__LIST_RELATIONS_WITHOUT_CACHING_RAISE_ERROR (33 iter * 3 results per iter -> 99 objects)
+NUM_EXPECTED_RELATIONS = 1 + NUM_VIEWS + NUM_DYNAMIC_TABLES
 
 TABLE_BASE_SQL = """
 {{ config(materialized='table') }}
@@ -25,6 +31,20 @@
 select id from {{ ref('my_model_base') }}
 """.lstrip()
 
+DYNAMIC_TABLE = (
+    """
+{{ config(
+    materialized='dynamic_table',
+    target_lag='1 hour',
+    snowflake_warehouse='"""
+    + os.getenv("SNOWFLAKE_TEST_WAREHOUSE")
+    + """',
+) }}
+
+select id from {{ ref('my_model_base') }}
+"""
+)
+
 MACROS__VALIDATE__SNOWFLAKE__LIST_RELATIONS_WITHOUT_CACHING = """
 {% macro validate_list_relations_without_caching(schema_relation) %}
     {% set relation_list_result = snowflake__list_relations_without_caching(schema_relation, max_iter=11, max_results_per_iter=10) %}
@@ -81,7 +101,8 @@ def models(self):
         my_models = {"my_model_base.sql": TABLE_BASE_SQL}
         for view in range(0, NUM_VIEWS):
             my_models.update({f"my_model_{view}.sql": VIEW_X_SQL})
-
+        for dynamic_table in range(0, NUM_DYNAMIC_TABLES):
+            my_models.update({f"my_dynamic_table_{dynamic_table}.sql": DYNAMIC_TABLE})
         return my_models
 
     @pytest.fixture(scope="class")
@@ -126,7 +147,8 @@ def models(self):
         my_models = {"my_model_base.sql": TABLE_BASE_SQL}
         for view in range(0, NUM_VIEWS):
             my_models.update({f"my_model_{view}.sql": VIEW_X_SQL})
-
+        for dynamic_table in range(0, NUM_DYNAMIC_TABLES):
+            my_models.update({f"my_dynamic_table_{dynamic_table}.sql": DYNAMIC_TABLE})
         return my_models
 
     @pytest.fixture(scope="class")
diff --git a/tests/functional/adapter/list_relations_tests/test_show_objects.py b/tests/functional/adapter/list_relations_tests/test_show_objects.py
new file mode 100644
index 000000000..e5eee39d9
--- /dev/null
+++ b/tests/functional/adapter/list_relations_tests/test_show_objects.py
@@ -0,0 +1,89 @@
+import os
+from typing import List
+
+import pytest
+
+from dbt.adapters.factory import get_adapter_by_type
+from dbt.adapters.snowflake import SnowflakeRelation
+
+from dbt.tests.util import run_dbt, get_connection
+
+
+SEED = """
+id,value
+0,red
+1,yellow
+2,blue
+""".strip()
+
+
+VIEW = """
+select * from {{ ref('my_seed') }}
+"""
+
+
+TABLE = """
+{{ config(materialized='table') }}
+select * from {{ ref('my_seed') }}
+"""
+
+
+DYNAMIC_TABLE = (
+    """
+{{ config(
+    materialized='dynamic_table',
+    target_lag='1 day',
+    snowflake_warehouse='"""
+    + os.getenv("SNOWFLAKE_TEST_WAREHOUSE")
+    + """',
+) }}
+select * from {{ ref('my_seed') }}
+"""
+)
+
+
+class TestShowObjects:
+    views: int = 10
+    tables: int = 10
+    dynamic_tables: int = 10
+
+    @pytest.fixture(scope="class")
+    def seeds(self):
+        yield {"my_seed.csv": SEED}
+
+    @pytest.fixture(scope="class")
+    def models(self):
+        models = {}
+        models.update({f"my_view_{i}.sql": VIEW for i in range(self.views)})
+        models.update({f"my_table_{i}.sql": TABLE for i in range(self.tables)})
+        models.update(
+            {f"my_dynamic_table_{i}.sql": DYNAMIC_TABLE for i in range(self.dynamic_tables)}
+        )
+        yield models
+
+    @pytest.fixture(scope="class", autouse=True)
+    def setup(self, project):
+        run_dbt(["seed"])
+        run_dbt(["run"])
+
+    @staticmethod
+    def list_relations_without_caching(project) -> List[SnowflakeRelation]:
+        my_adapter = get_adapter_by_type("snowflake")
+        schema = my_adapter.Relation.create(
+            database=project.database, schema=project.test_schema, identifier=""
+        )
+        with get_connection(my_adapter):
+            relations = my_adapter.list_relations_without_caching(schema)
+        return relations
+
+    def test_list_relations_without_caching(self, project):
+        relations = self.list_relations_without_caching(project)
+        assert len([relation for relation in relations if relation.is_view]) == self.views
+        assert (
+            len([relation for relation in relations if relation.is_table])
+            == self.tables + 1  # add the seed
+        )
+        assert (
+            len([relation for relation in relations if relation.is_dynamic_table])
+            == self.dynamic_tables
+        )