Artificial Intelligence
Aurora Mobile Limited Announces First Quarter 2020 Unaudited Financial Results
SHENZHEN, China, June 11, 2020 (GLOBE NEWSWIRE) — Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ:JG), a leading mobile developer service provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.
First Quarter 2020 Financial HighlightsRevenues were RMB126.2 million (US$17.8 million), a decrease of 45% year-over-year.Cost of revenues was RMB84.9 million (US$12.0 million), a decrease of 49% year-over-year.Gross profit was RMB41.3 million (US$5.8 million), a decrease of 35% year-over-year.Total operating expenses were RMB93.1 million (US$13.1 million), a decrease of 1% year-over-year.Net loss was RMB51.0 million (US$7.2 million), compared with a net loss of RMB23.7 million for the same period last year.Adjusted net loss (non-GAAP) was RMB43.2 million (US$6.1 million), compared with a RMB16.7 million adjusted net loss for the same period last year.Adjusted EBITDA (non-GAAP) was negative RMB30.3 million (US$4.3 million), compared with negative RMB7.4 million for the same period last year.First Quarter 2020 Operational HighlightsNumber of mobile apps utilizing at least one of the Company’s developer services, or the cumulative app installations, increased to approximately 1,499,000 as of March 31, 2020 from approximately 1,165,000 as of March 31, 2019.Number of monthly active unique mobile devices increased to 1.36 billion in March 2020 from 1.07 billion in March 2019.Cumulative SDK installations increased to 37.2 billion as of March 31, 2020 from 22.7 billion as of March 31, 2019.Number of paying customers increased to 2,211 in the first quarter of 2020 from 1,951 in the first quarter of 2019.Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “The first quarter of 2020 has proven to be a challenging one for many companies, including us. Firstly, the quarter is typically a seasonally weaker one due to the Chinese New Year holiday. This year, the COVID-19 outbreak adversely impacted this seasonally slow period even further across China. Many businesses were temporarily shut down or delayed restarting their operations for many weeks as the pandemic unfolded. Despite the slower than expected period, we ramped back up to 100% capacity by the middle of March, in line with most of our customers who resumed normal operations in mid-to-late March.”“During this period of temporary disruption, we took the initiative to further strengthen our core competencies. This included narrowing our focus on Developer Services, improving operational and technical efficiency, streamlining internal procedures and reinforcing our commitment to delivering exceptional customer service. With these initiatives now in place, we believe we will emerge from this pandemic stronger than ever and ideally positioned to better adapt to the current uncertainties that hang over the market.”“Beginning from this quarter, the revenues from Advertisement SaaS and Light-Push services, which help developers grow and monetize their user base, will be separately classified as “Value-Added-Services” under Developer Services. No changes are made to other revenue classifications. Our strategic focus remains to drive the growth of Developer Services and SaaS products. Overtime, we expect the revenue and gross profit contributions from Targeted Marketing to be less and less significant.”“Market adoption of our Value-Added Services, which launched in the fourth quarter of 2019, has exceeded our expectations. The average monthly revenue from Value-Added Services was approximately RMB2.1M in the first quarter of 2020. The revenue has since doubled in the month of April and we expect the strong revenue growth momentum to continue into the second quarter of 2020.”Mr. Fei Chen, President of Aurora Mobile, added, “Our core businesses, including Developer Services and SaaS products, continued to see healthy 15% year-over-year revenue growth and 20% year-over-year gross profit growth despite the impact from the pandemic and low seasonality. Our strategic transition away from the low margin and high-risk Targeted Marketing business, that we started in the third quarter 2019, has gone very well with Targeted Marketing now only contributing about 12% of our total gross profit. Such transition has reflected in our revenue decline by 45% from RMB230 million in first quarter 2019 to RMB126 million in the current quarter. Our growth of revenue and profitability is no longer dependent upon this legacy Targeted Marketing business.”“Developer Services once again was the highlight of the quarter with an impressive performance where it recorded a solid 72% year-over-year increase in revenue on the back of strong growth in both Subscription businesses and Value-Added Services. The combined revenues from SaaS products, including financial risk management, market intelligence and iZone, decreased by 28% year-over-year from RMB24.8 million in the first quarter of last year to RMB17.8 million. The decline was due to the COVID-19 outbreak which impacted customer demand in financial risk management and location-based iZone business.”Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “Despite the tough business environment in the first quarter of 2020, we managed to maintain our gross margins at 33%, flat sequentially and a meaningful increase from 27.6% during the same period last year.”“As a percentage of revenue, Developer Services and SaaS-based products accounted for 39% during the quarter, a significant increase from 19% during the same period last year. Targeted Marketing, on the other hand, accounted for 61% of total revenue during the quarter, down from 81% during the same period last year. In terms of gross margin contribution, Developer Services and SaaS-based products accounted for 88% of gross profit whereas Targeted Marketing, which is no longer our strategic focus, accounted for only 12% during the quarter. With Developer Services and SaaS Products increasingly contributing more meaningfully to gross margins, we believe we have identified and built a higher quality, more resilient and sustainable business model that can support and fuel a further expansion of our margins and profitability in the future.”First Quarter 2020 Financial ResultsRevenues were RMB126.2 million (US$17.8 million), a decrease of 45% from RMB230.5 million in the same quarter of last year, mainly due to the decrease in revenues from Targeted Marketing and other SaaS products, which together decreased 55% year-over-year. This was partially offset by revenue growth from Developer Services which increased 72% year-over-year.Cost of revenues was RMB84.9 million (US$12.0 million), a decrease of 49% from RMB167.2 million in the first quarter of 2019. The decrease was mainly due to a RMB82.6 million decrease in media costs and a RMB0.6 million decrease in staff cost which were partially offset by a RMB2.0 million increase in SMS costs.Gross profit was RMB41.3 million (US$5.8 million), a decrease of 35% from RMB63.3 million in the first quarter of 2019, primarily due to the decrease in gross profit from Targeted Marketing business as the Company strategically shifts its focus to Developer Services and SaaS-based products.Total operating expenses were RMB93.1 million (US$13.1 million), a decrease of 1% from RMB94.2 million in the same quarter of last year.Research and development expenses were RMB41.4 million (US$5.8 million), a decrease of 3% from RMB42.7 million in the same quarter of last year, mainly due to a RMB3.2 million decrease in cloud costs and a RMB3.0 million decrease in personnel costs which were partially offset by a RMB2.8 million increase in depreciation of servers and amortization of intangible assets, as well as a RMB1.8 million increase in technical service fees.Sales and marketing expenses were RMB25.2 million (US$3.6 million), a decrease of 7% from RMB27.0 million in the same quarter of last year, mainly due to a RMB2.1 million decrease in marketing expenses and a RMB1.5 million decrease in travel and entertainment expenses which were partially offset by a RMB1.9 million increase in personnel costs.General and administrative expenses were RMB26.5 million (US$3.7 million), an increase of 8% from RMB24.5 million in the same quarter of last year, mainly due to a RMB1.4 million increase in bad debt allowance, a RMB1.3 million increase in personnel costs, and a RMB0.5 million decrease in travel and entertainment expenses.Loss from operations was RMB51.7 million (US$7.3 million), compared with RMB30.9 million in the same quarter of last year.Net Loss was RMB51.0 million (US$7.2 million), compared with RMB23.7 million in the same quarter of last year.Adjusted net loss (non-GAAP) was RMB43.2 million (US$6.1 million), compared with RMB16.7 million in the same period of last year.Adjusted EBITDA (non-GAAP) was negative RMB30.3 million (US$4.3 million) compared with negative RMB7.4 million for the same period of last year.The cash and cash equivalents, restricted cash and short -term investment decreased from RMB431.6 million as of December 31,2019 to RMB383.4 million (US$54.2 million) as of March 31, 2020. Update on Share Repurchase
As of March 31, 2020, the Company had repurchased a total of 920,606 ADS. No ADS were repurchased during first quarter of 2020.The Company today announced that its board of directors has extended its share repurchase program and also approved a new program under which the Company may repurchase up to US$10 million of its shares over the next twelve months. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company plans to fund repurchases from its existing cash balance.Conference CallThe Company will host an earnings conference call on Thursday, June 11, 2020 at 7:00 a.m. U.S. Eastern Time (7:00 p.m. Hong Kong time on the same day).Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.Participant Online Registration:
http://apac.directeventreg.com/registration/event/9871205A telephone replay of the call will be available after the conclusion of the conference call through 9:00 p.m. U.S. Eastern Time, June 17, 2020.The dial-in details for the replay are as follows:A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at http://ir.jiguang.cn/.Use of Non-GAAP Financial MeasuresIn evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding share-based compensation, reduction in force charges, fair value loss/(gain) of long-term investment, and change in fair value of derivative liability. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, income tax (expense) benefit, share-based compensation, reduction in force charges, fair value loss/(gain) of long-term investment, and change in fair value of derivative liability.The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net loss and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SaaS-model; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.About Aurora Mobile LimitedFounded in 2011, Aurora Mobile is a leading mobile developer service provider in China, and a pioneer in providing mobile developer services such as push notification, instant messaging, analytics, sharing and short message service (SMS). Aurora Mobile has accumulated data from approximately 1.50 million mobile applications that have utilized the Company’s developer services and nearly 37.2 billion installations of the Company’s software development kits (SDKs), with monthly active unique device base of nearly 1.36 billion, as of March 2020. Based on Aurora Mobile’s vast data coverage and insights garnered, the Company has expanded its offerings into big data solutions, including targeted marketing, financial risk management, market intelligence and location-based intelligence. By utilizing artificial intelligence and machine learning, Aurora Mobile strives to help improve productivity for businesses and society through harnessing the power of mobile big data to derive actionable insights and knowledge.For more information, please visit http://ir.jiguang.cn/.For investor and media inquiries, please contact:Aurora Mobile Limited
[email protected]Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected] Footnote:
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0808 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2020.
Artificial Intelligence
Automation Anywhere Appoints Tim McDonough as Chief Marketing Officer to Drive Global Awareness and Growth for the Leader in AI-Powered Automation
SAN JOSE, Calif., April 23, 2024 /PRNewswire/ — Automation Anywhere, a leader in AI-powered automation solutions, announced that AI marketing leader Tim McDonough joined the company as chief marketing officer (CMO). McDonough, who brings more than two decades of experience in driving growth across startups and Fortune 100 companies, will shape and lead Automation Anywhere’s global brand and growth strategies and go-to-market functions.
McDonough joins Automation Anywhere from Intel, where he recently served as vice president and CMO of AI and data centers. McDonough oversaw the transformation of the $14 billion-plus business unit, while guiding the company’s strategy and positioning in the AI market.
“Tim joins us at an incredible time in our journey as we experience a new phase of growth ignited by the transformative benefits of our generative AI process automation models that are transforming our customers’ businesses,” said Mihir Shukla, CEO, Automation Anywhere. “Tim’s impressive experience will be instrumental in our efforts to empower organizations to achieve amazing results by automating more than forty percent of workflows and tasks, and saving millions, even billions, of dollars.”
Prior to Intel, McDonough held executive roles at leading technology companies, including Unity Technologies, Qualcomm, and Microsoft. McDonough’s track record of enterprise and C-suite marketing spans developed and emerging technologies, including AI tools, applications, software-as-a-service (SaaS) solutions, and developer ecosystems.
“I’m looking forward to helping lead Automation Anywhere through its next phase growth as it helps companies transform their business,” said McDonough. “Seeing how customers are innovating with Automation Anywhere’s platform demonstrated to me the incredible market opportunity we have. When you combine automation with generative AI, customers can now go beyond task or departmental impact and automate at an enterprise level, empowering companies and employees to do their very best work.”
McDonough’s appointment comes at a time of remarkable opportunity for the company, marked by Automation Anywhere’s recent record-breaking fourth-quarter performance, continued profitability, and strong outlook in its current fiscal year. Last quarter, Automation Anywhere reported 50 percent growth in large enterprise deals from the previous quarter, highlighting the company’s momentum and strong market position.
About Automation Anywhere
Automation Anywhere is the leader in AI-powered process automation that puts AI to work across organizations. The company’s Automation Success Platform is powered with generative AI and offers process discovery, RPA, end-to-end process orchestration, document processing, and analytics, with a security and governance-first approach. Automation Anywhere empowers organizations worldwide to unleash productivity gains, drive innovation, improve customer service, and accelerate business growth. The company is guided by its vision to fuel the future of work by unleashing human potential through AI automation. Learn more at http://www.automationanywhere.com/.
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Artificial Intelligence
AI Supercomputing Market Growing at +21% CAGR as Industries Evolve Data Analysis
USA News Group News Commentary
VANCOUVER, BC, April 23, 2024 /PRNewswire/ — USA News Group News Commentary – Numerous industries are making the shift towards using Artificial Intelligence (AI) supercomputers in leveraging powerful computing systems to address complex challenges, and analyze massive datasets. According to analysts at Markets and Markets the AI supercomputer market is projected to grow at a CAGR of 22% through 2028 to a value of US$3.3 billion. This high level of growth is echoed by analysts at Technavio, who are projecting nearly 21% growth through 2027, however, they are seeing the overall supercomputer market much higher, growing by US$17.6 billion along the way. Several international groups are with massive investments in the billions to evolve their operations to include AI supercomputing, including in Denmark, the UK, Japan, the UAE and the USA. Powering this shift behind the scenes are several tech developers, who this week have been updating the market with their current developments, including: Avant Technologies Inc. (OTC: AVAI), NVIDIA Corporation (NASDAQ: NVDA) (NEO: NVDA), Microsoft Corporation (NASDAQ: MSFT) (NEO: MSFT), D-Wave Quantum Inc. (NYSE: QBTS), and Rigetti Computing, Inc. (NASDAQ: RGTI, RGITW).
The article continued: Moving forward, new regulations and safeguards are being put into place, as seen in the USA when the Biden Administration enacted an AI Executive Order to create new standards for AI safety and security. As well, the Council of the European Union filed a proposal for the regulation of harmonized rules on AI in the EU.
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions
Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), an artificial intelligence technology (AI) company specializing in the development of advanced AI and data center infrastructure solutions, announced today that it’s introducing a state-of-the-art supercomputing network and comprehensive licensable dataset. Avant will be collaborating with its technology partner, Wired4Tech, to launch these pivotal developments, which are engineered to accelerate AI adoption and innovation across a broad spectrum of industries.
“Avant’s supercomputing network and our expansive licensable dataset will facilitate significant advancements in AI- driven solutions,” said Danny Rittman, Chief Information Officer of Avant of the launch. “By providing robust computational resources and a rich dataset, Avant is set to eliminate many of the technical and financial barriers that have traditionally hampered AI development. This initiative aims to empower developers with the tools necessary to create more sophisticated and efficient AI models, driving progress and innovation in innumerable fields.”
Highlights of Avant’s Offerings:
Versatile AI Dataset: Available from Q3, this dataset will be regularly updated to support a wide array of AI projects, providing a solid foundation for development, and reducing the time to market for AI solutions.Dynamic Resource Scaling: The network dynamically adjusts computing resources to meet real-time demands, maximizing efficiency and minimizing costs.Accelerated AI Processing: Utilizes cutting-edge distributed computing to dramatically reduce data processing times, enabling rapid iteration and deployment of AI models.Robust Security Measures: Top-tier security protocols are in place to ensure data integrity and compliance with stringent regulatory standards.Seamless Integration: Designed to integrate smoothly with existing AI development environments, minimizing disruptions and simplifying technology adoption.Avant is committed to advancing the AI landscape by providing scalable solutions that will benefit diverse sectors looking to harness the power of artificial intelligence.
CONTINUED… Read this and more news for Avant Technologies at: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
In other industry developments and happenings in the market this week include:
NVIDIA Corporation (NASDAQ: NVDA) (NEO: NVDA), a global leader in providing graphics and compute and networking solutions, recently received an investment of ~US$960 million from Japanese telecommunications company Softbank to enhance its supercomputing power and to support an ambitious generative AI (GenAI) strategy.
Generative AI is increasingly being incorporated into products and services across multiple sectors. A recent projection by Statista, a research firm based in Germany, predicts that the market for generative AI in Japan will expand to approximately $13 billion by 2030, representing a 17x increase from its size in 2023.
Microsoft Corporation (NASDAQ: MSFT) (NEO: MSFT), a global leader in developing and supporting software, services, devises and solutions recently announced it would be investing $1.5 billion into Abu Dhabi’s G42, the leading UAE-based AI tech holding company, to accelerate AI development and global expansion.
“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations,” said H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of G42. “This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally.”
G42 will operate its AI applications and services on Microsoft Azure, collaborating to offer advanced AI solutions to global public sector clients and large enterprises. Together, G42 and Microsoft aim to enhance AI and digital infrastructure across the Middle East, Central Asia, and Africa. This collaboration will help these regions gain fair access to services that address key government and business issues, while upholding the highest standards of security and privacy.
D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing systems, software, and services and the world’s first commercial supplier of quantum computers recently announced the launch the first fast-anneal feature, available now on all of D-Wave’s quantum processing units (QPUs) in the LeapTM real-time quantum cloud service. The fast-anneal feature has been central to D-Wave’s key research achievements, as highlighted in publications in Nature Physics and Nature, showing how annealing quantum computing outperforms traditional algorithms in tackling complex optimization problems.
“Providing direct access to Fast Anneal, which has been at the heart of D-Wave’s recent advancements, represents a significant step forward in our mission to provide customers with the resources they need to drive innovation and achieve extraordinary results,” said Dr. Alan Baratz, CEO of D-Wave. “We believe it will further empower them to build industry-shaping applications with the most powerful quantum computing environment available today.”
With enhanced control allowing for notably quicker annealing times than before, this feature enables customers to replicate and expand upon D-Wave’s significant optimization results. Now widely available, this feature allows users to execute quantum computations at unprecedented speeds, significantly mitigating issues like thermal fluctuations and noise that typically disrupt quantum calculations.
Rigetti Computing, Inc. (NASDAQ: RGTI, RGITW), a pioneer in full-stack quantum-classical computing, recently announced the successful completion of its Innovate UK project with Oxford Instruments to launch one of the first UK-based quantum computers. The consortium also included the Quantum Software Lab at the University of Edinburgh, Phasecraft, and Standard Chartered Bank, with financial backing from the UK government’s Quantum Technologies Challenge, led by UK Research & Innovation (UKRI).
“Completing this project, with the end result being a useful 32-qubit quantum computer, is an exceptional achievement for all of the project partners,” said Dr. Subodh Kulkarni, CEO of Rigetti. “It takes a world-class team to build and deploy a quantum computer. The UK has become a world leader in quantum computing technologies, and we are excited to continue to contribute to its quantum computing capabilities. Additionally, Rigetti plans to leverage this experience to continue to develop our UK quantum computing leadership as we embark on deploying a 24-qubit Ankaa-class quantum computer at the NQCC’s Harwell campus.”
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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Artificial Intelligence
Artificial Intelligence Investment Soars to Trillions, Sparking Regulatory Interest
USA News Group Commentary
VANCOUVER, BC, April 23, 2024 /PRNewswire/ — USA News Group – In just a few years, the potential generated by the rise of Artificial Intelligence (AI) continues to entice investment to the tune of many trillions, with McKinsey & Company projecting generative AI to generate up to $7.9 trillion alone annually. It’s a sector that’s still in its early stages, and with that comes plenty of scrutiny, including the recent actions by US regulators regarding whether or not investors of OpenAI were misled, through an SEC inquiry launched in February. All the while, corporate AI investment is surging, with several companies benefitting including NVIDIA Corporation (NASDAQ:NVDA) (NEO:NVDA), Meta Platforms Inc. (NASDAQ:META) (NEO:META), Apple Inc. (NASDAQ:AAPL) (NEO:AAPL), C3.ai, Inc. (NYSE:AI), and Avant Technologies Inc. (OTC:AVAI).
Looking to help unlock the full potential of AI, Avant Technologies Inc. (OTC:AVAI) is pursuing its stated mission to build the nation’s first supercomputing network to provide big data and AI software companies with a faster, more powerful, and more cost-effective compute infrastructure. Recently Avant signed a co-development agreement with Wired4Tech, Inc. to create high-density compute infrastructure and supercomputer network software to move the company closer to achieving this mission.
“The technological innovations that we expect this collaboration to yield will help to usher in a new era of performance, cost efficiency and environmental sustainability for AI and Big Data,” said Timothy Lantz, CEO of Avant. “We have made exciting progress in the past several months, and we believe this partnership will further help to accelerate speed-to-market of our next generation solutions.”
The Wired4Tech collaboration aims to assist in the final stages of development and testing for Avant’s new high-density private cloud infrastructure solution. Additionally, it will start to establish the groundwork for Avant’s proposed AI supercomputing network. Avant expects to launch its next-generation infrastructure solution sometime in the first half of 2024.
“We’re at an inflection point where accelerated computing and generative AI have come together to speed innovation at an unprecedented pace,” said Paul Averill, Founder and CEO of Wired4Tech. “Our partnership with Avant Technologies will help AI companies accelerate their work with infrastructure, software and services that drive efficiency and reduce costs. There is no AI without the right infrastructure and Avant will lead the way with its unique and innovative and cost-effective AI platform.”
The collaboration was a follow-up to Avant’s announcement that the company is set to leverage its proprietary AI to drive proactive, next-generation data center security, through its enhancements to Avant! AI™, that seamlessly integrates with industry-standard data science tools and algorithms, enabling organizations to harness the power of data for deeper insights and informed decision-making.
“The rapid advancements in AI are unlocking tremendous opportunities and potential across almost every facet of our lives, but those same advancements can also pose an increased threat when used by those with an intent to harm,” said Lantz. “In today’s digital world cybersecurity is of paramount importance and Avant is committed to providing our customers with the necessary tools to ensure the safety and security of their information and that of their end-users.”
The planned improvements in Avant’s proprietary gen AI are designed to achieve two main goals: to provide early detection of potential security vulnerabilities and to offer recommendations for proactive measures to strengthen cybersecurity baselines, reduce risks, and ensure compliance in the ever-changing digital environment.
Under the hood of many of the biggest AI setups today are products from NVIDIA Corporation (NASDAQ:NVDA) (NEO:NVDA), which has seen its market cap surge to more than $2 trillion based upon an insatiable AI chip demand. This includes mega investments from some of the largest tech companies on the planet, including Meta Platforms Inc. (NASDAQ:META) (NEO:META) which is spending billions of dollars on Nvidia’s AI chips.
Shared through an Instagram Reels post by CEO Mark Zuckerberg, Meta’s “future roadmap” for AI requires the construction of “an absolutely massive amount of infrastructure.” By the end of 2024, Zuckerberg mentioned that this infrastructure will comprise 350,000 H100 graphics cards from Nvidia—which were being sold for more than $40,000 on eBay as recently as last April.
The ramp up of GPUs for Meta is projected to cost as much as $18 billion by the end of 2024. The ambitious loading up of infrastructure is similar to Meta’s $13 billion spent on Reality Labs, its metaverse division in 2022.
Competition for computing power will be ramping up, as Apple Inc. (NASDAQ:AAPL) (NEO:AAPL) has signalled the company will be investing significantly in generative AI, as it moves away from its self-driving electric car project. So far, Apple CEO Tim Cook hasn’t launched any competing products to models like OpenAI’s GPT or Google’s Gemini, but he has already teased a major announcement that the company will “break new ground” in GenAI coming later this year.
“AI is woven into our users’ lives for all sorts of tasks, from the everyday to the essential,” said Tim Cook. “AI allows Apple Watch to help you track your workouts, automatically detecting whether you’re taking a walk or going for a swim. It enables your iPhone to call for help if you’re in a car accident.”
While Cook’s sentiments hint towards Apple moving more towards AI investment, the company’s investors have grown impatient with the tech giant after lagging behind its mega-tech peers who have shared much clearer AI strategies.
Enterprise AI application software company C3.ai, Inc. (NYSE:AI) is coming off of a healthy Q3 2024 financial results announcement, where they saw total revenue grow 18% year-over-year to $78.4 million, exceeding their guidance range. Perhaps more importantly, C3 AI saw its customer engagement grow 80% year-over-year, and a 23% increase in subscription revenue.
“Generative AI use cases continue to influence customer engagement, with 17 of 29 total pilots signed in the quarter driven by generative AI,” said Kingsley Crane, analyst at Canaccord Genuity, about C3 AI in a report. “So far, the company has been converting pilots into full-time customers roughly near the assumed spend levels of $210,000 per quarter, even if some pilots have pushed a bit beyond the initially planned six months and started a bit lower than $500,000 contribution over two quarters. If C3 can continue the sequential growth in product revenue we’ve seen over the past three quarters, the firm is on track to grow over 30%.”
Among the customer base that C3 AI has been working with is biotech giant Genentech, to improve the complex biologics manufacturing process with AI. Genentech began using the AI application in 2021 to ensure centrifuges in their facility remained operational, with patients benefitting by receiving their medicines on time. In 2022, the biotech developer would go on to expand its use of C3’s assets beyond centrifuges, to around 200 pieces of equipment in total. Now Genentech has nearly 200 users including data scientists and facility managers who are trained to use the C3 AI platform, and regularly use the AI application to evaluate equipment health and maintain manufacturing operations.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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