Artificial Intelligence
OMNIQ Reports Record 6 months results. $50M in revenue for 6 months ended June 30, 2022. Second Quarter $24.2M Revenue up 85% over Q2 2021.
SALT LAKE CITY, Aug. 15, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced its financial results for the three months and six months ended June 30 , 2022.
OMNIQ’s 2022 continuous momentum:
- 54% growth in 6 month Revenue marks an all-time record of over $50 Million.
- 104% growth in 6 Month Gross Profit up to a record of over $12M.
- 85% Growth in Q2 Revenue compared to Q2 2021.
- 81% increase in Q2 Gross Profit compared to Q2 2021.
- Gross margin for the 6 months up to 24% compared to 18% in the same period of 2021.
- Q2 marks a breakthrough in penetrating the retail and restaurant markets with the Company’s AI integrated solution.
- OMNIQ’s Q Shield AI based law enforcement solution offered to municipalities is experiencing positive momentum as twelve (12) cities in the US have already contracted and more are in the pipeline. Revenue model is based on recurring revenue sharing.
Some Recent Events:
On April 19, 2022, we announced the receipt of a purchase order to deploy our AI – Machine vision systems in South America.
On June 8, 2022, we announced the receipt of a $11M order from the Government of Israel for Supply Chain IOT equipment.
ON June 13, 2022, we announced the receipt of a $29M order from a Fortune 100 customer for supply chain IOT equipment.
On June 17, 2022, the Company announced that it has been selected by the City of East Dublin to deploy its AI Based Q Shield vehicle recognition systems (VRS) technology and its cloud based citation management platform.
On June 23, 2022, the company announced that its AI Based Q Shield system assisted law enforcement in Adrian, Georgia to allocate and return home an elderly man suffering from cognitive memory impairment.
Shai Lustgarten Chairman and CEO commented: “We are very pleased to announce the second quarter and six months results. Despite the supply chain challenges across the globe, we are proud to have delivered both a record Q2 and record 6 month revenue marking the highest numbers since the company’s inception. Our order backlog continues to grow as customer demand remains strong which we expect will drive strong deliveries into the third quarter.
We are enjoying a strategic milestone with penetrating the growing retail and Fast Food restaurant sector with our AI-Machine Vision proprietary technology and innovative solutions that we expect to become a significant growth engine as well as provide higher profitability.”
“Our business fundamentals are solid and prove once again the strength of our business model relying on top of the line technology, proprietary AI Based innovative solutions, and an invaluable loyal customer base that we do anything to satisfy. With our revenue visibility increasing, we are looking forward to a successful 2022 and going forward.” Mr. Lustgarten concluded.
Second Quarter 2022 Financial Results
OMNIQ reported revenue of $24.2 million for the quarter ended June 30, 2022, an increase of 84% from $13.1 million in the second quarter of 2021. The revenue increase reflects the consolidation of our financial statements with Dangot Computers, Ltd. which we acquired in July 2021, as well as higher demand from certain customers during the period. Total operating expenses for the quarter were $8 million, compared with $5 million in the second quarter of 2021.
Net loss for the quarter was $3.1 million, or a loss of $.44 per basic share, compared with a loss of $2.5 million, or a loss of $.53 per basic share, for the second quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the second quarter of 2022 amounted to a loss of $777 thousand compared with an adjusted EBITDA loss of $437 thousand in the second quarter of 2021.
Cash balance at June 30, 2022 was $2.9 million compared with $7 million at December 31, 2021.
OMNIQ CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| For the three months | For the six months | |||||||||||||||
| ending June 30, | ending June 30, | |||||||||||||||
| (In thousands, except share and per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Total Revenues | $ | 24,209 | $ | 13,119 | $ | 50,531 | $ | 32,870 | ||||||||
| Cost of goods sold | 18,222 | 9,820 | 38,417 | 26,936 | ||||||||||||
| Gross profit | 5,987 | 3,299 | 12,114 | 5,934 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research & development | 468 | 468 | 990 | 962 | ||||||||||||
| Selling, general and administrative | 7,072 | 4,109 | 13,547 | 8,547 | ||||||||||||
| Depreciation | 58 | 42 | 151 | 85 | ||||||||||||
| Amortization | 406 | 522 | 851 | 1,047 | ||||||||||||
| Total operating expenses | 8,004 | 5,141 | 15,539 | 10,641 | ||||||||||||
| Loss from operations | (2,017 | ) | (1,842 | ) | (3,425 | ) | (4,707 | ) | ||||||||
| Other income (expenses): | ||||||||||||||||
| Interest expense | (878 | ) | (714 | ) | (1,689 | ) | (1,304 | ) | ||||||||
| Other (expenses) income | (389 | ) | 49 | (653 | ) | 161 | ||||||||||
| Total other expenses | (1,267 | ) | (665 | ) | (2,342 | ) | (1,143 | ) | ||||||||
| Net Loss Before Income Taxes | (3,284 | ) | (2,507 | ) | (5,767 | ) | (5,850 | ) | ||||||||
| Provision for Income Taxes | ||||||||||||||||
| Current | 98 | (3 | ) | 14 | (3 | ) | ||||||||||
| Total Provision for Income Taxes | 98 | (3 | ) | 14 | (3 | ) | ||||||||||
| Net Loss | (3,186 | ) | (2,510 | ) | (5,753 | ) | (5,853 | ) | ||||||||
| Net income attributable to noncontrolling interest | – | – | 67 | – | ||||||||||||
| Net Loss attributable to OmniQ Corp | $ | (3,186 | ) | $ | (2,510 | ) | $ | (5,820 | ) | $ | (5,853 | ) | ||||
| Net Loss | $ | (3,186 | ) | $ | (2,510 | ) | $ | (5,753 | ) | $ | (5,853 | ) | ||||
| Foreign currency translation adjustment | 241 | (71 | ) | 77 | (132 | ) | ||||||||||
| Comprehensive loss | (2,945 | ) | (2,581 | ) | (5,676 | ) | (5,985 | ) | ||||||||
| Reconciliation of net loss to net loss attributable to common shareholders | ||||||||||||||||
| Net loss | (3,186 | ) | (2,510 | ) | (5,753 | ) | (5,853 | ) | ||||||||
| Less: Dividends attributable to non-common stockholders’ of OmniQ Corp | (141 | ) | (25 | ) | (189 | ) | (57 | ) | ||||||||
| Net loss attributable to common stockholders | $ | (3,327 | ) | $ | (2,535 | ) | $ | (5,942 | ) | $ | (5,910 | ) | ||||
| Net (loss) per share – basic attributable to common stockholders’ of OmniQ Corp | $ | (0.44 | ) | $ | (0.53 | ) | $ | (0.79 | ) | $ | (1.24 | ) | ||||
| Weighted average number of common shares outstanding – basic | 7,579,795 | 4,930,149 | 7,545,190 | 4,816,718 | ||||||||||||
The accompanying unaudited notes should be read in conjunction with these unaudited condensed consolidated financial statements.
OMNIQ CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| (In thousands, except share and per share data) | As of | |||||||
| June 30, 2022 | December 31, 2021 | |||||||
| (UNAUDITED) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 2,917 | $ | 7,085 | ||||
| Accounts receivable, net | 25,568 | 27,123 | ||||||
| Inventory | 8,905 | 6,955 | ||||||
| Prepaid expenses | 1,921 | 1,987 | ||||||
| Other current assets | 10 | 9 | ||||||
| Total current assets | 39,321 | 43,159 | ||||||
| Property and equipment, net of accumulated depreciation of $1,423 and $2,203 respectively | 903 | 1,127 | ||||||
| Goodwill | 16,520 | 16,453 | ||||||
| Trade name, net of accumulated amortization of $4,160 and $3,863, respectively | 2,123 | 2,421 | ||||||
| Customer relationships, net of accumulated amortization of $10,211 and $9,660, respectively | 5,518 | 6,069 | ||||||
| Other intangibles, net of accumulated amortization of $1,454 and $1,457, respectively | 770 | 865 | ||||||
| Right of use lease asset | 2,863 | 3,556 | ||||||
| Other assets | 1,736 | 1,431 | ||||||
| Total assets | $ | 69,754 | $ | 75,081 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 51,548 | $ | 45,553 | ||||
| Line of credit | 4,364 | 5,951 | ||||||
| Accrued payroll and sales tax | 3,068 | 2,658 | ||||||
| Notes payable, related parties – current portion | 390 | 390 | ||||||
| Notes payable – current portion | 7,168 | 7,521 | ||||||
| Lease liability – current portion | 1,197 | 1,341 | ||||||
| Other current liabilities | 2,184 | 2,683 | ||||||
| Total current liabilities | 69,919 | 66,097 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, related party, less current portion | 98 | 293 | ||||||
| Accrued interest and accrued liabilities, related party | 70 | 63 | ||||||
| Notes payable, less current portion | 2,715 | 2,646 | ||||||
| Lease liability | 1,714 | 2,266 | ||||||
| Other long-term liabilities | 137 | 1,418 | ||||||
| Total liabilities | 74,653 | 72,783 | ||||||
| Stockholders’ equity (deficit) | ||||||||
| Series A Preferred stock; $0.001 par value; 2,000,000 shares designated, 0 shares issued and outstanding | – | – | ||||||
| Series B Preferred stock; $0.001 par value; 1 share designated, 0 shares issued and outstanding | – | – | ||||||
| Series C Preferred stock; $0.001 par value; 3,000,000 shares designated, 544,500 shares issued and outstanding, respectively | 1 | 1 | ||||||
| Common stock; $0.001 par value; 15,000,000 shares authorized; 7,579,795 and 7,459,534 shares issued and outstanding, respectively. | 20 | 20 | ||||||
| Additional paid-in capital | 71,585 | 70,606 | ||||||
| Accumulated deficit | (76,582 | ) | (70,571 | ) | ||||
| Cumulative Translation Adjustment | 77 | (154 | ) | |||||
| Total OmniQ stockholders’ deficit | (4,899 | ) | (98 | ) | ||||
| Non-controlling interest | – | 2,396 | ||||||
| TOTAL EQUITY (DEFICIT) | (4,899 | ) | 2,298 | |||||
| Total liabilities and equity (deficit) | $ | 69,754 | $ | 75,081 | ||||
The accompanying unaudited notes should be read on conjunction with these unaudited condensed consolidated financial statements.
| OMNIQ Corp. RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES |
||||||||||
| Six months ended | ||||||||||
| (In thousands) | June 30, | |||||||||
| Adjusted EBITDA Calculation | 2022 | 2021 | ||||||||
| Net loss | (5,754 | ) | (5,853 | ) | ||||||
| Depreciation & amortization | 1,002 | 1,131 | ||||||||
| Interest expense | 1,689 | 1,304 | ||||||||
| Income taxes | 14 | 3 | ||||||||
| Stock compensation | 1,203 | 1,949 | ||||||||
| Nonrecurring loss events | 882 | (160 | ) | |||||||
| Adjusted EBITDA | (964 | ) | (1,626 | ) | ||||||
| Total revenues, net | 50,531 | 19,751 | ||||||||
| Adjusted EBITDA as a % of total revenues, net | (2 | )% | (8 | )% | ||||||
Earnings Call Details
OMNIQ will host a conference call and webcast on Monday, August 15th, 2022 at 11:00 a.m. Eastern Time to discuss financial results for the 2nd quarter ended June 30, 2022.
To access the live webcast, please click on this webcast link to register, or go to the Company’s website at www.omniQ.com.
To participate in the call by phone, dial 877-545-0523 approximately five minutes prior to the scheduled start time. International callers please dial 973-528-0016. Callers should use conference ID: 737846.
A replay of the teleconference will be available until Wednesday September 14th, 2022 and may be accessed by dialing 877-481-4010. International callers may dial 919-882-2331 Callers should use conference ID: 46360
About omniQ Corp.
omniQ Corp. (Nasdaq: OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
omniQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $78 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in omniQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting omniQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. omniQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
Contact:
Corporate Contact
Koko Kimball
(385) 758-9241
[email protected]
Artificial Intelligence
Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024
REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft.
Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg
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Artificial Intelligence
Asia Pacific View: Foreigners Looking for the Most Practical Smart Technology at the 2024 World Intelligence Expo
BEIJING, June 28, 2024 /PRNewswire/ — Bionic robots that speak both Chinese and English can have the same skin and nails as humans? A flying car powered solely by wind can have a maximum payload of 160 kg? A smart wheelchair can control its operation with just the “mind”? Kevin and Daria, two foreign bloggers, have experienced during the World Intelligence Expo held in Tianjin how the artificial intelligence can empower people’s future lives in industries such as technology, trade, logistics and cultural tourism.
With the theme of “Intelligent Travel Empowering Future”, the Expo integrates exhibitions, experiences and events, attracting more than 550 exhibitors and institutions from all over the world, including more than 70 well-known enterprises such as Huawei, Alibaba, Baidu and Danfoss, and 57 universities and research institutions such as Peking University, Tsinghua University, Nankai University and Tianjin University. The Expo set up 10 major themes such as artificial intelligence, intelligent networked vehicles, intelligent manufacturing and robots, covering the frontier hot spots of the intelligent industry. A number of cutting-edge new technologies, new products, and new experiences from all over the world were showcased centrally, reminding people that technology will completely change the lifestyles in the future.
At the exhibition site, various intelligent robot products such as humanoid robots, bionic robots, and intelligent robot dogs interact with the audience on the spot. They are no longer fantasies in science fiction or movies, but play an important role in monitoring, rescue, cultural tourism and other fields. In the low-altitude economic exhibition area, a number of drones, flying vehicles, and aerospace technology companies collectively display advanced technology products. A low-altitude aircraft shaped like a helicopter brought by the German company Tensor can independently complete cargo transportation, takeoff and landing according to pre-set routes according to the instructions. Robotic arms incorporating technologies such as 5G, IoT, edge computing, rocker robotics, and artificial intelligence can shoot high-frame-rate video and support autofocus, achieving effects that cannot be achieved in traditional shooting modes. Viewers can also have more novel experiences with the help of smart technology.
The Expo also hosted three major events such as the Asia-Pacific Robotics World Cup Tianjin International Invitational, the World Intelligent Driving Challenge, and the International Intelligent Sports Conference. A number of technological achievements and innovative applications were demonstrated in the competitions. For exhibiting companies, this Expo is also an opportunity to further promote the transformation of enterprises to information technology and digitalization, and will also bring huge business opportunities.
Contact: Guo RanPhone: 008610-68332663Email: [email protected]
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USA News Group Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, June 28, 2024 /PRNewswire/ — USA News Group – The world is changing rapidly thanks to artificial intelligence (AI), with what’s being called the Transformative AI era which comes with great benefits and also potential dangers. The economic impacts are global, with a new report from The Bank for International Settlements (BIS) urging central banks to adapt rapidly to AI advances. Now it’s become apparent how important it is for companies to understand how to harness the full potential of GenAI to secure strategic revenue growth in the coming years. The surge of AI’s usefulness is accelerating innovation in R&D, while behind the scenes tech companies are advancing the infrastructure required to keep this revolution going, including new developments from Avant Technologies Inc. (OTCQB: AVAI), Accenture plc (NYSE: ACN), Cloudflare, Inc. (NYSE: NET), Alphabet Inc. (NASDAQ: GOOG, GOOGL), and Amazon.com, Inc. (NASDAQ: AMZN).
Known for pioneering advancements in AI, Avant Technologies Inc. (OTCQB: AVAI) has persistently refined and expanded its premier offering, Avant AI™. This sophisticated AI platform, celebrated for its machine learning and deep learning capabilities, is the culmination of Avant’s efforts to deliver unprecedented and cost-effective compute infrastructure that unlocks the full potential of AI and ushers in a new era of technological advancement.
“There is a real unmet need as rapid growth across the entirety of the AI and big data industries is outpacing the necessary infrastructure for an industry that demands exponential power and capacity while remaining cost effective,” said Avant’s CEO William Hisey in a recent address of progress on AI supercomputer-driven data centers. “Avant’s ‘edge-native’ approach doesn’t rely on cloud-based services so we can offer AI and big data companies many advantages over the more familiar ‘cloud-native’ approach, including, reduced latency, improved security and privacy, increased scalability, and reduced costs.”
In a recent strategic development, Avant entered into a Binding Letter of Intent (BLOI) with Flow Wave, LLC (FW), a prominent Florida-based firm specializing in immersible computer server technology. This agreement allows Avant to acquire up to 50 cutting-edge immersible computer servers from FW, in a transaction valued at $50 million.
“By integrating proprietary machine learning algorithms with open-source innovations into these servers, Avant is developing a highly intelligent system designed to optimize resource allocation, enhance performance, and drive unprecedented levels of efficiency and automation,” said Hisey. “This marks the beginning of a new era for Avant Technologies, positioning us at the forefront of the supercomputer-driven data center industry and setting new standards for managing and storing AI applications.”
Flow Wave Immersible AI Supercomputer Servers are engineered for demanding AI and machine learning applications, delivering powerful processing capabilities that accelerate data analysis. Their cutting-edge cooling system is both energy-efficient and cost-effective, reducing environmental impact. These servers’ compact design facilitates easy installation in space-constrained data centers, and their robust construction ensures longevity and lower maintenance requirements.
In response to digital era challenges, Avant intends to acquire up to 50 of these high-performance servers. Their superior cooling technology boosts performance while conserving energy, aligning with Avant’s goal of providing top-tier AI infrastructure and maximizing efficiency. Additional details about the acquisition will be shared once the final agreement is secured.
In Q3 2024, Accenture plc (NYSE: ACN) brought in over $900 million in new Generative AI bookings, for a total of $2 billion fiscal year-to-date. Despite missing its overall earnings targets, the market responded by sending its shares upward.
“We achieved strong new bookings of over $21 billion, up 22% over last year, and continued to accelerate our strategy to be the reinvention partner of choice, with another 23 clients with quarterly bookings of over $100 million, bringing the total of such bookings to 92 year-to-date,” said Julie Sweet, Chair and CEO of Accenture. “We also achieved two significant milestones this quarter — with $2 billion in Generative AI sales year-to-date and $500 million in revenue year-to-date — which demonstrate our early lead in this critical technology.”
Back in May, Accenture took steps to help its clients to scale their Generative AI responsibly.
“Clients are eager to embrace the potential of generative AI, and we are ready to help them build responsible AI into every use,” said Sweet. “We do this for ourselves, and we can use that example to help our clients find success faster. Our focus is to enable our clients to innovate AI safely and be ready to seize the opportunities that AI will bring in the decades ahead.”
Recently, the cloud-based security solution provider Cloudflare, Inc. (NYSE: NET) unveiled the general availability of its AI Gateway platform. Marketed as a comprehensive interface for managing and scaling generative AI workloads, the platform has transitioned from its beta phase, which started in September 2023, to full client use after successfully handling over 500 million requests.
This launch coincides with Cloudflare’s announcement of a partnership with Hugging Face, a leading platform for AI developers. The collaboration offers a one-click global deployment for AI applications via the Workers AI platform, now also generally available. As the first serverless inference partner integrated on the Hugging Face Hub, this allows developers to deploy AI models quickly, easily, and cost-effectively on a global scale, without the need for managing infrastructure or paying for unused compute capacity.
“Workers AI is one of the most affordable and accessible solutions to run inference,” said Matthew Prince, CEO and co-founder, Cloudflare. “With Hugging Face and Cloudflare both deeply aligned in our efforts to democratize AI in a simple, affordable way, we’re giving developers the freedom and agility to choose a model and scale their AI apps from zero to global in an instant.”
In the education space, Alphabet Inc. (NASDAQ: GOOG, GOOGL) through Google, is bringing new AI tools to Google Workspace for teen students using their school accounts to help them learn responsibly and confidently in an AI-first future, and empowering educators with new tools to help create great learning experiences.
“In the coming months, we’re making Gemini available to teen students that meet our minimum age requirements while using their Google Workspace for Education accounts in English in over 100 countries around the world, free of charge for all education institutions,” said Google in a blog post. “To ensure schools are always in control, Gemini will be off by default for teens until admins choose to turn it on as an Additional Service in the Admin console.”
Google has also developed a number of resources and trainings to help students, parents and educators use generative AI tools responsibly and effectively, including a video on how teens can responsibly use AI while learning.
After recently hitting a $2-trillion valuation, Amazon.com, Inc. (NASDAQ: AMZN) continues to be a big player in the AI space. Now it’s reportedly working on its own AI chatbot that some say might be smarter than ChatGPT, named Metis, which will generate answers by grabbing info from the internet.
Metis is driven by an internal Amazon AI model known as Olympus, drawing inspiration from Greek mythology. According to sources, Olympus is a more advanced version of Amazon’s publicly available Titan model.
Amazon’s CEO Andy Jassy has noted that nearly every division within the company is engaged in some form of AI project. As a pioneer in cloud computing, Amazon has been developing machine learning, a subset of AI, for many years. Jassy recently announced that Amazon’s AI initiatives are projected to generate over $1 billion in annual revenue, with expectations of driving “tens of billions of dollars” in sales in the coming years.
However, Amazon has lagged in the realm of consumer AI assistants. An internal document from last year highlighted that Amazon “does not have a publicly or internally available product that looks and works exactly like ChatGPT.”
According to a source reported by Business Insider, the tentative launch date for Metis is September, right around the time when Amazon is set to host a big Alexa event, although the timeline could still change.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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