Artificial Intelligence
Renalytix announces a c.$20.3 million private placement
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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN OR INTO ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW.
THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR A SOLICITATION TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT WHATSOEVER IN ANY SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (“MAR”).
LONDON and SALT LAKE CITY, Feb. 08, 2023 (GLOBE NEWSWIRE) — Renalytix plc (NASDAQ: RNLX) (LSE: RENX) announces a c.$20.3 million private placement of Ordinary Shares and American Depositary Shares (the “Fundraise”).
Highlights
- Fundraise comprising a c.$20.3 million (c.£16.9 million) private placement of primary equity securities at $2.17 per American Depositary Share (“ADS”), with each representing two ordinary shares of £0.0025 each (“Ordinary Shares”) / £0.90 per Ordinary Share (90 pence).
- The Fundraise will generate gross cash proceeds of c.$20.3 million (c.£16.9 million) (assuming an exchange rate of $1.00 = £0.83), the net proceeds of which will be used for sales and marketing, clinical product development, and corporate support and financing costs.
The Fundraise is comprised of subscriptions for 3,699,910 Ordinary Shares (“New Ordinary Shares”) and 7,511,525 ADSs (the “New ADS”), at a price of $2.17 per ADS and £0.90 per Ordinary Share.
The Fundraise is expected to close on or about February 9, 2023, subject to customary closing conditions.
Stifel Nicolaus Europe Limited (“Stifel“) is acting as Nominated Adviser and Sole Private Placement Agent in connection with the Fundraise.
For further information, please contact:
| Renalytix plc | www.renalytix.com | |
| James McCullough, CEO | Via Walbrook PR | |
| Stifel (Nominated Adviser and Sole Private Placement Agent) | Tel: 020 7710 7600 | |
| Nicholas Moore / Alex Price / Nick Harland / Samira Essebiyea / William Palmer Brown | ||
| Walbrook PR Limited Paul McManus / Lianne Applegarth |
Tel: 020 7933 8780 or [email protected] | |
| Mob: 07980 541 893 / 07584 391 303 / | ||
| CapComm Partners Peter DeNardo |
Tel: 415-389-6400 or [email protected] |
This announcement contains inside information as defined in Article 7 of MAR. Market soundings, as defined in MAR, were taken in respect of the proposed Fundraise with the result that certain persons became aware of this inside information, as permitted by MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain and therefore those persons that received inside information in the market sounding are no longer in possession of such inside information relating to the Company and its securities.
The person responsible for arranging for the release of this announcement on behalf of Renalytix is James McCullough, CEO.
About Renalytix
KidneyIntelX™ is a laboratory developed test demonstrated to be a reliable, bioprognostic™ methodology that yields a simple-to-understand, custom risk score, enabling prediction of which adult patients with T2D and early CKD (stages 1-3) are at low, intermediate or high risk for rapid progressive decline in kidney function. By combining information from KidneyIntelX with newer cardio- and reno-protective therapies, doctors will have more information in determining which patients are at higher versus lower risk for rapid disease progression and may be able to more appropriately target resources and guideline-recommended treatments to advance kidney health. KidneyIntelX is supported by a growing body of clinical, utility and health economic studies (including a validation study of two large cohorts) and has demonstrated a 72% improvement in predicting those patients who are at high risk for rapid progressive decline in kidney function versus the current standard of care (eGFR and UACR). KidneyIntelX has received Breakthrough Device Designation from the U.S. Food and Drug Administration, and Renalytix has submitted for De Novo marketing authorization.
FURTHER INFORMATION
Details of the Fundraise
Binding securities purchase agreements (the “SPAs”) have been entered into with certain existing shareholders, “qualified institutional buyers” as defined in Rule 144A(a) under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and qualified investors in the United Kingdom to raise gross proceeds of approximately $20.3 million (£16.9 million) (assuming an exchange rate of $1.00 = £0.83) through the sale and issue of 7,511,525 New ADS and 3,699,910 New Ordinary Shares, at a price of $2.17 per ADS and £0.90 per Ordinary Share. The ADS price of $2.17 per ADS represents a discount of approximately 28.9 per cent. to the Company’s mid-market closing price as at 7 February 2023, being the last practicable date prior to this announcement and a 16.3 per cent. discount to the Renalytix ADS VWAP for the thirty days traded prior to 8 February 2023. The Ordinary Share price of £0.90 per Ordinary Share represents a discount of approximately 26.5 per cent. to the Company’s mid-market closing price as at 7 February 2023, being the last practicable date prior to this announcement.
The New Ordinary Shares and the Ordinary Shares to be represented by the New ADS (together, the “Fundraising Shares”) to be issued pursuant to the Fundraise will represent approximately 20.0 per cent. of the Company’s issued share capital following completion of the Fundraise (the “Enlarged Share Capital“).
The Fundraising Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the Company’s existing Ordinary Shares (the “Existing Ordinary Shares”), including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.
The Company intends to use the net proceeds from the offering as follows:
- C.$10.3 million for clinical product development;
- C.$7.7 million for sales and marketing; and
- C.$2.0 million for corporate support and financing costs.
Application has been made for admission of 18,722,960 Ordinary Shares to trading on AIM (“Admission”) and it is expected that Admission will take place at or around 8:00 a.m. (London time) on 10 February 2023. The Fundraise is not underwritten by Stifel or any other person.
The securities to be sold in the Fundraise have not been registered under the Securities Act, or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. The Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the New Ordinary Shares and New ADSs to be issued and sold in the Fundraise no later than six (6) months after its entry into the SPAs. Any offering of the securities under the resale registration statement will only be made by means of a prospectus.
Total Voting Rights
Upon Admission, the total issued share capital of the Company is expected to be 93,614,804 Ordinary Shares. The figure of 93,614,804 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Financial Conduct Authority’s (“FCA”) Disclosure and Transparency Rules.
Purchaser, Director and Officer Lockup Agreements
Certain purchasers, as well as each of the Company’s directors and executive officers, have agreed to enter into lockup agreements, which each provide for a 180 day lockup period beginning the date of the SPAs, subject to customary exceptions.
Registration Rights Agreement and Board
In addition, the Company has agreed to enter into a registration rights agreement with Jefferson River Capital LLC, the lead investor in the private placement, pursuant to which Jefferson River Capital LLC was granted registration rights and the right to appoint a director on the board of the Company.
The Company continues to review the composition of its Board with the view to include more diverse representation, and continue to ensure effective governance and independent decision-making.
Related Party Transaction
Certain investment vehicles connected with Christopher Mills, a director of the Company (each a “Director” and together the “Directors”) have subscribed for New Ordinary Shares in connection with the Fundraise. In addition, Icahn School of Medicine at Mount Sinai (“Mount Sinai”), a substantial shareholder in the Company, has subscribed for New ADSs in connection with the Fundraise. The number of New Ordinary Shares/New ADSs conditionally subscribed for by each Director and Mount Sinai pursuant to the Fundraise, and their resulting shareholding on Admission, are set out below:
| Related party | Existing Ordinary Shares held |
Number of Existing Ordinary Shares held as a percentage of all Existing Ordinary Shares |
Number of New Ordinary Shares subscribed for (including in the form of ADSs) |
Ordinary Shares held post- Admission (including in the form of ADSs) |
Percentage of Enlarged Share Capital held |
||
| Mount Sinai | 11,854,374 | 15.8% | 2,764,978 | 14,619,352 | 15.6% | ||
| Christopher Mills* | 9,726,125 | 13.0% | 346,375 | 10,072,500 | 10.8% | ||
*Christopher Mills is partner and Chief Investment Officer of Harwood Capital LLP. Harwood Capital LLP is Investment Manager to North Atlantic Smaller Companies Investment Trust plc and investment adviser to Oryx International Growth Fund Limited. Christopher’s shareholding is made up of 6,145,001 ordinary shares held by North Atlantic Smaller Companies Investment Trust PLC, 2,780,000 Ordinary Shares are held by Oryx International Growth Fund Limited and 801,124 Ordinary Shares are held by Harwood Capital LLP.
The participation by those listed in the above table amounts to a related party transaction within the meaning of the AIM Rules for Companies (the “AIM Rules”). The Directors who are independent of the related party transaction (being all the Directors other than Erik Lium, who is a representative of Mount Sinai, and Christopher Mills) having consulted with Stifel, the Company’s nominated adviser for the purposes of the AIM Rules, consider the terms of the participation of those related parties in the Fundraise to be fair and reasonable insofar as shareholders of the Company are concerned.
All references to times and dates in this announcement are to times and dates in London, United Kingdom, unless otherwise stated.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Examples of these forward-looking statements include statements concerning: the expected closing of the Fundraise discussed in this press release, the expected use of proceeds, and the expected cash runway as a result of the Fundraise. Words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “seeks,” and similar expressions are intended to identify forward-looking statements. We may not actually achieve the plans and objectives disclosed in the forward-looking statements, and you should not place undue reliance on our forward-looking statements. Any forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These risks and uncertainties include, among others: that KidneyIntelX is based on novel artificial intelligence technologies that are rapidly evolving and potential acceptance, utility and clinical practice remains uncertain; we have only recently commercially launched KidneyIntelX; and risks relating to the impact on our business of the COVID-19 pandemic or similar public health crises. These and other risks are described more fully in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our annual report on Form 20-F filed with the SEC on October 31, 2022, and other filings we make with the SEC from time to time. All information in this press release is as of the date of the release, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
UK Product Governance Requirements
Solely for the purposes of the product governance requirements contained within Chapter 3 of the FCA Handbook Product Intervention and Product Sourcebook (the “UK Product Governance Requirements“) and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the UK Product Governance Requirements) may otherwise have with respect thereto, the New Ordinary Shares and New ADSs have been subject to a product approval process, which has determined that the New Ordinary Shares and New ADSs are: (i) compatible with an end target market of: (a) retail investors, (b) investors who meet the criteria of professional clients and (c) eligible counterparties (each as defined in the FCA Handbook Conduct of Business Sourcebook); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment“). Notwithstanding the Target Market Assessment, distributors should note that: the price of the New Ordinary Shares and New ADSs may decline and investors could lose all or part of their investment; the New Ordinary Shares and New ADSs offer no guaranteed income and no capital protection; and an investment in the New Ordinary Shares and New ADSs is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the offer. In all circumstances Stifel will only procure investors who meet the criteria of professional clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of the FCA Handbook Conduct of Business Sourcebook; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the New Ordinary Shares and New ADSs. Each distributor is responsible for undertaking its own target market assessment in respect of the New Ordinary Shares and New ADSs and determining appropriate distribution channels.
Artificial Intelligence
Highlights from the Finale: Day Three of the London Blockchain Conference Unravelled
As the London Blockchain Conference draws to a close, attendees heard from industry experts on Driving Innovation with Blockchain.
LONDON, May 23, 2024 /PRNewswire/ — Attendees at the London Blockchain Conference were in to witness the final day, which featured a line-up of informative and thought-provoking speakers. Throughout the day, there were exciting panels and presentations which featured cutting-edge ideas and insights.
Day 3 kickstarted with BSVA launching a new report focusing on the role of blockchain in safeguarding data and streamlining transactions.
Other sessions included:
The Intersection of Web3, AI, and Emerging Tech – Somi Aran, Founder of InPeak gave the opening keynote which explored the dynamic convergence of Web3, Artificial Intelligence, and emerging technologies. She delved into how these technologies are reshaping industries and redefining the boundaries of innovation and the potential impacts and opportunities these technologies present.
Bridging the gap: Making Web3 technologies user-friendly – Christine Leong, CIO, nChain – discussed some of the innovative strategies and practical solutions aimed at simplifying Web3 technologies. She also discussed how nChain is planning to transform Web3 from a domain exclusive to the tech-savvy, into a user-friendly ecosystem that empowers all users.
Is code law? – Rules applicable to blockchain networks – panel featuring Marcin Zarakowski, CEO of Token Recovery, Akber Datoo CEO of D2 Legal Technology, Jeffrey Golden, King’s Counsel (Hon) at 3 Hare Court Chambers, Andrei Kirilenko, Professor of Finance at Cambridge Judge Business School, Professor Sarah Green, Law Commissioner at Law Commission, where they discussed that rules apply to the nodes and validators which support the particular network and process its transactions. The group also discussed whether the blockchain protocols’ rules and software code are the only sources of regulation in blockchain networks.
An Introduction to nChain Identity – Thomas Moretti, Head of Product Development at nChain. He spoke about the Self Sovereignty Identity concept and showcased the latest project it is working on – nChain Identity.
Reimagining Roles: How regulated industry leaders are shaping the future of finance – a panel featuring, Andrew Mosson (Chief Commercial Officer of OneTrading, Néstor Palao, Head DLT & Corporate Clients at Sygnum Bank, Laurence Lewandowska, CFO/COO at BSV Association and Wojciech Kaszycki Chairman & Founder at Mobilum. The panel discussed how the new era of digital assets, traditional banking institutions, exchanges, and financial services are being reimagined in the context of emerging technologies such as blockchain and AI.
Please register here if you would like to listen to any of the sessions today.
If you want to interview any speaker from today’s sessions, please email [email protected].
About the London Blockchain Conference NETWORK. LEARN. ENGAGE. At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself.
View original content:https://www.prnewswire.co.uk/news-releases/highlights-from-the-finale-day-three-of-the-london-blockchain-conference-unravelled-302154546.html
Artificial Intelligence
Nord Anglia Education publishes new insights on the role of AI and metacognition in learning
LONDON, May 23, 2024 /PRNewswire/ — INSIGHTS, the global publication from Nord Anglia Education, has published two new articles taking an in-depth look at AI in education and the role of metacognition in teaching and learning.
Exploring the role of AI in learning
https://www.nordangliaeducation.com/insights/2024/articles/the-generative-generationIn its ‘Generative Generation’ feature, INSIGHTS explores the role of artificial intelligence (AI) in education, and whether the technology is making it easier for children to learn. Speaking to Nord Anglia’s educators as well as leading experts from the world of academia, it also includes real-life examples of how Nord Anglia’s schools are using AI in the classroom.
For example, Nord Anglia’s British International School in Kuala Lumpur has adapted the technology to create an AI-powered teaching assistant that can personalise learning, guide students through content exploration, and deepen their understanding through interactive activities. Learners define the topic they want to explore and the course specification they are working to, and the AI explores the content with them in a conversational way, enabling them to ask questions as they go.
Dr Bruce Geddes, Deputy Head of Secondary at the school, told INSIGHTS that AI represents “the biggest opportunity we’ve had in our lifetimes, for many, many spheres, but particularly in education”.
Avenues: The World School in New York, which became part of Nord Anglia in 2023, encourages its students to use AI in their work. As an example, in an app development project students use ChatGPT to generate the bulk of the coding, then review, correct and refine it. This saves them “hours of manual work by leveraging the appropriate tool in an academically appropriate way,” says Lia Muschellack, Director of Technology at the school.
The school also has its own generative AI chatbot, Savvy, built in 2019 and now powered by open AI technology. It can answer queries, provide information, and engage in “diverse discussions ranging from academic topics to casual conversations”.
“We understand that our students will be actively leveraging these tools throughout their academic and professional pathways, so we want to make sure they not only understand the potentials and limitations, but that they have tinkered and truly experienced them,” Muschellack explains.
Metacognition: a learning superpower
In its feature ‘Metacognition. Helping Kids Unlock the Power of ‘Thinking about Thinking’, INSIGHTS looks at how students can develop the important skill of metacognition.
“Metacognition is the ability to be aware of our cognitive or thought processes and to monitor, reflect on, and change those processes,” Dr Rose Luckin, Professor of Learner Centred Design at the University College London Knowledge Lab, told INSIGHTS.
Nord Anglia Education is working with Dr Luckin to develop its approach to metacognition and to help teachers introduce metacognitive strategies into classrooms. It has developed a metacognitive framework of six “Learner Ambitions” to help students develop the 6 Cs: to become critical, creative, committed, and curious learners, working compassionately and collaboratively in the classroom and beyond.
As the article explains, Nord Anglia’s deep dive into metacognition has many goals: developing student agency, boosting academic performance, and developing ‘future’ skills that employers want. The framework is being initially applied across 27 Nord Anglia schools around the world and its impact will be measured in independent research in partnership with Boston College, reporting in 2025.
Nord Anglia’s examination of metacognition also involves exploring personalised goals and thinking routines. For instance, students at Nord Anglia International School Hong Kong use the “Step In, Step Out, Step Back” routine to develop empathy and understanding in their studies. “It’s about asking the right questions; those really big questions that lead to even more questions,” says Raquel Thomson, the school’s Deputy Head of Primary. “Thinking strategies like this stay with students and serve a purpose whatever they do in their lives, whether they choose to be a scientist or a teacher or go into business.”
For media enquiries please contact: Francesca Milani Communications Manager, Digital Education Portfolio +44 20 7131 0000 [email protected]
About Nord Anglia Education:
As the world’s leading international schools organisation, we’re shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success, whatever they choose to be or do in life.
Our strong academic foundations combine world-class teaching and curricula with cutting-edge technology and facilities, creating learning experiences like no other. Inside and outside of the classroom, we inspire our students to achieve more than they ever thought possible.
No two children learn the same way, which is why our schools around the world personalise learning to what works best for every student. Inspired by our high-quality teachers, our students achieve outstanding academic results and go on to study at the world’s top universities.
To learn more or apply for a place for your child, go to nordangliaeducation.com.
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Artificial Intelligence
Facing the Power Crunch: Tech Developers Push for More Efficient Hardware Amidst AI Boom
USA News Group News Commentary Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, May 23, 2024 /PRNewswire/ — USA News Group News Commentary – In order to power the ongoing artificial intelligence (AI) revolution, behind the scenes there’s going to need a lot more investment and… power. This is because cloud based services, especially those fuelling new AI capabilities, requires lots and lots of power, which is allowing contractors to cash in on building rooms containing power management equipment. But while the demand for more AI solutions is set to threaten the world’s electricity grids according to Blackstone CEO Steve Schwarzman, tech developers are working diligently to make hardware more efficient and to service this surging demand, with several developments recently announced by tech companies including: Avant Technologies Inc. (OTC: AVAI), Advanced Micro Devices, Inc. (NASDAQ: AMD), Microsoft Corporation (NASDAQ: MSFT), Broadcom Inc. (NASDAQ: AVGO), and Astera Labs, Inc. (NASDAQ: ALAB).
The article continued: According to Research and Markets, the Global Data Center Infrastructure Market alone is expected to nearly hit US$6 billion by 2029, growing at a CAGR of 9.58%. Analysts at Exactitude Consultancy are also projecting the Global Data Centre Market as a whole, will reach US$536.38 billion by 2030, growing at a CAGR of 10.72%.
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology
Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), a leading innovator and enabler of AI infrastructure technology, today announced its engagement with Wired4Tech, a renowned AI infrastructure consulting firm.
As part of its existing technology services agreement with Wired4Tech, Avant Technologies has engaged Wired4Tech to conduct comprehensive performance benchmarking of a next-generation AI cloud server that Avant is evaluating for future use in its AI data center cloud infrastructure.
Wired4Tech’s performance benchmarking will encompass a range of crucial metrics, including response time, throughput, CPU and memory usage, disk I/O, network latency, and error rates. These metrics are essential for assessing the server’s ability to handle complex AI workloads efficiently and reliably. Additionally, Wired4Tech will measure the server’s power consumption and anticipated cost savings.
Response time will be evaluated to measure the speed at which the server responds to various actions, providing insight into its overall responsiveness. Throughput analysis will assess the server’s data transfer capabilities, considering factors such as file size, cached or uncached content, and available network bandwidth.
Furthermore, CPU and memory usage will be closely monitored to gauge the server’s processing power and memory management efficiency. Disk I/O performance will be evaluated to ensure smooth data access and storage operations, while network latency measurements will provide valuable information on the server’s communication speed with external systems.
“We are excited to engage Wired4Tech to benchmark the performance of an innovative, next-generation AI server,” said William Hisey, Chief Executive Officer, at Avant Technologies. “By conducting rigorous benchmark testing of this promising server technology, we expect to validate its expected performance and cost-saving benefits.”
The results of the benchmark testing will enable Avant Technologies to further execute on its AI infrastructure business strategy.
CONTINUED… Read this and more news for Avant Technologies at: https://equity-insider.com/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
In other industry developments and happenings in the market this week include:
Advanced Micro Devices, Inc. (NASDAQ: AMD), a leading global semiconductor company with Data Center, Client, Gaming, and Embedded segments, showcased its latest end-to-end compute and software capabilities for Microsoft customers and developers, that utilize AMD solutions such as AMD Instinct MI300X accelerators, ROCm open software, Ryzen AI processors and software, and Alveo MA35D media accelerators. By using these, Microsoft is able to provide a powerful suite of tools for AI-based deployments across numerous markets.
“The AMD Instinct MI300X and ROCm software stack is powering the Azure OpenAI Chat GPT 3.5 and 4 services, which are some of the world’s most demanding AI workloads,” said Victor Peng, president, AMD. “With the general availability of the new VMs from Azure, AI customers have broader access to MI300X to deliver high-performance and efficient solutions for AI applications.”
Microsoft Corporation (NASDAQ: MSFT), global leader in developing and supporting software, services, devices and solutions, announced new computers called “Copilot+” PCS, with the company’s AI tech directly into them, serving to further boost the race among tech giants to push out AI tools to the public. According to CEO Satya Nadella at an event at Microsoft’s headquarters prior to its annual Build conference, adding computer chips tailored to run AI technology to its PCs and tablets will make AI tools and features run faster than if the technology runs through an internet connect, as most chatbots today run.
However, Microsoft is also continuing its efforts to expand cloud-computing services in East Africa, by announcing it is partnering with UAE-based AI firm G42 to invest $1 billion in a data center in Kenya. The data center will be powered by geothermal energy and provide access to Microsoft’s Azure through a new cloud region for East Africa.
Broadcom Inc. (NASDAQ: AVGO), a global technology leader in a broad range of semiconductor, enterprise software and security solutions, announced its latest portfolio of highly-scalable, high-performing, low-power 400G PCIe Gen 5.0 Ethernet adapters to revolutionize the data center ecosystem. The new products offer an enhanced, open, standards-based Ethernet NIC and switching solution to resolve connectivity bottlenecks as XPU bandwidth and cluster sizes grow rapidly in AI data centers.
“Broadcom is prioritizing open standards and fostering collaboration with industry leaders to deliver the most extensive selection of high-performance connectivity solutions for AI infrastructure,” said Jas Tremblay, Vice President and General Manager of the Data Center Solutions Group, Broadcom. “Our 400G PCIe Gen 5.0 Ethernet adapters yet again underscore our commitment to enable the network-centric AI infrastructure platform.”
Astera Labs, Inc. (NASDAQ: ALAB), a global leader in purpose-built connectivity solutions that unlock the full potential of AI and cloud infrastructure, announced expanded PCIe 6.x testing capabilities in its Cloud-Scale Interop Lab to enable seamless interoperability between Aries 6 PCIe/CXL Smart DSP Retimers and a broad range of PCIe 6.x hosts and endpoints. The new capabilities pave the way for AI platform developers to design high-bandwidth, low-latency PCIe 6.x connectivity with confidence, reduce overall development time, and deploy at scale.
“As AI systems continue to advance at a rapid pace, data center operators need to deploy increasingly complex systems on an accelerated timeline,” said Thad Omura, Chief Business Officer of Astera Labs. “Expanding our Cloud-Scale Interop Lab test suite to support PCIe 6.x operation fast-tracks deployment for customers integrating Aries 6 – the industry’s lowest power PCIe 6.x/CXL 3.x Retimer – with solutions from our ecosystem partners.”
Source: https://equity-insider.com/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:
USA NEWS GROUP [email protected] (604) 265-2873
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Sainsbury’s aims to be an ‘AI-enabled grocer’ with Microsoft AI technology
