Artificial Intelligence
Royal LePage adjusts 2022 national home price forecast lower to 5% over 2021 to reflect softening markets in Ontario and British Columbia
According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Canada increased 12.1 per cent year-over-year to $815,000 in the second quarter of 2022. On a quarterly basis, the aggregate price of a home in Canada decreased 4.9 per cent in the second quarter after reaching record year-over-year highs in Q1. This is reflective of softening home prices in markets that saw exceptional price growth during the pandemic. The second quarter of 2022 is the first quarter in more than three years (since Q1 2019) to post a quarter-over-quarter decline in home prices.
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 5.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The forecast has been revised downward from the previous quarter following more aggressive than expected interest rate hikes by the Bank of Canada, resulting in an expected temporary drop in demand in parts of southern Ontario and British Columbia.
“Some of the heat that was driving the market cooled during the quarter as rising interest rates coupled with economic uncertainty undermined consumer confidence and pushed buyers to the sidelines,” said Phil Soper, president and CEO of Royal LePage. “We have significantly reduced our outlook for 2022, however home prices are still forecast to end the year higher than 2021 and well above pre-pandemic norms. Following record price gains across the country, numerous markets in southern Ontario and parts of Greater Vancouver – specifically those that saw some of the highest price appreciation over the last two years – experienced a second quarter decline. I expect this highly unusual downward movement in home values will be short-lived as the country’s chronic housing shortage has not been resolved.
“Barring a sharp increase in the inventory of properties for sale in this country, which seems unlikely given our exceptionally low level of unemployment, growing population and miniscule rate of mortgage default, we expect that the second quarter produced most of the price declines we will see this cycle,” continued Soper.
The Royal LePage National House Price Composite is compiled from proprietary property data, nationally and in 62 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home rose 12.4 per cent year-over-year to $859,500, while the median price of a condominium increased 12.2 per cent year-over-year to $589,000. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.
Supporting the expectation that resale home prices will hold their value for the remainder of 2022 is continued household formation from peak millennials who are reaching traditional home-buying age, high levels of immigration, a healthy job market and the high construction cost of new homes. Since 1980, there have only been seven instances of a 3-month decline in resale home prices of 10 per cent or more, with the most recent instance occurring in May, 2022.2
“We don’t expect to see much movement in housing values through the balance of the year,” added Soper. “Canada is experiencing strong growth in household formation, so positive economic news, such as a signal that rates have reached a level where inflation can be managed, should trigger a return to rising property values. The small percentage of consumers who purchased properties at 2022’s February/March peak will have seen a short-term decline in the value of their homes, but there is little doubt they will soon make up that lost ground.”
Royal LePage is providing caution to policy-makers who may see growing inventory as a sign that Canada’s housing supply crisis has become less urgent compared to election periods when Canadians from coast to coast expressed concern and sought action to improve the supply of housing.3
“Although demand has temporarily weakened, Royal LePage is concerned that this short-term reprise from rapidly rising home prices may cause decision makers to shift their attention to other issues, thinking Canada’s housing supply crisis can wait — it cannot,” continued Soper. “The current market correction will create pent-up demand. A growing domestic buyer pipeline coupled with the need to house hundreds of thousands of new Canadians threatens to far outstrip the tepid pace of new home construction.”
In search of a comfortable lifestyle that affordable housing provides, households are continuing to leave the more expensive regions of the country and migrate towards those where housing is more affordable. During the first quarter of 2022, there was migration out of Ontario and towards British Columbia, Alberta, Quebec and Nova Scotia, which is supporting home price growth in those regions. Excluding the greater regions of Toronto and Vancouver and the city of Ottawa, all remaining major forecast regions saw quarter-over-quarter aggregate home price growth (Halifax, Montreal, Winnipeg, Regina, Calgary and Edmonton).
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1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build. |
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2 CREA Stats Centre, Actual Monthly Resale Data (not Seasonally Adjusted) for the National Average Resale Price. A 3-month decline is based on comparing the current National Average Resale Price to the monthly average 3 months prior (May 2022 versus February 2022). |
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3 Canadians are taking their housing affordability concerns all the way to the ballot box in this federal election; Ontario voters head to the polls with housing supply crisis top of mind |
The aggregate price of a home in the Greater Toronto Area increased 12.8 per cent year-over-year to $1,167,000 in the second quarter of 2022. On a quarterly basis, the aggregate price of a home in the GTA decreased 8.1 per cent in the second quarter, after reaching record year-over-year highs in Q1. This is the first quarterly decline in the region since Q1 of 2018.
Broken out by housing type, the median price of a single-family detached home increased 10.5 per cent to $1,437,600, while the median price of a condominium increased 17.3 per cent year-over-year to $738,800 in the second quarter of 2022.
“The city of Toronto and the greater region, along with many secondary cities in the Golden Horseshoe, have seen housing demand slow in recent months as many buyers take a step back in an attempt to time the market,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “Buyer behaviour has shifted. They are in a wait-and-see pattern, assessing the impact of further expected interest rate hikes and rising inflation. For the first time since the start of the pandemic, the real estate market is experiencing a more normal summer slowdown in activity.”
Yolevski noted that the softening market is providing a rare opportunity to first-time buyers who have been unable to transact over the last two years. It’s also creating an opportunity for renters who are considering buying, as purchasing has become slightly more attractive.
“We’ve reached a tipping point for renters, as rental rates continue to increase and inventory in the resale market rises,” said Yolevski. “Those who are able to save enough of a down payment may feel they have more choice in today’s market.”
In the city of Toronto, the aggregate price of a home increased 11.7 per cent year-over-year to $1,245,600 in the second quarter of 2022. During the same period, the median price of a single-family detached home increased 9.3 per cent to $1,694,900, while the median price of a condominium increased 6.8 per cent to $742,600.
“The fundamentals of Toronto’s housing market have not changed. While inventory has been creeping up due to consumers moving to the sidelines, the housing supply crisis in Toronto remains a significant long-term challenge,” said Yolevski.
Yolevski expects that prices will remain flat through the remainder of 2022.
Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 3.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The previous forecast has been revised downward, as a result of softening demand due to more aggressive than expected interest rate hikes by the Bank of Canada.
The aggregate price of a home in the Greater Montreal Area increased 13.9 per cent year-over-year to $585,700 in the second quarter of 2022. Broken out by housing type, the median price of a single-family detached home increased 18.1 per cent to $660,400, while the median price of a condominium increased 11.7 per cent to $452,500 during the same period.
“We are seeing a shift in buyer behaviour in the real estate market, with rising interest rates being the main factor,” confirmed Marc Lefrançois, licensed real estate broker at Royal LePage Tendance in Montreal. “As the Bank of Canada announced interest rate hikes against the backdrop of high inflation, buyers began to seriously reassess their financial capacity, which reduced their enthusiasm and slowed down demand for properties in June. Sellers are not adjusting as quickly and are still keeping their expectations very high regarding the market value of their property. We are entering a new chapter signalling healthier price appreciation in the Greater Montreal Area and in the majority of Quebec markets during the second half of 2022,” said Lefrançois.
In Montreal Centre, the aggregate price of a home increased 9.3 per cent year-over-year to $702,700 in the second quarter of 2022. During the same period, the median price of a single-family detached home increased 6.2 per cent to $1,114,600, while the median price of a condominium increased 6.9 per cent to $535,100.
In the West Island of Montreal, there has been an apparent shift in buyer behaviour as of May, due to significant interest rate hikes and an increase in inventory. There was increased activity for properties below the million-dollar mark, with buyers rushing to purchase at previously locked in lower interest rates, before their rate guarantee expires.
“With financing rates approaching five per cent and set to rise even higher, there are budget implications for buyers,” noted Sean Broady, licensed real estate broker at Royal LePage Elite in Beaconsfield. “Market uncertainty and higher interest rates have put a damper on sales in the over 1-million-dollar price range as supply begins to outpace demand.”
Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 12.5 per cent in the fourth quarter of 2022, compared to the same quarter last year. This is consistent with the Company’s earlier forecast for the region.
The aggregate price of a home in Greater Vancouver increased 9.1 per cent year-over-year to $1,311,900 in the second quarter of 2022. For the first time since Q3 of 2019, Greater Vancouver has posted a quarter-over-quarter decline in the aggregate home price, down 4.1 per cent over the first quarter of 2022.
Broken out by housing type, the median price of a single-family detached home increased 12.1 per cent to $1,822,300, while the median price of a condominium increased 12.0 per cent to $783,700 during the same period.
“Real estate activity in Greater Vancouver has slowed over the last few months. While prices continue to rise year-over-year, the rate of appreciation is slowing, and month-to-month we are seeing signs that balance is returning to the market,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “Scenarios are normalising. We are seeing an uptick in average days on market, buyers are taking a step back and putting conditions into their offers again, and sellers are no longer holding back offers. These are all signs that we are moving in the direction of more normal market conditions.”
In the city of Vancouver, the aggregate price of a home increased 11.7 per cent year-over-year to $1,457,200 in the second quarter of 2022. During the same period, the median price of a single-family detached home increased 12.7 per cent to $2,649,300, while the median price of a condominium increased 6.0 per cent to $820,200.
“Inventory continues to increase, and sales are down significantly from their peak in February and March,” said Ryalls. “This is good news for buyers, as some of those who were unable to transact in the last two years can now take advantage of this opportunity to get into the market with less competition and a bit more selection.”
Ryalls noted that evolving buyer behaviour is having an impact on the market.
“Many would-be buyers have moved to the sidelines as interest rates continue to increase. In addition, some are waiting to see what effect the proposed cooling-off period will have on the market. The B.C. government is currently reviewing recommendations from the provincial regulator,” said Ryalls.
Ryalls expects the typical pre-pandemic slowdown to continue this summer, followed by a slight boost of activity in the fall.
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 5.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The previous forecast has been revised downward, as a result of softening demand due to more aggressive than expected interest rate hikes by the Bank of Canada.
The aggregate price of a home in Ottawa increased 11.5 per cent year-over-year to $800,300 in the second quarter of 2022. While home prices continue to show year-over-year growth, on a quarterly basis, the aggregate price of a home in Ottawa decreased 1.1 per cent in the second quarter of 2022.
Broken out by housing type, the median price of a single-family detached home increased 10.0 per cent to $930,500, while the median price of a condominium decreased 1.0 per cent to $416,900 during the same period.
“Despite recent interest rate hikes and increasing home prices, buyer demand remains strong in the city of Ottawa. However, in recent months homebuyers are proving more cautious, taking more time before making an offer and reintroducing conditions,” said John Rogan, broker of record, Royal LePage Performance Realty. “Inventory is beginning to creep up slowly, but demand continues to outpace supply. And, in some high-demand areas, a low supply of housing continues to drive multiple-offer scenarios.”
Rogan added that the city’s healthy economy, booming job market and relative affordability continue to attract buyers from other parts of the province and across Canada.
“Ottawa’s economy is historically very stable and the city remains an attractive destination, both for Canadians and internationals. It offers a desirable lifestyle for those looking for an alternative to the city of Toronto.”
Rogan expects the seasonal summer slowdown in activity and expected further interest rate hikes will put some downward pressure on prices in the months ahead, but believes prices will level off by the end of the year.
Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 10.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The previous forecast has been revised downward to reflect a shift to a more balanced market.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2022
The aggregate price of a home in Calgary increased 8.4 per cent year-over-year to $616,300 in the second quarter of 2022. Broken out by housing type, the median price of a single-family detached home increased 10.9 per cent to $707,700, while the median price of a condominium increased 4.6 per cent to $236,500 during the same period.
“Calgary’s housing market remains very tight. Due to a lack of supply in detached houses, there continues to be competition from both local buyers as well those moving to Calgary from other provinces,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “Unit sales are historically high and while we do see new construction being built, it has not kept up with demand. Good product that comes to market, whether new build or resale, is being quickly absorbed.”
Lyall noted that a lack of rental properties has put upward price pressure on the resale market as rising costs and lack of availability have made purchasing a home more attractive for those who are able to get into the market.
“Buyers continue to find excellent value in Calgary’s condo market. The region has struggled with over-supply in recent years, which resulted in excellent selection and less competition than the single-family home market,” said Lyall. “Increasingly, we are seeing investors and property managers convert condos into long-term rentals. While this is improving rental availability, it is also creating more competition for buyers as product is coming off the market.”
Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 8.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The forecast remains unchanged from the previous quarter as consumer confidence remains high, driven by a healthy economy and an affordable housing market that continues to drive migration to the province.
The aggregate price of a home in Edmonton increased 6.8 per cent year-over-year to $459,200 in the second quarter of 2022. Broken out by housing type, the median price of a single-family detached home increased 6.8 per cent to $498,800, while the median price of a condominium increased 5.5 per cent to $212,000 during the same period.
“Real estate in Edmonton had a strong start to the year and it pulled a lot of the buyer demand to earlier in the year. June activity slowed to a pace that is more typical of July,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “We are still in a seller’s market and inventory has been slowly building and buyers are finding selection is starting to improve. When they do find the right home, there are fewer competing offers.”
Shearer added that Edmonton’s real estate market is continuing to see demand from out-of-province buyers who are moving to the area, often without employment.
“Edmonton’s healthy job market and affordable homes offer a significant lifestyle boost for people willing to move from high priced cities. New construction is struggling to keep up with the demand,” Shearer added.
Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 9.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The forecast remains unchanged from the previous quarter as consumer confidence remains high, driven by a healthy economy and an affordable housing market that continues to drive migration to the province.
The aggregate price of a home in Halifax increased 13.8 per cent year-over-year to $525,800 in the second quarter of 2022. Broken out by housing type, the median price of a single-family detached home increased 12.7 per cent to $596,400, while the median price of a condominium increased 13.5 per cent to $430,700 during the same period.
“Halifax’s real estate market is shifting to a more healthy market. Buyers are able to put conditions on their purchase offers and local buyers are successfully transacting with less competition from outside the province,” said Matt Honsberger, broker and owner, Royal LePage Atlantic.
Honsberger added that an increase in inventory has offered buyers more choice but has not resulted in lower prices.
“It is a great time for move-up buyers because they are confident in their ability to find their next home, while selling their existing home at current market value,” said Honsberger. “Those who have struggled to buy over the last year or two now find themselves with an opportunity to get into the market with less competition.”
Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 9.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The previous forecast has been revised downward to reflect a softening in buyer demand.
The aggregate price of a home in Winnipeg increased 11.5 per cent year-over-year to $392,600 in the second quarter of 2022. Broken out by housing type, the median price of a single-family detached home increased 10.9 per cent to $433,300, while the median price of a condominium increased 4.5 per cent to $252,900 during the same period.
“Over the last month we’ve seen a significant boost in inventory and a slight dip in demand, following very strong sales activity and price gains in April and May. The spring market got off to a much later start due to the extended winter weather,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Now that buyers have more selection and less competition, I think we’ll start to see prices level off. And, with interest rates expected to increase further, it’s going to create some breathing room for buyers in the months ahead.”
Froese noted that buyers are quick to adapt their behaviour to changing market conditions.
“Almost immediately we’ve seen a shift. Buyers are taking advantage of reduced competition and writing conditional offers again, including subject to sale, inspection and financing. Sellers tend to hold on to expectations a little longer when faced with a transitioning market,” said Froese. “It feels like we are moving towards a healthier, more balanced environment.”
Froese expects the slowdown to persist through the summer months and anticipates another rush of demand in the fall.
Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 8.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The forecast remains unchanged from the previous quarter as consumer confidence remains high, driven by a healthy economy and an affordable housing market that continues to drive migration to the province.
The aggregate price of a home in Regina increased 9.8 per cent year-over-year to $375,600 in the second quarter of 2022. Broken out by housing type, the median price of a single-family detached home increased 12.1 per cent to $409,000, while the median price of a condominium increased 4.1 per cent to $204,600 during the same period.
“Buyers are reacting to the current uncertainty in the market. In the last month, we’ve seen some frenzied buying among those with mortgage rate holds set to expire shortly, or those looking to transact prior to further expected rate hikes,” said Mike Duggleby, broker and owner, Royal LePage Regina Realty. “While interest rates remain historically low, these rapidly rising rates coupled with record high home prices are proving stressful for many of today’s first-time buyers.”
Duggleby noted that sales are down slightly compared to the same quarter last year, and inventory is up year-to-date.
“The supply of homes is increasing and I expect this trend will continue through the summer months. However, inventory remains well below historic norms. In some cases, although fewer than earlier in the year, well-priced properties in popular neighbourhoods are still selling in multiple-offer scenarios,” said Duggleby.
Royal LePage is forecasting that the aggregate price of a home in Regina will increase 7.0 per cent in the fourth quarter of 2022, compared to the same quarter last year. The forecast remains unchanged from the previous quarter as consumer confidence remains high, driven by a healthy economy and an affordable housing market that continues to drive migration to the province.
Royal LePage’s media room contains royalty-free assets, such as images and b-roll, that are free for media use.
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The Royal LePage House Price Survey provides information on the most common types of housing, nationally and in 62 of the nation’s largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.
Artificial Intelligence
Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth
USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ — USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).
The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming: In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
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Frederiksen joins Heimdal to accelerate its rapid revenue growth and enhance the delivery of its unified cybersecurity platform
COPENHAGEN, Denmark, May 8, 2024 /PRNewswire/ — Heimdal®, a global leader in cybersecurity solutions, is excited to announce the appointment of Jesper Frederiksen as its new Chief Executive Officer.
Bringing a wealth of experience from the SaaS and cloud security sectors, Frederiksen is renowned for his expertise in scaling IT technology organizations and enhancing their global presence through innovative Go-to-Market strategies.
His leadership is characterized by a relentless focus on partner and customer centricity alongside technological excellence.
Frederiksen joins Heimdal with over 25 years of experience in spearheading IT technology organizations toward exponential growth. Prior to his new role, he successfully led the EMEA operations at Lacework as General Manager, served as EMEA VP and General Manager at DocuSign and Okta, and holds ongoing roles as a non-executive board member for Keepit, Siteimprove, Signaturit and LearnUpon.
Under Frederiksen’s leadership, Heimdal aims to build on the significant growth and global expansion achieved over the past decade.
As CEO, Frederiksen will focus on accelerating the company’s rapid revenue growth, expanding its customer and partner base, and enhancing the delivery of Heimdal’s unified cybersecurity platform.
Heimdal offers partners substantial cost efficiencies through consolidation and automation, while enriching their service offerings with advanced SOC services. Furthermore, it supports end customers in significantly elevating their security postures through the widest attack surface coverage.
Jesper Frederiksen expressed his enthusiasm about his new role, stating:
“As the digital landscape evolves and automation becomes increasingly integral, the need for robust cybersecurity measures has never been greater. I am thrilled to join Heimdal at this pivotal moment. My commitment is to ensure that we meet and exceed the cybersecurity needs of our customers by safeguarding their operational integrity with cutting-edge solutions, and to enable our partners to enrich their offerings and maximize growth potential. All the while, we will continue to make Heimdal a great place to work.”
Morten Kjaersgaard, the founder of Heimdal who has driven the company’s transformative journey over the last decade, will pass the leadership torch to Jesper Frederiksen and assume the role of Chairman.
With this transition, Kjaersgaard will shift his focus to strategic partnerships and brand evangelism. Leveraging his unique understanding of Heimdal’s customers and partners, he will collaborate closely with Frederiksen to elevate the organization to the next level of growth.
“Jesper Frederiksen is the leader Heimdal needs to propel the legacy that has been built so far and to take our unique platform to the next phase of growth.” said Kjaersgaard. “With Jesper at the helm, I am confident that our thought leadership, innovative culture and global growth momentum will continue to strengthen in his capable hands. Meanwhile, I will dedicate my efforts to helping land new business and ensuring that our product strategy and offerings continue to outpace the market.”
With these changes, Heimdal is poised to continue its trajectory of growth and innovation in the cybersecurity industry. The company looks forward to achieving new milestones under Jesper Frederiksen’s leadership while benefitting from Morten Kjaersgaard’s continued support and guidance.
About Heimdal
Heimdal is an industry-leading unified and AI-powered cybersecurity solutions provider established in Copenhagen in 2014. With an integrated approach to cybersecurity, Heimdal has dramatically boosted operational efficiency and security effectiveness for over 15k+ customers globally. Heimdal empowers CISOs, Security Teams, and IT admins to enhance their SecOps, reduce alert fatigue, and be proactive using one seamless XDR security platform.
Our award-winning line-up of 12 fully integrated cybersecurity solutions span the entire IT estate, allowing organizations to be proactive, whether remote or onsite. That’s why Heimdal’s XDR platform and managed services offer solutions for every attack surface, whether at the Endpoint or Network, in Vulnerability Management, Privileged Access, implementing Zero Trust, thwarting Ransomware, preventing Business Email Compromises, and much more.
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Artificial Intelligence
Secureworks Brings AI-Powered Threat Prevention and Detection To The Network With Taegis NDR
New solution empowers organizations to integrate their network with all security controls to mitigate risk
ATLANTA, May 8, 2024 /PRNewswire/ — Secureworks® (NASDAQ: SCWX), a global leader in cybersecurity, today announced the release of Secureworks Taegis™ NDR, to stop nefarious threat actors from traversing the network. The dominance of cloud applications and remote working has created an explosion in network traffic, up over 20% from 2023 to 20241. Adversaries are taking advantage of these increased volumes to lurk unseen and slip past defenses. Taegis NDR leverages AI to uncover hidden threats, integrating threat prevention, detection and response to halt malicious activity on the network.
Secureworks data, as measured across the company’s global customer base, shows that Taegis NDR can block 99% of malicious activity identified on the network. With threat actors obfuscating their behavior, legacy network controls such as IDPs and firewalls are no longer able to keep pace or offer sufficient protection against evolving adversarial tactics. Organizations need a multi-layered cybersecurity strategy. Taegis NDR provides a complete picture of all internal traffic moving between endpoints as well as traffic entering and exiting the network at the edge. This visibility is crucial to identifying the presence of threat actors and how they are moving within the network. When integrated with the Taegis XDR platform, NDR correlates telemetry across different threat vectors to detect adversarial behavior that would otherwise be analyzed in silos and potentially missed.
“Taegis NDR empowers us to proactively mitigate cyber risks to our business,” said Steve Hey, Senior Vice President of Information Technology, Infrastructure, and Operations, National 9/11 Memorial & Museum. “It adds an extra layer of intelligence that fortifies our cyber defenses. When Taegis NDR sends us an alert, I know there’s an issue so I can quickly assign my resources to tackle it and protect our business.”
Managed centrally in the Taegis Platform, Taegis NDR is updated continuously with curated countermeasures based on global real-world threat intelligence to protect customer networks from the latest attack vectors. Its AI engine analyzes network traffic for anomalous application and port usage, identifying potential internal and external threats before they can cause harm, such as data exfiltration or ransomware attacks. Automated response actions fuel faster and more accurate response times. Lastly, customers don’t have the burden of managing endless rules and signatures, saving them time and resources that can be deployed elsewhere.
“Network connected devices represent an opportunity for cyber criminals, as few organizations have the central governance, and strong policies, to ensure 100% up-to-date coverage at the endpoint. Threat actors continue to develop stealthy and evasive techniques to enter networks, that if not detected, inflict serious operational and financial damage on an organization,” said Kyle Falkenhagen, Chief Product Officer, Secureworks. “Companies need a layered cybersecurity defense, but many lack the resources and expertise to execute on this strategy. Taegis NDR solves this challenge, optimally delivering reliable network protection. By integrating into the Taegis platform, we can provide partners and customers with a more streamlined and cost-effective, yet holistic, solution for reducing their cyber risk.”
Generally available today, and fully integrated with the Taegis platform, key features of Taegis NDR include:
The flexibility to inspect all network traffic and choose to block immediately or be alerted to malicious traffic.The ability to continuously analyze network telemetry with deep packet inspection (DPI), without impacting network performance.24/7 protection leveraging global real-world threat intelligence and expertly tuned countermeasures from Secureworks Counter Threat Unit™ (CTU™).Anomalous application and port usage detection powered by AI engine.Full device management, eliminating the burden on in-house teams as it includes all updates, patches, as well as hardware and software refreshes.Detailed change reporting reflecting daily management of countermeasures applied to secure the network helps organizations comply with audit requirements.A daily audit of NDR detections and emergency detection updates for urgent situations.The capability to be deployed both physically and virtually based on customer needs and budget.About Secureworks
Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.
Connect with Secureworks via X, LinkedIn and Facebook and Read the Secureworks Blog.
1 https://www.ibisworld.com/us/bed/internet-traffic-volume/88089/
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