USA News Group
Commentary
VANCOUVER, BC, April 23, 2024 /PRNewswire/ -- USA News Group – In just a few years, the
potential generated by the rise of Artificial Intelligence (AI)
continues to entice investment to the tune of many trillions, with
McKinsey & Company projecting generative AI to generate
up to $7.9 trillion alone annually.
It's a sector that's still in its early stages, and with that comes
plenty of scrutiny, including the recent actions by US regulators
regarding whether or not investors of OpenAI were misled,
through an SEC inquiry launched in February. All the while,
corporate AI investment is surging, with several companies
benefitting including NVIDIA Corporation (NASDAQ:NVDA)
(NEO:NVDA), Meta Platforms Inc. (NASDAQ:META) (NEO:META),
Apple Inc. (NASDAQ:AAPL) (NEO:AAPL), C3.ai, Inc.
(NYSE:AI), and Avant Technologies Inc. (OTC:AVAI).
Looking to help unlock the full potential of AI, Avant
Technologies Inc. (OTC:AVAI) is pursuing its stated
mission to build the nation's first supercomputing network to
provide big data and AI software companies with a faster, more
powerful, and more cost-effective compute infrastructure. Recently
Avant signed a co-development agreement with Wired4Tech,
Inc. to create high-density compute infrastructure and
supercomputer network software to move the company closer to
achieving this mission.
"The technological innovations that we expect this collaboration
to yield will help to usher in a new era of performance, cost
efficiency and environmental sustainability for AI and Big Data,"
said Timothy Lantz, CEO of
Avant. "We have made exciting progress in the past several
months, and we believe this partnership will further help to
accelerate speed-to-market of our next generation solutions."
The Wired4Tech collaboration aims to assist in the
final stages of development and testing for Avant's new
high-density private cloud infrastructure solution. Additionally,
it will start to establish the groundwork for Avant's
proposed AI supercomputing network. Avant expects to
launch its next-generation infrastructure solution sometime in the
first half of 2024.
"We're at an inflection point where accelerated computing and
generative AI have come together to speed innovation at an
unprecedented pace," said Paul
Averill, Founder and CEO of Wired4Tech. "Our
partnership with Avant Technologies will help AI
companies accelerate their work with infrastructure, software and
services that drive efficiency and reduce costs. There is no AI
without the right infrastructure and Avant will lead
the way with its unique and innovative and cost-effective AI
platform."
The collaboration was a follow-up to
Avant's announcement that the company is
set to leverage its proprietary AI to drive proactive,
next-generation data center security, through its enhancements to
Avant! AI™, that seamlessly integrates with industry-standard data
science tools and algorithms, enabling organizations to harness the
power of data for deeper insights and informed decision-making.
"The rapid advancements in AI are unlocking tremendous
opportunities and potential across almost every facet of our lives,
but those same advancements can also pose an increased threat when
used by those with an intent to harm," said Lantz. "In today's
digital world cybersecurity is of paramount importance and
Avant is committed to providing our customers with the
necessary tools to ensure the safety and security of their
information and that of their end-users."
The planned improvements in Avant's proprietary gen AI
are designed to achieve two main goals: to provide early detection
of potential security vulnerabilities and to offer recommendations
for proactive measures to strengthen cybersecurity baselines,
reduce risks, and ensure compliance in the ever-changing digital
environment.
Under the hood of many of the biggest AI setups today are
products from NVIDIA Corporation (NASDAQ:NVDA) (NEO:NVDA),
which has seen its market cap surge to more than $2 trillion based upon an insatiable AI chip
demand. This includes mega investments from some of the largest
tech companies on the planet, including Meta Platforms Inc.
(NASDAQ:META) (NEO:META) which is spending billions of dollars on
Nvidia's AI chips.
Shared through an Instagram Reels post by CEO
Mark Zuckerberg, Meta's
"future roadmap" for AI requires the construction of "an absolutely
massive amount of infrastructure." By the end of 2024, Zuckerberg
mentioned that this infrastructure will comprise 350,000 H100
graphics cards from Nvidia—which were being sold for more
than $40,000 on eBay as
recently as last April.
The ramp up of GPUs for Meta is projected to cost as much
as $18 billion by the end of 2024.
The ambitious loading up of infrastructure is similar to
Meta's $13 billion spent on
Reality Labs, its metaverse division in 2022.
Competition for computing power will be ramping up, as Apple
Inc. (NASDAQ:AAPL) (NEO:AAPL) has signalled the company will be
investing significantly in generative AI, as it moves away
from its self-driving electric car project. So far, Apple
CEO Tim Cook hasn't launched any
competing products to models like
OpenAI's GPT or
Google's Gemini, but he has already teased a
major announcement that the company will "break new ground" in
GenAI coming later this year.
"AI is woven into our users' lives for all sorts of tasks, from
the everyday to the essential," said Tim
Cook. "AI allows Apple Watch to help you track your
workouts, automatically detecting whether you're taking a walk or
going for a swim. It enables your iPhone to call for help if you're
in a car accident."
While Cook's sentiments hint towards Apple moving more
towards AI investment, the company's investors have grown impatient
with the tech giant after lagging behind its mega-tech peers who
have shared much clearer AI strategies.
Enterprise AI application software company C3.ai, Inc.
(NYSE:AI) is coming off of a healthy Q3 2024 financial results
announcement, where they saw total revenue grow 18% year-over-year
to $78.4 million, exceeding their
guidance range. Perhaps more importantly, C3 AI saw its
customer engagement grow 80% year-over-year, and a 23% increase in
subscription revenue.
"Generative AI use cases continue to influence customer
engagement, with 17 of 29 total pilots signed in the quarter driven
by generative AI," said Kingsley Crane, analyst at
Canaccord Genuity, about C3 AI in a report. "So far,
the company has been converting pilots into full-time customers
roughly near the assumed spend levels of $210,000 per quarter, even if some pilots have
pushed a bit beyond the initially planned six months and started a
bit lower than $500,000 contribution
over two quarters. If C3 can continue the sequential growth
in product revenue we've seen over the past three quarters, the
firm is on track to grow over 30%."
Among the customer base that C3 AI has been working with
is biotech giant Genentech, to improve the complex biologics
manufacturing process with AI. Genentech began using
the AI application in 2021 to ensure centrifuges in their facility
remained operational, with patients benefitting by receiving their
medicines on time. In 2022, the biotech developer would go on to
expand its use of C3's assets beyond centrifuges, to around
200 pieces of equipment in total. Now Genentech has nearly
200 users including data scientists and facility managers who are
trained to use the C3 AI platform, and regularly use the AI
application to evaluate equipment health and maintain manufacturing
operations.
Source:
https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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