The artificial intelligence story shows no signs of cooling. Instead, according to McKinsey the AI market could swell to $17 trillion to $25 trillion by 2030. In addition, AI related spending will make up about 8% to 10% of IT budgets in 2024, according to Wedbush. “This demonstrates a remarkable acceleration in AI spending after it comprised less than 1% of IT budgets in 2023,” added Seeking Alpha. All of which could have a powerful impact on AI-related stocks, such as VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF), Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), C3 AI (NYSE:AI) and Amazon.com (NASDAQ: AMZN).
In addition, “Gartner forecasts global spending on AI software will surge to $297B by 2027 as software vendors continue to integrated AI tools into products. The research firm expects more than 70% of independent software vendors will embed GenAI into their enterprise applications by 2026. That figure was less than 1% in 2023,” added Seeking Alpha.
Look at VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF), For Example
VERSES AI Inc., a cognitive computing company developing next-generation intelligent software systems, today announced that third party logistics company NRI USA, LLC will be upgrading to the GENIUS Beta program.
“NRI was an early adopter of our offerings and saw the vision of what our intelligent software can provide. Since we entered into a commercial agreement with them, our business model has evolved from an industry specific bespoke offering, to that of our current flagship platform offering, GENIUS. So naturally it makes sense to transition our relationship onto the GENIUS platform,” said Gabriel René, CEO of VERSES.
“It was great utilizing the early capabilities of Wayfinder but we need more than just routing capabilities. The 3PL and supply chain industry is more complex than ever and at times very unpredictable. The ability to apply our vast amounts of data to GENIUS’ reasoning capabilities is extremely exciting for our business. This will be a foundational element for when the more advanced Genius capabilities are released in the future,” said Pete McKenna, CEO of NRI.
Due to the change of platform and the structure of the GENIUS offering, the existing SaaS contract dated August 25, 2021 is being voided by both parties and no further obligations are required on behalf of either party in respect of the SaaS contract. The two companies intend to enter into a new contract for GENIUS on terms being negotiated by the parties.
Other related developments from around the markets include:
Nvidia announced major advancements to Universal Scene Description, or OpenUSD, that will expand adoption of the universal 3D data interchange framework to robotics, industrial design and engineering, and accelerate developers’ abilities to build highly accurate virtual worlds for the next evolution of AI. Through new OpenUSD-based generative AI and NVIDIA-accelerated development frameworks built on the NVIDIA Omniverse™ platform, more industries can now develop applications for visualizing industrial design and engineering projects, and for simulating environments to build the next wave of physical AI and robots. The new offerings include NVIDIA NIM™ microservices for AI models that can generate OpenUSD language to answer user queries, generate OpenUSD Python code, apply materials to 3D objects, and understand 3D space and physics to help accelerate digital twin development. In addition, new USD connectors to robotics and industrial simulation data formats and developer tools let users stream massive, fully NVIDIA RTX™ ray-traced datasets to Apple Vision Pro.
Microsoft announced the following results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year: Revenue was $64.7 billion and increased 15% (up 16% in constant currency); Operating income was $27.9 billion and increased 15% (up 16% in constant currency); Net income was $22.0 billion and increased 10% (up 11% in constant currency); Diluted earnings per share was $2.95 and increased 10% (up 11% in constant currency).“Our strong performance this fiscal year speaks both to our innovation and to the trust customers continue to place in Microsoft,” said Satya Nadella, chairman and chief executive officer of Microsoft. “As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era.”
C3 AI, the Enterprise AI application software company, today announced it will issue its financial results for the fiscal first quarter, which ended July 31, 2024, following the close of the U.S. markets on Wednesday, September 4, 2024. C3 AI will host a conference call and webcast to discuss the financial results. The conference call will begin at 2:00 p.m. PDT / 5:00 p.m. EDT on September 4, 2024.
GE HealthCare and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company announced a strategic collaboration to develop purpose-built foundation models and generative artificial intelligence (AI) applications designed to help clinicians improve medical diagnostics and patient care. GE HealthCare has selected AWS as its strategic cloud provider and plans to use its healthcare and generative AI services to build and implement new, versatile foundation models to transform the future of healthcare. These new generative AI-powered workflows are intended to fast-track the delivery of innovations to streamline healthcare operations, increase diagnostic and screening accuracy, enhance outcomes, lower access hurdles, and promote equitable care, thereby easing provider workload and accelerating industry innovation.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for VERSES AI Inc. by VERSES AI Inc. We own ZERO shares of VERSES AI Inc. Please click here for disclaimer.
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