Big Tech and Emerging Players Lead the Charge in $1 Trillion AI Revolution
USA News Group Commentary Issued on behalf of Scope AI Corp.
VANCOUVER, BC, Aug. 20, 2024 /PRNewswire/ -- USA News Group – The race to dominate the artificial intelligence (AI) space continues to heat up, with Goldman Sachs recently asking the question "Will the $1 trillion of generative AI investment pay off?". According to Goldman Sachs Asset Management portfolio managers, their confidence continues to increase that this technology cycle is indeed real. It's a global phenomenon, with Brazil recently proposing a $4 billion AI investment plan of its own. Big tech is banking on this AI boom as infrastructure spending indeed nears the $1-trillion mark. However, it's not just the silicon valley behemoths making waves, as several tech developers with AI interests are turning heads with big strides of their own, including developments from Scope AI Corp. (CSE:SCPE) (OTCQB:SCPCF), SAP SE (NYSE:SAP), Credo Technology Group Holding Ltd. (NASDAQ:CRDO), Upstart Holdings, Inc. (NASDAQ:UPST), and Broadcom Inc. (NASDAQ:AVGO).
With the recent closing of its latest quantum security technology acquisition, Scope AI Corp. (CSE:SCPE) (OTCQB:SCPCF) has continued its momentum that's it built so far from its advanced flagship AI-powered platform, GEM (General Enterprise Machine Learning). Now Scope has successfully achieved global deployment of its latest core module, the QSE Quantum Gateway, which compliments GEM and provides further opportunities for the company to offer to its clients.
Quantum computing is making rapid strides and might become a reality sooner than many have predicted. At the recent Tech.eu Summit in London, experts examined how quantum computing intersects with cybersecurity and AI, underscoring the far-reaching implications this breakthrough technology could have across multiple industries.
The moves made by Scope, and the progress of its GEM platform has now caught the eye of Grifyn McErlean, an ecosystem marketing specialist from SAP SE (NYSE:SAP). Scope recently announced McErlean's role as a Business Development Consultant, and will play a critical role in accelerating Scope's market expansion and business development efforts as the company continues to drive adoption of its cutting-edge data and quantum encryption solutions.
"I'm excited to join Scope AI focusing on their QSE technology, and contribute to expanding the reach of its innovative quantum encryption solutions," said McErlean. "This technology delivers critical protection and peace of mind for businesses as they face the evolving landscape of cybersecurity threats."
McErlean's expertise in technology adoption will be instrumental in positioning Scope AI's products (including GEM and QSE) to reach a broader audience and capitalize on emerging opportunities in the data security space.
"Our recent acquisition and deployment of QSE Technology were significant milestones, but now the focus shifts to execution and growth," said James Young, CEO of Scope AI. "Bringing on someone of Grifyn McErlean's caliber is a testament to our dedication to building a robust business development framework that will drive long-term success."
SAP SE (NYSE:SAP), where McErlean comes to Scope AI from, is stepping up its efforts to embed AI functions and applications across its own offerings to better serve its customers in day-to-day business. SAP is citing recent studies that have shown many companies are struggling to keep up with the integration of AI into their business missions.
To help with this initiative, SAP has recently partnered with the appliedAI initiative. The move will allow for AI scenarios to be better explored and to identify suitable use cases for SAP's customers.
"The collaboration enables us and our customers to exploit the potential of the technology even better and, together with the appliedAI partner network, to build up the necessary knowledge about AI in companies," said Philipp Herzig, Chief AI Officer of SAP SE. In a mid-August blog post, Herzig introduced new AI functions in the SAP portfolio, including examples such as how compliance and IT experts could use Joule to evaluate changes in the law in the context of their company and SAP solutions.
Semiconductors and related devices specialists Credo Technology Group Holding Ltd. (NASDAQ:CRDO) recently announced a change in its legal team leadership, naming James Laufman as the new Chief Legal Officer and Secretary, as of August 19, 2024. The company is coming off of reporting record revenues for Q4 2024, primarily driven by its AI applications. These AI deployments were a key growth driver, contributing to approximately three quarters of the Q4 revenue. Revenue in that quarter had grown 89.4% year-over-year.
"In fiscal 2024, Credo achieved record revenue of $193.0M, with strong contributions from each of our product and license categories," said Bill Brennan, CEO of Credo. "The Company's success in fiscal 2024 was primarily driven by our customers' AI deployments. Looking forward, we anticipate accelerating demand for AI infrastructure. We believe customers will continue to choose Credo for their most complex connectivity needs, due to our customer centric focus on innovative, high-performance and energy-efficient solutions."
Leading AI lending marketplace Upstart Holdings, Inc. (NASDAQ:UPST) also recently put out its financial results, for its Q2 2024 period. Among these results, Upstart saw a 15% increase in its conversion on rate requests in the quarter.
"The improvements in our business are coming from significant advances in our AI model, a revitalized funding supply, and increased operating efficiency," said Dave Girouard, CEO of Upstart. " These wins and more are providing the foundation for the Upstart comeback story."
Global tech leader in designing, developing and supplying semiconductor and infrastructure software solutions Broadcom Inc. (NASDAQ:AVGO) has recently reportedly been linked in talks with generative AI giant OpenAI, with hopes of lessening OpenAI's dependence on NVIDIA. Broadcom has already demonstrated success with Google's widely deployed TPUs, which are now in their 6th generation, demonstrating Broadcom's capability to deliver high-performance AI accelerators at scale.
As well, Broadcom has expertise in creating custom ASIC solutions, which would align well with OpenAI's need for an AI accelerator tailored to its specific requirements. According to a report from Reuters, the potential partnership would involve developing a new AI chip, with OpenAI exploring the idea of making AI chips on its own to overcome the shortage of expensive graphic processing units that it relies on to develop AI models such as ChatGPT, GPT-4, and DALL-E3.
"OpenAI is having ongoing conversations with industry and government stakeholders about increasing access to the infrastructure needed to ensure AI's benefits are widely accessible," a spokesperson for OpenAI stated in the report. Already OpenAI's CEO Sam Altman has formulated an ambitious chip development plan, with the aim of raising US$7 trillion to renovate the global semiconductor industry ecosystem and promote the development the development of the general AI industry.
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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