Global AI Arms Race Accelerates with Cutting-Edge Tech and Strategic Investments
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VANCOUVER, BC, Feb. 12, 2024 /PRNewswire/ -- USA News Group - The world is undergoing a massive AI revolution, that according to analysts at McKinsey Global Institute could add the equivalent of up to $4.4 trillion annually in value in the near future. With such immense potential on the line, an AI arms race is underway, several firms are establishing their positions by developing and acquiring new tech, including Avant Technologies Inc. (OTCQB:AVAI), C3.ai, Inc. (NYSE:AI), Snowflake Inc. (NYSE:SNOW), Apple Inc. (NASDAQ:AAPL), and even asset management firm Blackstone Inc. (NYSE:BX).
Along the important road towards this new technological integration, businesses trying to use AI in their products are facing big challenges. These challenges are mostly because of the high costs of computing power and a global shortage of data storage expected by 2025.
At the forefront of addressing these critical issues, Avant Technologies Inc. (OTCQB:AVAI) is emerging as a leader in advanced cloud supercomputing technologies. The company claims that its supercomputing network could become known as the world's most powerful and cost-efficient private cloud infrastructure.
Avant recently strategically appointed Timothy Lantz, a veteran in the technology sector with extensive leadership experience, as in the roles of its new CEO and Director. Lantz brings over 20 years of successful experience in diverse business operations, including managing startups, driving growth, leading turnaround initiatives, and executing strategic financial exits.
Lantz's shift to the CEO position comes after his initial involvement with Avant as the chief advisor for product development and market strategy, a role he took on when he first joined the company's industry advisory board earlier this year.
"AI is already changing the world as we know it and Avant Technologies is well-positioned as a frontrunner to support what will undoubtedly be the next major evolutionary leap in human technological advancement," said Lantz. "The opportunity ahead for Avant is immense and to fully realize its potential, we will have to be focused on delivering game-changing technology purpose-built for AI, with both speed and precision. A big part of my job is to enable Avant to bring new, innovative products to market quickly, build a 'flawless execution' culture, and position the company for hyper-growth."
Avant is actively addressing the key issues of cost and performance, which are obstacles to the progress and market potential in AI, machine learning, and big data analytics. The company is dedicated to transforming these areas with its cutting-edge private cloud infrastructure, striving to boost performance and provide additional benefits in various industries. Their focused strategy involves cutting costs, improving computing density, and providing unique ESG (Environmental, Social, and Governance) benefits by significantly lowering electricity and water consumption.
"The proliferation of the AI, machine learning and big data analytics industries is already rapidly outpacing the capabilities of traditional cloud infrastructure for an industry that demands exponential computer power and storage capacity," added Lantz. "We recognized this real unmet need and began working to develop a next generation, ultra-high-density supercomputing environment that will revolutionize the landscape for AI companies of all sizes and for any other users who require hyper-scalable, cost-effective computing power."
Avant is dedicated to advancing AI technology and is creating a specialized computing environment specifically designed for AI applications. This environment is carefully developed to work smoothly with all major AI frameworks, enabling easy integration and efficient development workflows.
Shortly after announcing the launch of its no-code, self-service generative AI application in AWS Marketplace, C3.ai, Inc. (NYSE:AI) reported its Q2 2024 financial results where the company saw its total revenue grew 17% year-over-year.
"We saw unprecedented interest and traction in our generative AI offerings. Importantly, we are seeing a return to accelerating revenue growth as we continue our transition to a consumption-based pricing model," said Thomas M. Siebel, CEO and Chairman of C3 AI.
It was a very active quarter for C3 AI, having closed 62 agreements including 36 pilots. Among these were deals with GSK, Indorama, and First Business Bank, and newly expanded agreements with Con Edison, Roche, Nucor Corporation, and Hewlett Packard Enterprises, along with more. The company also closed 40 agreements through its partner network, which includes AWS, Baker Hughes, Booz Allen, Google Cloud, and Microsoft—marking an increase of 75% to C3's qualified opportunity pipeline with partners.
Data cloud company Snowflake Inc. (NYSE:SNOW) recently announced it would be enabling all users to securely tap into the power of generative AI with their enterprise data through its platform Snowflake Cortex. Shortly after, Snowflake released its financial results for Q3 2024, showing a 34% year-over-year growth in product revenue to nearly $700 million.
Continuing with that positive moment, Snowflake was awarded the #1 ranking on the 2023 Fortune Future 50 list. To compile this Future 50 list, The BCG Henderson Institute analyzed over 1,000 publicly traded companies, each with a market value of at least $20 billion or revenue of $10 billion in the 12 months up to the end of 2022. This evaluation includes 19 factors known for their predictive power of growth in the next five years. These factors are categorized into four groups: strategy, technology and investments, people, and structure.
"We are honored to be named at the top of Fortune's Future 50 list and look forward to continuing to help customers solve their biggest problems and deliver real value using AI," said Sridhar Ramaswamy, SVP of AI at Snowflake. "In this new AI era, generative AI and large language models will reshape how we live, work and do business."
After being labeled as very conservative in its approach to AI, Apple Inc. (NASDAQ:AAPL) is allegedly preparing to invest $1 billion in the generative AI arms race to catch their rivals, according CNBC's Mark Gruman. Just over a month after the news of that potential figure dropped, Apple quietly released a machine learning framework called MLX to help developers build models that run efficiently on Apple Silicon and deep learning model library MLX Data.
According to a social media post from Apple machine learning researcher Awni Hannun, MLX Data is a "framework agnostic, efficient, and flexible package for data loading. It's based on a design inspired by existing frameworks like PyTorch, Jax, and ArrayFire, however MLX goes further by adding support for a unified memory model, which means arrays live in shared memory and operations can be performed on any of supported device types without performing data copies—a feature list that has Computer World claiming it to be "pretty good at first glance".
Even asset management firm Blackstone Inc. (NYSE:BX) is getting into the mix by responding to exploding data-center demand that's being fuelled by the AI arms race, by committing to developing $7 billion worth of data centers. The move is part of a new venture with Digital Realty Trust Inc. According to a report from Reuters, the venture plans to develop 10 data centers across four campuses in Frankfurt, Paris, and northern Virginia.
As per the terms of the deal, Blackstone will acquire an 80% ownership stake in the joint venture for about $700 million in initial capital contributions. Scheduled to close over two stages, the joint venture is set to become official by the end of the first half of 2024.
"By partnering with Blackstone, the world's largest alternative asset manager, Digital Realty is better able to deliver capacity to meet the burgeoning demand of our hyperscale customers, by accessing a deep pool of likeminded private capital," said Andy Power, the president and CEO of Digital Realty.
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