PALM BEACH, Fla., March 04, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The application of Artificial Intelligence (AI) supercomputers in numerous industries has witnessed significant growth in recent years. These powerful computing systems are being leveraged to address complex challenges, as they analyze massive datasets. Processors with faster and higher compute power provides the ability to AI supercomputers to handle larger and complex models and aids in reducing the time it takes to train and run AI models. AI supercomputers with high computational power processors are used for a wider range of applications. This includes applications that require large and complex AI models, such as drug discovery, climate change research, and financial modelling. A report from MarketsAndMarkets said that the AI supercomputer market is projected to grow from USD $1.2 billion in 2023 and is expected to reach USD $3.3 billion by 2028, growing at a CAGR of 22.0% from 2023 to 2028. The report said: “The Government segment in the AI supercomputer market for application is expected to hold the largest market size during the forecast period in the AI supercomputer market. AI supercomputers can be used to detect fraud in a variety of areas, such as tax evasion, insurance fraud, and welfare fraud.” Active tech companies in the markets this week include: Avant Technologies, Inc. (OTCQB: AVAI), NVIDIA Corporation (NASDAQ: NVDA), Symbotic Inc. (NASDAQ: SYM), SoundHound AI, Inc. (NASDAQ: SOUN), C3 AI (NYSE: AI).
MarketsAndMarkets continued: “For example, the US Internal Revenue Service (IRS) is using AI supercomputers to detect tax evasion. Moreover, AI supercomputers are also being used to coordinate disaster relief efforts and provide assistance to victims of disasters. For example, the US Federal Emergency Management Agency (FEMA) is using AI supercomputers to coordinate disaster relief efforts during hurricanes and other natural disasters. In this sector, AI supercomputers are being used for various applications, including disaster management, oil exploration, space, and energy research, and enhancing healthcare facilities. Commercial enterprises are increasingly utilizing AI supercomputers for various applications, leveraging their immense computational power and advanced algorithms to gain competitive advantages and drive innovation. AI supercomputers process vast datasets in real time, providing valuable insights into customer behavior, market trends, and operational efficiency. This data driven approach enhances decision-making processes for businesses.”
Avant Technologies, Inc. (OTCQB: AVAI) Announces Early Demand Accelerating for Avant Technologies’ Planned High-Density Compute Solutions - Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), an artificial intelligence technology (AI) company specializing in creating and developing innovative and advanced AI infrastructure solutions, announced today that Avant is experiencing growing demand for its planned high-density compute infrastructure and distributed supercomputing solutions.
In September 2023, Avant announced plans to begin working on the design and production of a faster, more powerful, and more cost-effective compute infrastructure aimed at supporting AI, machine learning and other big data use cases. Last month Avant announced its partnership with the Florida-based technology development firm Wired4Tech to help support “last mile” development and testing of Avant’s new high-density private cloud infrastructure solution. On the heels of that recent announcement, the company shared today that it is seeing strong prelaunch momentum for its new high-density compute solution, which is expected to be available later this year.
Avant’s VP of Business Development, Jared Pelski, stated, “The team has been working hard on bringing new technology to market that will address critical issues and growing opportunities in the current data center infrastructure landscape. We’re starting to see that effort and innovation play out on the demand side as we continue to ramp up our pre-launch selling activities. Our qualified pipeline has almost doubled since December and new lead volume for February was up over 500%, month-over-month.”
The global cloud computing market size was valued at $545.8 billion in 2022, and it is projected to reach $1.24 trillion by 2027. Within that broader landscape, private cloud and AI are two of the fastest growing subsegments with rapidly increasing demand for better, more cost-effective, and scalable solutions. These early indicators of demand for Avant’s new high-density compute infrastructure are consistent with commercial growth numbers that have been reported from traditional data centers. A Q3 2023 report by TD Cowen, entitled, “A Tsunami of AI Demand Hits the Data Center Market,” highlighted annualized growth rates in the third-party data center market of more than 80%, and went on to cite a specific example of a large data center whose sales pipeline doubled in size over a 90-day period. Continued… Read these full press releases and more news for Avant Technologies at: https://www.financialnewsmedia.com/news-avai/
Other recent developments in the markets of note include:
NVIDIA Corporation (NASDAQ: NVDA) and ServiceNow (NOW), and Hugging Face, and recently announced the release of StarCoder2, a family of open-access large language models (LLMs) for code generation that sets new standards for performance, transparency, and cost-effectiveness.
StarCoder2 was developed by the BigCode community, stewarded by ServiceNow, the leading digital workflow company making the world work better for everyone, and Hugging Face, the most-used open-source platform where the machine learning community collaborates on models, datasets and applications.
"StarCoder2 stands as a testament to the combined power of open scientific collaboration and responsible AI practices with an ethical data supply chain," emphasized Harm de Vries, lead of ServiceNow's StarCoder2 development team, and co-lead of BigCode. "The state-of-the-art open-access model improves on prior generative AI performance to increase developer productivity and provides developers equal access to the benefits of code generation AI, which in turn enables organizations of any size to more easily meet their full business potential."
Symbotic Inc. (NASDAQ: SYM), a leader in A.I.-enabled robotics technology for the supply chain, recently announced financial results for its first fiscal quarter of 2024 ending December 30, 2023. Symbotic posted revenue of $369 million, a net loss of $13 million and adjusted EBITDA of $14 million for the first quarter of fiscal 2024. In the same quarter of fiscal 2023, Symbotic had revenue of $206 million, a net loss of $68 million and an adjusted EBITDA loss of $16 million. Cash, cash equivalents, restricted cash and marketable securities on hand increased by $129 million from the prior quarter to $677 million at the end of the first quarter.
“Fiscal year 2024 is off to a solid start with strong financial and operational results. I am pleased with the trajectory and goals we have planned for the rest of the year,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “We will continue to innovate and build deployment capacity to support growth and increased profitability for our stakeholders.”
SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently reported its financial results for the fourth quarter and full year 2023.
"This was a breakthrough year in which SoundHound rapidly integrated powerful new generative AI capabilities. Our real-world voice AI applications are already live and driving consumer engagement across vehicles, devices, and customer service businesses," said Keyvan Mohajer, CEO and Co-Founder of SoundHound AI. "We also acquired SYNQ3, establishing SoundHound as the largest voice AI provider for restaurants. Our pace and agility amid this AI revolution has put us ahead of the field when it comes to delivering real commercial value."
"We finished the year strong by accelerating revenue and meaningfully increasing our penetration in the marketplace," said Nitesh Sharan, CFO of SoundHound AI. "We have fortified our balance sheet and taken prudent measures to strengthen our bottom line to ensure we can continue to capitalize on the tremendous customer demand for our AI solutions."
C3 AI (NYSE: AI), the Enterprise AI application software company, recently announced that Genentech, the medical biotechnology company, has selected C3 AI Reliability as the continued provider for AI-based predictive maintenance software on the company’s biologics manufacturing equipment.
The biotechnology company began using the AI application in 2021 to ensure centrifuges in the facility remained operational, with patients ultimately benefiting by receiving their medicines on time. Genentech uses this facility to manufacture biologics, a specific class of medicine that is extremely complex, time consuming, and resource intensive to develop and deliver to patients. These medicines help patients with some of the most difficult to treat diseases, from multiple sclerosis and macular degeneration to blood cancers such as lymphoma and leukemia.
"We’re proud to partner with Genentech, a company well-known for delivering breakthrough medical innovations for patients, and support its efforts with a robust AI program that allows what is an involved manufacturing process to operate efficiently and ensure patients get the care they need on time," said C3 AI CEO Thomas M. Siebel.
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