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Saudi AI firm Alat would divest from China if the US requests it, CEO Amit Midha told Bloomberg. Saudi Arabia has been pouring billions into AI and semiconductor initiatives in an attempt to become a major hub. AdvertisementA new state-backed Saudi Arabian fund centered on semiconductor and AI technology has guaranteed that it would divest from China if Washington requests it. Officials have long portrayed China's access to AI and semiconductor technology as a national security threat. US officials have already had to mandate AI firms to divest from China, such as G42.
Persons: Amit Midha, , Midha, that's Organizations: Bloomberg, Service, Milken Institute Global Conference, Saudi Arabia's Public Investment Fund, Officials, Silicon, New York Times, United Arab Emirates, Microsoft Locations: Saudi, China, Saudi Arabia, Washington, Beijing, Alat
Tech titans' AI funding frenzy: Here's what you need to know
  + stars: | 2024-01-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech titans' AI funding frenzy: Here's what you need to knowCNBC's Deirdre Bosa joins 'The Exchange' to report on industry leaders raising funds for AI, sentiment around AI development, and more.
Persons: Deirdre Bosa Organizations: Email Tech titans
Salesforce has moved slowly on AI, RBC Capital Markets managing director Rishi Jaluria told Insider — at least that's what the company's partners and customers told him. One said they were encouraging customers to start first with Einstein, the original AI product Salesforce launched in 2016, before adding new generative-AI services to their bills. The question was the first of many moments during the conference when a Salesforce executive brought up trust and safety when talking about generative AI. Despite that, Salesforce continues to invest in other companies via its venture arm, which includes a $500 million Generative AI fund. Jaluria said that with the exception of Microsoft, he doesn't expect software companies to see meaningful revenue gains from generative AI until at least 2025.
Persons: Salesforce, Rishi Jaluria, , Jaluria, they've, Einstein, Matthew McConaughey, pensively, Patrick Stokes, Salesforce's, Stokes, it's, There's, John Somorjai, McKinsey's, Somorjai, Ellen Thomas Organizations: Company, Business, RBC Capital Markets, World, Salesforce Ventures, Microsoft Locations: New York, ethomas@insider.com
AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. The Global X Robotics & Artificial Intelligence ETF (BOTZ.O) received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data. "Improved inflation data and the likelihood of rate cuts in the second half of 2024 have maintained market optimism throughout November, contributing to investor interest," said Tejas Dessai, AVP, Research Analyst at Global X. So far this year, the Global X fund has gained 27.7% year-to-date, supported by the 233% rally in shares of its top holding Nvidia (NVDA.O), whose graphics processing units (GPUs) dominate the market for AI. The Global X fund, which has total net assets of $2.2 billion, has seen net inflows of $554.8 million so far this year.
Persons: Dado Ruvic, chipmaker, Aniket Ullal, Bansari Mayur, Shweta Agarwal Organizations: REUTERS, chipmaker Nvidia, Robotics, Intelligence, Federal Reserve, Tejas Dessai, Global, Nvidia, Wall, Thomson Locations: ., Bengaluru
The Hugging Face website on a laptop arranged in New York, US, on Thursday, Aug. 17, 2023. "We should encourage all companies to build on disruption-proof AI technology that only open source can offer." To be clear, big bets made on open source AI pre-date last Friday when news first broke of Sam Altman's removal as OpenAI CEO, and those bets include an open source AI model controlled by one dominant tech company, Meta Platforms ' Llama. Open source and AI governanceFormer Google CEO Eric Schmidt is behind Mistral AI, another open source rival to OpenAI's ChatGPT. A third open source AI startup, Poolside AI, recently pulled in $126 million co-led by French telecom and internet billionaire Xavier Niel and U.S. VC firm Felicis Ventures.
Persons: Gabby Jones, Eric Schmidt, Sam Altman, Microsoft —, Mike Gualtieri, Forrester, Marc Benioff, Delip Rao, Sam Altman's, Thomas Wolf, We've, Wolf, Linus Torvalds, Paul Drews, OpenAI's, Arthur Mensch, Mistral, Xavier Niel Organizations: Nvidia, Bloomberg, Getty Images Tech, Salesforce, Qualcomm, Microsoft, Twitter, Google, Meta, IBM, Intel, Sequoia Capital, Salesforce Ventures, Mistral, alums, Lightspeed Venture Partners, French, . VC, Felicis Ventures Locations: New York, France
Investors don't need to abandon the themes that worked in 2023 just because the calendar is about to change, according to BlackRock. Jacobs said that 2023 could prove to be a "year of training" for AI but that the benefits could broaden out going forward. IRBO YTD mountain This broad iShares ETF focused on AI and automation has outperformed the S & P 500 year to date. Mexico stocks, as measured by the iShares Mexico ETF (EWW) , has been a strong performer this year with a total return of 25%, according to FactSet. A competitor fund, the WisdomTree India Earnings Fund (EPI) , has performed better in 2023 with a total return topping 15%.
Persons: Jay Jacobs, Jacobs, IShares, Eli Lilly Organizations: BlackRock, CNBC, Nvidia, Microsoft, Robotics, Intelligence, Technology, Novo Nordisk, Biotechnology, VanEck Pharmaceutical Locations: BlackRock, U.S, United States, Mexico, India
REUTERS/Jonathan Ernst/Pool Acquire Licensing RightsWASHINGTON, Nov 3 (Reuters) - The United States will provide $425 million worth of additional arms and equipment to Ukraine for its ongoing fight against Russia's invasion, the Biden administration announced on Friday. The package uses the last of the funds in the Ukraine Security Assistance Initiative (USAI), a more than $18 billion fund that allowed the Biden administration to buy weapons from industry, rather than pull from U.S. weapons stocks. Biden, a Democrat, is calling on U.S. lawmakers to approve more aid for Kyiv. Since the Russian invasion in February 2022 the U.S. has sent about $44 billion worth of security assistance to Ukraine. Reporting by Mike Stone and Susan Heavey; editing by David Ljunggren, Jonathan Oatis and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.
Persons: Antony Blinken, Jonathan Ernst, Biden, Joe Biden, congressionally, Mike Stone, Susan Heavey, David Ljunggren, Jonathan Oatis, Leslie Adler Organizations: Hamas, REUTERS, Rights, Ukraine Security Assistance Initiative, L3Harris Technologies, U.S, Reuters, Authority, Pentagon, Air Missile Systems, High Mobility Artillery Rocket Systems, Biden, Democrat, Kyiv, Republican, Democratic, Thomson Locations: Israel, Palestinian, Tel Aviv, United States, Ukraine, U.S, Kyiv, Russian
Nvidia's high-performance chips power many advanced generative AI models, which produce new content from huge volumes of training data. The world has been abuzz with talk about generative AI tools like OpenAI's ChatGPT, Google's Bard and Anthropic's Claude. The U.S. led the way in generative AI funding deals, with the likes of OpenAI and Anthropic raising billions. AccelIn Europe, three of the biggest generative AI company rounds came out of France — Hugging Face ($235 million), Poolside ($126 million) and Mistral AI ($113 million). In Europe and Israel, 40% of new unicorns were in generative AI; in the United States, it was 80%.
Persons: Botteri, Google's Bard, Anthropic's Claude, Philippe Botteri, they're, OpenAI, they'd Organizations: Future Publishing, Getty Images, Accel, Apple, Microsoft, Nvidia, Companies, Nasdaq, U.S, Public, CNBC, Mistral, Tech, Big Tech, FAANG, Netflix, Google Locations: U.S, Unity, Europe, Israel, France, United States
Not long after founding the startup, Gaon shared his vision with famed venture capitalist Marc Andreessen. It was notable to Gaon at the time that Andreessen — "one of those investors who's known for seeing where the market is going" — appeared to have pinpointed loneliness as its own market. That moved her parents, Cindy and Anne Jordan, who had sold their first healthtech company years before, to found the Arizona company Pyx Health. "The loneliness crisis is bigger, and more urgent, than anything I've worked on before," Nyborg wrote in a blog post. Inspired debuted a thesis in 2020 that identified loneliness as a key focus for the firm to invest in.
Persons: Benjamin Gaon, Boaz Gaon, Benny, Gaon, Marc Andreessen, Andreessen, Wisdo, , Anne Wojcicki, Marius Nacht, Andreessen Horowitz, Vivek Murthy, Betsy Hoover, Bumble, Rylie Sarabia, Cindy, Anne Jordan, policyholders, Dawn Owens, it's, Owens, Julie Rice, Elizabeth Cutler, Rice, Peoplehood, Phil Levin, Levin, Culdesac, Renate Nyborg, I've, Nyborg, Hugo Amsellem, He's, Ava, Catalyst, Nate Tepper, Tepper, Adam Besvinick, Frances Haugen, Hoover, Alexa von Tobel, von Tobel, David Spinks Organizations: Pyx, Labs, verve, Investors, Pyx Health, TT Capital Partners, New, Khosla Ventures, Sequoia Capita, AI Fund, NEA, AIs, Looking Glass, Anonymous, Glass, Facebook, Bloomberg Locations: Arizona, Minneapolis, New York, Ava, France, Peoplehood, Hopscotch
By contrast, both funds received their highest monthly net inflows of 2023 in June, gaining $265.5 million and $29.74 million, respectively, according to Lipper data. But AI stocks have suffered along with broader markets in recent weeks, as Treasury yields hovering around 16-year highs dull investors' risk appetite. Retail investor flows into the sector have also cooled as the initial fervor surrounding AI wanes. September saw the lowest net monthly retail flows of $1.96 billion into AI-linked stocks since April, according to Vanda Research. "It is possible this negative sentiment could reverse again in Q4, particularly if large cap tech stocks like Nvidia held in AI-themed tech ETFs continue to show strong earnings growth," CFRA's Ullal added.
Persons: Dado Ruvic, Aniket, Mark Haefele, Bansari Mayur, Ira Iosebashvili, Mark Potter Organizations: REUTERS, Robotics, Intelligence, Global Robotics, Automation, CFRA Research, Vanda Research, Global, Nvidia, UBS Global Wealth Management, Thomson, & $ Locations: Bengaluru
Since the 2015 debut of Craig Newmark Philanthropies, the entrepreneur has donated many millions of dollars to various causes involving media and technology. Newmark, 70, spoke to CNBC as he was recovering from a minor heart procedure he went through in late August. At the same time, he's worried that tech companies, particularly in social media, "aren't even trying anymore to get rid of stuff they know is dishonest," he said. "Protecting kids when it comes to AI is a big issue," Newmark said, regarding his donation to Common Sense Media. Within journalism, Newmark's most high-profile endeavor is the City University of New York's Craig Newmark Graduate School in Journalism.
Persons: Craig Newmark, Everard Craig Newmark, Craig Newmark Philanthropies, Newmark, he's, aren't, I've, Rather, Jim Jordan, I'm, City University of New York's Craig, Julia Angwin, she'd, Sue Gardner, algorithmically, Thilina, doesn't, " Newmark, that's Organizations: Craigslist, LinkedIn, Facebook, Sense Media, CNBC, Tech, Meta, Twitter, Sense, Knight Foundation, Ford Foundation, City University of New, City University of New York's Craig Newmark Graduate School, Journalism, CUNY, Nurphoto Locations: San Francisco, New York, Ohio
Sept 7 (Reuters) - AI research lab Imbue has raised $200 million in a Series B funding round, which included participation from Astera Institute and Nvidia (NVDA.O), at a valuation of over $1 billion, the company said in a blog post on Thursday. Companies across the world, from banks to big tech, have doubled down on investments in artificial intelligence (AI) after ChatGPT, a generative AI chatbot by Microsoft-backed MSFT.O OpenAI took the world by storm in late 2022. "The latest funding will accelerate our development of AI systems that can reason and code," the company said. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
Persons: Imbue, MSFT.O OpenAI, Jaiveer Singh, Shailesh Organizations: Astera Institute, Nvidia, Companies, Microsoft, Thomson Locations: Bengaluru
BOTZ has been a key beneficiary of the AI advance, garnering $594 million in inflows this year, according to FactSet. While many investors see AI as a tech play, Todd Sohn, ETF and technical strategist at Strategas Securities, believes that the benefit of industrials is an under-the-radar narrative worth taking a second glance at. And because data is what's driving AI, Maier said, larger companies like Amazon , Alphabet and Meta Platforms best retain that type of exposure. "Right now, [data] is what AI is, while we're trying to figure out where AI is going," he said. But for investors looking to diversify beyond the tech wave, Sohn affirmed that industrials are poised to benefit from the rise in AI-induced efficiency and productivity in robotics and automation companies.
Persons: Jon Maier, CNBC's Bob Pisani, Maier, it's, BOTZ, Todd Sohn, Sohn, " Sohn, AIQ, industrials Organizations: Robotics, Intelligence, Nvidia, Strategas Securities, Technology, Global Locations: BOTZ, U.S, outflows
Germany plans to double AI funding in race with China, U.S.
  + stars: | 2023-08-23 | by ( ) www.reuters.com   time to read: +2 min
AI (Artificial Intelligence) letters and robot hand are placed on computer motherboard in this illustration taken, June 23, 2023. The target, announced by research minister Bettina Stark-Watzinger on Wednesday, is modest compared with the $3.3 billion that the U.S. government spent on AI research in 2022 according to a Stanford University report. It is dwarfed by private AI spending in the U.S., which reached $47.4 billion in 2022, almost double Europe's total spend, and well ahead of China's $13.4 billion, the Stanford report found. Simpler regulations would promote private research spending, she added. Even though Germany has nothing to compare with the U.S.'s tech behemoths, its number of AI startups has doubled in 2023, but that still only puts Germany in ninth place globally, Stark-Watzinger acknowledged.
Persons: Dado Ruvic, Bettina Stark, Stark, Watzinger, Thomas Escritt, Devika Organizations: REUTERS, Rights, Stanford University, Stanford, European Union, U.S, Germany, Thomson Locations: Germany, China, United States, U.S
AI Funds Are Missing Out on the AI Stock Boom
  + stars: | 2023-08-21 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
Hong Kong CNN —Wipro, one of India’s top providers of software services, wants everyone on staff to know how to use artificial intelligence. The IT giant announced Wednesday it would spend $1 billion on improving its artificial intelligence capabilities over the next three years, including training its entire staff of 250,000 people across 66 countries in the fast-moving technology. Its move comes as generative AI, the technology that underpins popular platforms such as ChatGPT, has taken the world by storm. “With the emergence of generative AI, we expect a fundamental shift up ahead, for all industries,” Wipro CEO Thierry Delaporte said in the statement. Businesses are increasingly using AI to either bolster or replace tasks usually carried out by humans.
Persons: Thierry Delaporte Organizations: Hong Kong CNN — Wipro, Wipro Locations: Hong Kong
Be cautious buying A.I. ETFs, Bank of America says
  + stars: | 2023-07-11 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com   time to read: +1 min
Investors should be wary of buying exchange-traded funds that hold artificial intelligence stocks to chase the trend's big gains, according to Bank of America. On Tuesday, investment and ETF strategist Jared Woodard initiated coverage of eight AI funds, which had an average gain of 27% year to date. … Valuations are steep: the average AI ETF trades at 31x earnings. Bank of America also cautioned that investors should be sure to check the holdings of any AI fund because some AI indexes are "loosely defined." Woodard wrote that the Global X Robotics & Artificial Intelligence ETF (BOTZ) is the closest thing to a "pure play" AI fund.
Persons: Jared Woodard, Woodard, CNBC's Michael Bloom Organizations: Bank of America, Nasdaq, Bank of, Intelligence, Technology, US, Global, Robotics, Nvidia
Cohere, an enterprise-focused generative artificial intelligence startup, has raised $270 million in a Series C round of venture capital which includes AI giant Nvidia as an investor. In the new Cohere round, Oracle and Salesforce were also investors. Cohere is one of the companies that the new Salesforce Ventures generative AI fund is investing in. "We want to build that toolkit that's accessible to any dev," co-founder and CEO Aidan Gomez told CNBC in June 2022. Nvidia founder and CEO Jensen Huang expressed confidence in Cohere, saying in a press release announcing the funding, "The team at Cohere has made foundational contributions to generative AI.
Persons: OpenAI, Cohere, Aidan Gomez, Gomez, Nick Frosst, Jensen Huang, DTCP Organizations: Nvidia, Oracle, Microsoft, CNBC, Google, Google Research, Inovia Capital, Schroders, Thomvest Ventures, Ventures Locations: CoreWeave, Cohere
Edtech startup Kira Learning uses AI-powered software to help K-12 students learn computer science. The idea was to help students become familiar with computer science before they get into college. Teachers in these schools had never taught computer science before, and many were new to learning coding skills themselves. The partnership will make Kira Learning's computer science courses available to all public middle and high schools in the state, at no cost to schools, Pasinetti said. Check out the 16-slide pitch deck that Kira Learning used to raise $15 million in Series A funding from NEA and the AI Fund:
Persons: Andrea Pasinetti, Andrew Ng, Pasinetti, Ng, Kira, Jagriti Agrawal, Kira Learning's, Kira Learning Organizations: Stanford University, Stanford, NASA, NEA, AI, AI Fund, Innovation Network Locations: Tennessee
China's Baidu launches $145 million venture capital AI fund
  + stars: | 2023-05-31 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, May 31 (Reuters) - Chinese search giant Baidu Inc (9988.HK) will set up a venture capital fund of 1 billion yuan ($145 million) to back start-ups focused on content generated by artificial intelligence applications, it said on Wednesday. The company will also launch a competition for developers to build applications off its ERNIE large language model (LLM) or integrate the model into their existing products, it added. E-commerce giant Alibaba Group Holding Ltd (9988.HK) was among the other Chinese companies that followed quickly. In response to the surge of LLMs, China published draft regulations in April on the use of generative AI. ($1=6.9121 Chinese yuan renminbi)Reporting by Josh Horwitz, Samuel Shen and Jason Xue; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
Persons: Ernie Bot, Josh Horwitz, Samuel Shen, Jason Xue, Clarence Fernandez Organizations: Baidu Inc, HK, Baidu, Alibaba, Holding, Thomson Locations: SHANGHAI, China, United States
First pure-play AI fund?
  + stars: | 2023-05-31 | by ( Bob Pisani | ) www.cnbc.com   time to read: 1 min
What a volatile May means for summerCommodity cross-currents around the globe03:01Is it time for investors to give equities a look?
It's just one move of many the VC firm has taken to cement its position in the white-hot AI space. Huang and Grady wrote a public blog post on Sequoia's website inviting AI founders to email them their ideas and pitches directly. But the firm has been louder where it counts, investing in splashy AI startups like Harvey and LangChain. Every member of the firm, from managing partner Roleof Botha on down, has made AI a top priority, with Grady, Huang, and Buhler most prominently involved. Both Huang and Buhler now spend over 90% of their time researching AI companies, versus 50% in previous years, they said.
Israel aims to be 'AI superpower', advance autonomous warfare
  + stars: | 2023-05-22 | by ( ) www.reuters.com   time to read: +2 min
"There are those who see AI as the next revolution in changing the face of warfare in the battlefield," Zamir told the Herzliya Conference, an annual international security forum. He named GPT (Generative Pre-trained Transformer) and AGI (Artificial General Intelligence) as deep-learning realms being addressed by civilian AI industries which could eventually have military applications. The ministry declined to provide figures on AI funding. This month, state-owned Israel Aerospace Industries unveiled an autonmous intelligence-gathering submarine which, it said, had already completed "thousands of hours" of operations. Similary, he said, "our mission is to turn the State of Israel into an AI superpower and to be at the head of a very limited number of world powers that are in this club".
Are the travails of the bond market, like Macbeth expounds, a "tale told by an idiot, full of sound and fury, signifying nothing?" The billionaire class — so incorrectly sought after by the media — so often seems to use the bond market as a sort of intellectual cudgel. That's why I always start my discussion on bonds with the simple query of "where are the layoffs, not forget about stocks, think fixed income." Here the bond market polices only those companies that haven't pivoted to making a profit. They, among all sectors, could be pummeled by the bond market freeze and by the consumers' paralysis.
During a panel, Ashton Kutcher said that companies not using AI tools like ChatGPT will shutter. In fact, actor-turned-investor Ashton Kutcher is so impressed that he thinks businesses that aren't using AI tools will suffer. "If you're a company, and you're sleeping on this, you're probably going to be out of business," he said about ChatGPT during a panel at the Milken Institute's Global Conference on Monday. Education, for instance, will be revolutionized by AI, Kutcher said. Kutcher's thoughts on AI come in response to the meteoric rise of generative AI tools.
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