Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly:
CHINESE CHIPS: Jack Ma-backed Ant Group used Chinese-made semiconductors to develop techniques for training AI models that would cut costs by 20%, Bloomberg’s Lulu Yilun Chen reports, citing people familiar with the matter. Ant used domestic chips, including from affiliate Alibaba (BABA) and Huawei Technologies to train models using the so-called Mixture of Experts machine learning approach, the people said. It got results similar to those from Nvidia (NVDA) chips like the H800, they said. Hangzhou-based Ant is still using Nvidia for AI development but is now relying mostly on alternatives including from AMD (AMD) and Chinese chips for its latest models, one of the people said.
POTENTIAL ALLIANCE: Microsoft (MSFT)-backed OpenAI and Meta (META) are seeking a potential alliance with India’s Reliance Industries, Guillermo Molero of Bloomberg reports, citing The Information. OpenAI executives have spoken multiple times to Reliance recently about potential product and sales partnership since the company would like Reliance’s business units to sell or distribute its AI solutions that could include ChatGPT, The Information’s sources said, according to Bloomberg. Meta, however, could present competition for OpenAI, since the company is also seeking to work with Reliance on new artificial intelligence businesses.
CONVERSATION AI SOLUTIONS: TEN Holdings (XHLD) announced the company’s ability to add conversational artificial intelligence solutions to its service offering through a new partnership announced by V-Cube Inc., its controlling shareholder. This new service offering reinforces the Company’s mission to enhance corporate virtual events for our clients. By offering conversational AI solutions, the Company expects to enable event companies to scale operations efficiently while achieving significant cost savings through the power of AI automation. Additionally, the Company believes that conversational AI will provide valuable insights into attendee behavior and preferences, allowing for more personalized and engaging experiences.
AI INFRASTRUCTURE CONTRACTS: VCI Global (VCIG) announced the acquisition of three significant contracts totaling $33M for the deployment of advanced AI infrastructure solutions. These projects are set to enhance clients’ computing capabilities, enabling the efficient management and processing of AI model distillation with a combined capacity of 6 trillion parameter distillation. VCI Global’s AI infrastructure solutions will be deployed across three major clients, each operating in distinct high-growth industries: Hexatoff Group: A turnkey solutions provider specializing in infrastructure and building construction, registered with the Ministry of Finance Malaysia. The company is currently developing a state-of-the-art data center in Enstek City, Malaysia. Quantum Universe Capital: A marketing technology company focused on developing innovative gaming platforms that integrate advanced quantum computing concepts to enhance user experiences. Confidential Nasdaq-listed company: A leading AI cloud services provider, establishing a robust infrastructure to support its expansion in the artificial intelligence sector.