Nvidia 234% revenue jump
February 21, 2024
Good morning. In a blend of pop culture and virtual realms, Lady Gaga is set to host a Fortnite Festival performance today. As AI plots its next world domination move, Gaga is planning to conquer virtual stages. Who said AI gets to have all the fun?
In today’s newsletter:
🇪🇺 EU Signals Deeper Antitrust Scrutiny of Big Tech's AI Moves: The EU's antitrust chief, Margrethe Vestager, warns tech giants to expect much more intensive scrutiny of mergers, acquisitions, and partnerships involving AI
🤝 Wipro collaborates with IBM to introduce an advanced AI-ready platform for enterprises, leveraging the power of IBM's Watsonx AI and data platform to drive innovation and operational efficiency
🧬 Bioptimus raises a $35 million seed round for its ambitious project to harness the power of AI exclusively for biological research, aiming to revolutionize disease diagnosis and precision medicine.
💹 Nvidia's forthcoming Q4 earnings report is poised to showcase a staggering 234% revenue jump, underscoring the company's dominance in the AI-driven data center market despite increasing competition and geopolitical challenges.
❓️ Misc:
OpenAI’s Sora can make video collages too (link)
📊 Funding:
MediConCen raised $6.85M to automate insurance claims using AI (link)
Perigon raised $5M to structure the open web for AI (link)
TORTUS raised $4.2M to speed up medical admin with AI assistants (link)
💰Jobs in AI:
Sr. Principal Machine Learning Engineer: Atlassian · Washington, DC · Full-time · Mid-Senior level. (Apply here)
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🇪🇺 EU Signals Deeper Antitrust Scrutiny of Big Tech's AI Moves
The EU's antitrust chief Margrethe Vestager warns tech giants to expect much more intensive scrutiny of mergers, acquisitions, and partnerships involving AI, as these deals raise acute competition concerns. She strongly implies even cozy Big Tech AI collaborations will now face stringent antitrust reviews. Check out the seminar below 👇️
Probing Integration and Ecosystem Domination
Vestager states vertical integration and ecosystem domination enabled by AI will be examined far more closely going forward. The EU will specifically consider whether AI partnerships lead to new algorithmic collusion risks that undermine market competition. She points to existing barriers to entry for startups in accessing key AI inputs like training data, cloud computing resources, and advanced chips.
Insider Disruption, Not Outsider
Vestager suggests any disruption of current AI markets will come from within Big Tech's own ecosystems, not independent startups. She hints the EU will leverage antitrust tools much more aggressively to regulate competition problems stemming from Big Tech's AI ambitions. However, she offers few concrete solutions to actively level the playing field for European AI startups.
Stressing International Collaboration
Vestager emphasizes the need for global regulatory collaboration between enforcers to formulate responses. While still lacking specifics, her remarks strongly signal the EU will abandon its recent laissez-faire approach and instead provide much tighter oversight of Big Tech domination of nascent AI markets via stricter merger scrutiny.
Wipro and IBM Forge Alliance to Boost Enterprise AI Adoption 🚀
Wipro and IBM have announced an expanded partnership to accelerate AI adoption in enterprises, leveraging IBM's Watsonx AI and data platform. This collaboration aims to create joint solutions that provide robust, reliable, and enterprise-ready AI applications. The Wipro Enterprise AI-Ready Platform, utilizing various components of IBM's Watsonx suite, offers a comprehensive toolkit for developing industry-specific analytic solutions. A significant initiative under this partnership is the IBM TechHub@Wipro, which will centralize resources to drive AI initiatives. The platform promises infrastructure and software optimized for AI and generative AI workloads, targeting sectors such as banking, retail, health, energy, and manufacturing with tailored solutions. It also emphasizes responsible AI practices and AI governance, ensuring transparency and compliance. Wipro associates will receive training in IBM technologies to enhance their joint solution development capabilities.
Bioptimus Secures $35M to Pioneer AI in Biology 🧬
Bioptimus, a Paris-based generative AI startup, has raised a $35 million seed round to develop an AI foundational model specifically for biology. Led by Sofinnova Partners, with contributions from Bpifrance, Frst, Cathay Innovation, and others, the funding will support Bioptimus as it tackles the unique challenges of accessing and utilizing sensitive clinical data. Unlike other fields, biology relies on private, not publicly available, data sets. The company's ties with Owkin, a French biotech unicorn, and its partnerships with academic hospitals will provide a unique data set for training its model. Bioptimus aims to leverage AI to advance disease diagnosis, precision medicine, and the creation of new biomolecules, working in collaboration with Amazon Web Services for model training.
Nvidia's Q4 Earnings: A Crucial Test for the AI Market Boom 💹
Nvidia is set to announce its Q4 earnings, with expectations of a 234% revenue increase to $20.4 billion, largely driven by its Data Center segment and the AI boom. The company's market performance has been stellar, briefly surpassing Amazon and Alphabet in market cap. Analysts anticipate Nvidia's Data Center revenue to be $17.2 billion, highlighting the demand for its AI chips, such as the H100, which Meta plans to purchase in large quantities. Despite challenges from AMD, Intel, and the development of specialized AI chips by tech giants, Nvidia continues to innovate and discuss custom chip solutions with major firms. However, US export restrictions to China pose a potential threat to future sales.
A win in the bag. Excellent.
Some great praise too!
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