Companies like VERSES AI Inc. (CBOE: VERS) (OTCQX: VRSSF) are racing toward Artificial General Intelligence (AGI), where AI can perform all human cognitive skills better than the smartest human, as noted by Forbes. Helping, with the growth of its Artificial General Intelligence (AGI) technology, VERSES AI is working to make AI systems capable of human-level intelligence. In fact, with VERSES AI’s Genius platform, which combines algorithms, knowledge modeling, and data transformation to create a more flexible and intelligent system. According to VERSES AI’s site, “Genius transforms disparate data into coherent knowledge models on which intelligent agents can learn, reason, and adapt to any context.”
Not only is that powerful news for VERSES AI, but also for Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), C3.AI (NYSE:AI) and Amazon.com (NASDAQ: AMZN).
VERSES AI Inc. (CBOE: VERS) (OTCQX: VRSSF) Just Appointed a New Chairman
VERSES AI Inc., a cognitive computing company specializing in next generation intelligent systems, announces that Jay Samit is relinquishing his position as Chairman of the Board in order to take a position with the Company while concurrently appointing Michael Blum into the vacated Chairman position. Mr. Samit’s new role at VERSES will be Head of Global Partnerships, focusing on deploying Genius to systems integrators, channel partners, and business process outsource firms and strategic investors.
“With the strategic investment from G42, the IEEE working group approval of the Spatial Web standards, as well as the most recent research demonstrating technical scalability of the technology, VERSES is at an inflection point, and I feel that the timing is right for me, to have a more direct impact by leveraging the relationships that I’ve built over my career to help bring Genius to market,” said Jay Samit.
“We want to thank Jay for his service as Board Chairman, but we are even more delighted that he will head up and nurture our key global partnerships,” said Gabriel René, CEO of VERSES. “Jay’s experience as a pioneering top executive in Fortune 500 Companies and leading global consultancies, like Deloitte, combined with his extensive international contacts, will be an invaluable asset as we roll out Genius commercially.”
“At the same time, I want to welcome Michael to the Board and look forward to working with him at this exciting phase of VERSES development,” continued Mr. René.
Michael Blum is a co-founder and president of Hedgeye Risk Management, a premier independent investment research house whose customer base advises more than $10 trillion in assets and spans close to 100 countries. In 2014 Blum co-founded Firefly Space Systems which designed and developed space launch vehicles for small payloads working with, among others, NASA, DARPA, and Boeing. Previously, Blum was co-founder and chief operating officer of hedge fund, Falconhenge Partners LLC. Before his tenure on Wall Street, Blum spent seven years in Silicon Valley including at Paypal developing business and product strategy. Mr. Blum received his Bachelor of Arts in Economics and International Studies (honors) from Yale University.
“I am delighted to be joining the VERSES Board,” said Chairman Michael Blum. “VERSES nature based approach to software is, I believe, paradigm shifting. It is going to change the economics of computing to allow for a whole new category of previously unattainable products and applications creating a safer, smarter world.”
Other related developments from around the markets include:
Nvidia reported revenue for the second quarter ended July 28, 2024, of $30.0 billion, up 15% from the previous quarter and up 122% from a year ago. For the quarter, GAAP earnings per diluted share was $0.67, up 12% from the previous quarter and up 168% from a year ago. Non-GAAP earnings per diluted share was $0.68, up 11% from the previous quarter and up 152% from a year ago. “Hopper demand remains strong, and the anticipation for Blackwell is incredible,” said Jensen Huang, founder and CEO of NVIDIA. “NVIDIA achieved record revenues as global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI.”
Microsoft announced the following results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year: Revenue was $64.7 billion and increased 15% (up 16% in constant currency); Operating income was $27.9 billion and increased 15% (up 16% in constant currency); Net income was $22.0 billion and increased 10% (up 11% in constant currency); Diluted earnings per share was $2.95 and increased 10% (up 11% in constant currency). “Our strong performance this fiscal year speaks both to our innovation and to the trust customers continue to place in Microsoft,” said Satya Nadella, chairman and chief executive officer of Microsoft. “As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era.”
C3.AI announced financial results for its fiscal first quarter ended July 31, 2024. “We had a solid start to the fiscal year, with rising demand for Enterprise AI driving our sixth consecutive quarter of accelerating revenue growth,” said Thomas M. Siebel, Chairman and CEO, C3 AI. “C3 AI is the original Enterprise AI company. Our unwavering commitment to solving the most challenging problems in the enterprise has led us to what we believe are the highest levels of customer satisfaction in the industry.”
Amazon Web Services and Oracle announced the launch of Oracle Database@AWS, a new offering that allows customers to access Oracle Autonomous Database on dedicated infrastructure and Oracle Exadata Database Service within AWS. Oracle Database@AWS will provide customers with a unified experience between Oracle Cloud Infrastructure (OCI) and AWS, offering simplified database administration, billing, and unified customer support. In addition, customers will have the ability to seamlessly connect enterprise data in their Oracle Database to applications running on Amazon Elastic Compute Cloud (Amazon EC2), AWS Analytics services, or AWS’s advanced artificial intelligence (AI) and machine learning (ML) services, including Amazon Bedrock.
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