This week, some major events occurred in the AI field. From Nvidia’s latest quarterly report to OpenAI reached an agreement with Sam Altman, it has attracted investors' attention.
Here is the detailed information you need to know.
Nvidia Fails to Satisfy Lofty Investor Expectations for AI Boom
Nvidia Corp. investors gave a cool reaction to its latest quarterly report, which blew past average analysts’ estimates but failed to satisfy the loftier expectations of shareholders who have bet heavily on an artificial intelligence boom.
Revenue in the current period will be about $20 billion, the world’s most valuable chipmaker said Tuesday in a statement. Though that topped the average Wall Street prediction of $17.9 billion, some projections reached as high as $21 billion.
Sam Altman to Return As OpenAI CEO
OpenAI on Tuesday said it reached an agreement for Sam Altman to return as CEO days after his ouster, capping frenzied discussions about the future of the startup at the center of the artificial intelligence boom.
In addition to Altman's return, the company agreed in principle to partly reconstitute the board of directors that had dismissed him. Former Salesforce co-CEO Bret Taylor and former U.S. Treasury Secretary Larry Summers will join Quora CEO and current director Adam D'Angelo, OpenAI said.
Nvidia Delays Launch of New China-Focused AI Chip
Nvidia has told customers in China it is delaying the launch of a new artificial intelligence chip it designed to comply with U.S. export rules until the first quarter of next year, two sources familiar with the matter said.
The California-based AI chip giant had been expected to launch the new products as early as Nov. 16, chip industry newsletter SemiAnalysis reported this month.
However, the H20 launch has now been pushed back until the first quarter of next year, the sources said, with one saying they were advised it could take place in February or March.
Adobe Strengthens AI Offerings with Rephrase.ai Buyout
Adobe has reportedly acquired Rephrase.ai, an Indian startup known for its artificial intelligence (AI)-based video creation platform. As part of the terms, the majority of Rephrase.ai’s employees will join Adobe. With this deal, ADBE will be able to bolster its video content offerings by integrating Rephrase.ai’s technology with its own video-editing platform, Creative Cloud.
It is worth mentioning that Rephrase.ai’s platform uses AI to convert text into video. It allows video creators to build digital avatars and enables the creation of professional-looking videos.
C3.ai Fires Workers, Telling Staff of Need for Cost Savings
C3.ai Inc., a software maker that has worked to capitalize on interest in artificial intelligence, cut workers last week, citing employee performance and the need for cost savings.
Employees were fired across departments, according to people familiar with the matter. In a meeting Thursday with hundreds of workers, an executive said C3.ai needed to reduce costs, according to one attendee. Chief Executive Officer Tom Siebel, a well-known figure in the technology industry, founded the software company and took it public in 2020.
Zoom Lifts Annual Revenue Forecast As AI Features Boost Demand
Zoom Video Communications raised its annual revenue and profit forecasts on Monday, as hybrid work trends and the integration of artificial intelligence technology into its products boosted demand.
Platforms including Zoom, Microsoft's Teams and Cisco's Webex became household names during the COVID lockdowns and have enjoyed resilient demand as many businesses shifted to hybrid work models.
Zoom expects annual adjusted profit per share between $4.93 and $4.95, higher than its prior forecast of $4.63 and $4.67.
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