We recently published a list of Top 10 AI News You Shouldn’t Miss. In this article, we are going to take a look at where Veritone, Inc. (NASDAQ:VERI) stands against other top AI news you shouldn’t miss.
The United States is gearing up to be the leader in artificial intelligence technology. However, other nations are also intensifying their efforts to compete in this rapidly advancing field. To challenge the United States’ dominance in this critical technology, Russia has recently pledged to participate in the global race for artificial intelligence actively.
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Speaking at Russia’s flagship AI conference last week, President Vladimir Putin said Russia would develop artificial intelligence with BRICS partners and other countries.
According to Putin, the new AI Alliance Network would include national associations and development institutions in the field of AI from BRICS countries and other interested states. He also claimed that the country must participate equally in the global AI race.
“Russia must participate on equal terms in the global race to create strong artificial intelligence. It is precisely the advanced solutions that Russian scientists are currently working on. We invite scientists from all over the world to join in the collaboration”.
-Putin told an AI conference in Moscow.
Russia has been subject to Western sanctions which have been directed to restrict the country’s access to technologies it needs in the war against Ukraine. As a result, some of the world’s major producers of microchips have halted exports to Russia, limiting its AI ambitions.
Reuters reports how Russia’s dominant lender Sberbank, who is currently leading the AI development in Russia, admits that the microchips underpinning AI development are the trickiest hardware to replace. In this regard, it noted how national AI associations from BRICS members Brazil, China, India, South Africa, Serbia, Indonesia, and other non-BRICS countries, had joined the AI Alliance Network.
The network will be working toward joint research in technology and AI regulation, offering opportunities for AI products to be sold in other member countries’ markets. Currently, the leading AI powers of the world are the United States and China. It goes without saying that Russia’s alliance with China has the potential to significantly reshape the future landscape of artificial intelligence.
Meanwhile, the US is also gearing up to continue leading in AI. President-elect Donald Trump has already appointed an AI and Crypto Czar. Trump is also set to repeal President Joe Biden’s executive order on AI. Trump plans to repeal Biden’s AI order to reduce regulatory constraints, fostering rapid innovation and maintaining the U.S. edge in the global AI race.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A professional giving a keynote address around the potentials of AI models for businesses.
Veritone, Inc. (NASDAQ:VERI)
Number of Hedge Fund Holders: 6
Veritone, Inc. (NASDAQ:VERI) provides artificial intelligence (AI) computing solutions and services. On December 12, the company announced that its longstanding exclusive global licensing agreement with CBS News has been renewed. The multi-year contract strengthens Veritone’s role as a leading content licensing provider for broadcast networks, now including exclusive local news content from CBS-owned stations. CBS News and Stations will continue to utilize Veritone’s aiWARETM enterprise AI platform to enable advanced and precise search and retrieval, helping researchers and creatives to quickly find specific scenes, quotes, or highlights, and automate rights management and delivery.
“We are thrilled to extend our longstanding CBS News partnership. With Veritone’s Content Licensing platform, CBS News and Stations gain continued access to advanced AI solutions to enhance the accessibility of their content and provide exceptional experiences for viewers across digital landscapes. This renewal is a testament to the value we deliver, and we’re excited to drive further innovation and growth in how users can search and identify their content”.
-Jay Bailey, senior vice president of licensing, Veritone.
Overall, VERI ranks 10th on our list of top AI news you shouldn’t miss. While we acknowledge the potential of VERI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VERI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.