Financial News
How AI helped Walmart go from 700,000 to 60 million items online
Walmart.com is bigger than you might think. The site has 60 million items for sale, Walmart CTO Jeremy King said at the VB Summit in Berkeley, California today. That's up from 700,000 items when he joined Walmart in 2011, and it doesn't include Jet.com, the ecommerce site Walmart acquired last year. Online sales have also made notable gains: The company reported a 67 percent year-over-year increase in quarterly online sales for the three months ending in June of this year. The secret to the expansion in inventory, said King, is artificial intelligence.
Investors Buy NVIDIA Corporation (NVDA) on Weakness - Week Herald
Traders purchased shares of NVIDIA Corporation (NASDAQ:NVDA) on weakness during trading hours on Monday. Of all companies tracked, NVIDIA Corporation had the 13th highest net in-flow for the day. NVIDIA Corporation traded down ($0.28) for the day and closed at $196.62 A number of research analysts have recently issued reports on NVDA shares. Zacks Investment Research upgraded NVIDIA Corporation from a "hold" rating to a "strong-buy" rating and set a $169.00
Xilinx's Upcoming Results Are Only Part of the Picture
Investors might have expected Xilinx (NASDAQ:XLNX) to set the stock market on fire this year as it is pursuing growth in the fast-growing fields of artificial intelligence (AI) and cloud computing. But the chipmaker has underperformed the NASDAQ-100 Technology Sector so far this year despite posting steady growth in its revenue and earnings. The stock market has remained indifferent toward Xilinx's quarterly performances even though it stands to gain big from the growing adoption of its programmable chips in data centers, automotive solutions, and 5G wireless communications. But will the market's attitude toward Xilinx change with its upcoming fiscal second-quarter report that's due on Oct. 25? Let's take a look. Xilinx doesn't expect a massive improvement in its second-quarter revenue and earnings as compared to the year-ago quarter.
Flamingo raises $5 million in 12 minutes
Two artificial virtual assistants called Rosie and Maggie are set to become more ubiquitous after artificial intelligence start-up Flamingo raised $5.1 million last month to fund their rollout. Chief executive Catriona Wallace, who founded Flamingo in 2014, says she is "super pleased" with the raise after it was opened and closed within 12 minutes with $10 million bid on the book. "We were well oversubscribed," she says. "It was one of the fastest capital raises that [lead investment partner] Bell Potter had ever conducted, which I believe is testament to Australia's growing interest in artificial intelligence and machine learning." Flamingo is headquartered in Sydney but also has offices in the US with 30 staff across the two countries. The start-up's flagship technology is its artificial virtual assistants Rosie and Maggie.
Cisco Announces Intent to Acquire Perspica
Earlier this year, Cisco announced the acquisition of AppDynamics โ uniquely positioning Cisco to enable enterprises to accelerate their digital transformations by actively monitoring, analyzing and optimizing complex application environments at scale. Today, we are excited to announce the intent to acquire Perspica, the first acquisition to support and accelerate the AppDynamics vision. In our experience working with the world's largest companies, we know that machine learning is only as good as the data it ingests; only as relevant as the data's timeliness; and only as valuable as the data's business context. Cisco's AppDynamics data sets span wherever the application components are deployed, and there is a massive opportunity to correlate this with user experience and business context. With the addition of Perspica to our AppDynamics capabilities, customers will be able to further take advantage of machine learning capabilities to analyze large amounts of application-related data, in real time and with business context, including when an application is deployed in a company's public, private and multiple cloud environments.
Lyft Raises $1 Billion in Round Led by Alphabet's CapitalG
Over the past year, Lyft has picked up market share in some key cities while into pushing into dozens of new U.S. markets, driven in part by carefully-crafted marketing that casts it as the friendlier alternative to Uber. Uber, meanwhile, has been beset by a series of troubling events, including sexual-harassment allegations, the resignation of longtime chief executive Travis Kalanick, a lawsuit between board members and several federal probes into its business operations. It only recently hired a new chief, former Expedia Inc. CEO Dara Khosrowshahi, who is tasked with filing the company's depleted executive ranks and is already dealing with a regulatory spat in London, one of its biggest markets. Uber is working to nail down a proposed investment from SoftBank that could total as much as $10 billion, including a direct investment of as much as $1.25 billion. On Monday at The Wall Street Journal's WSJD.Live conference, Uber board member Arianna Huffington said she expects the company will resolve the weekslong talks within days.
A.I. start-up Petuum is the latest company to get a big check from SoftBank
Enterprise tech start-up Petuum is on a quest to help businesses of any kind use artificial intelligence just like Google, Amazon, Facebook or Tesla. Companies can use AI to build recommendation systems, help diagnose diseases and add self-driving capability to cars, according to Petuum co-founder, CEO and chief scientist Eric Xing, a computer science professor now on sabbatical from Carnegie Mellon University. Now the start-up has raised $93 million in a new round of venture funding from SoftBank to develop and popularize this technology, Xing told CNBC. Most organizations that want to use AI don't have access to a deep bench of technical talent. Nor do they have the computing infrastructure to run AI workloads at scale.
An AI bot operated by Wells Fargo just slapped sell ratings on Google and Facebook
Google, which makes almost all of its money on ads and internet user data, is undertaking herculean efforts to get a grip on artificial intelligence (AI). It's trying to develop software that allows machines to think and learn like humans. This includes the $525 million acquisition in 2014 of DeepMind, which is said to have lost an additional $162 million in 2016. Google is trying to load smartphones with AI and come up with AI smart speakers and other gadgets, and ultimately AI systems that control self-driving cars. Facebook, which also makes most of its money on ads and user data, is on a similar trajectory, but spreading into other directions, including a "creepy" run-in with two of its bots that were supposed to negotiate with each other but ended up drifting off human language and invented their own language that humans couldn't understand.
Industrial cleaning equipment maker Nilfisk goes public
Danish Nilfisk Holding A/S began being listed on the NASDAQ Stock Exchange under symbol NLFSK after being spun off from NKT A/S, a Danish conglomerate. Nilfisk is one of the world's leading suppliers of professional cleaning equipment with a strong brand and a vision for growth in robotics. Nilfisk expects that 10% of their revenue will come from autonomous machines within the next 5-7 years. In that pursuit, Blue Ocean Robotics and Nilfisk recently announced a strategic partnership to develop a portfolio of intelligent cleaning machines and robots to add to the Nilfisk line of industrial cleaners. "We estimate that approximately 70 percent of the cost of professional cleaning goes to labor. At the same time, the cleaning industry is one of the industries with the highest employee turnover. We therefore experience a significant need among our customers to introduce autonomous machines that can solve standardized cleaning tasks so that cleaning operators can be used for other assignments. We have a clear strategy to develop our product portfolio in partnership with highly-specialized technology companies that are the best in their field. We already have good experiences with this, and we are looking forward to starting this partnership with Blue Ocean Robotics, which complements our other partnerships very well."