According to data presented by AltIndex.com, Tesla is the only loser among AI giants in 2024, with its stock value plunging by 30% year-to-date.

Unlike NVIDIA, Microsoft, Alphabet, and Meta Platforms, which continued adding trillions of dollars to their stock values amid the AI renaissance, Tesla, has seen a severe plunge in sales and stock price.

The once red-hot company, previously a member of the prestigious “Magnificent Seven” tech stocks, now holds the dubious distinction of being the worst performer in the S&P 500.

Several factors have contributed to this dramatic fall: slowing growth, safety concerns leading to recalls, price cuts, and missed sales targets. The combined effect has been a dramatic drop in Tesla’s stock price, wiping away hundreds of billions of dollars in market value within just three months.

Tesla’s market cap has been observed up-and-down trend over the past year. From $586 billion in April 2023, it climbed to $814 billion a month later, only to dip back down to $525 billion in May. This trend continued throughout the year, with the company adding and losing billions in value. Despite the volatility, Tesla managed to close December 2023 at a market cap of $831 billion.

However, starting from 2024 it was a downhill from. By January’s end, the company’s stock value had plummeted to $583 billion, representing a massive 28% drop in a single month. While the market cap reached a temporary high of $643 billion in February, it has been on a downward trajectory ever since. Last week, the combined value of Tesla shares stood at $550.9 billion, signifying a staggering $250 billion loss since the year began.

According to the alternative data platform AltIndex, which analyzes millions of data signals from thousands of publicly traded companies to forecast future price movements and overall company performance, investors should approach buying Tesla (TSLA) stocks with caution.

Based on its social media mentions, financial results, and neutral sentiment across popular stock forums, the AltIndex algorithm currently marks TSLA with a hold signal.

The full story and statistics can be found here: 

https://altindex.com/news/tesla-ai-stock-drop

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A decade after the term “unicorn” was made to mark private startups valued at $1 billion or more, the number of these companies hit more than 1,500 globally, with a collective value of more than a whopping $5 trillion. But joining the global unicorn club has become much harder than before despite huge investor interest in some markets.

According to Crunchbase data, only 95 companies joined the global unicorn list last year, one-third of the figure seen in 2022 and six times less than the number of new unicorns in 2021, still the record year by the number of new $1 billion worth startups.

Of the 95 companies that hit a valuation of $1 billion or more, one-fifth, or 20, were from the AI sector, mainly from the generative AI market. These companies have collectively added more than $35 billion in value to the global unicorn club. Statistics show fintech was the sector with the second-highest number of new unicorns, with 14 in 2023. Cleantech, energy, and semiconductors followed with 12 and 9 new unicorns, respectively. Analyzed by geography, almost half of all new unicorns were from the United States. Another 24 were from China, while India and the United Kingdom had three.

With 20 new companies joining the global unicorn list in 2023 and three more in the first quarter of this year, the total number of startups in the AI sector valued at $1 billion or more hit 214.

The generative AI company, OpenAI, is the most valuable among them, with a valuation of $80 billion as of this month, $15 billion more than the Chinese ecommerce giant Stripe or the US payments provider, Stripe. Statistics show Databricks is the second most valuable AI unicorn globally, with a valuation of $43 billion. The San Francisco-based AI safety and research company, follows with a $16 billion valuation, respectively.

The full story and statistics can be found here:  https://altindex.com/news/ai-companies-unicorns

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However, the implementation of AI has its own challenges, and according to the latest survey, proving the value of AI solutions to businesses might be the biggest one.

According to the data from NoKyc.com, 42% of IT professionals believe this is the leading challenge in AI implementation.

A recent survey conducted by Coleman Parkes found that 42% identified proving the value of AI solutions as the biggest hurdle in implementing them. The survey polled 1420 IT professionals and was published on Statista.com.

While proving value tops the list, other challenges also came to light:

• 38% of respondents cited a lack of tech infrastructure as an issue.

• 32% identified the storage of skilled AI talent as a challenge.

• 24% noted a lack of clean data.

• 22% expressed a general lack of trust towards AI-based decisions.

• 19% highlighted concerns about algorithm/model failure.

• Additionally, the inability to find the right data was a concern for 17% of respondents.

• 14% also expressed concerns about legal or compliance issues.

• ‘Lack of skills to exploit the results’ was cited as a hurdle by 11%.

• ‘Lack of clarity on success metrics’ was mentioned by 9%.

• ‘Lack of new use cases across the business’ garnered 7% of the votes.

In contrast, very few IT professionals complained about a lack of funding or commitment from senior management. Only 5% cited a lack of funding as a hurdle, and just 4% complained about the lack of commitment from senior management.

You can find the original story with graphs and statistics here: https://nokyc.com/blog/42-it-professionals-say-proving-value-of-ai-solutions-biggest-hurdle-in-implementation/

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According to data from Stocklytics.com, financial firms will spend $45.2 billion on AI in 2024. This spending will grow by 30% each year, reaching $97 billion by 2027.

AI has made a big difference in finance. It helps companies predict their future earnings and profits more accurately. Also, AI can find fraud in large amounts of financial data. Many companies use AI to check contracts and invoices, which makes decisions faster and improves the whole process.

Collaborative data from Statista, the IMF, and IDC reveal that financial companies are expected to spend $45.2 billion on AI solutions this year. By 2025, spending on AI will reach $58.3 billion.

AI spending in finance will keep growing. In 2026, it will be almost $75.2 billion or $30 billion more than this year. By 2027, it will reach $97 billion, showing a huge 177% increase in just four years. Overall, financial companies will spend $275 billion on AI in the next four years.

AI can also boost the financial market’s growth rate. According to a study by Accenture and Frontier Economics, AI can potentially increase economic growth rates by a weighted average of 1.7% points across 16 industries by 2035.

Financial companies that use AI well could see their profits go up by 38%. It can increase their growth rates by 4.3% and boost their value by $1.2 trillion by 2035.

The full story and statistics can be found here:  https://stocklytics.com/content/financial-sectors-spending-on-artificial-intelligence-to-grow-by-30-per-year-and-hit-97-billion-by-2027/

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Generative AI’s Skyrocketing Growth:

Data from AltIndex.com reveals that the generative AI market is projected to become a formidable $100 billion industry by 2026. This forecast underscores the immense growth potential of generative AI, marking a significant evolution from its modest beginnings.

OpenAI’s ChatGPT: A Turning Point:

The release of OpenAI’s ChatGPT marked a watershed moment for the global AI industry. ChatGPT, the fastest-growing app in history, garnered 100 million users within two months, propelling artificial intelligence into the forefront of technology narratives in 2023. While ChatGPT stands out as a prime example of generative AI, other tools like Character.ai, DeepL, Quillbot, Midjourney, and Capcut have also gained widespread popularity, contributing to the market’s exponential growth.

Market Size Surge:

Between 2020 and 2023, the market size of generative AI experienced an extraordinary surge of 690%, soaring from $5.7 billion to an impressive $44.9 billion. This indicates a consistent doubling in market size over the past three years, with annual growth rates fluctuating between 93% and 106%.

Projected Growth and Market Dominance:

Although Statista predicts a slowdown in the annual growth rate in 2024, the overall market value is anticipated to soar by 48.4%, reaching $66.6 billion. The robust double-digit growth is expected to persist, culminating in a staggering $100 billion market valuation by 2026, reflecting a remarkable 65% increase in just two years. By 2030, this figure is anticipated to surpass $207 billion.

Global Landscape:

In global comparison, the United States is projected to retain its status as the largest generative AI market, expected to reach $37.3 billion in value by 2026, representing a 60% increase from the current year. China, the second-largest market globally, is set to experience a substantial growth of 72%, reaching a valuation of $14.7 billion in the next two years. The German generative AI market follows closely with a projected 60% two-year increase, reaching a valuation of $4.5 billion by 2026.

Generative AI’s Share in the AI Industry:

The escalating demand for generative AI tools positions it as a significant revenue stream within the AI industry. Statista anticipates that generative AI will constitute 24% of the total market value by 2026, up from 20% in the current year.

User Growth and Market Expansion:

Generative AI tools, including ChatGPT, Character.ai, DeepL, Quillbot, Midjourney, and Capcut, have played a pivotal role in the exponential growth of AI users. In 2023, approximately 254 million people utilized AI tools, marking a 2.5-fold increase from 2020. With an annual increase of roughly 60 million users, the entire market is projected to surpass half a billion users by 2027.

The full story and statistics can be found here:  https://altindex.com/news/generative-ai-billion-industry

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Other investors include its current investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust.

The company will use this funding to expand into international markets.

Myelin Foundry’s platforms deploy Edge AI to provide what it claims to be unparalleled video and audio experiences and outcomes.

Myelin has developed products for media & entertainment and intelligent mobility.

Its clients include leading streaming services and automotive OEMs.

Myelin Foundry was founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan.

According to recent market reports, the global market for Edge AI is estimated to be $8 billion by 2027, driven by factors such as advancements in AI-powered Edge solutions for factories, mobility, and entertainment.

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CASHe stated that it has witnessed 237% Y-o-Y growth in loans disbursed which stood at 4.3 lakh in FY21-22 vis-à-vis 1.27 lakh in FY20-21.  In terms of the loan value, the company said it has disbursed loans worth Rs. 1,550 crores in FY21-22 as against Rs. 579 crores in FY20-21 thereby witnessing a 168% growth. Bengaluru, Delhi, Hyderabad, Ahmedabad and Ghaziabad were the top cities from where it witnessed maximum traction. It further stated – medical, home renovation, wedding, and education were the top reasons for which loans were availed.

CASHe’s instant credit line facility allows a user to borrow money up to Rs. 1 lakh disbursed approximately 1.96 lakh loans worth 416 crores in FY21-22 alone. While the average ticket size of the credit products across CASHe’s platform is approximately Rs. 40,000, the same is around Rs. 22,000 for its Credit Line facility.

The company’s BNPL offering which enables customers to avail of flexible, interest-free credit witnessed a 30% Y-o-Y growth. For its BNPL offering, the company has partnered with leading brands across eCommerce, mobility, fashion, and pharma such as Amazon, Flipkart, Myntra, Uber, Apollo, Urban Company, Big Basket among others.

The company which turned profitable on a month-on-month basis since November 2018, today boasts of over 10 million registered users and more than 20 million app downloads, with over 30,000 downloads and 3,000 loan applications witnessed every day. The company’s loyal customer base of over 5,00,000 comprises over 75% repeat users.

Speaking on the announcement, Mr. Joginder Rana, Vice – Chairman & M.D, CASHe, said, “Crossing the 4k crores mark is a significant milestone on our roadmap for CASHe Vision 3.0 and testifies our commitment towards extending easy and affordable credit to young India. We have consistently clocked over 10% M-o-M growth in loan disbursals and are expecting to close FY22-23 with disbursals worth over Rs. 3,600 crores. With innovation and technology at the core of what we do, we have built CASHe into a one-stop platform offering the full gamut of financial services for the new-age Indian. Today through its modern credit infrastructure platform, CASHe is making responsible and instant credit accessible to millions of young Indians, thereby transforming the credit landscape of India, whilst setting new benchmarks in customer satisfaction and operational standards.”

The company recently announced its foray into the wealth management space with the acquisition of Sqrrl, a Gurgaon-based WealthTech platform, in an all-cash deal (Subject to regulatory approvals). The strategic buy-out broadens CASHe’s millennial-focused credit-led product and services suite to now cover their investment and wealth management needs as well. As part of its value-added services, the company further stated that it now assists its customers with attractive home loan offers through its home loan referral program. It has also tied up with Zopper to offer its customers a unique yearly subscription based CASHe Device Care plan which enables users to repair their home appliances.

CASHe’s unique proposition lies in its proprietary AI-based algorithm platform – Social Loan Quotient (SLQ). SLQ assesses the risk of a borrower based on the user’s social and mobile data footprints thereby providing credit to those that don’t qualify for credit from conventional lending. Besides offering faster credit decisions, SLQ has enabled CASHe to seamlessly capture untapped markets among the financially excluded sections of society. Its affordable interest rates, instant processing, flexible repayment options make it a preferred credit platform for salaried professionals.

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The Company reports that its GMV (Gross merchandise value) may pass a milestone level of INR 400 crore in the financial year 2021-2022. In the financial year 2020, Advantage Club had reported a GMV of INR 100 crore, which indicates that the company managed to seize a surge of 400% jump in the past two year post-crisis. 

Speaking about the milestone, Mr Sourabh Deorah, CEO and Co-founder at Advantage Club, said, “We are very pleased and delighted to announce another imminent milestone. Establishing an international presence in more than 70 countries was the first one; 400 Cr GMV this year is another.”

Drilling down into the data, the Company reported that its total active corporations hit 370+ with a total user base of a million. As for what consumers are buying, other than typical ecommerce and offline shopping, groceries and wellness have become very relevant this year.

The Company also witnessed a decline in other major categories such as Dining and Entertainment.

The Company recently announced its foray in 70+ countries, including the Philippines, Malaysia, Vietnam, Indonesia, Egypt, USA, UK and others. The Company’s vision is to allocate majorly into the Southeast Asian market. 

“One of the most profitable segments is online shopping, responsible for 50% of the transactions. Other categories that are expected to dominate are wellness and financial wellness.” Mr Deorah added.

Launched in 2016, Advantage Club runs a corporate discount platform & an end-to-end reward and recognition solution. When corporates enrol with Advantage Club, they get access to exclusive offers from 10000+ brands, including Samsung, Faasos, Big Basket, Myntra, Apollo Pharmacy, among others. Founded by UCLA, Microsoft and Amazon alumni Sourabh Deorah and Smiti Bhatt Deorah, the core idea behind the Company is to help organisations in elevating employee engagement and reduce attrition by seamless AI-powered practical benefits and rewards. With 370+ corporate clients, including giants like Concentrix, Hexaware, EY, Amdocs and Mphasis, Advantage Club leads the $10 billion market in SE Asia.

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With more than 6 years of research behind the technology, VSpeech.ai offers multi-lingual speech recognition and AI voices which include major Indian languages like Indian English, Hindi, Tamil, Telugu, Malayalam, Kannada, Bengali, Gujarati, Marathi, Oriya and more. Company’s multi-lingual service is designed with the idea of providing an easy communication platform, where AI-based machine learning understands the inputs precisely making it much easier to converse. With over 2000+ hours of data trained models, VSpeech.ai assures to design fully customized models as per the specific industries like insurance, banks, robots, hospitals, and so on boosting the productivity and profitability in one go.

The company’s goal is to implant local languages which shall be easily accessible for a huge market, an advanced technology that offers voice based interactions through Artificial Intelligence. Company holds a significant B2B client portfolio in Interactive Voice Response (IVR) call centres and BFSI industry.

Commenting on the services, Mr. Mausam Patel, Director of VSpeech.ai says, “VSpeech.ai, a new platform with revised services managed by the core company India TTS Private Limited, is an AI Company focussed on empowering businesses through AI powered end to end voice automation. With our services of text to speech and speech to text, and voice recognition, we are glad to extend a helping hand to the business with intelligent speech solutions for world’s industries. We guarantee high accuracy with our custom-built speech models. In the world where Artificial Intelligence is being used in almost all industries, we plan to provide our bit into the same and look forward in offering such unique facilities and services to every sector in India.”

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Applied Artificial Intelligence (AI), Machine Learning (ML) & IoT-focused early-stage venture fund pi Ventures announced the first close of their maiden fund at $13 million.

pi Ventures, a $30 million fund, is expected to make the final close within this year. Its Limited Partners (LPs) include SIDBI, India’s top lender for small businesses; prominent family offices from the US, Canada, Singapore and India; and leading entrepreneurs like Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikchandani and Bhupen Shah, among others.

Co-founded by Manish Singhal and Umakant Soni, pi Ventures invests in early-stage startups that focus on solving problems in healthcare, logistics, retail, fintech and enterprise sectors using AI, ML and IoT. The VC fund plans to invest in 18-20 startups from this fund over the next three to four years.

Manish Singhal, Founding Partner, pi Ventures, said: “India is the dark horse in the AI race given it has lot of data, brilliant data science talent and early adoption environment due to broken processes and we are happy to play a part in helping India leapfrog with AI. We are thankful to our early backers, investors and founders who have chosen to work with us. We are very excited to play a role in building a strong AI based product ecosystem in India.”

pi Ventures has made three investments so far in the healthcare and energy-efficiency space, namely SigTuple, Zenatix and ten3T.

SigTuple is in the medical diagnostic space and is creating a deep learning-driven, cloud-based solution for detection of abnormalities and trends in medical data, for blood diagnosis.

Zenatix is a data-driven energy efficiency company that uses advanced machine learning based models and delivers 10-30% energy efficiency to large commercial consumers of electricity along with predictive insights to prevent downtown.

ten3T is in continuous monitoring of medical data like ECG in real time through its own smart patches to enable mobile ICU for smaller hospitals.

The VC firm was started in mid2016 by Singhal and Umakant Soni, both come with rich experience in setting up, building and scaling companies. Manish was co-founder & CEO at LetsVenture and a prominent angel investor. He has rich product experience having worked with Sling Media, Ittiam Systems, and Motorola.

Soni was Director India, Science Inc & Co-founder of one of the first AI BOT company out of India, called Vimagino

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