With artificial intelligence impacting just about every industry in the world, the market could be worth about $594 billion by 2032, according to Precedence Research. All of which could have a powerful impact on AI-related stocks, such as VERSES AI (CBOE: VERS) (OTCQB: VRSSF), Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), Meta (NASDAQ: META), and Advanced Micro Devices (NASDAQ: AMD).
Even after months of AI excitement, it’s not showing any signs of cooling. Instead, according to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030. In addition, artificial intelligence-related spending will make up about 8% to 10% of IT budgets in 2024, according to Wedbush. “This demonstrates a remarkable acceleration in AI spending after it comprised less than 1% of IT budgets in 2023,” added Seeking Alpha.
Look at VERSES AI Inc. (CBOE: VERS) (OTCQX: VRSSF), For Example
VERSES AI Inc., announced that it has closed the third and final tranche of its previously announced non-brokered private placement of special warrants, whereby the Company has completed the issuance of 674,700 Special Warrants at a price of $1.00 per Special Warrant. Further to the Company's news release dated April 18, 2024 and April 30, 2024, the Company has raised gross proceeds of $10,000,000 through the sale of 10,000,000 Special Warrants in the Private Placement.
Each Special Warrant shall convert into one Unit of the Company at no additional cost upon the earlier of: (i) the Company obtaining a receipt from the applicable securities commission(s) in Canada for the final prospectus qualifying the distribution of the Units to be issued upon exercise or deemed exercise of the Special Warrants; and (ii) the date that is four months and a day after date of issuance of the Special Warrants.
Each Unit is comprised of one Class A Subordinate Voting share of the Company, and one-half of one Class A Subordinate Voting share purchase warrant. Each Unit Warrant shall be exercisable into one Class A Subordinate Voting share of the Company at a price of C$1.50 per Unit Warrant Share for a period of two (2) years from the date of issue of the Unit Warrants.
The net proceeds received from the Private Placement are to be used for general corporate and working capital purposes, for the continued development of GeniusTM and the release of the Genius beta program, and the repayment of outstanding loans. All securities issued pursuant to the Private Placement are subject to a four-month hold period from the date of issue.
Under the Third Tranche, the Company paid fees to eligible finders consisting of: (i) C$46,226; and (ii) 45,976 finder warrants. Each Finder Warrant will be exercisable into one unit at a price of C$1.00 per Finder Unit until the date that is two (2) years from the date of issue of the Finder Warrants, which Finder Unit will be comprised of a Class A Subordinate Voting share of the Company and one-half of one Class A Subordinate Voting share purchase warrant. Each Finder Unit Warrant shall be exercisable into one Class A Subordinate Voting share of the Company at a price of C$1.50 per Finder Unit Warrant Share for a period of two (2) years from the date of issue of the Finder Unit Warrants. In the aggregate, the Company has paid to eligible finders C$317,286 and 316,536 Finder Warrants under the Private Placement.
The Special Warrants were offered to investors under the Private Placement in both Canadian dollar and United States dollar denominations and as such, the gross proceeds of the Private Placement were determined in part by using an exchange rate of USD$1.00:C$1.3699.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable U.S. state securities laws.
Other related developments from around the markets include:
Driving a fundamental shift in the high-performance computing industry toward AI-powered systems, NVIDIA announced nine new supercomputers worldwide are using NVIDIA Grace Hopper™ Superchips to speed scientific research and discovery. Combined, the systems deliver 200 exaflops, or 200 quintillion calculations per second, of energy-efficient AI processing power. New Grace Hopper-based supercomputers coming online include EXA1-HE, in France, from CEA and Eviden; Helios at Academic Computer Centre Cyfronet, in Poland, from Hewlett Packard Enterprise (HPE); Alps at the Swiss National Supercomputing Centre, from HPE; JUPITER at the Jülich Supercomputing Centre, in Germany; DeltaAI at the National Center for Supercomputing Applications at the University of Illinois Urbana-Champaign; and Miyabi at Japan’s Joint Center for Advanced High Performance Computing — established between the Center for Computational Sciences at the University of Tsukuba and the Information Technology Center at the University of Tokyo.
Microsoft announced a broad investment package designed to strengthen the role of Southeast Wisconsin as a hub for AI-powered economic activity, innovation, and job creation. These investments include $3.3B in cloud computing and AI infrastructure, the creation of the country’s first manufacturing-focused AI co-innovation lab, and an AI skilling initiative to equip more than 100,000 of the state’s residents with essential AI skills. President Joe Biden will join Microsoft President Brad Smith at Gateway Technical College to announce the new investment.
“Wisconsin has a rich and storied legacy of innovation and ingenuity in manufacturing,” said Brad Smith, Vice Chair and President of Microsoft. “We will use the power of AI to help advance the next generation of manufacturing companies, skills and jobs in Wisconsin and across the country. This is what a big company can do to build a strong foundation for every medium, small and start-up company and non-profit everywhere.”
Meta Platforms reported financial results for the quarter ended March 31, 2024. "It's been a good start to the year," said Mark Zuckerberg, Meta founder and CEO. "The new version of Meta AI with Llama 3 is another step towards building the world's leading AI. We're seeing healthy growth across our apps and we continue making steady progress building the metaverse as well."
Advanced Micro Devices showcased its ongoing high-performance computing (HPC) leadership at ISC High Performance 2024. For the third year in a row, the Frontier supercomputer housed at Oak Ridge National Lab – powered by AMD EPYC™ CPUs and AMD Instinct™ GPUs – remains the fastest supercomputer in the world with a High-Performance Linpack (HPL) score of 1.2 exaflops based on the latest Top500 list. The Top500 list also includes three new systems from Lawrence Livermore National Laboratories (LLNL), the El Capitan Early Delivery System (EDS), RZAdams, and Tuolumne, coming in at number 46, 47 and 48 respectively on the Top500 list with a single cabinet early submission scores of 19.65 petaflops. These three systems are the first supercomputers on the Top500 list powered by the AMD Instinct™ MI300A APU, launched in December 2023. AMD now powers 157 supercomputers on the latest Top500 list, a 29 percent increase from the previous year, and 157 systems on the Green500 list of the most efficient supercomputers in the world.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for VERSES AI Inc. by VERSES AI Inc. We own ZERO shares of VERSES AI Inc. Please click here for disclaimer.
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