Tech Sector’s AI Advancements Boosting Economic Momentum, Reshaping 90% of US Jobs




USA News Group – Artificial Intelligence (AI) is already causing a major shift across the global economy. A recent joint study between Oxford Economics and Cognizant predicts that generative AI will affect 90% of US jobs, and could inject $1 trillion into the US economy over the next 10 years. According to the analysis across 63 use cases by McKinsey & Company, generative AI is likely to generate up to $7.9 trillion annually, in addition to another $11 trillion to $17.7 trillion of economic value from non-generative AI annually. The market has responded as the Cloud & AI Confidence Index hit near $8 trillion in Q1 2024. One of the biggest drivers is chipmaking titan NVIDIA Corporation (NASDAQ:NVDA) (NEO:NVDA), which has rocketed in value to become the 4th most valuable U.S.-trading company. As success stories like NVIDIA’s become more mainstream, several other AI-based tech developers have plenty to gain within the sector’s momentum, such as Avant Technologies Inc. (OTC:AVAI), Eaton Corporation plc (NYSE:ETN), Coherent Corp. (NYSE:COHR), and Pure Storage, Inc. (NYSE:PSTG).

Avant Technologies Inc. (OTC:AVAI) stands out as one of the pioneering firms to introduce generative AI to the market. The company has recently broadened the capabilities of its premier platform, AvantAI. By investing in further training, Avant is upgrading AvantAI, focusing on the enhancement of its state-of-the-art developments in high-performance data center infrastructure.

Additionally, Avant is poised to take advantage of the AI revolution in the corporate world, given that a remarkable 80% of all current data is unstructured, including video surveillance, images, videos, and IoT sensor data. This vast amount of unstructured data offers a substantial opportunity for AvantAI to further advance and expand in the industry.

“We are thrilled to introduce our groundbreaking AI technology for intelligent data center management,” said Danny Rittman, CISO at Avant Technologies. With our innovative solution, organizations can unlock new levels of performance and efficiency in their data center operations, driving business success in today’s digital era.

At present, Avant’s solutions are strategically tackling the critical challenges of cost and performance, which hinder the advancement and market potential of AI, machine learning, and big data analytics. Their targeted approach includes reducing expenses, enhancing computing density, and offering distinct environmental, social, and governance (ESG) advantages through a substantial reduction in electricity and water usage.

By utilizing AvantAI, Avant aims to improve monitoring capabilities, enabling organizations to obtain real-time insights into their data center infrastructure. This will empower clients to proactively manage maintenance, uptime, and overall performance of their operations.

AvantAI will not only monitor data and perform predictive analysis but also manage all aspects of data traffic efficiency. By analyzing extensive data, it will be capable of forecasting potential issues and suggesting proactive measures to prevent outages or malfunctions, ensuring the uninterrupted operation of critical systems. Additionally, AvantAI will provide advanced features to dynamically optimize resource allocation and routing, thereby improving performance, reducing latency, and enhancing throughput and responsiveness in data center environments.

“By leveraging Avant’s legacy AI technology in combination with our newest innovations in high-density computing infrastructure we are aspiring to create a true paradigm shift in data center management – offering our customers and partners an unparalleled advantage in performance and cost optimization,” said Timothy Lantz, CEO of Avant.

From an infrastructure standpoint, Eaton Corporation plc (NYSE:ETN) is providing important power management components for datacenters, aircraft, cars, trucks and machines, having established itself as one of the five largest players in the space, by being a major supplier of equipment for electric vehicle charging and for the aerospace industry.

Back in September 2023, Eaton signed a global exclusive agreement with tech developer Traxen for an AI-powered iQ-Cruise system that improves fuel efficiency and environmental sustainability, by combining both functions into a single device and utilizing AI to deliver automatic, more natural speed control.

Eaton’s broad reach and expertise in the industry makes them the perfect partner to help Traxen scale its groundbreaking technology in the commercial transportation industry,” said Ali Maleki, CEO of Traxen. “Our iQ-Cruise system empowers fleet owners and operators to save fuel without compromising truck performance or safety.”

Another infrastructure parts maker is Coherent Corp. (NYSE:COHR), which uses optical fibers, made of silicon carbide material, to manufacture various components of devices that need to withstand extreme temperatures, many of which can be used in vehicles and aircraft. Among its most valuable offerings are its optical transceivers, which in a late 2023 presentation Coherent highlighted the AI-Only Datacom Transceivers Market is growing at a 47% CAGR through 2028. Over that time, Coherent expects AI to drive over 100% growth in their datacom transceiver revenue by FY28.

“It’s an important story because transceivers are a critical if invisible part of the modern world we live in,” wrote Dr. Julie Sheridan Eng Chief Technology Officer for Coherent. “At Coherent, we already have a complete portfolio of transceivers matched to the requirements set by AI and ML. Coherent is widely recognized as an expert in these transceivers and their core technologies.”

Answering the call for lower cost data storage, Pure Storage, Inc. (NYSE:PSTG) brought out its FlashBlade//E product in 2023, which is a flash storage array designed for commercial use, offering all the benefits of an all-flash storage system, with better economics than disk.

Pure Storage anticipated the rapid rise of AI at its inception, delivering the high-performance, efficient, and container-ready storage platform the industry needed to capitalize on and truly derive value from the massive amounts of data used to fuel this technology,” said Ajay Singh, Chief Product Officer of Pure Storage in a release discussing the company’s breakthroughs in enterprise-scale AI initiatives. “Today’s momentum not only underscores Pure Storage’s continued leadership across enterprise AI deployments, but its commitment to provide enterprises everywhere with a robust data storage infrastructure designed to meet the demands of the most data-intensive AI workloads.”

Perhaps the biggest winner in the AI global shift is chipmaking giant NVIDIA Corporation (NASDAQ:NVDA) (NEO:NVDA), which has recently experienced a “parabolic” stock rally. NVIDIA’s founder and CEO Jensen Huang has earned a spot among the top thought-leaders in the AI space, as his company hosts its annual flagship GTC 2024 conference in March 2024.

NVIDIA opened 2024 by launching its GeForce RTX SUPER desktop GPUs for supercharged generative AI performance., as well as new AI laptops from every top manufacturer, and new NVIDIA RTX-accelerated AI software and tools for both developers and consumers.

“Generative AI is the single most significant platform transition in computing history and will transform every industry, including gaming,” said Huang. “With over 100 million RTX AI PCs and workstations, NVIDIA is a massive installed base for developers and gamers to enjoy the magic of generative AI.”

Operating generative AI locally on a PC is essential for applications that are sensitive to privacy, latency, and cost. This demands a substantial installed base of AI-ready systems, along with appropriate developer tools to fine-tune and optimize AI models for the PC platform.

Now the market awaits what developments are on deck. This includes the calls from OpenAI CEO Sam Altman for trillions of dollars in investment to reshape the business of chips and AI. His new project is seeking investors from the UAE with a project that could potentially require up to $7 trillion. Whether Altman succeeds in his quest, or whether he’s beaten to the finish line by others more capable is yet to be seen.

Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/

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