How Big Business is Integrating Artificial Intelligence at a Rapid Pace While Gaining Competitive Advantages

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Feb. 24, 2023 /PRNewswire/ -- Artificial Intelligence (AI) is becoming used in more and more markets and industries worldwide. At the current growth rate, AI may eventually touch every business, industry and market. The rapid penetration of the digital technologies and internet has significantly contributed towards the growth of the global artificial intelligence market in the past few years. The heavy investments by the tech giants in the research and development are continuously fueling the technological advancements in various industries. The burgeoning demand for the artificial technology among the various end use verticals such as automotive, healthcare, banking & finance, manufacturing, food and beverages, logistics, and retail is expected to significantly drive the growth of the global artificial intelligence market in the forthcoming years. Technological innovations have been always an important part of the majority of the industries. A recent report from Precedence Research projected that the global artificial intelligence (AI) market size was estimated at US$ 119.78 billion in 2022 and it is expected to hit US$ 1,597.1 billion by 2030 with a registered CAGR of 38.1% from 2022 to 2030. The North America artificial intelligence market was valued at USD 147.58 billion in 2021. The report said: "End-use industries have started integrating artificial intelligence into their business processes to streamline their operations. The artificial intelligence technology is gaining momentum as it assists end user organizations to become more efficient and result oriented. The growing adoption of artificial intelligence is encouraging new entrants to venture into the AI marketplace by offering niche application specific products and solutions. Furthermore, companies are also taking several strategic initiatives in industry consolidations to gain competitive advantages." Active companies in the markets this week include ShiftPixy, Inc. (NASDAQ: PIXY), NVIDIA (NASDAQ: NVDA), C3 AI (NYSE: AI), Baidu, Inc. (NASDAQ: BIDU), Intel Corporation (NASDAQ: INTC).

Precedence Research added: "North America has garnered largest market share in 2022. The higher demand for automated and technologically advanced hardware and software products across various end-use verticals and the favorable government policies that encourages the industries in North America to adopt artificial intelligence has significantly contributed towards the growth of the artificial intelligence market. In 2019, the American president launched an American initiative to promote US as leader in the artificial intelligence technology. This initiative focused at adoption of AI based systems by providing guidelines for the real life application of artificial intelligence technology in various industries and sectors. North America is the home to the leading tech giants such as Facebook, Amazon, Google, IBM, Microsoft, and Apple, which have significant contributions in the development of the AI market in North America."

ShiftPixy, Inc. (NASDAQ: PIXY) BREAKING NEWS: ShiftPixy Leverages OpenAI/ChatGPT to Streamline Recruiting and Staffing Opportunity Matching - Also Elevating Digital Food Ordering and Customer Engagement for Digital Food Brands – ShiftPixy ("ShiftPixy" or "the Company"), a Miami-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced plans for the integration of OpenAI's powerful language model, ChatGPT, into its platform to streamline recruiting and opportunity matching for staffing efforts, a move that is set to revolutionize the way ShiftPixy finds, hires, and retains its national workforce.

This integration within the ShiftPixy platform will leverage ChatGPT's advanced natural language processing capabilities to instantly analyze worker experience, job descriptions, and other candidate-related data, enabling ShiftPixy to match the best candidates for open client positions faster and more efficiently, all in real-time.

In addition to the Company's national staffing platform, ShiftPixy Labs' use of OpenAI will also enhance the Company's digital brands to elevate digital food ordering and customer engagement. ChatGPT will help ShiftPixy Labs understand and respond to customer queries, feedback, and preferences more effectively, leading to improved customer satisfaction and retention rates.

"Integration with OpenAI's ChatGPT will be a significant milestone for us," said Scott Absher, Co-Founder and CEO of ShiftPixy. "Our early work with AI was applied to worker and open shift matching but now OpenAI has created an opportunity beyond just matching to streamline our 'Fast Fill' technology, eliminating the process friction of putting people to work faster. We are excited about the possibilities that this integration presents and believe that this will be a game-changer for the staffing industry. ShiftPixy's platform on its own has been a powerful pivot in staffing industry technology, and this integration of OpenAI's ChatGPT will take it to the next level. The company's national staffing clients can expect faster fill rates and better worker engagement, leading to better outcomes for all stakeholders."

ShiftPixy has also been beta testing OpenAI integration with its national clients to increase productivity and customer retention, the company is seeing positive results and looking forward to integrating it to its proprietary staffing platform. For additional online viewing of our development video, please visit our YouTube channel here. CONTINUED… Read this and more news for ShiftPixy at: https://www.financialnewsmedia.com/news-pixy/

In other developments in the markets:

NVIDIA (NASDAQ: NVDA) recently reported revenue for the fourth quarter ended January 29, 2023, of $6.05 billion, down 21% from a year ago and up 2% from the previous quarter. GAAP earnings per diluted share for the quarter were $0.57, down 52% from a year ago and up 111% from the previous quarter. Non-GAAP earnings per diluted share were $0.88, down 33% from a year ago and up 52% from the previous quarter.

For fiscal 2023, revenue was $26.97 billion, flat from a year ago. GAAP earnings per diluted share were $1.74, down 55% from a year ago. Non-GAAP earnings per diluted share were $3.34, down 25% from a year ago.

"AI is at an inflection point, setting up for broad adoption reaching into every industry," said Jensen Huang, founder and CEO of NVIDIA. "From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.

C3 AI is a leading enterprise AI software provider building enterprise-scale AI applications and accelerating customers' digital transformation. For example, C3 AI Law Enforcement helps local government agencies use machine learning (ML) to organize and analyze datasets, surfacing valuable information in near real time.

Baidu, Inc. (NASDAQ: BIDU), a leading AI company with strong Internet foundation, recently announced its unaudited financial results for the quarter and fiscal year ended December 31, 2022. "2022 was a challenging year, but we used this period to prepare the company for better times. In 2023, we believe we have a clear path to reaccelerate our revenue growth, and we are now well positioned to make use of the opportunities that China's economic recovery offers us," said Robin Li, Co-founder and CEO of Baidu. "With our long-term investments in AI, we are poised to capitalize on the imminent inflection point in AI, unlocking exciting new opportunities across our entire business portfolio - from mobile ecosystem to AI Cloud, autonomous driving, smart devices, and beyond."

"We initiated our efforts towards cost optimization and business efficiency at an early stage in the pandemic, creating a stronger, leaner company. In the second half of 2022, Baidu Core non-GAAP operating profit grew 14% year over year. We believe a more streamlined operation will support the sustainable development of our company over the long term," said Rong Luo, CFO of Baidu.

Intel Corporation (NASDAQ: INTC) recently announced that its board of directors has reset its dividend policy, reducing the quarterly dividend to $0.125 per share (or $0.50 annually) on the company's common stock. The dividend will be payable on June 1, 2023, to stockholders of record on May 7, 2023. Intel also reaffirmed its first-quarter 2023 business outlook provided at its most recent earnings call, including revenue of between $10.5 billion and $11.5 billion; gross margin of 34.1% on a GAAP basis and 39% on a non-GAAP basis; tax rate of (84%) on a GAAP basis and 13% on a non-GAAP basis; and earnings per share of $(0.80) on a GAAP basis and $(0.15) on a non-GAAP basis.

The decision to decrease the quarterly dividend reflects the board's deliberate approach to capital allocation and is designed to best position the company to create long-term value. The improved financial flexibility will support the critical investments needed to execute Intel's transformation during this period of macroeconomic uncertainty. Since first initiated in 1992, Intel's dividend has delivered more than $80 billion in cash returns to the company's stockholders, and the board is committed to maintaining a competitive dividend.

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