The United States is gearing up to be the leader in artificial intelligence technology. However, other nations are also intensifying their efforts to compete in this rapidly advancing field. To challenge the United States’ dominance in this critical technology, Russia has recently pledged to participate in the global race for artificial intelligence actively.
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Speaking at Russia’s flagship AI conference last week, President Vladimir Putin said Russia would develop artificial intelligence with BRICS partners and other countries.
According to Putin, the new AI Alliance Network would include national associations and development institutions in the field of AI from BRICS countries and other interested states. He also claimed that the country must participate equally in the global AI race.
“Russia must participate on equal terms in the global race to create strong artificial intelligence. It is precisely the advanced solutions that Russian scientists are currently working on. We invite scientists from all over the world to join in the collaboration”.
-Putin told an AI conference in Moscow.
Russia has been subject to Western sanctions which have been directed to restrict the country’s access to technologies it needs in the war against Ukraine. As a result, some of the world’s major producers of microchips have halted exports to Russia, limiting its AI ambitions.
Reuters reports how Russia’s dominant lender Sberbank, who is currently leading the AI development in Russia, admits that the microchips underpinning AI development are the trickiest hardware to replace. In this regard, it noted how national AI associations from BRICS members Brazil, China, India, South Africa, Serbia, Indonesia, and other non-BRICS countries, had joined the AI Alliance Network.
The network will be working toward joint research in technology and AI regulation, offering opportunities for AI products to be sold in other member countries’ markets. Currently, the leading AI powers of the world are the United States and China. It goes without saying that Russia’s alliance with China has the potential to significantly reshape the future landscape of artificial intelligence.
Meanwhile, the US is also gearing up to continue leading in AI. President-elect Donald Trump has already appointed an AI and Crypto Czar. Trump is also set to repeal President Joe Biden’s executive order on AI. Trump plans to repeal Biden’s AI order to reduce regulatory constraints, fostering rapid innovation and maintaining the U.S. edge in the global AI race.
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10. Veritone, Inc. (NASDAQ:VERI)
Number of Hedge Fund Holders: 6
Veritone, Inc. (NASDAQ:VERI) provides artificial intelligence (AI) computing solutions and services. On December 12, the company announced that its longstanding exclusive global licensing agreement with CBS News has been renewed. The multi-year contract strengthens Veritone’s role as a leading content licensing provider for broadcast networks, now including exclusive local news content from CBS-owned stations. CBS News and Stations will continue to utilize Veritone’s aiWARETM enterprise AI platform to enable advanced and precise search and retrieval, helping researchers and creatives to quickly find specific scenes, quotes, or highlights, and automate rights management and delivery.
“We are thrilled to extend our longstanding CBS News partnership. With Veritone’s Content Licensing platform, CBS News and Stations gain continued access to advanced AI solutions to enhance the accessibility of their content and provide exceptional experiences for viewers across digital landscapes. This renewal is a testament to the value we deliver, and we’re excited to drive further innovation and growth in how users can search and identify their content”.
-Jay Bailey, senior vice president of licensing, Veritone.
9. C3.ai, Inc. (NYSE:AI)
Number of Hedge Fund Holders: 17
C3.ai, Inc. (NYSE:AI) is an enterprise artificial intelligence (AI) software company that builds and operates enterprise-scale AI applications. On December 11, JP Morgan downgraded shares of the company to an “Underweight” rating from “Neutral” and kept the price target unchanged at $28. Analyst Pinjalim Bora said that the downgrade largely comes from the stock’s valuation, which is stretched. Moreover, it noted how the company is pursuing a major AI opportunity but underperforms in growth and margins.
“Given the already rich valuation, which is likely already pricing in a much better growth-plus-profile, which we find difficult to underwrite currently, we expect shares to underperform our coverage for 2025. While we understand that C3.ai is going after a massive and rapidly evolving opportunity around Artificial Intelligence, we think it’s uneven and subpar growth-plus-margin performance leaves a lot to be desired, and it remains a big outlier compared to a broader base of peers trading at over 10x FTM revenue.”
-JP Morgan analyst
