The artificial intelligence story is just heating up. In fact, according to Jensen Huang, founder and CEO of NVIDIA, “AI will be mainstream in every application for every industry. Placing an AI supercomputer on the desks of every data scientist, AI researcher and student empowers them to engage and shape the age of AI.” Even better, 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. All of which is great news for AI-related companies like VERSES AI (CBOE: VERS) (OTCQB: VRSSF), Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), Advanced Micro Devices (NASDAQ: AMD) and Cisco (NASDAQ: CSCO).
Plus, according to a new IBM study, “retail and consumer products companies surveyed say they plan to allocate an average of 3.32% of their revenue to AI—equivalent to $33.2 million annually for a $1 billion company,” as noted by an IBM press release.
AI is no longer just a tool; it’s a strategic imperative,” said Dee Waddell, Global Industry Leader, Consumer, Travel & Transportation Industries at IBM, as also noted in the IBM press release. “Retail and consumer product companies are at a tipping point where embedding AI across their operations can help define not just productivity gains, but the future of brand relevance, engagement and trust.”
One of the Companies Benefiting is VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF)
VERSES AI Inc. entered into securities purchase agreements with AI-focused institutional investors and certain existing investors of the Company for the purchase and sale of 12,738,854 units of the Company (the “Units”) for aggregate proceeds of approximately CDN$20 million. Each Unit will consist of one Class A Subordinate Voting share of the Company at an issue price of CDN$1.57 per share and one-half of one Share purchase warrant. Each whole Warrant will be exercisable into a Share at an exercise price of CDN$1.96 per Share for 3 years following closing. The closing of the Offering is expected to take place on or about January 9, 2024, subject to the satisfaction of customary closing conditions including but not limited to, the receipt of all necessary approvals, including the approval of Cboe Canada Inc.
The Units are offered under the base shelf prospectus of the Company receipted on September 26, 2024, as supplemented by a prospectus supplement to be prepared and filed in each of the provinces and territories of Canada other than Québec (collectively, the “Jurisdictions”), in the United States pursuant to available exemptions from the registration requirements under applicable United States securities laws, and in such other jurisdictions outside of Canada and the United States which are agreed to by the Company and A.G.P.
The closing of the Offering remains subject to market and other customary conditions.
A.G.P. Canada Investments ULC is acting as the lead agent for the Offering, A.G.P./Alliance Global Partners (A.G.P.) is acting as US Agent, Clear Street LLC and TriView Capital Ltd. are acting as Financial Advisors in connection with the Offering.
The net proceeds of the Offering are expected to be used primarily to strengthen the Company’s financial position and provide liquidity to finance ongoing operations, including, in particular, the Company’s expenses incurred, and expected to be incurred, in connection with the Company’s research and development objectives, and for working capital and general corporate purposes.
Access to the Base Shelf Prospectus, the Supplement, and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus and the Supplement are accessible on SEDAR+ at www.sedarplus.ca.
Other related developments from around the markets include:
Nvidia unveiled NVIDIA® Project DIGITS, a personal AI supercomputer that provides AI researchers, data scientists and students worldwide with access to the power of the NVIDIA Grace Blackwell platform. Project DIGITS features the new NVIDIA GB10 Grace Blackwell Superchip, offering a petaflop of AI computing performance for prototyping, fine-tuning and running large AI models. With Project DIGITS, users can develop and run inference on models using their own desktop system, then seamlessly deploy the models on accelerated cloud or data center infrastructure. “AI will be mainstream in every application for every industry. With Project DIGITS, the Grace Blackwell Superchip comes to millions of developers,” said Jensen Huang, founder and CEO of NVIDIA. “Placing an AI supercomputer on the desks of every data scientist, AI researcher and student empowers them to engage and shape the age of AI.”
Microsoft announced that its board of directors declared a quarterly dividend of $0.83 per share. The dividend is payable March 13, 2025, to shareholders of record on Feb. 20, 2025. The ex-dividend date will be Feb. 20, 2025.
Cisco, the worldwide technology leader, and NTT DATA, a leading IT infrastructure and services company, announced an expanded partnership to transform how global enterprises access wireless connectivity. As demand for flexible and cost-effective connectivity surges, Cisco and NTT DATA are responding with a unified solution backed by world-class support services from both companies. Historically, connectivity has focused on connecting office environments through landlines. However, with the advent of Embedded SIM (eSIM) in the market, the time has come to think broader and deliver network connectivity securely wherever needed.
Advanced Micro Devices announced that AMD Ryzen AI PRO processors will power new Dell Pro devices. These new PCs will be the first Dell commercial devices shipping with AMD Ryzen AI PRO processors, marking a significant milestone in the strategic collaboration between AMD and Dell. “We’re incredibly proud to collaborate with Dell on the next generation of commercial PCs powered by the AMD Ryzen AI PRO processors,” said Jack Huynh, SVP and GM of the computing and graphics group at AMD. “Ryzen AI PRO CPUs are built to handle today’s workflows and tomorrow’s AI demands, and when combined with the power of a Dell PC, they create the perfect combination for the enterprise.”
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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