New York, May 21, 2024 - PRISM MarketView - After the market closes tomorrow, NVIDIA Corporation (NVDA) will be announcing its Q1 financials, as investors look to laser their focus, on AI themes and insights from the Magnificent Seven, tech giant. Chip demand and the company’s investments into other emerging AI companies will be critical factors to be considered, upon the release.
In February, the AI chipmaker disclosed investments into smaller AI companies that sent shares of those mentioned, soaring. The PRISM NextGen Tech and AI Index features some of the companies included in the NVIDIA disclosure such as, (SOUN) and (RXRX). The index is also comprised of other AI and tech focused names that may be worth watching as earning announcements from large industry leaders can typically be impactful to participants, across all market caps.
SoundHound AI
SoundHound AI, Inc. (SOUN) is a technology company that specializes in voice-enabled AI and conversational intelligence. Its core product is the Houndify voice AI platform, which provides businesses with advanced voice recognition and natural language understanding capabilities. In its recent earnings release two weeks ago, the company saw shares surge as it reported a 73% increase in revenues and raised its 2024 revenue outlook. The company is up 148% YTD.
Recursion Pharmaceuticals
Recursion Pharmaceuticals, Inc. (RXRX) is a biotechnology company that leverages AI and machine learning to discover and develop new drugs. The company integrates advanced technologies with automated, high-throughput biology to accelerate the drug discovery process. Last week, the company announced the completion of NVIDIA-Powered Bio-Hive-2, the largest supercomputer in the pharmaceutical industry. Although YTD returns are slightly down ~4%, shares are up 45% over the last six months.
Recursion Announces Completion of NVIDIA-Powered BioHive-2, the Largest Supercomputer in Pharmaceutical Industry
BioHive-2, an NVIDIA DGX SuperPOD with NVIDIA DGX H100 systems, ranked #35 in the TOP500 list of the most powerful supercomputers in the world across all industries as of May 2024.SALT LAKE CITY, May 13, 2024 (GLOBE NEWSWIRE) -- Recursion (NASDAQ: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, today announced the completion of BioHive-2, Recursion’s new NVIDIA DGX SuperPOD AI supercomputer, powered by 63 DGX H100 systems with a total of 504 NVID
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C3.ai
C3.ai, Inc. (AI) is an enterprise AI software company that provides a comprehensive platform for developing, deploying, and operating large-scale AI, predictive analytics, and IoT applications. The company’s flagship product, the C3 AI Suite, enables organizations to harness the power of AI to optimize operations, enhance customer engagement, and drive innovation. Last week, the company announced it was teaming up with Bloom Energy (BE) to revolutionize fuel cell performance, service and engineering analytics. The company is down 10% YTD but has risen 20% over the past month.
SMART Global Holdings
SMART Global Holdings, Inc. (SGH) is a diversified technology company that specializes in designing and manufacturing specialty memory solutions, storage, and high-performance computing products. Serving a wide range of industries, including computing, networking, communications, aerospace, defense, and industrial markets. Last week, the company announced the departure of its CFO, Ken Rizvi. Chief Operations Officer Jack Pacheco will step in as interim CFO, while the company searches for its next successor. The company’s financial guidance that was provided on April 9th was reiterated. SGH shares are up 12% YTD.
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