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Amazon.com Inc is making significant strides in artificial intelligence with its homegrown AI chips.
In its Austin, Texas, chip lab, Amazon engineers are rigorously testing a new server design that features these AI chips, aiming to reduce reliance on Nvidia Corp’s costly chips, Reuters reports.
Amazon’s efforts align with similar initiatives by rivals Microsoft Corp and Google parent Alphabet Inc .
Also Read: Nvidia Dominates GPU Market as Generative AI Adoption Grows, Analyst Says
Rami Sinno, director of engineering for Amazon’s Annapurna Labs, highlighted the growing customer demand for more affordable alternatives to Nvidia. Annapurna Labs, acquired by Amazon in 2015, is integral to this development.
Amazon has been developing its Graviton chips, which perform non-AI computing tasks, for nearly a decade. The latest AI chips, Trainium and Inferentia, offer significant cost savings.
“The offering of up to 40%, 50% in some cases of improved price and performance means it should be half as expensive as running that same model with Nvidia,” said David Brown, Vice President of Compute and Networking at AWS, according to Reuters.
Sales at AWS, which accounts for almost 20% of Amazon’s total revenue, grew by 17% to $25 billion in the January-March quarter compared to the previous year. AWS holds approximately one-third of the cloud computing market, with Microsoft’s Azure at about 25%.
Analysts view Nvidia as the primary beneficiary in the AI sector. Mizuho Securities reports that Nvidia controls 70% to 95% of the market share for artificial intelligence accelerators.
The Big Tech trio—Google, Microsoft, and Amazon—along with Oracle Corp —contribute more than 40% of Nvidia’s revenue.
Amazon stock gained over 40% in the last 12 months, reaching a market cap of $1.87 trillion. Nvidia stock surged over 147% in the last 12 months and currently has a market cap of $2.76 trillion. Investors can gain exposure to the stocks through SPDR S&P 500 and iShares Core S&P 500 ETF .
Price Action: AMZN shares traded higher by 1.47% at $182.50 premarket at the last check on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Sundry Photography via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Alibaba Group Holding and Tencent Holdings have quickly integrated Meta Platforms Inc’s latest artificial intelligence (AI) model Llama 3.1 into their cloud services.
Alibaba Cloud, the e-commerce giant’s online computing platform, was among the first to include the latest open-source Llama family of large language models (LLMs), SCMP reports.
This technology underpins generative AI products like ChatGPT.
Also Read: Apple and Micron Leaders Visit Beijing As US Intensify Advanced Semiconductor Sanctions: Report
Alibaba announced the integration on Tuesday, offering one month of free computing resources for training and inferencing tasks with Llama 3.1.
Tencent soon followed with its announcement on the same day. Llama 3.1 is now available on Tencent’s cloud platform, featuring fine-tuning and inferencing tweaks to ensure the models’ usability in intelligent conversation, text generation, and writing tasks.
Meta has positioned Llama 3.1 as a powerful alternative to leading closed-source models like OpenAI’s GPT-4.
U.S.-China geopolitical relations became strained following the Western counterpart’s advanced semiconductor sanctions on the Asian counterpart, which included limiting AI chip access from the likes of Nvidia Corp and peers.
A prior report quoted Alibaba co-founder and chairman Joe Tsai acknowledging China’s lagging position in the AI development race, with Washington’s embargo taking a toll on their AI ambitions.
Alibaba stock has lost over 22% in the last 12 months as it strives to accomplish its AI ambitions amid a weak domestic economy crippled with intense rivalry.
Price Action: BABA shares closed lower by 0.25% at $75.21 premarket at the last check on Friday.
Also Read: Nio, XPeng, Li Auto Benefit From China’s Increased Vehicle Subsidies
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Fooksou Lamimo via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
After the severe pounding the tech space received in the past three sessions, it might be rebound time. However, any recovery will largely hinge on whether key inflation data confirms the continued downward trajectory in pricing pressure. The major index futures are notably higher early Friday. Tamer inflation data could reinforce hopes of a September rate hike and more for the rest of the year, proving supportive of the market rally, especially amid the small-cap space.
Traders may also take cues from some quarterly reports as they nervously wait for next week’s earnings news flow from the likes of Apple, Inc. , Amazon, Inc. , Microsoft Corp. and Meta Platforms, Inc. and the Federal Reserve’s rate-setting meeting.
Futures | Performance (+/-) |
Nasdaq 100 | +0.98% |
S&P 500 | +0.74% |
Dow | +0.58% |
R2K | +1.62% |
In premarket trading on Friday, the SPDR S&P 500 ETF Trust moved down 0.75% to $542.43, while the Invesco QQQ ETF gained 1.00% to $462.87, according to Benzinga Pro data.
Cues From Last Session:
U.S. stocks closed Thursday’s session on a mixed note, as early optimism generated by strong GDP data did not sustain throughout the session. Negative tech news weighed down on the Nasdaq Composite and the S&P 500 indices, sending them notably lower for a third straight day. The former pulled back toward its lowest close since June 7, and the latter slumped to the lowest since June 11.
The 30-stock Dow Jones Industrials Average ignored a negative start and traded mostly above the unchanged line, with International Business Machine Co.’s 4%+ gain lending support.
Second-quarter GDP rose at an annualized quarter-over-quarter pace of 2.8%, faster than the 1.4% growth in the first quarter and the core PCE inflation slowed. Comerica Chief Economist Bill Adams commented on the report, “The GDP report will reassure the Fed that there's no need for immediate rate cuts.”
“The Fed is expected to hold their policy rate steady at next Wednesday's decision and signal a cut coming in September,” he added.
Energy, industrial and utility stocks gained ground in the session, while the IT and communication services stocks were among the biggest decliners.
Index | Performance (+/-) | Value |
Nasdaq Composite | -0.93% | 17,181.72 |
S&P 500 Index | -0.51% | 5,399.22 |
Dow Industrials | +0.20% | 39,935.07 |
Russell 2000 | +1.26% | 2,222.98 |
Insights From Analysts:
Commenting on the recent market pullback, spearheaded by the tech stocks, LPL Chief Technical Strategist Adam Turnquist said, “Technical damage is beginning to mount for the broader market.”
Thursday’s decline led the S&P 500 to break below key support at the 20-day moving average, violating a short-term uptrend. “Momentum confirmed the breakdown as select indicators turned bearish for the first time in several months, ” he said.
Turnquist said the pullback was due to the weakness seen in mega-caps as well as the historically overbought conditions. “The good news is that there is still a lot of support in play before the S&P 500's longer-term uptrend is challenged and strong momentum tends to be sustainable on a longer-term basis, although the path is not linear,” the strategist said.’
“Based on this backdrop, we recommend a neutral equities allocation and tactically buying dips once support is established and momentum improves.”
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Crude oil futures pulled back after two straight sessions of gains, as they traded around $78_a-barrel, while gold futures rebounded from Thursday’s sharp pullback. The 10-year Treasury note yielded 4.242%, down 1.2 basis points. Bitcoin climbed over 5% and traded above the $67K mark.
The major Asian markets closed on a mixed note, with the Taiwanese market, which remained closed on Thursday, playing catchup with the losses in the region. The Japanese, Malaysian, New Zealand and Singaporean markets ended lower, while the remainder of the major markets advanced.
European stocks are higher in early trading on Friday.
Read Next:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Siddharth Cavale and Jeffrey Dastin
NEW YORK, July 26 (Reuters) - Walmart WMT.N has plans to potentially spend $200 million on self-driving forklifts as part of broader efforts to automate more warehouse operations, according to three people familiar with the matter.
The world's largest retailer wants autonomous forklifts to move pallets of goods in its distribution centers, which replenish Walmart stores. It has intended to buy possibly hundreds from Fox Robotics and invested $25 million in the Austin-based startup, the sources said.
The rollout, which Walmart could stop at any time, would occur in stages over several years and hinges on the retailer's satisfaction with the "FoxBots," said the people, who were not authorized to discuss the plans publicly.
Details about Walmart's investment and rollout have not been reported before. They underscore the company's strategy for warehouse automation, which aims to grow profit and help it compete with retailers like Amazon.com AMZN.O.
Camille Dunn, a Walmart spokesperson, declined to comment on the $200 million spending plans. She referred Reuters to an April announcement that said Walmart had piloted the technology and would add at least 19 FoxBots to four facilities, noting that deployments are "an evolving process" from proof of concept to rollout.
"We evaluate the performance at each phase to determine if the technology meets our ability to better serve customers," she said in an email. "Some initiatives we scale, some initiatives we don't."
Fox Robotics said its customer deals are confidential.
In recent years, Walmart has focused increasingly on robotics to help it replenish stores, manage costs and keep the price of goods low.
Analysts from Jefferies estimated the company could add $20 billion to its profit before interest and taxes by fiscal 2029, thanks to its efforts in automation and artificial intelligence. Arun Sundaram of CFRA Research added: "Expect more and larger deals in the future."
As one example, Walmart announced a deal in 2022 with the robotics vendor Symbotic SYM.O to implement automation in 42 distribution centers. Walmart owned more than 13% of Symbotic stock as of a January securities filing.
Now, Walmart has taken a stake in Fox Robotics and has warrants to invest more, the people familiar with the matter told Reuters.
The Fox and Symbotic deals are similar in that they restrict use of their technology by Walmart's biggest competitors, the sources said. Exclusive deals with suppliers are not uncommon in retail.
The Symbotic agreement states that key employees would be bound by non-competes and receive competitive pay, while Symbotic would be barred from selling its technology in certain non-Walmart warehouses. Details were redacted in a securities filing.
Walmart declined to comment on its contractual agreements with the robotics vendors. Symbotic said it does not comment on its customers' business strategies.
STEMMING TURNOVER
Tested for more than a year, the FoxBots unload pallets and help put them into Symbotic's automated system, which catalogues and stores goods, Walmart has said in press releases.
A single human operator can manage up to six of the autonomous forklifts at a time, saving as much as 40% on labor costs, Fox Robotics said on its website. A worker is still needed to open warehouse doors for instance, but the goal is for Walmart to depend less on labor in the long run, the sources said.
Dunn said, "People will always be part of our warehouse operations."
Finding workers to staff warehouse and other blue-collar jobs can be challenging, two of the sources said. Employers might pay little for onerous work, and sometimes staffers do not show up, one of them said. "There's a younger generation of people that just don't want to do these jobs," the source said.
At Walmart, a freight handler at its Coldwater, Michigan distribution center might "lift up to 40 to 60 pounds repetitively for extended periods of time," according to a job posting on Glassdoor. Another ad asked if a candidate had proficiency in operating equipment such as a forklift and would work 12-hour or overnight shifts, for $19.30 to $24.80 an hour.
For David Guggina, executive vice president of supply chain operations at Walmart U.S., automation has meant new technical roles for associates and other employment opportunities, not job cuts. It reduces physically demanding work, giving Walmart "substantially low turnover," he said.
"A reduction in turnover absolutely drives savings," Guggina told Reuters. "You improve your productivity because you have less folks that are sitting in what I call (the) learning curve."
Asked how much Walmart was spending on automation overall, Guggina said Walmart was investing billions of dollars into its supply chain network.
In spite of their promise, robotics have not always paid off for the company, which pulled the plug on shelf-scanning units in its stores years ago.
Their long-term feasibility can be uncertain, depending on significant adjustments and a controlled environment, whereas humans can adapt faster, said Katie Driggs-Campbell, a professor the University of Illinois’ Grainger College of Engineering.
"We are still far away from the robotics replacing humans in the retail industry," she said.
(Reporting by Siddharth Cavale in New York and Jeffrey Dastin in San Francisco; Editing by Richard Chang and Christopher Cushing and Miral Fahmy)
(( siddharth.cavale@thomsonreuters.com ; Cell: +1 646-288-4330) )
Keywords: WALMART-STRATEGY/AUTOMATION (EXCLUSIVE, PIX)
Advanced Micro Devices is emerging as a significant player in the world of AI chips. Indeed, Nvidia remains the dominant player in this space. However, AMD’s recent financials show a rising trajectory, with the company’s data center revenue hitting a record $2.3 billion, reflecting an 80% year-over-year (YOY) increase. Those impressive numbers were driven by strong Ryzen and Instinct sales.
Additionally, AMD’s recent acquisition of Silo AI for $665 million marks a major step into artificial intelligence (AI) software, aiming to offer a complete AI solution. Despite stiff competition, AMD is gaining ground in AI chips, with growing market share and strategic partnerships. The Instinct MI300X GPU and AI accelerators are set to drive future growth in enterprise and data center markets.
BofA Says AMD is the “Best of Breed”
Bank of America recently named AMD a top pick for Q3 of fiscal year 2024. Reasons for this pick include AMD’s innovation includes AI-accelerated Ryzen chips and upcoming 5th Gen Epyc CPUs.
Analysts estimate AMD stock could rise 17% to $187.20 per share, at least on a consensus basis. These estimates are based on expected growth rates of 33% this year and 59% next. Currently, AMD stock trades at a 28.6-times forward price-earnings ratio, with an even more eye-watering multiple of 209-times trailing earnings reflecting its high growth potential.
Other experts following this stock continue to focus on AMD’s improved technology and competitive edge under Chief Executive Officer Lisa Su. That’s notable, since we’ve seen a very positive market reaction to the company’s new AI GPU products.
Strategic Plans and Acquisitions
AMD fans eagerly await the Ryzen 9000 series launch, set to take place later this month. The company announced a webinar to unveil key details, requiring registration. AMD’s August 8, 2024 webinar, led by Donny Woligroski, will cover the Ryzen 9000’s Zen 5 architecture, 4nm process and EXPO overclocking technology. Investors who are interested in the specific details that will be released are encouraged to register on the official webinar page to attend.
While Nvidia dominates the semiconductor sector, AMD is emerging as a strong rival. AMD recently acquired Silo AI, Europe’s largest AI lab, for $665 million. Over the past year, AMD invested $125 million in AI and acquired startups Nod.ai and Mipsology. With past acquisitions like Xilinx for $50 billion, AMD’s aggressive strategy highlights its commitment to growth and innovation.
AMD Stock Still Looks Like a Buy
AMD is certainly not Nvidia, and will likely lag the top high-performance chip maker in terms of growth for some time. However, while AMD is a relative laggard, compared to other major chip makers, the company’s growth rate impresses. On a forward basis, this stock doesn’t look overly expensive. And, it could have much more room to run if its future product launches pick up.
With strong strategic acquisitions into key high-growth areas, this is a stock I think is worth considering at current levels. Of course, if we see a sector-wide dip, all the better. Thus, this is a stock I think is best adding over time, with dollar cost averaging being investors’ best friend right now.
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
More from InvestorPlace
Designed to provide broad exposure to the Technology ETFs category of the market, the First Trust Cloud Computing ETF is a smart beta exchange traded fund launched on 05/27/2011.
What Are Smart Beta ETFs?
Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.
Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.
However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.
Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.
Methodologies like equal-weighting, one of the simplest options out there, fundamental weighting, and volatility/momentum based weighting are all choices offered to investors in this space, but not all of them can deliver superior returns.
Fund Sponsor & Index
Managed by First Trust Advisors, SKYY has amassed assets over $2.90 billion, making it one of the larger ETFs in the Technology ETFs. Before fees and expenses, SKYY seeks to match the performance of the ISE Cloud Computing Index.
The ISE Cloud Computing Index is a modified market capitalization weighted index designed to track the performance of companies actively involved in the cloud computing industry.
Cost & Other Expenses
Expense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.
With on par with most peer products in the space, this ETF has annual operating expenses of 0.60%.
SKYY's 12-month trailing dividend yield is 0%.
Sector Exposure and Top Holdings
ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
For SKYY, it has heaviest allocation in the Information Technology sector --about 85% of the portfolio --while Telecom and Consumer Discretionary round out the top three.
Looking at individual holdings, Alphabet Inc. (class A) accounts for about 4.94% of total assets, followed by Pure Storage, Inc. (class A) and Oracle Corporation .
The top 10 holdings account for about 38.74% of total assets under management.
Performance and Risk
So far this year, SKYY return is roughly 6.33%, and it's up approximately 17.76% in the last one year (as of 07/26/2024). During this past 52-week period, the fund has traded between $70.93 and $97.55.
SKYY has a beta of 1.08 and standard deviation of 31.47% for the trailing three-year period, which makes the fund a medium risk choice in the space. With about 66 holdings, it effectively diversifies company-specific risk.
Alternatives
First Trust Cloud Computing ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
Global X Cloud Computing ETF tracks INDXX GLOBAL CLOUD COMPUTING INDEX and the WisdomTree Cloud Computing ETF tracks BVP NASDAQ EMERGING CLOUD INDEX. Global X Cloud Computing ETF has $399.63 million in assets, WisdomTree Cloud Computing ETF has $470.92 million. CLOU has an expense ratio of 0.68% and WCLD charges 0.45%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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