The #AIEye Episode 413: VMware (NYSE: $VMW) Updates vRealize Cloud Management Offerings and Cheetah Mobile (NYSE: $CMCM) Announces Q2 Financials
Global AI Market to Reach $400.2 Billion by 2027
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Today’s Column- The AI Eye- Watching stock news, deal tracker and advancements in artificial intelligence
Stocks discussed: (NYSE:VMW) (NYSE:CMCM)
VMware, Inc. (NYSE:VMW) has announced innovations across its portfolio of VMware vRealize Cloud Management on-premises and software as a service (SaaS) offerings. According to the press release VMware vRealize “provides customers with the agility and efficiency of cloud infrastructure at scale, leveraging artificial intelligence (AI), machine learning (ML), and DevOps principles such as Infrastructure as Code (IaC) and GitOps to provision, orchestrate, optimize and govern hybrid and multi-cloud environments.” Ajay Singh, senior vice president and general manager, Cloud Management Business Unit, VMware, explained:
"Enterprises face multiple challenges in support of their business in these uncertain times. They seek to modernize their apps, accelerate hybrid and public cloud innovation, and deliver a modern developer environment. VMware is a trusted partner that enables customers to address those IT challenges head on – allowing them to focus on transforming their business."
Cheetah Mobile Inc. (NYSE:CMCM) has announced its unaudited consolidated financial results for the second quarter ended June 30, 2020. Cheetah’s Chairman and CEO, Sheng Fu, noted:
“…our number of AI-related robotics products in shopping malls grew to approximately 7,000 by the end of the second quarter. Looking ahead, we will continue to focus on the domestic market and our AI-related business in shopping malls to build a new growth engine for Cheetah Mobile over the long run."
The company’s CFO, Thomas Ren, commented:
"We continued to streamline our operations and optimize our cost and expense structures for our mobile internet business and AI-related business during the second quarter of 2020. As a result, total cost and expenses decreased by 44.3% year over year and 15.2% quarter over quarter in the second quarter.”
Global AI Market to Reach $400.2 Billion by 2027
A report published by ReportLinker finds that the global AI market will grow from $35.2 billion in 2020 to $400.2 billion by 2027 with a compound annual growth rate (CAGR) of 41.5 percent in that forecast period. The report finds that, in particular, the Deep Learning segment of the market will reach $148.7 billion with a compound annual growth rate (CAGR) of 40 percent in the forecast period. Moreover, the report indicates that in terms of regions, the U.S. AI market is estimated at $9.4 billion in the year 2020, whereas by 2027 – the end of the forecast period – China’s AI market will be worth $97.9 billion.
Sam Mowers, Investorideas.com
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