By Meg Flippin, Benzinga
Currently, Nvidia (NASDAQ: NVDA) is almost becoming synonymous with artificial intelligence, and for good reason: the company is the leading maker of advanced graphics processing units (GPU) which are used in everything from chatbots to voice assistants. With demand for AI taking off so has Nvidia’s growth and its share price. In its most recent second quarter, sales soared 101% year-over-year to $13.51 billion. The stock boasts a market cap of $1.16 trillion, joining an elite group that includes Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOGL).
There’s a lot for investors to be optimistic about when it comes to AI. The global artificial intelligence market is forecast to reach $150.2 billion in 2023 and grow at a CAGR of 36.8% from now until 2030. In 2030, revenue is projected to reach $1.35 trillion. Applications like ChatGPT get all the attention, but there are many use cases. AI is powering several emerging areas of tech including big data, analytics, robotics and the Internet of Things.
There’s More Than Nvidia
The future appears bright for AI, but Nvidia isn’t the only company poised to benefit. There are a lot of enterprises using AI to solve real-world problems in innovative ways. Amesite (NASDAQ: AMST) is one of them.
The AI-based software company, hailing out of Detroit, makes software products and platforms to improve learning. It may not yet be top of mind for some AI-focused investors, but AI underpins all its offerings. Amesite takes a technology-first approach aimed at improving the outcomes of learners. With its platforms courses can be added quickly, programs are adaptable, users stay engaged, and delivery costs are low. In one example, Amesite was able to onboard 50 courses in four days for EWIE Group of Companies, a commodity management company.
The Power Of AI
In Amesite’s vision for education and upskilling, learners aren’t taught in silos but are part of a larger learning community. V6, the latest version of its learning platform, is the fruition of that AI-driven vision. It leverages GPT-4, the AI system powering Bing and ChatGPT Plus to offer AI capabilities such as learning and creative assistants, educational games, interactive learning experiences, leaderboards and other learning incentives to keep students engaged. V6 can integrate thousands of application programming interfaces (API), which means it works with most companies and schools’ programs. A partnership with Microsoft (NASDAQ: MSFT) enables Amesite’s offering to scale and add improvements and upgrades on the fly easily.
The benefits of AI systems like Amesite’s go beyond that in a learning environment. It can process vast amounts of data and generate insights about a student's learning style, pace, and preferences. Using these insights, colleges and businesses can customize course materials and leverage the power of AI to reduce their costs. The lesson in AI is one of efficiency – as industry after industry sees dramatic cost reductions through use of AI, so will learning. Amesite’s capabilities replace the work of hours of instructors, administrators and IT professionals, by delivering with automated features like posting of supporting materials from qualified sources, data analytics that give customers access to all of their learners’ data in self-generated reports, and 24/7 AI instructional assistance for all users.
Amesite’s Growth Opportunity
Learning may not be as sexy as AI-powered robots, but it's big business, especially since Amesite operates at the intersection of multiple industries including AI, online education, and software-as-a-service to create learning management systems. All three of those areas are projected to see growth in the years to come. Beyond the 36.8% CAGR for the AI industry, the SaaS market was $167 billion in 2022 and is forecast to grow at a CAGR of 18.5% to 2028. Online education is projected to reach a value of $602 billion by 2030, growing at a CAGR of 17.2% over 2023-2030.
Nvidia may be the first to mind when we think about AI, but there are many other companies making a big impact thanks to this technology. In order to continue to thrive, Nvidia needs rapid deployment of AI technologies by disruptors in multiple industries. Amesite might be a company overlooked by the investment community — and one to watch in the education space. The company was early to the AI party, and reports rolling out features at an impressive pace that may deserve notice in a very large but traditional market.
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