Welcome to our roundup of the top stories & startups to watch in AI, this week we have stories on:
- AI companies lost $190B last week
- 'Magnificent Seven' market grip slips
- AI Startups raised $550M in venture funding
This Week in AI 🗞️
This week in AI, publicly-traded AI companies lost market share after earnings reports and investors seem to be prioritizing performance over AI potential.
AI companies lost $190B last week 📉
- Shares of publicly-traded AI companies lost $190B last week, per Reuters, after disappointing earnings from Microsoft, Alphabet, and AMD, despite AI-driven market optimism. Read the full article.
'Magnificent Seven' market grip slips 7️⃣
- As FT reports, the influence of the 'Magnificent Seven' tech giants on the stock market is diminishing as investors prioritize actual performance over AI potential. Read the full article.
AI Startups Raised $550M 🚀
AI startups raised a total of $550M+ in venture funding this past week, here are a few of our favourite to watch.
- What they do: Codeium is a code acceleration toolkit built on cutting edge AI technology. Key features include autocomplete, intelligent search, and chat.
- Funding: Raised a $65M Series B round
- What they do: Kore.ai is provides AI-powered virtual assistants and applications for enhancing customer and employee experiences across various industries.
- Funding: Raised a $150M Series D round
- What they do: DataSnipper is an intelligent audit platform that improves the speed and quality of auditing. They offer services such as snipping, document matching, table snip, text recognition, and document management.
- Funding: Raised a $100M Series B round
- What they do: Align AI provides user analytics for AI-native products. It helps product teams analyze conversational data generated from LLM-enabled apps.
- Funding: Raised a $3.5M Seed round
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That's it for this edition of This Week in AI, if you were forwarded this newsletter and would like to receive it you can sign up below.