The #AIEye: Second Spectrum Chooses AWS (Nasdaq: $AMZN) For Cloud, ML And #AI And NVIDIA (Nasdaq: $NVDA) Posts Q4 Results

Feb. 14, 2020 3:19 PM ETAmazon.com, Inc. (AMZN), NVDA
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The #AIEye: Second Spectrum Chooses AWS (Nasdaq: $AMZN) for Cloud, ML and #AI and NVIDIA (Nasdaq: $NVDA) Posts Q4 Results

Global AI in Retail to Reach $23.42 Billion by 2026

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Stocks discussed: (NasdaqGS:AMZN) (NasdaqGS:NVDA)

Second Spectrum, the Official Optical Tracking and Analytics Provider of sports leagues like the NBA and England’s Premier League, has selected Amazon Web Services (AWS), a subsidiary of Amazon (NasdaqGS:AMZN), as its preferred cloud, machine learning (ML), and artificial intelligence (AI) provider. Rajiv Maheswaran, CEO of Second Spectrum, explained:

"Second Spectrum has created never-before-seen products and experiences for coaches, analysts, players, producers, storytellers, and fans everywhere. In addition, successful teams rely on our machine intelligence to find and share video, discover key insights, and make more informed decisions faster. Using AWS’s breadth and depth of services, Second Spectrum will elevate its analytics and video processing capabilities to provide deeper insights into on-field and on-court action. We look forward to leveraging AWS to continue to innovate new and compelling content and give our customers and fans new and better ways to experience sports."

NVIDIA Corporation (NasdaqGS:NVDA) has reported a revenue of $3.11 billion for its fourth quarter ending Jan. 26, 2020, representing an increase of 41 percent from $2.21 billion the previous year, and an increase of 3 percent from $3.01 billion in the previous quarter. Jensen Huang, founder and CEO of NVIDIA, pointed out:

“NVIDIA RTX ray tracing is reinventing computer graphics, driving powerful adoption across gaming, VR and design markets, while opening new opportunities in rendering and cloud gaming. NVIDIA AI is enabling breakthroughs in language understanding, conversational AI and recommendation engines ― the core algorithms that power the internet today. And new NVIDIA computing applications in 5G, genomics, robotics and autonomous vehicles enable us to continue important work that has great impact.”

“We are well positioned for the greatest technology trends of our time.”

Global AI in Retail to Reach $23.42 Billion by 2026

A report from Fortune Business Insights finds that the global AI in Retail market will grow from $2.306 billion in 2018 to $23.426 billion in 2026 with a compound annual growth rate (OTC:CAGR) of 33.7 percent in the forecast period. An excerpt from the report summary outlines some anticipated market drivers:

Artificial Intelligence enables retail companies to collect and organize the enormous customer data in a better way compared to traditional methods of doing business. Using this data, the AI algorithm provides conclusions and offers a platform for creating a more personalized shopping experience for the users. The user data demonstrates their choice and demand. The AI model also helps retailers predict the performance level of a product in the market by analyzing records of sales and feedback. This allows retail companies to plan better strategic decisions.

The concept of virtual trial rooms has gained popularity over the years with the ongoing development across the retail supply chain. Virtual trial rooms make it possible for buyers to try different dresses without actually having to wear them, by the help of digital mirrors. This advanced concept allows shoppers to experiment with their outfit through a touch-based interface. Cosmetic companies are also likely to gain from the development of AI-based virtual platforms. As customers [are] not required to apply products physically, but instead virtually to check what suits them the best.

Sam Mowers, Investorideas.com

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