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Australia-based BlinkLab leverages computer vision, artificial intelligence and machine learning by developing an app-enabled, smartphone-based diagnostic tool for evaluating children with neurodevelopmental conditions such as autism and ADHD. The app turns the mobile phone into a medical device for an effortless way of conducting remote and rapid tests.
The BlinkLab Test aims to perform neurobehavioural testing free from facial instruments or other fixed location equipment. This AI-based platform is designed to be used at home or in similar environments, independently or with the assistance of a caregiver while following instructions from the mobile device application.
In collaboration with Princeton University in the US and Erasmus Medical Center in the Netherlands, Blinklab Test is initially developed as a prescription diagnostic aid to healthcare professionals (HCP). BlinkLab will need to complete a pivotal registrational study and subsequently apply for FDA registration and reimbursement for the tests.
Company Highlights
- Australia-based BlinkLab is focused on transforming mental healthcare through an AI-enabled smartphone application, a breakthrough technology developed at Princeton University.
- The company’s innovative approach leverages the power of smartphones, AI and machine learning to deliver screening tests specifically designed for children as young as 18 months old. This marks a significant advancement, considering traditional diagnoses typically occur around five years of age, often missing the crucial early window for effective intervention.
- Once approved by the regulators, this cutting-edge digital technology is poised to capture the imagination of both investors and major pharmaceutical companies, eager to embrace transformative solutions in healthcare.
- BlinkLab is led by an experienced management team and leading experts in the field of machine learning, autism and brain development bridging the most advanced technological innovations with groundbreaking scientific research. The company is chaired by Brian Leedman, an experienced biotechnology entrepreneur and founder of ResApp Health, a digital diagnostic company recently acquired by Pfizer.
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Tech 5: AI Advances Win Nobel Prizes, Autonomous Tesla Falls Flat
Stay informed on the latest developments in the tech world with the Investing News Network's round-up.
1. AI takes home two Nobel Prizes
The Royal Swedish Academy of Sciences presented the annual Nobel prizes this week, bestowing two of the three prizes in science to researchers in artificial intelligence (AI).
On Tuesday, the Nobel Prize in physics was given to Canadian computer scientist Geoffrey Hinton and American physicist John Hopfield. Their research into neural networks laid the foundation to develop machine learning technology based on the way the human brain processes information.
Hopfield’s invention, a computer that works like a human brain, can store patterns and recall them even if given only partial information. Hinton’s research led him to create a way to help computers to discover patterns on their own, essentially allowing them to “learn” without being programmed.
On Wednesday, Sir Demis Hassabis, the CEO of Google DeepMind and Isomorphic Labs, and John Jumper, Director of Google DeepMind, were awarded the Noble Prize in chemistry for the development of AlphaFold 2, an AI model developed by the Alphabet (NASDAQ:GOOGL) subsidiary in 2020 to predict the three-dimensional structure of a protein.
A protein’s function is determined by its structure, which is an exceptionally difficult — and expensive — task for human researchers. In July 2021, AlphaFold 2 accurately predicted the structure of virtually all 200 million identified proteins, using only their amino acid sequences as input. This revolutionary technology has led to groundbreaking discoveries in science and medicine and has the potential to accelerate drug discovery and development.
It wasn’t all good news for Alphabet companies this week. On Monday, the judge ordered Google to overhaul its mobile app store, allowing Android users to purchase apps from alternative providers. Subsequently, on Wednesday, the US Department of Justice indicated it may seek a court order to force Google to separate its Chrome and Android businesses, following the ruling in its antitrust case against the tech giant on August 5. Shares of Google stock are down 2.65 percent for the week.
2. Tesla Cybercab unveiling falls flat
Tesla shares fell 8.78 percent on Friday afternoon after the electric vehicle maker unveiled its long-awaited fully autonomous model on Thursday evening. The Cybercab, a two-seater with no steering wheel or foot pedals, was presented an hour late at the company’s “We Robot” event at the Warner Brothers studio in Burbank.
During the presentation, Tesla’s CEO Elon Musk told the audience that the model would cost below US$30,000 and that the company “hoped” to begin production before 2027, but did not offer specific details as to where, how or when production would begin. Musk also revealed his company’s plans to produce a fully autonomous 20-passenger Robovan but gave no further details other than that both vehicles would charge wirelessly.
Musk also offered an update on the development of Tesla’s full-self driving (FSD) technology, which is set to roll out in China in 2025 but has faced regulatory hurdles in the US. Musk said he expects to install FSD in Model 3 and Model Y Teslas in Texas and California “next year,” but was unable to provide a set release date.
As of writing, Tesla is down 12.5 percent for the week and 12.33 percent year-to-date.
3. Samsung apologizes for disappointing quarterly projections
South Korean tech company Samsung (KRX:005930) posted its Q3 profit guidance on Tuesday, announcing that it expects operating profits to surge by 274 percent for the quarter to around 9.1 trillion Korean won, approximately US$6.74 billion. While this figure signifies impressive growth from the 2.43 trillion won in profits the company earned during Q3 2023, it missed LSEG expectations of 11.45 trillion won, resulting in a 1.47 percent decrease in share value on Tuesday morning.
Samsung’s vice chairman, Jun Young-hyun, issued an apology following the report’s release, translated here by CNBC. He citing the decline to “one-time costs and negative impacts” in the company’s memory division, including “inventory adjustments by mobile customers and increased supply of legacy products by Chinese memory companies.”
He went on to promise shareholders that Samsung’s leaders “will prepare for the future more thoroughly.” In a translated statement, Young-hyun said, “Samsung … has always turned crises into opportunities, having a history of challenge, innovation, and overcoming.
“We will definitely make the dire situation we are currently facing an opportunity for a leap forward.”
Shares of Samsung are down 3.26 percent for the week.
4. Profits are still years away for OpenAI
The Information reported on Wednesday that, despite OpenAI’s rapid growth, the company projects it will lose up to US$14 billion in 2026, with losses totaling US$44 billion between 2023 and 2028. According to documents the Information says it has seen first-hand, OpenAI plans to spend up to US$200 billion training new AI models by the end of the decade.
Under the terms of OpenAI’s most recent funding round, which raised US$6.6 billion and included contributions from venture capitalist firm Andreesseen-Horowitz, Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA), OpenAI was required to restructure its business model, handing control over to a for-profit arm. However, based on these projections, the company, which is now valued at US$157 billion, does not expect to become profitable until 2029. At that time, according to the Information, it hopes to achieve US$100 billion in revenue primarily driven by ChatGPT.
5. Bitcoin wobbles midweek but recovers
At the start of the week, Bitcoin's price fluctuated around US$63,000, influenced heavily by China's failure to provide a detailed stimulus plan, while meme coins rallied. On Monday, Ether ETFs experienced zero flows in or out for the second time since their inception, while Bitcoin ETFs saw their highest inflows since September 27 that day.
Bitcoin's price decreased through Wednesday ahead of Thursday’s consumer price index (CPI) data release, and plunged in the hour following the release. This sent it below US$60,000 for the first time in October, a historically bullish month.
The data showed that the CPI rose 0.2 percent from last month and just 2.4 percent year-over-year, its smallest annual rise since inflation first began surging in February 2021.
Bitcoin began trending upwards after the drop, and briefly moved back above US$63,000 Friday afternoon.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
BlinkLab’s ASD, ADHD Diagnostic App Gets ‘Speculative Buy’ Rating from Lodge Partners
Lodge Partners’ initial research report also valued BlinkLab at $1.30 using a future and probability-weighted discounted cash flow model.
“We assume BB1’s app has a better than even chance to be commercialised due to having a predicate device on the market and the data on hand. We further assume a minimal penetration rate in the first few years before rising to 10 percent of the diagnostic market by 2031 and pricing of US$250/test,” the report said.
“Similarly, we assume BB1 will penetrate 10 percent of the ADHD diagnostic market by 2031. Using a 15 percent discount rate we find BB1 with a valuation of $1.30/share. This valuation is only based on the US market and has significant upside should we include (the) rest of world.”
BlinkLab’s technology
BlinkLab’s technology for detecting ASD and ADHD targets children from 18 months of age to 72 months. Automated facial recognition and image processing techniques analyse the data and test for several biomarkers which give an indication of the child having ASD or ADHD with high sensitivity and specificity.
Highlights of the Report
- Closest competitors, Cognoa and EarliTec Diagnostics, have measured lower sensitivity and specificity of 52 percent/19 percent and 71 percent/81 percent, respectively.
- The ASD diagnostic market is estimated to grow at a CAGR of 8 percent annually and potentially grow to US$5.4bn by 2036.
- The earlier and faster a child can be diagnosed will lead to better outcomes and it is currently an unmet need.
For the full analyst report, click here.
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AI Stocks: 9 Biggest Companies in 2024
Here the Investing News Network profiles some of the biggest AI stocks by market cap on US, Canadian and Australian stock exchanges. Data for this AI stocks list was gathered on September 27, 2024, using TradingView’s stock screener.
American AI stocks
According to Tracxn Technologies, the number of US AI companies has more than doubled since 2017 with over 82,541 companies working in the sector today.
One of the major factors fueling growth in the American AI market, states Statista, is “the growing investments and partnerships among technology companies, research institutions, and governments."
Below are three of the top US AI stocks organized by market cap.
1. Microsoft (NASDAQ:MSFT)
Market cap: US$3.188 trillion
Share price: US$428.91
In addition to the reported billions Microsoft is committed to investing in OpenAI, the technology behemoth has built its own AI solutions based on the chatbot creator’s technology: Bing AI and Copilot. OpenAI officially licensed its technologies to Microsoft in 2020.
An update to Windows 11 in 2023 integrated the Bing chatbot into the operating system's search bar, allowing users to interact with the chatbot directly with Microsoft's Edge browser, Chrome and Safari.
Microsoft’s moves into generative AI have translated into higher revenues for its Azure cloud computing business and a higher market capitalization as the tech giant pushed past the US$3 trillion mark in January 2024.
In late May, Microsoft unveiled its Copilot+ Windows PCs, the company's first range of AI PCs, which the company says are the “fastest, most intelligent Windows PCs ever built.”
After receiving criticism over security flaws, Microsoft announced in late September that it has made changes to the Copilot+ exclusive Recall software, which uses AI to create screenshots of everything users do on their computers.
2. NVIDIA (NASDAQ:NVDA)
Market cap: US$2.95 trillion
Share price: US$120.05
The global leader in graphics processing unit (GPU) technology, NVIDIA is designing specialized chips used to train AI and machine learning models for laptops, workstations, mobile devices, notebooks, and PCs. The company is partnering with a number of big name tech firms to bring a number of key AI products to market.
Through its partnership with Dell Technologies (NYSE:DELL), NVIDIA is developing AI applications for enterprises, such as language-based services, speech recognition and cybersecurity. The chip maker has been instrumental in the build out of Meta Platforms’ (NASDAQ:META) AI supercomputer called the Research SuperCluster, which reportedly uses a total of 16,000 of NVIDIA's GPUs.
In the first quarter, Taiwan Semiconductor Manufacturing Company (NYSE:TSM) and NVIDIA released the world's first multi-die chip specifically designed for AI applications: the Blackwell GPU. Blackwell’s architecture allows for the increased processing power needed to train larger and more complex AI models.
In early June, NVIDIA saw its market cap zoom past the US$3 trillion mark to surpass that of Apple (NASDAQ:AAPL). On June 18, its valuation jumped to as high as US$3.34 trillion to briefly pass Microsoft before pulling back. In Q4 2024, the GPU giant is expected to produce 450,000 Blackwell AI chips worth a potential US$10 billion in revenue.
3. Alphabet (NASDAQ:GOOGL)
Market cap: US$2.03 trillion
Share price: US$164.29
Alphabet holds court with both Microsoft and NVIDIA as part of the tech sector’s Magnificent 7, and its foray into AI has similarly brought the tech giant much success. Alphabet's market cap surpassed the US$2 trillion mark in April.
The company has its AI chatbot Gemini, formerly known as Bard, which is integrated into products such as its Google Suite, the Chromecast browser and Google Pixel phone line.
In early April, Google introduced a custom AI chip designed for its cloud services customers. Set to be delivered later this year, the technology uses British semiconductor company Arm Holding's (NASDAQ:ARM) AI architecture. In the same week, Google revealed its new A3 Mega AI processor based on NVIDIA’s H100 Technology.
More recently, Google partnered with automaker Volkswagen (OTC Pink:VLKAF,ETR:VOW) to launch a smartphone app-integrated AI assistant for VW drivers.
Canadian AI stocks
Recognized as a world-leading AI research hub, Canada ranks eighth out of 83 countries in the Global AI Index. Since 2017, the Canadian government has invested hundreds of millions of dollars into accelerating the research and commercialization of AI technology in the country through the Pan-Canadian Artificial Intelligence Strategy.
Research by IBM (NYSE:IBM) says Canadian businesses are increasingly adopting AI, with 37 percent of IT professionals in large enterprises reporting that they have deployed the technology in their operations.
Below are three of the top Canadian AI stocks by market cap.
1. CGI (TSX:GIB.A)
Market cap: C$34.93 billion
Share price: C$154.55
Montreal-based CGI is among the world’s largest IT systems integration companies, and offers a wide range of services, from cloud migration and digital transformation to data analysis, fraud detection and even supply chain optimization. Its more than 700 clients span the retail, wholesale, consumer packaged goods and consumer services sectors worldwide.
Through a partnership with Google, CGI is leveraging the Google Cloud Platform to strengthen the capabilities of its CGI PulseAI solution, which can be integrated with existing applications and workflows.
CGI is aggressively working to expand its generative AI capabilities and client offerings, and is reportedly planning to invest US$1 billion into its AI offerings. In early March, the company launched Elements360 ARC-IBA, an AI powered platform for brokers and insurers to settle accounts in the UK broking industry.
In September, CGI signed the European Union's Artificial Intelligence Act pledge to work for trustworthy and safe AI development.
2. OpenText (TSX:OTEX)
Market cap: C$12.15 billion
Share price: C$44.78
Ontario-based OpenText is one of Canada’s largest software companies. The tech firm develops and sells enterprise information management software. Its portfolio includes hundreds of products in the areas of enterprise content management, digital process automation and security, plus AI and analytics tools. OpenText serves small businesses, large enterprises and governments alike.
OpenText's AI & Analytics platform has an open architecture that enables integration with other AI services, including Google Cloud and Azure. It can leverage all types of data, including structured or unstructured data, big data and the internet of things to quickly create interactive visuals.
Early in the year, OpenText launched its Cloud Editions 24.1, which includes enhancements to its OpenText Aviator portfolio.
"Leveraging AI for impactful results depends on reliable data – without it, even the most skilled data scientists will struggle,” OpenText CEO and chief technology officer Mark J. Barrenechea stated. “By expanding the Aviator portfolio in conjunction with our world class information management platform, Cloud Editions 24.1 empowers customers with the tools and insights needed to get ahead."
3. Descartes Systems Group (TSX:DSG)
Market cap: C$12.08 billion
Share price: C$138.10
Descartes Systems Group provides on-demand software-as-a-service (SaaS) solutions. The multinational technology company specializes in logistics software, supply chain management software and cloud-based services for logistics businesses.
AI and machine learning enhancements to Descartes’ routing, mobile and telematics suite are helping the company’s customers optimize fleet performance.
“AI and ML are perfect extensions to our advanced route optimization and execution capabilities,” Ken Wood, executive vice president at Descartes, said. “From dynamic delivery appointment scheduling through planning and real-time route execution, we’ve used AI and ML to improve our ability to deliver the next level of fleet performance for customers.”
Australian AI stocks
AI investment by Australian companies is projected to increase by 67 percent in 2024, according to BSI's International AI Maturity Model, which would make the country the second best market in the world in terms of boosting AI capabilities. The biggest spenders when it comes to AI in Australia are the banking industry, the federal government, professional services and retail.
Below are three of the top Australian AI stocks by market cap.
1. Xero (ASX:XRO)
Market cap: AU$22.52 billion
Share price: AU$148.72
New Zealand-based technology company Xero provides cloud-based accounting software for small- and medium-sized businesses. The company’s product portfolio also includes the Xero Accounting app, Xero HQ, Xero Ledger, Xero Workpapers and Xero tax tools.
Xero has made a number of AI enhancements to its platform in recent years, including bank reconciliation predictions that save time and reduce errors, and Analytics Plus, a suite of AI-powered planning and forecasting tools.
In March, the company launched its Gen AI assistant, named Just Ask Xero, or JAX. Some of its features include the automation or streamlining of repetitive and time-consuming tasks; the ability to anticipate tasks based on previous user actions and the ability to make cashflow projections on request.
2. TechnologyOne (ASX:TNE)
Market cap: AU$7.84 billion
Share price: AU$23.80
TechnologyOne is another large enterprise technology software firm in Australia. In fact, it is the country’s largest enterprise resource planning SaaS company. TechnologyOne has a client base of over 1,200, including customers in the government, education, health and financial services sectors across Australia, New Zealand and the UK. The company’s research and development center is targeting cloud-based technology, artificial intelligence and machine learning.
Municipalities such as Shoalhaven in the UK are using TechnologyOne AI-based SaaS solutions to manage city services, including waste management and road maintenance.
TechnologyOne's H1 2024 financial results for its fiscal period ended March 31 highlighted its 15th year of record first half revenue, profit and SaaS fees.
3. Weebit Nano (ASX:WBT)
Market cap: AU$351.38 million
Share price: AU$1.86
Israeli semiconductor IP company Weebit Nano develops silicon oxide-based resistive random-access memory (ReRAM) technologies. The company seeks to address the need for significantly higher-performance and lower-power computer memory technology.
Weebit's products can be used to enable edge AI applications and AI systems such as neuromorphic computing. An advancement in AI and machine learning, neuromorphic computing is based on architectures designed to function in the same way as the human brain’s operation.
Weebit says its ReRAM cell “functions similarly to a synapse in the brain, making it a promising solution for neuromorphic computing.” The company is collaborating with research partners in academia and industry to further develop the use of ReRAM for neuromorphic computing.
FAQs for AI stocks
Which company is leading the AI race?
Google and Microsoft are battling it out for king of the AI hill. While Goldman Sachs sees Alphabet’s Google as leading the AI race, other analysts are pointing to Microsoft as the clear frontrunner. Microsoft stands to benefit in a big way from its billions of dollars investment in OpenAI's ChatGPT as advancements in generative AI may have the potential to increase the company's revenues for its Azure cloud computing business.
Which country is doing best in AI?
North America is the global hotspot for advancements in AI technology and is home to the majority of the world’s largest AI providers. Of the countries in this region, Canada’s AI industry is showing the fastest growth, according to a report by Deloitte. Techopedia positions the US as the primary hub for AI development, and many of the world’s leading tech giants are headquartered there. According to the report, China comes in a close second.
What is Elon Musk's AI company?
In November 2023, Elon Musk launched Grok, a new AI technology company based in Nevada. Musk said he was starting it as a "third option" to ChatGPT and Google Gemini. Its Grok chatbot, originally called TruthGPT, is included on Musk's platform X, formerly known as Twitter.
Does Tesla have its own AI?
Tesla (NASDAQ:TSLA) has developed proprietary AI chips and neural network architecture. The company’s autonomous vehicle AI system gathers visual data in real time from eight cameras to produce a 3D output that helps to identify the presence and motion of obstacles, lanes and traffic lights. The AI-driven models also help autonomous vehicles make quick decisions. In addition to developing autonomous vehicles, Tesla is working on bi-pedal robotics.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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