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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: Big Tech Players Release Latest Results, Super Micro Shares Plummet
Market watchers are now looking ahead to election results on November 5 and the US Federal Reserves rate cut next week. Stay informed on the latest developments in the tech world with the Investing News Network's round-up below.
1. Bitcoin teases all-time high
Bitcoin recovered over the weekend from a dip last Friday, climbing above US$69,000 by Monday (October 28), fueled by growing optimism that Donald Trump will win the upcoming election, as reflected in his favorable odds on betting platforms. This surge widened Bitcoin’s dominance to almost 60 percent, its highest since March 2021, fueled by strong ETF inflows.
The rally continued Tuesday (October 29), pushing Bitcoin past the elusive US$70,000 it had been stuck beneath for weeks to US$71,540. By Wednesday (October 30) it was near its all-time high, hitting US$73,295. This triggered some liquidations, but strong exchange-traded fund inflows suggested continued demand.
Bitcoin performance, October 26 to November 1, 2024.
Chart via CoinGecko.
However, profit-taking on Thursday led to a selloff, driving Bitcoin's price below US$70,000.
The subsequent 24 hours were marked by extreme volatility, with Bitcoin's price swinging from US$68,840 to US$71,500 and back to US$69,350 in less than a day. By the end of the trading week, Bitcoin closed at US$69,284, reflecting a 4.39 percent decrease from its highest point this week.
2. Mixed results in tech earnings reports
This week’s tech earnings reports were a mixed bag, with most companies facing investor skepticism. AMD (NASDAQ:AMD), the first to report on Tuesday (October 29), saw its share price decline due to a lower-than-expected sales forecast, despite exceeding revenue predictions and demonstrating growth in sales of its data center chips.
Similarly, Microsoft’s (NASDAQ:MSFT) strong revenue growth was overshadowed by concerns about a slowdown in its Azure cloud business. Executives attributed the decrease to capacity constraints rather than decreased demand, but it wasn’t enough to appease investors who sent its share price down by three percent after hours.
AMD, Microsoft, Meta Platforms and Intel performance, October 28 to November 1, 2024.
Chart via Google Finance.
Apple (NASDAQ:AAPL), despite reporting its highest quarterly revenue growth in two years, disappointed investors with its sales forecast, following a lackluster reception to its limited AI feature launch. Apple shares are down 4.54 percent for the week.
Both Amazon and Alphabet (NASDAQ:GOOGL) reported strong overall revenue growth, with their cloud computing businesses as a key growth driver. Alphabet was trading slightly ahead leading up to the release of its Q3 report, which revealed an increase in total revenue to US$88 billion, 15 percent higher than last year’s Q3 and beating estimates of US$86.44 billion. The primary contributor to Alphabet's growth was its Google Cloud business, which expanded by 39 percent. This growth was fueled by AI, which attracted new users and increased engagement with existing ones.
Conversely, search ad growth decelerated, decreasing by 12 percent compared to the previous quarter's 14 percent decline. Capital expenditures, which have set a running rate of around US$13 billion per quarter this year, are set to increase in 2025, although growth will likely be smaller than it was in 2024, which may have eased investors' worries that spending on AI will eat into the company’s profits.
Amazon and Alphabet performance, October 28 to November 1, 2024.
Chart via Google Finance.
Later, on Thursday evening, Amazon’s Q3 report showed 50 percent growth in Amazon Web Services' quarterly operating profit to US$10.4 billion. Revenue also increased by 19 percent to US$27.5 billion. Investors appeared unconcerned about Amazon's significant capital expenditures, sending its shares up 6.75 percent on Friday morning.
This is likely because AWS's generative AI business is rapidly expanding. Andrew R. Jassy, president and CEO of Amazon, explained during a conference call that AWS’ AI segment is growing at a triple-digit rate, exceeding even AWS's early growth trajectory.
On the other hand, Meta’s (NASDAQ:META) 4.19 percent share price dip was triggered by plans for increased capital expenditure and anticipated losses in its AI division, highlighting growing investor impatience with the company’s ambitious spending on AI ventures, especially as its cloud business hasn’t generated the profits seen by Amazon, Alphabet and Microsoft to offset these losses.
Finally, after a disastrous performance in Q2, Intel (NASDAQ:INTC) managed to restore some investor confidence. Its Q3 results beat analysts' expectations, despite reporting a 6 percent decline in quarterly revenue to US$13.28 billion and losses of US$16.6 billion, arising from the company’s ongoing restructuring efforts. The company’s stock is up 2.34 percent for the week.
3. Apple's week of product launches
Apple had a busy week of product rollouts, starting with the launch of Apple Intelligence on October 28 (Monday). However, the initial release proved underwhelming due to its limited functionality, offering only AI enhancements to Photos and Writing tools. Most highly anticipated features are delayed until December, and users are required to join a waitlist to gain access to them.
Apple also introduced its new line of iMacs featuring M4 chips and built-in Apple Intelligence, which failed to garner enthusiasm. Apple ended the trading day slightly below its opening price.
Tuesday saw the launch of the new Mac mini, a compact 5x5 inch desktop designed for flexibility; the computer is sold as a stand-alone product and is compatible with non-Apple peripherals, allowing consumers to design their own system by adding their preferred display, keyboard and mouse. This product launch resulted in a marginal increase in its share value.
On October 30 (Wednesday), Apple introduced the powerful M4 Pro and M4 Max chips, designed for high-performance users with higher memory bandwidth and more GPU cores than the standard M4. However, in the lead-up to the company's Q3 earnings report on Thursday, Apple's share value dipped by over one percent.
Overall, Apple's stock value has decreased by 4.54 percent this week.
4. Super Micro Computer faces financial turmoil
Shares of Super Micro Computer (NASDAQ:SMCI) are down a whopping 45.5 percent this week after the California-based server maker disclosed that global accounting firm EY had resigned.
The firm cited issues with the company’s financial reporting as the reason for terminating the relationship, saying it had identified issues that raised concerns about the Audit Committee’s representations. The news was reported by Reuters on Wednesday and resulted in a 33 percent drop in Super Micro’s share price.
Super Micro Computer, whose valuation peaked in 2024 at US$118.81 mid-March and was up over 65 percent year-to-date before this story broke, disagrees with the firm’s findings; however, investors seem to be airing on the side of caution, as this latest development adds to a series of unanswered questions surrounding the company's financial reporting.
Super Micro delayed filing its annual report in late August to assess its internal controls over financial reporting after Hindenburg Research made claims of possible account manipulation. Super Micro then hired a special committee to investigate the matter, which EY said it could “no longer rely on” in a recent filing with the US Securities and Exchange Commission. The US Department of Justice reportedly also began an investigation into the company in September, according to a report by the Wall Street Journal.
5. Google Cloud gains a new partner
Google Cloud announced a partnership with web3 infrastructure provider MANTRA on Tuesday.
Under the terms of the deal, Google Cloud will serve as the primary validator and infrastructure provider for the MANTRA Chain, a Layer-1 blockchain designed to facilitate the tokenization of real-world assets (RWAs). MANTRA Chain will be integrated into Google Cloud’s Web3 portal, giving developers the tools they need to build RWA solutions on the platform. The partnership aims to drive the adoption of RWAs in industries like finance and real estate.
Furthermore, MANTRA and Google Cloud are launching MANTRA Incubator in 2025, an accelerator program to support real-world asset tokenization projects with resources and expertise.
This agreement presents a potentially lucrative revenue stream for Google Cloud and strengthens the company’s presence in the Web3 space. As the primary validator for MANTRA, Google Cloud will earn rewards for validating transactions and securing the network. As the MANTRA Chain grows and handles more transactions, Google Cloud’s revenue will likely increase.
This collaboration marks a significant step for both companies, highlighting the growing interest and potential of blockchain technology in transforming traditional industries.
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.
Tech 5: Tech Earnings Season Kicks Off as Tesla and IBM Report Results
Market watchers are now looking ahead to quarterly earnings reports from major tech companies. Stay informed on the latest developments in the tech world with the Investing News Network's round-up below.
1. Bitcoin starts strong, but ends down
The CoinDesk 20 Index (INDEXNYSEGIS:CDI20) started the week up 1.17 percent in 24 hours, with Bitcoin priced at nearly US$70,000 as trading commenced in Asia. The surge corresponded with an increase in open interest for Bitcoin futures, which hit a new record high of US$40.43 billion on Monday (October 21).
Augustine Fan, head of insights at the DeFi infrastructure firm SOFA, told CoinDesk in a Telegram note that day that the current pattern points to growing bullish sentiment in the market.
Meanwhile, the estimated leverage ratio — an open interest-based ratio tracked by CryptoQuant — was showing increased leverage, indicating that traders were starting the week with an appetite for risk.
Bitcoin performance, October 19 to 25, 2024.
Chart via CoinGecko.
However, the upward trend had reversed by Tuesday (October 22), with the weekend's gains disappearing.
As mentioned, rising Treasury yields drove crypto prices down, erasing 2 percent from the sector's total market cap. According to data tracked by CoinGlass, over US$165 million in long positions were liquidated.
Bitcoin exchange-traded funds also recorded their first net outflows in two weeks.
Bitcoin’s price continued to tumble on Wednesday, dropping to US$66,444 following the release of the Fed’s Beige Book data, which shows slow growth in the employment sector and slightly high prices for necessities like food and housing. The data fueled lingering inflation concerns and supported the argument for a smaller rate cut in November.
2. Tesla leaps after quarterly results release
Elon Musk's Tesla showed off its strongest quarterly report in a year after Wednesday's close.
The company produced about 70,000 vehicles and delivered 463,000, exceeding Q2 figures. Its GAAP net income reached US$2.2 billion, surpassing the previous quarter's US$1.5 billion. While total revenue of US$25.18 million saw a slight decrease from Q2, automotive revenue showed year-on-year and quarterly growth, reaching US$20.12 million.
Operating cashflow increased substantially, reaching US$6.3 billion compared to Q2's US$3.6 billion. GAAP earnings per share for Q3 were US$0.62, significantly higher than last quarter and the previous year.
Tesla’s share price has experienced significant swings this year as the company has adjusted timelines for several of its key products, including Full Self-Driving, new vehicle models, its robotaxi program and its humanoid robot Optimus. The National Highway Traffic Safety Administration has also launched several probes into the company’s self-driving technology following a series of traffic accidents involving Teslas.
Tesla performance, October 21 to 25, 2024.
Chart via Google Finance.
Shares ended Wednesday at US$213.65 ahead of the report’s release, down 2.45 percent from the week's start.
However, Tesla jumped by 12 percent in after-hours trading, boosted by the significant difference in cashflow and Musk’s confident forecast of a rise in vehicle deliveries by year's end. The company also confirmed that its timeline for new, affordable models remains on track, with production set to begin in the first half of 2025.
The report sparked a rebound in tech stocks after troubling Beige Book data and a rise in 10 year Treasury yields. For its part, Tesla finished the week up more than 22 percent.
3. IBM's quarterly results fail to impress
Also on Wednesday, IBM (NYSE:IBM) released its Q3 earnings report.
Its performance was driven by a 9.7 percent year-on-year increase in software revenues, with a notable 14 percent contribution coming from Red Hat, a subsidiary acquired by IBM in 2019.
Overall, the tech giant's Q3 revenue saw a modest 1 percent increase year-on-year, reaching US$15 billion, slightly below projected estimates of US$15.07 billion. Adjusted earnings per share showed stronger year-on-year growth of 5 percent, reaching US$2.30. IBM also highlighted its generative artificial intelligence (AI) segment.
"Our generative AI book of business now stands at more than $3 billion, up more than $1 billion quarter to quarter," said Arvind Krishna, the company's chairman, president and CEO.
"Heading into the final quarter of 2024, we expect fourth-quarter constant currency revenue growth to be consistent with the third quarter, with continued strength in Software. We are confident in our ability to deliver more than US$12 billion in free cash flow for the year, driven by continued expansion of our operating margins," he added.
IBM performance, October 21 to 25, 2024.
Chart via Google Finance.
Shares of IBM fell 5.87 percent to US$219.05 at the opening bell on Thursday. The company finished the week 7.77 percent below its peak price of US$233.01, which came on Wednesday.
4. NVIDIA and TSMC resolve chip design issue
On Wednesday, NVIDIA (NASDAQ:NVDA) announced the resolution of a design problem that delayed the production of its newest Blackwell chips, which were revealed in March and expected to be released sometime in Q2.
CEO Jensen Huang said the flaw was “100 percent NVIDIA's fault” and credited its collaborative partner, Taiwan Semiconductor Manufacturing Corporation (TSMC) (NYSE:TSM), for its assistance resolving the issue.
"What TSMC did, was to help us recover from that yield difficulty and resume the manufacturing of Blackwell at an incredible pace," Huang told an audience in Denmark, where he was launching a new supercomputer built by NVIDIA in collaboration with the Novo Nordisk Foundation and Denmark’s Export and Investment Fund.
The market responded by sending the company’s share price up over 2 percent in the final hours of trading on Wednesday. Shares of NVIDIA are up 2.66 percent for the week, and the company even briefly dethroned Apple (NASDAQ:APPL) as the world’s most valuable company on Friday (October 25) afternoon.
Analysts at Morgan Stanley (NYSE:MS) have projected that NVIDIA could produce up to 450,000 Blackwell GPUs in the fourth quarter. TSMC is NVIDIA's primary chip manufacturer, and its advanced manufacturing technology is crucial when it comes to meeting demand from NVIDIA's long list of customers, which includes tech mega corporations Alphabet (NASDAQ:GOOGL), Meta (NASDAQ:META) and Amazon (NASDAQ:AMZN).
TSMC and NVIDIA performance, October 21 to 25, 2024.
Chart via Google Finance.
TSMC’s strong Q3 results, released last week, were largely driven by demand for its manufacturing process, which uses EUV lithography to fabricate chips with higher precision. During a recent presentation for the Potomac Institute for Policy Studies, Rick Cassidy, president of TSMC’s California-based US division, reportedly told listeners that chip yield at an Arizona plant has exceeded that of similar factories in Taiwan by 4 percent.
TSMC is in line to receive US$11.5 billion in US government grants and loans, and it qualifies for a 25 percent tax credit under the CHIPS Act, which will better position it to capitalize on the growing demand for advanced AI chips.
5. Apple exec teases announcement next week
Apple is preparing to drop major news next week, according to Greg Joswiak, the company’s senior vice president of worldwide marketing, who teased a “week of announcement” on X, formerly Twitter, on Thursday morning.
Although no details have been released, Bloomberg reported that the company will likely roll out a line of new AI Macbooks and a newly redesigned Mac mini powered by Apple’s newest M4 chip.
Also next week, Apple is set to update its iOS system with Apple Intelligence, the company's homegrown AI platform. The update will be available for: all Macs with Apple silicon M1 and M2 chips; iPad Pro and iPad Air models with M1 chips or later; and the iPhone 15 Pro, iPhone 15 Pro Max and newly released iPhone 16 series.
The market gave a muted response to the news, which came a day after tech stocks declined on the back of rising 10 year Treasury yields. Some of Apple’s product rollouts earlier this year failed to generate significant consumer enthusiasm, and Apple is lagging behind its competitors in on-device AI capabilities.
By the end of the trading week, Apple's share price had decreased by 1.38 percent, closing at US$231.41.
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.
