
New AI Increasing 3D Model production up to 40%
Search engine has over 200,000 3D models with unlimited color and texture variations
Nextech3D.ai’s (CSE:NTAR, OTCQX:NEXCF, FSE:EP2) portfolio of products and patents places the company at a competitive advantage, particularly as the advent of ChatGPT brings revolutionary artificial intelligence applications to the forefront of users and investors, according to an article published by The Silicon Review.
According to the article, Nextech3D.ai’s Ai-powered offerings focused on 3D modeling for e-commerce serve a massive market size of about $100 billion out of a $5.5-trillion global e-commerce industry
Nextech3D.ai’s AI breakthrough in 3D modeling allowed it to diversify its 3D/AR businesses such as Arway.ai, Nextech3D.ai, and Toggle3D.ai while continuing to file more patents in 2023, the article said.
To learn more about Nextech3D.ai’s generative AI technology, read the article here.
New AI Increasing 3D Model production up to 40%
Search engine has over 200,000 3D models with unlimited color and texture variations
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, and other major e-commerce retailers is pleased to announce the success of its proprietary AI-Powered 3D model search engine launched in Q1, 2024. This innovative AI 3D model search engine uses AI powered by Nvidia's GPUs to speed-up and scale-up operations for the 3D modeling process. The AI search engine uses images to search Nextech's internal library of 3D models and meshes then recommends a close match to the given image. The Company is pleased to report that as a direct result of this AI search engine it is achieving as high as 40% increase in production thus increasing the number of 3D models the company can produce. The Company is continuing to develop patents around its proprietary technology while building and launching breakthrough AI for the mass scale of 3D models, which it sees as a significant growth market in 2024
As a leading 3D model supplier for e-commerce and AR, Nextech3D.ai recognizes the challenges faced by 3D artists and the time required in building intricate designs from scratch. To address these challenges the Company has built this innovative AI-powered search engine that instantly searches for similar model meshes within Nextech's vast 3D model library of 2000,000+ 3D models with similar colours, textures and shapes. This AI 3D model search engine was created in-house by the Company's team of AI engineers and scientists, showcasing the Company's technical strength and expertise.
Watch a demo of the AI-Powered 3D model search engine tool - click here
CEO of Nextech3D.ai Evan Gappelberg commented, "We are investing in our AI capabilities to stay competitive in the 3D model market and we see our AI search engine as just one of our investments that are paying off. Our AI-powered Search engine enabling our production to increase by as much as 40% represents a giant step forward in our Company's ability to scale production of 3D models. By combining our five years of technical expertise in the 3D modeling industry with our new AI capabilities, we're enabling our production capabilities to rapidly scale-up and move ahead in 2024. Our patented and patent pending AI along with new Nvidia GPU tech is allowing us to do things in terms of productivity that we just were not able to do previously, and I expect that to start showing up in the bottom line profitability of our 3D business in 2024."
Some other notable investments in AI that are in the news:
Meta has purchased 500,000 more AI GPUs for a total of 1 million AI GPUs, which is valued at $30 billion
OpenAI CEO Sam Altman plans to spend $50 billion a year on AGI development (artificial general intelligence) by using 720,000 NVIDIA H100 AI GPUs that cost a hefty $21.6 billion.
Microsoft is aiming for 1.8 million AI GPUs by the end of 2024, while OpenAI wants to have 10 million AI GPUs before the end of the year.
Key features of the Mesh Search Tool include:
Advanced AI Algorithms: Nextech3D.ai integrates state-of-the-art AI algorithms to enable precise and rapid mesh searches, ensuring 3D artists can find the matches they need in seconds.
Intuitive User Interface: The user-friendly interface offers a seamless experience built directly into the Company's platform, allowing 3D artists to search the vast 3D model library quickly and effortlessly.
Comprehensive Mesh Database: An extensive and continuously expanding database of hundreds of thousands of 3D parts and meshes. The mesh search tool covers a wide range of diverse products from various industries.
This new tool leverages artificial intelligence algorithms to enable 3D artists to effortlessly navigate and locate specific 3D meshes, streamlining workflows and saving valuable time while increasing productivity.
ARitize 3D
ARitize 3D is your one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Our Artificial Intelligence (AI) will turn your existing 2D product images or CAD files into 4K 3D AI and Augmented Reality experiences. It's fast, it's easy and it will transform your ecommerce website.
ARitize 3D is the One-Stop-Shop 3D + AR solution for eCommerce that is:
Affordable - lowest cost provider
Scalable - fastest, seamless, high quality
Frictionless - requires low implementation effort
AI & ML powered - automated 3D model creation
End to End - from model creation to CMS & AR visualization
Brands are invited to Contact Us to let our team help you start selling using 3D models for your online store today.
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About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, and other major e-commerce retailers is pleased to announce that the Company has received an order for 1,000+ 3D AI models and over 4,000+ 3D AI digital photos in May with delivery set to begin in June with a contract value in the mid-six figures. This large enterprise order is a testament to the company's pioneering AI technologies and expertise in creating 3D models and now renderings of 3D models in 2K, 4K, and 8K for e-commerce enterprise customers across the globe
Nextech3D.ai CEO Evan Gappelberg commented, "This enterprise customer has recognized the significant ROI of 3D models in e-commerce and is now accelerating its purchasing of 3D models. Shopify has reported up to a 93% increase in CTR, a 250% increase in conversions, and a 40% reduction in returns by implementing 3D/AR models on their eCommerce websites. Nextech3D.ai is currently working directly with Amazon, the largest e-commerce marketplace, and some of the world's largest e-commerce retailers including Kohl's. We also offer "one-click integration'' with the largest eCommerce platforms including Shopify, BigCommerce, and WooCommerce, which have rolled out 3D/AR and set the standard for Web 3.0 in e-commerce.
He continues, "Today we are seeing more companies both big and small interested not just in 3D AI models but also in 3D AI digital renders which we now are selling alongside our 3D AI models, creating additional value out of the 3D model itself. 3D AI & AR produces immersive shopping experiences that customers now expect in e-commerce. With our end-to-end integrated solutions, white-glove service, ability to scale production, and large enterprise customers, Nextech3D.ai is emerging as a 3D AI e-commerce leader. These large contracts are critical revenue and cash flow drivers for the company."
Example of the company's new AI Rendering of a 3D Chair & Ottoman in 4K:
Nextech3D.ai Continues to Sign New and Renewal 3D Modeling Deals
The company believes that it can become profitable in 2024 by scaling revenue with 80% profit margins while operating expenses are going down due to its investment in its patented AI. The strategic shift to Hyderabad India aligns perfectly with Nextech3D.ai's commitment to delivering top-tier 3D modeling and augmented reality solutions while maintaining a keen eye on profitability and fiscal responsibility for its valued shareholders.
Why AI and 3D Modeling, and Why Now?
The e-commerce landscape is evolving rapidly, with consumers demanding more interactive and engaging shopping experiences. This is where AI and 3D modeling technology come into play, offering a dynamic, immersive, and personalized shopping journey. The shift from 2D to 3D modeling for e-commerce is a major multi-decade transformation that is being led by AI. This transformation is evident as major brands and companies are incorporating 3D models and AR shopping, including Amazon, Walmart, CB2, IKEA, Sephora, Target and more.
Amazon (AMZN - Worth $2 Trillion) Amazon is leading this shift, transitioning from traditional 2D images to 3D models for all their products, setting a new standard in online retail. Nextech3D.ai is proud to be a 3D model supplier for Amazon, already creating tens of thousands of 3D models per month.
According to Amazon Prep: Amazon Has Measured the Following 3D/AR Model Benefits:
Other Benefits of 3D:
The Power of 3D Models in E-Commerce
3D models in e-commerce enable customers to visualize products in high detail from every angle, significantly enhancing decision-making confidence. This shift leads to higher conversion rates, as customers are more likely to purchase when they can thoroughly explore a product. Moreover, 3D visualization reduces returns, as buyers have a clearer expectation of what they are purchasing, thus saving costs, and improving customer satisfaction. Additionally, interactive 3D models increase customer engagement, keeping them on your site longer, which directly correlates with increased sales.
Timely
As online shopping continues to grow, the demand for more immersive and interactive experiences is growing. Businesses adopting 3D models are setting new benchmarks for customer engagement and satisfaction.
Nextech3D.ai believes it stands at the forefront of this mega-trend, leading the shift from static 2D images to immersive 3D experiences. Its patented AI-powered 3D modeling technology creates photo-realistic 4K 3D models that cater to major e-commerce platforms like Amazon. With years of expertise and a portfolio of high-profile clients including Amazon, P&G, Kohls, Miele, and others - Nextech3D.ai is transforming online shopping into an interactive adventure.
ARitize3D is your one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Our Artificial Intelligence (AI) will turn your existing 2D product images or CAD files into 4K 3D AI and Augmented Reality experiences. It's fast, it's easy and it will transform your e-commerce website.
ARitize3D is the One-Stop-Shop 3D + AR solution for e-commerce that is:
Brands are invited to Contact Us to let our team help you start selling using 3D models for your online store today.
Recent News
Sign up for Investor News and Info - Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB: TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" (Australia's largest listed company) and other major e-commerce retailers is excited to announce a major milestone in its 3D modeling business for ecommerce by hitting 80% gross profit in Q2, 2024 which is up 166% from 30% in 2023. This milestone achievement is only possible through the company's investment in AI and its pivot to Hyderabad India in Q3, 2023
The company believes that it can become profitable in 2024 by scaling revenue with 80% profit margins while operating expenses are going down due to its investment in its patented AI. The strategic shift to Hyderabad India aligns perfectly with Nextech3D.ai's commitment to delivering top-tier 3D modeling and augmented reality solutions while maintaining a keen eye on profitability and fiscal responsibility for its valued shareholders.
Why AI and 3D Modeling, and Why Now?
The e-commerce landscape is evolving rapidly, with consumers demanding more interactive and engaging shopping experiences. This is where AI and 3D modeling technology come into play, offering a dynamic, immersive, and personalized shopping journey. The shift from 2D to 3D modeling for e-commerce is a major multi-decade transformation that is being led by AI. This transformation is evident as major brands and companies are incorporating 3D models and AR shopping, including Amazon, Walmart, CB2, IKEA, Sephora, Target and more.
Amazon (AMZN - Worth $2 Trillion) Amazon is leading this shift, transitioning from traditional 2D images to 3D models for all their products, setting a new standard in online retail. Nextech3D.ai is proud to be a 3D model supplier for Amazon, already creating tens of thousands of 3D models per month.
The Power of 3D Models in E-Commerce
3D models in e-commerce enable customers to visualize products in high detail from every angle, significantly enhancing decision-making confidence. This shift leads to higher conversion rates, as customers are more likely to purchase when they can thoroughly explore a product. Moreover, 3D visualization reduces returns, as buyers have a clearer expectation of what they are purchasing, thus saving costs and improving customer satisfaction. Additionally, interactive 3D models increase customer engagement, keeping them on your site longer, which directly correlates with increased sales.
Timely
As online shopping continues to grow, the demand for more immersive and interactive experiences is growing. Businesses adopting 3D models are setting new benchmarks for customer engagement and satisfaction.
Nextech3D.ai believes it stands at the forefront of this mega-trend, leading the shift from static 2D images to immersive 3D experiences. Its patented AI-powered 3D modeling technology creates photo-realistic 4K 3D models that cater to major e-commerce platforms like Amazon. With years of expertise and a portfolio of high-profile clients including Amazon, P&G, Kohls, Miele and others - Nextech3D.ai is transforming online shopping into an interactive adventure.
Management Changes:
Anum Wagas, CPA, CGA, previously the Director of Finance for Nextech3D.ai has been appointed interim Chief Financial Officer. Anum brings over a decade of experience from multinational companies and government sectors, with a strong background in financial reporting under IFRS. She succeeds Andrew Chan, who is taking a new job in different industries. The Board expresses appreciation for his contributions and wishes him success.
Recent News
Nextech3D.ai Announces Formation of AI Incubator and AI Acquisition & Development Division With Potential 2024 IPO Spin Out
Nextech3D.ai Establishes New Business Unit Led by Former META Executive, Targeting Jewelry Industry with GPT AI CAD-3D Models, Blockchain Technology, and NFTs
Nextech3D.ai Expands AI Tech Team and Doubles Office Space As Demand Increases For GPT AI Platform and 3D Model Production In Hyderabad, India
Nextech3D.ai Launches Next Era of GPT AI 3D Solutions Led by Former Microsoft Executive
Nextech3D.ai Lands $1.8 Million 3D Modeling Deal with NASDAQ 100 Technology Company
Nextech3D.ai Reports $5 Million in 2023 Revenue, Growth Up +56% Preliminary Unaudited Results
Sign up for Investor News and Info - Click Here
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology Company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent Company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public Company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
2023 Annual revenue growth of + 56%
2023 Annual revenue of $5 million
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" and other major e-commerce retailers reports its Fiscal Year 2023 and Fourth Quarter 2023 Financial Results the year ended December 31, 2023
Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer today after the close where Nextech3D.ai will host a conference call to discuss these financial results.
Evan Gappelberg - CEO Commentary:
Preliminary Annual 2023 Financial Highlights
2023 Annual revenue growth of + 56%
2023 Annual revenue of $5 million compared to $3.2 million in 2022
70,000 3D models created to date
2024 Outlook
New demand for 3D models expected to gain momentum throughout the year driven by large enterprise customers
2023-Cost cutting measures and pivot to India to reduce the company's burn in 2024 by as much as 75%
Q1 2024 Gross Profit margins estimated to be 50-55%
Q2 2024 Gross margin estimated to be 80%
Q2 Improved margins puts India 3D modeling business as a stand alone business unit projected to go cash flow positive
New 3D photography and AI driven product launches expected to drive additional revenue and growth in 2024
Multiple patents already issued in 2024 with additional patent issuances expected
Company is Launching Several Enhanced AI 3D Productivity Tools in Q2, Q3 2024
Nextech3D.ai Corporation
Statement of Financial Position
December 31, 2023
31-Dec-23 | 31-Dec-22 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash & cash equivalents | 907,847 | 3,777,117 | ||||||
Receivables | 357,398 | 744,331 | ||||||
Contract asset | 51,320 | 589,015 | ||||||
Finance lease receivable on sublease CP | 199,933 | - | ||||||
Prepaid expenses | 294,471 | 310,906 | ||||||
Inventory | - | 45,289 | ||||||
Non current assets held for sale | - | 501,188 | ||||||
Total current assets | 1,810,969 | 5,967,846 | ||||||
Equipment | 325,633 | 278,463 | ||||||
Deferred consideration | 206,850 | - | ||||||
Right of use asset | - | 829,278 | ||||||
Finance lease receivable on sublease | 642,983 | - | ||||||
Intangible assets | - | 3,313,741 | ||||||
Goodwill | - | 6,746,378 | ||||||
Total assets | 2,986,435 | 17,135,706 | ||||||
LIABILITIES | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | 3,531,460 | 2,641,918 | ||||||
Deferred revenue | 342,192 | 437,746 | ||||||
Lease liability | 143,722 | 222,250 | ||||||
Liabilities associated with assets held for sale | - | 92,532 | ||||||
Total current liabilities | 4,017,374 | 3,394,446 | ||||||
Lease liability - non current | 469,624 | 582,586 | ||||||
Deferred tax liabilities | - | 29,974 | ||||||
Total liabilities | 4,486,998 | 4,007,006 | ||||||
Shareholders' Equity | ||||||||
Share capital | 91,909,495 | 83,271,707 | ||||||
Reserves | 14,166,972 | 12,754,706 | ||||||
Accumulated Other Comprehensive Income | 678,143 | 827,101 | ||||||
Shareholder's equity attributable to Nextech shareholders | (112,211,223 | ) | (85,898,862 | ) | ||||
Total common shareholders' equity | (5,456,613 | ) | 10,954,652 | |||||
Non controlling interest | 3,956,050 | 2,174,048 | ||||||
Total equity | (1,500,563 | ) | 13,128,700 | |||||
Total liabilities and shareholders' equity | 2,986,435 | 17,135,706 |
Nextech3D.ai Corporation
Statement of Loss and Comprehensive Loss
December 31, 2023
YTD | ||||||||||||||
31-Dec-23 | 31-Dec-22 | |||||||||||||
$ | $ | |||||||||||||
Revenue | 5,033,202 | 3,224,791 | ||||||||||||
Cost of sales | (3,586,162 | ) | (1,593,076 | ) | ||||||||||
Gross profit | 1,447,040 | 1,631,715 | ||||||||||||
Operating expenses: | ||||||||||||||
Sales and marketing | 4,546,502 | 5,013,367 | ||||||||||||
General and administrative | 9,362,610 | 13,377,575 | ||||||||||||
Research and development | 3,249,799 | 3,892,208 | ||||||||||||
Stock based compensation | 1,775,695 | 1,715,690 | ||||||||||||
Amortization | 2,105,689 | 2,655,652 | ||||||||||||
Right of use amortization | 55,728 | 76,905 | ||||||||||||
Depreciation | 87,824 | 122,930 | ||||||||||||
Operating profit (loss) | (19,736,807 | ) | (25,222,612 | ) | ||||||||||
Other income (expense): | ||||||||||||||
Gain on sublease recognition | 120,626 | - | ||||||||||||
Loss on asset disposal | (85,679 | ) | - | |||||||||||
Gain on liability | - | 381,019 | ||||||||||||
Impairment of intangible assets and goodwill | (7,575,263 | ) | (476,113 | ) | ||||||||||
Foreign exchange gain (loss) | (14,393 | ) | 1,345,593 | |||||||||||
Profit (Loss) before income taxes | (27,291,516 | ) | (23,972,113 | ) | ||||||||||
Current income tax expense | - | (34,937 | ) | |||||||||||
Deferred income tax recovery | 29,974 | 672,148 | ||||||||||||
Net income (loss) from continuing operations | (27,261,542 | ) | (23,334,902 | ) | ||||||||||
Income (loss) from discontinued operations | (452,814 | ) | (4,043,424 | ) | ||||||||||
Net loss | (27,714,356 | ) | (27,378,326 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||
Exchange differences on translating foreign operations, continuing operations | (148,958 | ) | (432,845 | ) | ||||||||||
Comprehensive income (loss) | (27,863,314 | ) | (27,811,171 | ) | ||||||||||
Net loss from C/O attributed to: | ||||||||||||||
Parent | (25,109,547 | ) | (22,896,701 | ) | ||||||||||
Non controlling interest - PL | (2,151,995 | ) | (438,201 | ) | ||||||||||
Net loss from D/O attributed to: | ||||||||||||||
Parent | (452,814 | ) | (4,043,424 | ) | ||||||||||
Non controlling interest - PL | - | - | ||||||||||||
Comprehensive loss attributed to: | ||||||||||||||
Parent | (25,711,319 | ) | (27,372,970 | ) | ||||||||||
Non controlling interest | (2,151,995 | ) | (438,201 | ) | ||||||||||
Loss per share from C/O - basic and diluted | (0.22 | ) | (0.24 | ) | ||||||||||
Loss per share from D/O - basic and diluted | (0.00 | ) | (0.04 | ) | ||||||||||
Weighted average number of common shares outstanding | ||||||||||||||
Basic and diluted | 114,085,494 | 100,201,691 |
Nextech3D.ai Corporation
Statement of Cash Flow
December 31, 2023
YTD | ||||||||
31-Dec-23 | 31-Dec-22 | |||||||
Operating activities: | ||||||||
Net loss | (27,714,356 | ) | (27,378,326 | ) | ||||
Adjustment for: | ||||||||
Interest income from sublease | (39,903 | ) | - | |||||
Interest expense from lease | 30,217 | 28,668 | ||||||
Stock based compensation | 1,775,695 | 1,715,690 | ||||||
Amortization of intangible assets | 2,105,689 | 2,655,652 | ||||||
Amortization of ROU | 55,728 | 261,101 | ||||||
Depreciation of property and equipment | 87,824 | 143,567 | ||||||
Gain on sublease recognition | (120,626 | ) | - | |||||
Loss on asset disposal | 85,679 | - | ||||||
Gain on short-term investment | - | (381,019 | ) | |||||
Impairment of intangible assets & goodwill | 7,759,360 | 3,178,426 | ||||||
Expenses paid by shares | 648,891 | 1,917,837 | ||||||
Loss on PET disposal | 173,534 | - | ||||||
Income tax expense (recovery) | - | - | ||||||
Changes in non-cash working capital balances | ||||||||
Receivables | 386,933 | 269,873 | ||||||
Contract asset | 537,695 | (202,813 | ) | |||||
Prepaid expenses | 16,435 | 408,743 | ||||||
Inventory | 45,289 | 2,954,342 | ||||||
Accounts payable and accrued liabilities | 917,814 | (24,574 | ) | |||||
Deferred revenue | (95,554 | ) | (171,255 | ) | ||||
Deferred tax liability | - | (673,290 | ) | |||||
Total operating cash flow | (13,343,656 | ) | (15,297,378 | ) | ||||
Cashflows from investing activities | ||||||||
Purchase of equipment | (227,250 | ) | (101,784 | ) | ||||
Payments received from sublease | 66,554 | - | ||||||
Net cash provided by (used in) investing activities, continuing operations | (160,696 | ) | (101,784 | ) | ||||
Cashflows from financing activities | ||||||||
NTAR - Net proceeds from private placements | 5,726,654 | 8,890,349 | ||||||
NTAR - Proceeds from Employee Pay Program | 2,269,704 | 2,496,628 | ||||||
Proceeds from securities issuances to NCI | 2,813,107 | 1,657,354 | ||||||
Repayment of loan | - | (90,896 | ) | |||||
Payments of lease liability | (203,762 | ) | (388,804 | ) | ||||
Net cash provided by (used in) financing activities, continuing operations | 10,605,703 | 12,564,631 | ||||||
Effects of foreign exchange on cash | 29,379 | (616,272 | ) | |||||
Change in cash during the period | (2,898,649 | ) | (2,834,531 | ) | ||||
Cash, beginning of period | 3,777,117 | 7,237,296 | ||||||
Cash, end of period, continuing operations | 907,847 | 3,786,493 | ||||||
Cash, end of period, continuing operations | 907,847 | 3,777,117 | ||||||
Cash, end of period, discontinuing operations | - | 9,376 | ||||||
Taxes paid | - | 27,005 | ||||||
Interest paid | 30,217 | 30,910 | ||||||
Cash interest received | 121,122 | 108,390 |
Conference Call Details:
Title: Nextech3D.ai Full Year 2023 and Q4 2023 Financial Results
Call Date: Monday, April 29, 2024
Time: 05:00 PM (GMT-04:00) Eastern Time (US and Canada)
Participant Details:
North America Toll-Free: (888) 330-2024
North America Toll: (646) 960-0187
International Toll: +1(646) 960-0187
Conference ID: 7778367
Webcast Attendee URL: https://events.q4inc.com/attendee/810085104
For those unable to join the live event, a recording of the presentation will be posted on the Company's investor relations website.
Sign up for Investor News and Info -Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a leading provider of patented 2D-3D Generative AI-powered 3D modeling technologies to major e-commerce brands like Amazon, Miele, P&G, Kohls, and Wesfarmers Group's "Bunnings", has announced a collaboration with GlassDollar. This collaboration highlights the demand for Nextech3D.ai's innovative solutions from large corporations-including CAD to 3D texturing, 3D photo rendering, data analytics, generative AI, spatial computing, and 3D cloud hosting. Through this collaboration Nextech3D.ai is participating in the supplier network of GlassDollar, which extends Nextech3D.ai reach to large Corporations, such as Siemens, LG, BSH, Infineon and more
Nextech3D.ai, along with its subsidiaries Toggle3D.ai and ARway.ai, is excited to be invited to bring its advanced technologies to this collaboration. This collaboration serves to both enhance GlassDollars product offerings to meet the specific needs of GlassDollar's clients while establishing potential new relationships and revenue streams for Nextech3D.ai.
Evan Gappelberg, CEO of Nextech3D.ai, stated, "Working with GlassDollar provides a seamless avenue for innovative tech startups like Nextech3D.ai, Toggle3D.ai and ARway.ai to engage with large enterprises, in a frictionless environment. He continues "GlassDollar's ability to pair our solution directly with large corporations that are looking for the same solution is a breath of fresh air. They have done the hard work of finding a potential customer but they don't stop there…they continue to foster the business relationship by setting up follow up calls and making further introductions all while being professional, diligent and proactive through the entire process. We are thrilled about this collaboration and look forward to fostering a long-lasting relationship.``
After markets close on Monday, April 29, 2024 the company will release its audited full year and fourth quarter 2023 financial results
In February, the Company released the preliminary unaudited results showing strong annual revenue growth of +56% to $5 million compared to $3.2 million in 2022. Annual gross profit margin for 2024 is estimated at 30% with the Company's pivot to India in Q4, 2023. Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2023.
Subsequently, Nextech will host a conference call to discuss the full year and fourth quarter 2023 results Monday, April 29, 2024 at 5:00 PM Eastern Time.
Please join Evan Gappelberg, Chief Executive Officer, and Andrew Chan, Chief Financial Officer, to discuss these financial and operating results as well as a 2024 business outlook- cost cutting -and cash flow followed by a question and answer period.
Preliminary Annual 2023 Financial Highlights
2023 Annual revenue growth of 56%
2023 Annual revenue of $5 million compared to $3.2 million in 2022
70,000 3D models created 12/32/2023.
Conference Call Details:
Title: Nextech3D.ai Full Year 2023 and Q4 2023 Financial Results
Call Date: Monday, April 29, 2024
Time: 05:00 PM (GMT-04:00) Eastern Time (US and Canada)
Participant Details:
North America Toll-Free: (888) 330-2024
North America Toll: (646) 960-0187
International Toll: +1(646) 960-0187
Conference ID: 7778367
Webcast Attendee URL: https://events.q4inc.com/attendee/810085104
For those unable to join the live event, a recording of the presentation will be posted on the Company's Investor Relations website.
Recent News
Nextech3D.ai Releasing New 3D GPT-AI For Toggle3D.ai The "All-IN-ONE 3D Platform"
Nextech3D.ai Issued Pivotal AI Patent from USPTO for Generating 3D Models from 2D Images
Nextech3D.ai Receives Notice From USPTO To Be Granted Pivotal AI Patent for Generating 3D Models from 2D images
Sign up for Investor News and Info - Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
The Vancouver edition of Web Summit took place last week, bringing 15,727 attendees from 117 countries together, including 159 partners, 681 investors and 50 trade delegations.
A record-breaking 1,108 startups across a range of tech-touching industries exhibited, showcasing their products, services and ideas, from groundbreaking biotech advancements to revolutionary sustainable energy solutions.
Artificial intelligence (AI) was a prominent feature across all these innovations, underscoring the rapid pace of technological advancement and its pervasive influence across all aspects of modern life.
Discussions revealed diverse opinions, with many emphasizing AI's practical usefulness, the economic viability of large language models and the importance of real-world value in AI research.
Self-described AI skeptic Gary Marcus, a scientist and author, proposed neuro-symbolic AI as a path to enhanced reliability. While pointing out the shortcomings of existing AI, such as ethical reasoning issues and hallucination tendencies, he acknowledged its worth, particularly in the field of biology.
The event provided a crucial snapshot of where the tech industry stands on AI, both in terms of technological advancements and its growing influence on investment and business strategy.
Despite challenges in public and private markets, experts across multiple panels agreed that AI is fueling the rapid development of new markets, influencing capital allocation and funding trends.
Speakers on a panel focused on the current state of venture capital (VC) highlighted AI's potential to revolutionize the VC landscape, with Freestyle Capital general partner Maria Palma asserting that AI technology has revitalized the industry by creating new opportunities and altering market dynamics.
She argued that VCs are inherently optimistic, but must adapt to longer fund cycles and prioritize top talent migrating to startups, while also considering AI's influence on liquidity and the speed of company building and scaling.
Palma pointed to development platform Lovable, which brought in US$50 million in revenue in five months.
“You didn't see that 10 years ago in any company ... I think that the pace of ability to build and ability to attack different markets is different than it's ever been,” she told the Web Summit audience.
In another panel, Brett Gibson, managing partner at Initialized Capital, pointed to a broader shift toward authoring software and the potential for widespread fragmentation and consolidation in the software market. 500 Global CEO Christine Tsai discussed the volatility of emerging tech stacks, while Andy McLaughlin, managing partner at Uncork Capital, stressed the importance of spotting opportunities outside mega platforms.
The consensus was that AI is fueling new business models, pushing investors to rethink how value is defined.
During the "Smart Money in 2025"presentation, speakers Alfred Chuang of Race Capital and Wesley Chan of FPV Ventures emphasized that investors now see AI as the foundation of new hyper-focused platforms.
The industry-specific approach of legal tech unicorn Clio was showcased at the "Vertical Software is Eating the World" discussion, andhighlighted the growing interest in AI-powered vertical SaaS business models.
“There is a huge amount of opportunity that remains, and a disruptive opportunity to unseat the incumbents in software verticals today with AI native companies, and also an opportunity for incumbents in the space to embrace AI and tap into what is an exponential opportunity for AI,” Clio CEO Jack Newton told the audience.
Chuang elaborated on the transformative role of AI in the software industry. “I think SaaS has a huge opportunity for basically a re-up for all the different applications. We're going to see a whole new wave of apps. Now we can automate the process, and a process can write code to automate another process … these are opportunities we have never seen before. It's a very exciting time. We're going to be hugely more productive going forward.”
Chan stressed to the audience that AI utility matters more than AI branding, echoing Marcus’ earlier sentiment on its potential to increase productivity for life science companies. He cited recently announced results for Strand Therapeutics’ mRNA cancer drug, which was developed with the help of AI.
Uncork Capital’s McLoughlin pointed to Toronto-based software company Tailscaleas an example of a firm that is enabling core functionality for AI at scale without branding itself around AI.
“They build virtual private networks that have become fundamentally important to the AI economy. Every single (AI) hyperscaler is using Tailscale to network together this kind of global cluster of GPUs," he said.
"We didn't think about that when we first invested in 2019. We liked the idea of connected devices and people, but we never thought of a future where actually this would be a killer use case.”
Discussions also honed in on generative AI's uses in areas like customer service co-pilots and sales automation, and how AI agents are developing into more proactive partners, freeing human teams to focus on strategy. However, as AI agents begin to reason, act and potentially make decisions that carry real-world consequences, the conversation consistently circled back to the importance of accountability, privacy protection and regulation.
While agentic AI may not yet be mainstream, it’s quickly becoming a frontier for productivity, ethics and innovation.
Speakers on the "All in on AI"panelalso discussedthe potential for emerging markets to provide liquidity and foreign buyers, noting the increasing importance of non-US markets in the context of regulatory changes.
“One thing that's really quite unprecedented about this wave versus other waves is just how much of a national agenda (AI) is for so many countries around the world,” said 500 Global's Tsai, noting that Silicon Valley still has its place among the great global founders. Palma shared that sentiment during "The State of Venture Capital" talk, adding that the bigger problem is not the listing exchange, but whether entrepreneurs still desire to go public at all.
The rise of non-US markets and a more globally dispersed talent pool are occurring against a backdrop of evolving international trade relations and policies. Several panels focused on the US-China relationship while addressing how tariffs are shaping the global tech economy, from talent acquisition to material sourcing.
Economist William Lazonick called out the inefficacy of the current tariff strategy in terms of encouraging innovation, highlighting Big Tech's underinvestment in research and development and prioritization of share buybacks.
Separately, Bison Ventures founding partner Tom Biegala noted the shift toward onshoring and AI-enabled robotics in manufacturing to enhance productivity and reduce labor costs. He also touched on opportunities in the defense tech sector, driven by the need for critical components to be US- or western-made for national security reasons.
“I think that has certainly been accelerated in today's environment, and it's bleeding over into a whole bunch of more traditional industries, from 3D printing to manufacturing of what are typically commodity components,” he said.
While much of the discussion focused on US policy, another takeaway was Canada's potential to thrive in a changing trade landscape, with several noteworthy announcements taking place throughout the week.
One came at a Bell press conference, where the telecommunications company unveiled Bell AI Fabric, an initiative to build a network of data centers across the country, with Kamloops as its first hub. Later, Diana Gibson, BC's minister of jobs, economic development and innovation, announced the expansion of the Integrated Marketplace Program with an additional C$30 million in funding, supporting over 30 startups across the province.
While the province supports its tech sector, challenges like high costs and regulations remain. Gibson and Rocky Tung, director and head of policy research at Hong Kong’s Financial Services Development Council, addressed BC's need for stronger ties, particularly in finance, VC and web3. Even so, Canada's stability and innovation ecosystem could be attractive to investors seeking a haven and fertile ground for growth amid international volatility.
Web Summit served as a vital forum for exploring the multifaceted impact of AI on the tech industry and beyond, highlighting its role as both a disruptive force and a catalyst for innovation.
As AI continues to reshape industries and markets, the insights shared at the Vancouver-based Web Summit provide a valuable roadmap for navigating the future of technology and investment.
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.
The Trump administration announced a rebrand of the US Artificial Intelligence (AI) Safety Institute, stripping the word “safety” from the organization's title and mission.
The institute, once tasked with developing standards to ensure AI model transparency, robustness and reliability, will now be known as the Center for AI Standards and Innovation (CAISI). According to the announcement, its focus will be on enhancing US competitiveness and guarding against foreign threats, not constraining the industry with regulations.
The decision, announced on Tuesday (June 3) by US Secretary of Commerce Howard Lutnick, marks a sharp departure from the Biden-era posture on AI governance.
"For far too long, censorship and regulations have been used under the guise of national security. Innovators will no longer be limited by these standards,” Lutnick said in a statement.
“CAISI will evaluate and enhance US innovation of these rapidly developing commercial AI systems while ensuring they remain secure to our national security standards.”
Established in November 2023 under President Joe Biden’s executive order on AI, the original AI Safety Institute was housed within the National Institute of Standards and Technology (NIST). It aimed to assess AI risks, publish safety benchmarks and convene stakeholders in a consortium focused on responsible AI development.
But with the Trump administration’s return to the White House, the emphasis has shifted.
Instead of curbing AI risks through regulation and safety protocols, the renamed CAISI will now prioritize “pro-innovation” objectives, including the evaluation of foreign AI threats, mitigation of potential backdoors and malware in adversarial models and avoidance of what the administration sees as regulatory overreach from foreign governments.
According to the commerce department, CAISI’s primary tasks will include collaborating with NIST laboratories to help the private sector develop voluntary standards that enhance the security of AI systems, particularly in areas like cybersecurity, biosecurity and the misuse of chemical technologies. The center will also establish voluntary agreements with AI developers and evaluators, and lead unclassified evaluations of AI capabilities that may pose national security risks.
In addition to those directives, CAISI will lead comprehensive assessments of both domestic and foreign AI systems, focusing on how adversary technologies are being adopted and used, and identifying any vulnerabilities, such as backdoors or covert malicious behavior, that could pose security threats.
The center is also expected to work closely with the Department of Defense, the Department of Energy, the Department of Homeland Security, the Office of Science and Technology Policy, and the intelligence community.
CAISI will remain housed within NIST and will continue to work with NIST’s internal organizations, including the Information Technology Laboratory and the Bureau of Industry and Security.
The reformation of the institute reflects Trump’s broader AI strategy: loosen domestic oversight while doubling down on global AI dominance. Within his first week back in office, Trump signed an executive order revoking Biden’s prior directives on AI governance and removed his AI policy documents from the White House website.
That same week, he announced the US$500 billion Stargate initiative — a massive public-private partnership involving OpenAI, Oracle and SoftBank Group (OTC Pink:SOBKY,TSE:9984) that is intended to make the US the global leader in AI.
The Trump administration’s pivot has been partly catalyzed by growing concerns over foreign AI competition, particularly from China. In January, Chinese tech firm DeepSeek unveiled a powerful AI assistant app, raising alarms in Washington due to its technical sophistication and uncertain security architecture.
Trump called the app a "wake-up call,” and lawmakers quickly moved to introduce legislation banning DeepSeek from all government devices. The Navy also issued internal guidance advising its personnel not to use the app “in any capacity.”
Signs of an impending transformation had emerged earlier in the year.
Reuters reported in February that no one from the original AI Safety Institute attended the high-profile AI summit in Paris that month, despite Vice President JD Vance representing the US delegation.
Trump’s massive One Big Beautiful Bill, which includes much of the aforementioned legislation, is poised to dramatically reshape the landscape of AI regulation in the US. The bill introduces a 10 year moratorium on state-level AI laws, effectively centralizing regulatory authority at the federal level.
This move aims to eliminate the patchwork of state regulations, which the administration claims would foster a uniform national framework to bolster American competitiveness in the global AI arena.
The bill's provision to preempt state AI regulations has sparked significant controversy.
A coalition of 260 bipartisan state lawmakers from all 50 states has urged to remove this clause, arguing that it undermines state autonomy and hampers the ability to address local AI-related concerns. Critics also warn that the moratorium could delay necessary protections, potentially endangering innovation, transparency and public trust. They argue that it may isolate the US from global AI norms and reinforce monopolies within the industry.
Despite the backlash, proponents within the Trump administration assert that the bill is essential for maintaining US leadership in AI. The One Big Beautiful Bill is currently being debated in the US Senate.
Don’t forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
NVIDIA (NASDAQ:NVDA) shares rose over 5 percent to hit US$142.50 on Thursday (May 29), extending a powerful rally that reflects Wall Street’s optimism in the chipmaker’s long-term trajectory
The company's positive performance came despite a bruising blow from US export restrictions to China.
The semiconductor giant, seen by many industry experts as the backbone of the global artificial intelligence (AI) boom, reported better-than-expected financial results for its first fiscal quarter of 2026 on Wednesday (May 28), allaying fears that geopolitical tensions and tighter trade controls could derail its momentum.
In the face of a projected US$8 billion revenue hit from the export ban on China and a US$4.5 billion writedown on unsold inventory, investors appeared to focus on NVIDIA's dominant position in the fast-expanding AI market.
“There is one chip in the world fueling the AI Revolution and it's Nvidia,” wrote Dan Ives, a tech analyst at Wedbush Securities. “That narrative is clear from these results and the positive commentary from Jensen.”
NVIDIA posted quarterly revenues of US$44.1 billion, beating consensus analyst estimates of US$43.3 billion. That's also a staggering 69 percent increase from the US$26 billion reported in the same quarter last year.
The company’s flagship data center division, which supplies AI chips to major clients like Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META), reported US$39.1 billion in sales.
Although that's a slight miss from Wall Street’s US$39.2 billion forecast, it's still up from US$22.5 billion last year.
“Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning — is now in full-scale production across system makers and cloud service providers,” said Jensen Huang, founder and CEO of NVIDIA.
“Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate.”
Earlier this month, Huang traveled with US President Donald Trump to the Middle East, where the company reportedly secured orders for hundreds of thousands of chips from Saudi Arabia.
Yet NVIDIA's latest results also expose the mounting risks the firm faces as global trade policy tightens.
In recent months, Washington has sharply escalated restrictions on semiconductor exports to China, targeting chips like NVIDIA's H20 — a China-specific product designed to comply with US rules. The US Department of Commerce has banned shipments of these chips to Chinese firms, citing concerns about potential military applications.
The move forced NVIDIA to write off US$4.5 billion in H20 inventory, and the company estimates a US$2.5 billion revenue loss in the current quarter as a result. Huang placed the broader impact of the China restrictions at US$15 billion.
“The US$50 billion China market is effectively closed to US industry,” he said in an interview. “We are exploring limited ways to compete, but Hopper is no longer an option. China's AI moves on with or without US chips.”
While NVIDIA has previously indicated that it could redesign chips to meet evolving US export rules, Huang has become increasingly vocal in his criticism of Washington’s policy direction. Speaking to reporters after NVIDIA's earnings call, he described the restrictions as a “failure” that will ultimately hurt American companies more than Chinese rivals.
The pressure on NVIDIA intensified further this week, as the Financial Times reported that Trump has instructed US suppliers of chip-design software to halt sales to Chinese firms.
Nonetheless, NVIDIA's strong earnings, coupled with a federal court ruling blocking some of Trump’s proposed tariffs, have reassured investors. AI-driven demand appears robust enough to offset near-term geopolitical volatility.
For now, the markets have spoken — and they’re betting big on NVIDIA's future.
“Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation,” Huang emphasized post-earnings.
NVIDIA's share price spike this week put it on track for its highest close since January, and triggered a broader rally across the semiconductor sector.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
This week proved pivotal for the tech and energy sectors as market dynamics and the regulatory landscape shifted.
Apple (NASDAQ:AAPL) made waves by signaling a foray into artificial intelligence (AI) search and challenging app store regulations, while OpenAI underwent a major restructuring amid legal battles with Elon Musk.
Meanwhile, legislation targeting AI chip tracking gained momentum, and the nuclear energy sector saw increased activity with Ontario Power Generation's new reactor project and potential White House actions.
Earnings reports from major players like Palantir (NASDAQ:PLTR), AMD (NASDAQ:AMD), Arm Holdings (NASDAQ:ARM) and Super Micro Computer (NASDAQ:SMCI) painted a complex picture of growth and challenges in a turbulent economic environment.
The interplay of innovation, regulation and market forces played out against a backdrop of trade developments between the US and the UK, with optimism regarding forthcoming negotiations with China boosting sentiment toward the end of the week.
Read on to dive deeper into this week's top stories.
Apple is formally contesting last week’s judicial ruling mandating a reduction in its App Store commission.
The company filed an appeal against the order that would compel it to lower the existing 27 percent fee imposed on businesses offering links within their apps to external payment processing alternatives.
In related news, Apple executive Eddy Cue revealed during federal court testimony that the tech giant is investigating the development of its own AI-powered search engine for the Safari web browser. The news had an immediate impact on Alphabet’s (NASDAQ:GOOGL) shares, resulting in a 9 percent decline on Wednesday (May 7) afternoon.
In other news, Apple is reportedly making advances in its in-house silicon development.
The company is designing new proprietary chips intended to serve as the main central processing units for a range of future Apple products. These include anticipated devices such as smart glasses, more powerful iterations of its Mac computer line and specialized AI servers.
Combined with this week’s macroeconomic and geopolitical developments, Apple’s share price experienced turbulence, ultimately closing 2.25 percent below Monday’s (May 5) opening price on Friday (May 9).
In a notable week for AI giant OpenAI, CEO Sam Altman shared a reorganization strategy on Monday, announcing that its operational arm will transition into a new public benefit corporation, with its non-profit arm acting as the primary shareholder. The decision follows talks with civic leaders and state attorneys general.
A person familiar with the matter told Business Insider that the new plan will let the company receive the full US$30 billion investment from SoftBank (TSE:9984). Meanwhile, sources told Bloomberg on Monday that Microsoft (NASDAQ:MSFT) and OpenAI are still in negotiations regarding a restructuring plan. A later report from the Information reveals that OpenAI plans to slash its 20 percent revenue-sharing agreement with Microsoft to 10 percent by 2030.
Regarding the ongoing legal dispute between Sam Altman and Tesla (NADAQ:TSLA) CEO Musk, who alleges that the company has strayed from its founding mission, Musk’s attorney, Marc Toberoff, told Reuters on Monday that the team intends to proceed with the lawsuit. Toberoff also called the restructuring a “cosmetic” move that turns charitable assets into private wealth, adding that “the founding mission remains betrayed.”
In other news, OpenAI made its largest acquisition to date this week, agreeing to buy AI-assisted coding tool Windsurf for about US$3 billion, and named ex-Instacart (NASDAQ:CART) CEO Fidji Simo as its new head of applications.
According to reports, Simo will manage operations and report directly to Sam Altman, who will retain his title as CEO. Altman will shift his focus to research, safety efforts and advancing artificial general intelligence.
US Representative Bill Foster is preparing to introduce legislation aimed at tracking the location of AI chips, such as those produced by NVIDIA (NASDAQ:NVDA), after they are sold.
The proposed bill, first reported by Reuters on Monday, would task US regulators with developing rules to monitor these chips, ensuring they remain in authorized locations under export control licenses.
It would also seek to prevent unlicensed chips from being activated outside of authorized locations.
In other chip-related news, NVIDIA shares rose following news that the Trump administration plans to eliminate the so-called “AI diffusion rule.” However, a spokesperson from the US Department of Commerce clarified upcoming plans in a statement to CNBC’s Kif Leswing on Wednesday, commenting:
“The Biden AI rule is overly complex, overly bureaucratic, and would stymie American innovation. We will be replacing it with a much simpler rule that unleashes American innovation and ensures American AI dominance.”
The announcement highlights the Trump administration's intention to keep some guardrails in place to protect US interests, despite pushback from tech industry executives.
At a Congressional hearing on Thursday (May 8), OpenAI CEO Sam Altman emphasized the importance of maintaining US leadership in AI development. He cautioned against overregulation, warning that poorly designed rules could hinder America’s competitive edge, particularly against China.
Palantir’s Q1 revenue rose 39 percent year-on-year to US$884 million, driven by demand for its data analytics software in the US. The company expects demand to continue, forecasting Q2 revenue between US$934 million and US$938 million. Palantir’s share price fell by 8 percent after hours as investors anticipated even stronger results. The company posted a loss of 5.6 percent for the week after a volatile week for tech stocks, as overvaluation concerns persist.
Advanced Micro Devices' Q1 earnings report shows quarterly revenue of US$7.4 billion, an annual increase of 36 percent, with adjusted earnings per share of US$0.96. Despite an initial 7 percent stock surge following a positive quarterly report, AMD shares fell following the company's announcement of a projected US$1.5 billion revenue decrease this year, attributed to US government limitations on the sale of AI chips to China.
Palantir, Super Micro, AMD and Arm performance, May 6 to 9, 2025.
Chart via Google Finance.
For Q4 2024, Arm Holdings reported quarterly revenue of more than US$1 billion for the first time in its history, but forecast revenue and profit for Q1 2025 below Wall Street estimates, resulting in a 4 percent slump on Thursday morning
Super Micro Computer’s net sales increased from US$3,85 billion in Q3 2024 to US$4.6 billion, while the company's earnings per share fell year-on-year from US$0.66 to US$0.17.
The company lowered its full-year revenue guidance from US$23.5 billion to US$25 billion, down to US$21.8 billion to US$22.6 billion, with trade war-induced uncertainty and increasing competition cited as obstacles to growth. The company’s share price opened over 5 percent lower the next day and fell by over 3 percent this week.
Shares of Constellation Energy (NASDAQ:CEG) rose nearly 10 percent in two days ahead of the Tuesday (May 6) release of its Q1 earnings report, which revealed revenue that exceeded expectations by over 20 percent.
Later, during an earnings call, CEO Joe Dominguez said the company was close to inking multiple long-term deals to provide nuclear power to meet surging energy demands, further bolstering investors’ optimistic outlook.
In another significant development within the nuclear energy sector, Ontario Power Generation said it has secured the necessary approvals to commence construction on the first of four small modular reactors (SMR) designed by GE Verona (NYSE:GEV), which will be located at the company’s Darlington site near Toronto.
The Darlington project is anticipated to be the first deployment of this particular SMR technology within a G7 nation.
Separately, Axios reported on Tuesday that sources familiar with the matter say the White House is in the final stages of preparing executive actions intended to accelerate the deployment of nuclear reactors. These plans, reportedly under consideration for several weeks, could be officially announced imminently.
On Friday, NPR said its reporters have seen a draft of such an order. According to the report, the order instructs the Nuclear Regulatory Commission (NRC) to send new reactor safety guidelines to the White House for review and possible amendments. The draft also calls for a reduction of NRC’s staff and a “wholesale revision of its regulation” in coordination with the administration and the Department of Government Efficiency.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
RemSense Technologies Limited (ASX:REM) is an Australian technology company driving digital transformation in asset-intensive industries through advanced asset visualisation and drone services. Founded in 2006 as a developer of drone systems for the defence and industrial sectors, RemSense expanded into professional drone services in 2012.
In 2019, the company broadened its focus to include high-resolution 3D asset capture and visualisation, leading to the creation of its flagship platform, virtualplant. This evolution reflects broader trends in digital transformation across sectors such as energy, resources, infrastructure, and utilities. RemSense was listed on the Australian Securities Exchange in 2021.
RemSense is strongly positioned to capitalise on the accelerating adoption of digital twin technologies, particularly across the mining, oil and gas, manufacturing, utilities, defence, marine, and aerospace sectors. As these industries increasingly turn to digital solutions to enhance safety, reduce costs, and optimise asset management, demand for RemSense’s innovative offerings continues to grow.
This RemSense Technologies profile is part of a paid investor education campaign.*
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