All articles tagged with #cloud providers
The U.S. government has imposed sanctions on Funnull Technology Inc., a Philippines-based cloud provider linked to facilitating 'pig butchering' scams that caused over $200 million in losses to Americans, highlighting the use of U.S. cloud infrastructure by cybercriminals involved in virtual currency scams and other malicious activities.
Broadcom has forecasted its first-quarter revenue to exceed Wall Street estimates, driven by strong demand for its custom AI chips and networking gear from cloud providers investing in GenAI infrastructure. The company's shares rose over 3% in extended trading, reflecting its significant gains this year amid a surge in AI-related stocks. Despite competition from Nvidia, Broadcom benefits from the expansion of AI data centers and has diversified into a tech conglomerate with acquisitions like VMware. The company reported fourth-quarter revenue of $14.05 billion, slightly below expectations.
According to a Wall Street analyst, three of the "Magnificent Seven" AI stocks - Microsoft, Amazon, and Alphabet - are poised to surpass Apple's market valuation in the coming years. These companies have been at the forefront of integrating generative AI into their products and services, offering productivity gains and automation. As the largest cloud infrastructure providers, they are uniquely positioned to offer AI services to cloud customers, which will contribute to their market cap growth. With trillions of dollars at stake in the AI revolution, these companies are expected to be among the biggest beneficiaries.
Matthew Prince, CEO of Cloudflare, criticized companies for wasting money on AI initiatives, stating that most of them are "lighting money on fire." He also took shots at major cloud providers, particularly Amazon, for artificially constraining access to GPUs and inflating transport costs. In contrast, Jennifer Tejada, CEO of PagerDuty, emphasized the importance of keeping AI strategies simple, bridging the gap between research and product delivery, and training the workforce for AI transformation. She suggested starting with practical use cases identified by employees closest to the business problems.
Nvidia, a dominant player in the data center chip market, is expanding its venture capital investments in cloud and AI software startups. The company is nearing a deal to acquire an equity stake in Lambda Labs, a cloud provider that rents servers with Nvidia chips to other companies. This move follows Nvidia's previous investment in CoreWeave, another Lambda competitor. The deal with Lambda Labs could bring in $300 million in new capital and value the company at over $1 billion.