Saudi Arabia Ranks First Globally by Winning Largest Number of Medals in WAICY

Saudi Arabia Ranks First Globally by Winning Largest Number of Medals in WAICY
TT

Saudi Arabia Ranks First Globally by Winning Largest Number of Medals in WAICY

Saudi Arabia Ranks First Globally by Winning Largest Number of Medals in WAICY

The Kingdom of Saudi Arabia was awarded the first position for winning the largest number of medals in the World Artificial Intelligence Competition for Youth (WAICY), in which 18,000 male and female students from 40 countries in the world participated, topping the United States, India, Greece, Canada, and Singapore.

In the global competition organized by the Saudi Data and Artificial Intelligence Authority (SDAIA) in cooperation with King Abdullah University of Science and Technology (KAUST), 18 Saudi projects won, including 11 got gold, silver, and bronze medals, and 7 other projects were in advanced positions out of 6,039 projects, while the United States won 10 medals, India and Greece won two medals for each country, and Canada and Singapore won one medal for each country, according to SPA.

The Kingdom was represented in the competition by general education students from the levels, primary, intermediate, and secondary schools from the schools of Misk, Dhahran, Madac, KAUST, Aramco, AlUla, and NEOM. They all competed in the three competition tracks: AI Showcase, AI-Generated Art, and AI Large language model.

In light of this Saudi excellence, SDAIA and KAUST received the Outstanding Organization Award at the global level for their efforts and commitment to developing artificial intelligence education.



Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
TT

Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights

Shares of Salesforce gained more than 5% on Thursday as investors cheered the customer relationship management software maker's upbeat quarterly results and its artificial intelligence push to drive growth.

The company has been heavily investing to integrate its AI technologies into existing products, such as its messaging platform Slack, to enhance their capabilities and attract more customers.

"We continue to see Salesforce as an under-appreciated AI winner as its differentiated data and early success in creating/deploying GenAI agents," Reuters quoted Goldman Sachs analyst Kash Rangan as saying.

Wall Street was concerned that tempered cloud spending would affect Salesforce in a tough economy, but the software-as-a-service (SaaS) firm reported better-than-expected revenue, profit and margins in the second quarter.

Salesforce also raised its profit forecast for the year ending January 2025, as margins continue to expand, thanks to its restructuring efforts last year.

The stock is trading at 24.49 times that of Wall Street's profit expectations, compared with 52.11 for SaaS peer ServiceNow and cloud contact center firm Five9's 13.30.

Salesforce is set to add $14 billion to its market capitalization if premarket gains hold. The company's valuation stood at $248 billion as of Wednesday's close.

"We think these results alone are not good enough to drive a sustainable rally from here. For that, we need more catalysts, which could come with the new AI solutions," which are set to be showcased at its event Dreamforce and launched in October, Barclays analyst Raimo Lenschow said.

Some analysts believe that sustained growth in the coming quarters can come through customer support platform Agentforce, which is not yet commercially available.