Riyadh Hosts Third Edition of Global AI Summit in September

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
TT

Riyadh Hosts Third Edition of Global AI Summit in September

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

The third edition of the Global AI Summit will be held in Riyadh from September 10 to 12 under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Chairman of the Board of Directors of the Saudi Data and Artificial Intelligence Authority (SDAIA).

In a statement, SDAIA President Dr. Abdullah bin Sharaf Al-Ghamdi expressed his gratitude to Crown Prince Mohammed for his unwavering support for the Global AI Summit.

He emphasized the pivotal role this patronage plays in advancing the national data and AI agenda, maximizing the benefits of cutting-edge technologies, and improving the Kingdom's global standing and reinforcing its leadership position in the field.

“This summit builds on the remarkable achievements of its previous editions, held in 2020 and 2022 under the gracious patronage of the Crown Prince,” he added.

“The third edition of the summit distinguishes itself through its extensive range of topics covering diverse areas of global interest in data and AI. This is particularly significant considering the rapid progress of these technologies and their profound impact on individuals and institutions,” he stressed.

The summit will cover key topics in the field of AI, such as innovation and industry trends, shaping a brighter future for AI, and cultivating an enabling environment for human talent.

Sub-themes will delve into various issues, including local and global AI applications, the integral relationship between humans and AI, business leadership in AI, the correlation between data and applications, generative AI, AI ethics, AI processing and infrastructure, and the role of AI in smart cities.

Al-Ghamdi extended an invitation to leading AI policymakers and individuals passionate about data and innovation to participate in the upcoming summit.

The gathering aims to tackle critical issues surrounding AI development and establish a framework for its responsible use.

According to Al-Ghamdi, the summit is expected to have a positive impact both locally and internationally. It aims to strengthen the Kingdom's role in supporting the UN 2030 Sustainable Development Goals, thus contributing to a better future for all.

Al-Ghamdi underscored the summit's significance to Saudi Vision 2030, led by Crown Prince Mohammed, and said it aspires to make Riyadh a global compass for AI advancements, fostering collaboration on responsible AI development that benefits humanity as a whole.

Attendees will gain insights from prominent international decision makers, ministers, heads of organizations, and tech CEOs.

The summit will facilitate interaction with leading data scientists and AI researchers, offering a global perspective on cutting-edge developments.

The event is expected to witness the signing of local and international agreements, which will form the foundation of future international initiatives in AI led by Saudi Arabia.

Al-Ghamdi said the third edition of the summit underscores the Kingdom's ambition, as envisioned by Crown Prince Mohammed, to become a leading global model in the AI field.



Dell Raises Forecasts as Demand Surges for Nvidia Powered AI Servers 

The logo of Dell Technologies at the Milipol Paris in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris in Villepinte near Paris, France, November 15, 2023. (Reuters)
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Dell Raises Forecasts as Demand Surges for Nvidia Powered AI Servers 

The logo of Dell Technologies at the Milipol Paris in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris in Villepinte near Paris, France, November 15, 2023. (Reuters)

Dell Technologies raised its annual revenue and profit forecasts on Thursday, buoyed by demand for its AI-optimized servers that are powered by Nvidia's powerful chips, sending its shares up about 3% in extended trading.

Dell's infrastructure solutions group, which includes Nvidia-powered servers, surged 38% to a record revenue of $11.65 billion in the second quarter.

The company's servers are engineered to handle AI systems' intense computational demands, including training large language models.

"Enterprise remains a significant opportunity for us, as many are still in the early stages of AI adoption," Chief Operating Officer Jeff Clarke said in a post-earnings call.

Clarke said that Dell sees an emerging opportunity in "sovereign AI" by leveraging the company's strong relationships with governments globally.

Nvidia on Wednesday said nations building AI models in their own languages were turning to its chips, and that this would contribute about low double-digit billions to its revenue in the financial year ending in January 2025.

Nvidia CEO Jensen Huang called out the partnership with Dell earlier this year, saying they were helping businesses create their own "AI factories."

Dell's stock has risen 45% this year.

Dell said on Thursday it now expects annual revenue outlook to be between $95.5 billion and $98.5 billion, up from $93.5 billion and $97.5 billion previously. It also raised its annual adjusted profit per share forecast to $7.80, plus or minus 25 cents.

Demand for its AI-optimized servers rose about 23% sequentially to $3.2 billion in the second quarter. The backlog for these AI servers was $3.8 billion.

"Our pipeline has grown to several multiples of our backlog," Clarke said in a statement.

Revenue for the second quarter ended Aug. 2 rose about 9% to $25.03 billion, beating analysts' average estimate of $24.14 billion, according to LSEG data. It reported adjusted profit per share of $1.89 per share, compared with estimates of $1.71 per share.

While AI server demand soared, Dell's PC business struggled, losing market share to rivals. However, a strong refresh cycle for

AI PCs are expected next year after Microsoft ends support for Windows 10.

Revenue for the client solutions group - home to PCs - fell about 4% to $12.41 billion.

"Dell lost PC shipment shares in key markets in the second quarter. It is the top vendor in the US business market, but its competitors have shown growth and gained more shares than they did a year ago," said Mikako Kitagawa, director analyst at Gartner.

The company took a $328 million charge for workforce reductions in the second quarter.

Separately, Reuters exclusively reported earlier on Thursday that Dell is again exploring a possible sale of cybersecurity firm SecureWorks, following previous unsuccessful attempts to find a buyer.