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.



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.