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Saudi Arabia to Hold First Drone and AI Exhibition on Monday

Saudi Arabia to Hold First Drone and AI Exhibition on Monday
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Saudi Arabia to Hold First Drone and AI Exhibition on Monday

Saudi Arabia to Hold First Drone and AI Exhibition on Monday

The inaugural Saudi Arabia AI and Drones Exhibition and Forum (SAADEF) will be in Riyadh held on Monday.

Organized by the Saudi Ministry of Environment, Water, and Agriculture, it will be held under the theme "Integration of Drones and Artificial Intelligence".

Supported by the Fédération Aéronautique Internationale, the three-day event will showcase the rapid advances in drone and AI applications in the agricultural sector. It will bring together top exhibitors, investors, and global experts.

SAADEF aims to support Saudi Arabia's Vision 2030 by advancing economic diversification and promoting sustainability through innovative technology.

As one of the first exhibitions of its kind in the region, SAADEF represents a milestone in promoting and marketing drone investment in agriculture, further positioning the Kingdom as a regional leader in this high-growth field.

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Microsoft Beats Expectations, But AI Concerns Force Shares Down

FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)
FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)
TT
TT

Microsoft Beats Expectations, But AI Concerns Force Shares Down

FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)
FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)

Microsoft delivered solid quarterly results on Wednesday, beating analyst expectations with revenue jumping 16 percent to $65.6 billion, but questions were raised about the company's big spending on the AI boom.
The tech giant reported net income of $24.7 billion for the quarter ending September 30, marking an 11-percent increase from the same period last year. Earnings per share rose 10 percent to $3.30, AFP said.
The company attributed the solid performance to robust growth in its cloud computing and artificial intelligence businesses.
"AI-driven transformation is changing work... and workflow across every role, function, and business process," said Microsoft CEO Satya Nadella, adding that the company was winning new customers through its AI platforms and tools.
The Redmond-based company has been at the forefront of the generative AI revolution, largely thanks to its partnership with OpenAI, the creator of ChatGPT.
The company has rolled out AI features at a furious pace, mainly under its Copilot brand, leaving investors hopeful for a return on investment from the expensive technology.
But the tech giant warned that its gross margin outlook for its crucial cloud division, or how much money it expects to make, was going to be lower just as its investment in AI infrastructure was set to grow.
The news sent Microsoft's share price down by nearly four percent in after-hours trading.
"Microsoft's latest earnings came in a bit above expectations, but the results may leave some investors wanting more clarity," said Emarketer senior director Jeremy Goldman.
"The true wildcard this quarter has been Microsoft's AI investments. It's pouring cash into building out infrastructure, with major capex implications. Yet, the revenue returns from AI remain more of a promise than a present reality," he added.
Azure, Microsoft's cloud computing platform, saw strong growth with revenue increasing 34 percent, when adjusted for currency fluctuations.
During the quarter, Microsoft also returned $9.0 billion to shareholders through dividends and share repurchases, helping pump up share value.
With the jitters over Microsoft's massive outlays on AI, the company has trailed other tech giants on Wall Street this year, gaining just over 15 percent, while Meta has surged 70 percent and Amazon climbed nearly 30 percent.
In a notable development, Microsoft's gaming division showed substantial growth, with Xbox content and services revenue surging 61 percent, primarily due to the recent Activision Blizzard acquisition, which contributed 53 percentage points to this increase.
Google parent company Alphabet on Tuesday set the scene for the tech earnings season with a solid report, as its cloud computing division posted strong results on the back of AI adoption by search engine users.