good morning. The pace of innovation and investor appetite for AI companies certainly hasn’t slowed this year.
luck announced its second annual Fortune 50 AI Innovators list on Wednesday. We highlight the AI companies that are leading the way in this new phase of technology adoption. luck We cast a wide net and look at businesses of all sizes around the world.
Major AI startups such as OpenAI and Anthropic, whose valuations have soared this year, made the list. Big tech companies on the list include Microsoft, Salesforce, Google DeepMind, Chinese e-commerce giants Alibaba and Adobe. And Nvidia, whose chips provide the AI power for many of these huge projects, earned a spot as well.
The company announced Wednesday that sales for the third quarter ended Oct. 27 were $35.1 billion, up 17% from the previous quarter and 94% from the same period last year. “AI is transforming every industry, company, and country. Businesses are deploying agent AI to revolutionize their workflows,” Nvidia founder and CEO Jensen Huang said in an earnings call. I am.
This quarter, Nvidia celebrated the 25th anniversary of the GeForce 256, the world’s first graphics processing unit (GPU), Nvidia CFO Colette M. Kress said in an earnings call. “Nvidia GPUs are the powerhouse behind some of the most important technologies of our time,” said Kress.
The Fortune 50 AI Innovators list also includes startups such as voice cloning technology company ElevenLabs, French AI chatbot startup Mistral, China-based AI company Modelvest, and biotech company Zyra Therapeutics. , all of which were established less than three years ago.
“2023 was truly the year that industries and businesses turned their heads around AI,” said James Dyett, Head of Platform Sales at OpenAI. luckJohn Kell said in an interview. “2024 is the year when our technology begins to be fully deployed,” Dyett said.
In his latest article, Kell notes that corporate partnerships between AI vendors and enterprise customers have exploded this year, including OpenAI’s agreements with biotech company Moderna and financial giant Morgan Stanley. “Similar deals have pushed OpenAI’s valuation to $157 billion, and it recently raised $6.6 billion in a major funding round in October, nearly doubling the company’s valuation from nine months ago. ” he wrote.
One of the healthcare companies on the list is Insilico Medicine. This is because the healthcare sector stands to benefit from AI in areas such as tackling high costs, administrative complexity, talent shortages, and ultimately clinician burnout. As Kell points out, research shows that “AI has the potential to create $370 billion in value for healthcare by accelerating drug discovery and development and more accurately matching patients with potential treatments. “There is.”
Learn more about this new phase of AI. See the complete list of Fortune 50 AI innovators here.
Cheryl Estrada
sheryl.estrada@fortune.com
The following sections of CFO Daily were curated by Greg McKenna..
leader board
Glenn Eisenberg resign as CFO of labcorp After 10 years in the role, he will remain with the company until April 2025 as a special advisor to the CEO to assist with the transition. He will be succeeded by Julia Wang, who will serve as executive vice president. She most recently served as CFO of BeiGene, a global oncology company now known as BeOne Mediciones.
steve rush Retires as vice president and chief financial officer (CFO) of a natural gas company spire (NYSE: SR), effective January 1. Rush, who joined the company in 2009 and became CFO in 2013, will continue as a senior advisor until his retirement on April 1. His successor will be Adam Woodard. He has been vice president and treasurer at the company since 2018, and a year later became CFO of Spire’s utilities division.
big deal
CFOs believe implementing AI will be a far higher priority than financial transformation next year, according to a new report. investigation A survey of 251 finance executives conducted by research and consulting firm Gartner. Those surveyed cited metrics, analytics and reporting as the top areas of focus in 2025, while other imperatives include managing talent and expanding the leadership of the CFO role.
“This study reveals that more CFOs are prioritizing company growth than any other company since 2014,” said Dennis Gannon, vice president of financial operations research at Gartner. “A strong rebound in growth and cost pressures mean many CFOs are planning to ruthlessly delegate financial transformation.”
even deeper
“Arnold Schwarzenegger joins a Fortune 500 company to solve the big problems of his generation,” says the new luck The actor and former California governor is joining the executive ranks of a medical technology company that leverages AI and robotics to complete the world’s first robot-assisted shoulder replacement surgery, Lindsay Leake writes. It discusses how he came back with the directive.
overheard
“[It] This shows how much momentum and appreciation people have for the brand, and how our cuisine and value proposition resonate with modern consumers and meet their moment. ”
— Brett Schulman, Cava CEO said luck In an interview, he discussed why Mediterranean Chipotle and other fast-casual chains have become the hottest stocks on Wall Street this year.
