Generative AI, a term that has swiftly moved from academic papers to the boardrooms of the world’s most influential technology companies, signifies a revolution in how artificial intelligence can create new content from existing data. This technology’s potential to innovate, streamline operational efficiencies, and introduce novel products and services has captured the imagination of industries far and wide.

Stay up-to-date on the latest AI trends – here’s what’s new this week.

In the news this week:

  • Discussions are ongoing between tech giants Alphabet and Meta Platforms, with Hollywood studios to license content for AI video generation software. This move, signaling a leap towards creating realistic scenes from text prompts, underlines the entertainment industry’s impending transformation. Such partnerships could redefine content creation, offering innovative storytelling methods while also navigating the complexities of copyright and content ownership.
  • Collaboration between Apple and OpenAI to enhance iOS 18 with AI features demonstrates a pivotal moment for mobile operating systems. By integrating generative AI, Apple plans to revolutionize user experiences with more intuitive voice memos, enhanced Siri conversations, and personalized emojis, setting a new standard for AI’s role in enhancing user interface and interaction.
  • Elon Musk’s AI venture, xAI, successfully raising $6 billion in funding, is a testament to the formidable interest and confidence in the growth and applicability of generative AI. This substantial investment is aimed at enhancing xAI’s competitive stance in the AI arena, with ambitious plans to develop its AI chatbot, Grok, and to build a supercomputer. Such developments underscore the escalating race amongst tech moguls to lead in the AI-driven future, hinting at the significant economic shifts and opportunities such innovations could usher in. Inc. reported its fifth consecutive quarter of accelerating revenue growth, with a notable increase from 11% to 20% year-over-year, highlighting successful execution of its business strategy. Subscription revenue surged, growing from 8% to 41% year-over-year, accounting for 92% of total revenue, indicating strong demand and customer adoption. The company also exceeded financial expectations for the 14th consecutive quarter, generated $18.8 million in free cash flow, and ended with $754 million in cash and investments. Revenue from the U.S. Federal market grew over 100%, establishing it as a significant growth engine. Despite these successes, the company anticipates short-term pressure on gross and operating margins due to a higher mix of pilots and additional investments. launched 30 generative AI products in fiscal year 2024, receiving almost 50,000 inquiries from businesses interested in these offerings. This overwhelming interest underscores the market’s recognition of’s innovative capabilities and positions the company to capitalize on the growing demand for generative AI solutions.

Salesforce, Inc.

Salesforce reported a significant 11% year-over-year revenue growth in Q1, reaching $9.13 billion, with subscription and support revenue also growing by 12% year-over-year. The company is maintaining its FY25 revenue guidance at $37.7 to $38 billion, projecting an 8% to 9% year-over-year growth, and expects a non-GAAP operating margin of 32.5%, indicating confidence in their business strategy and growth prospects. Data Cloud’s inclusion in 25% of Salesforce’s million-dollar-plus deals and the addition of over 1000 new customers for the second consecutive quarter underscore its critical role and potential as a major growth driver. However, the company faced challenges in software bookings due to elongated deal cycles and high levels of budget scrutiny. Shareholders also did not like the signs of slowing growth of the platform. Salesforce’s strong Q1 operating cash flow, up 39% year-over-year, and the initiation of a quarterly dividend payment reflect its financial robustness and commitment to shareholder value.

Salesforce’s emphasis on artificial intelligence, through products like Einstein Copilot and Data Cloud, is transforming customer experiences and operations, as evidenced by success stories with Saks and FedEx. These transformations not only demonstrate the practical value of Salesforce’s AI initiatives but also position the company at the forefront of AI-driven business solutions.

An analyst from Goldman Sachs questioned the potential impact of generative AI on Salesforce’s strategy. Management’s enthusiastic response underscored their belief in AI and data cloud as critical for future growth. They highlighted Salesforce’s unique position with a vast amount of customer data and metadata, positioning these assets as key drivers for leveraging AI for enhanced productivity and profitability.

UiPath Inc.

UiPath reported a 21% year-over-year revenue growth to $1.508 billion, driven by net new ARR of $44 million, despite facing execution challenges and a tough macroeconomic environment. The company revised its fiscal guidance downwards for Q2 and the full year, reflecting a cautious outlook. However, UiPath is focusing on AI and automation innovation, with significant investments in AI products like AutoPilot and HelloLens, aiming to maintain a competitive edge. The company also highlighted strong customer retention with a net retention rate of 118% and expanded its engagement in the public sector, achieving FedRAMP authorization.

UiPath remains committed to its $500 million buyback program, having repurchased 938,000 shares at an average price of $23.46. This reflects the company’s confidence in its long-term value and commitment to returning value to shareholders.

Investing in Artificial Intelligence with ARTI ETF

Interested in using generative AI to identify the best artificial intelligence and artificial intelligence-related companies fundamentally changing our world today?

Evolve Artificial Intelligence Fund (ARTI) is Canada’s first Artificial Intelligence Fund that uses generative AI in portfolio construction. ARTI is designed to provide investors with exposure to global securities from AI companies deemed to benefit from the increased global adoption of AI.

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