Fri, Jul 5, 2024 8:04 PM
Apis Partners gets another LP for $500-mn private equity fund
A Flip by Shubhangi Gupta
Glean Technologies, an American AI solutions company, has entered Indian market with a new Bengaluru office, planning to invest up to Rs4bn ($47.9m) over two years. The facility will serve as a hub for sales, finance, R&D, and other operations, aiming to increase its local workforce to 450 employees. Glean Technologies has raised over $350m in venture capital, with a current valuation of $2.2bn.
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Nasdaq Composite index has risen 21% YTD, driven by AI market, which is projected to reach $2 trillion in spending by 2030. AMD has seen its shares spike 153% since 2023, driven by its efforts to compete with Nvidia in the AI chip market. Microsoft (MSFT) has made significant progress. Microsoft is considered the better AI stock due to its reliability, financial resources, and valuation metrics.
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Nvidia's stock has returned 200% over the past year, driven by its dominance in the artificial intelligence (AI) chip market, with a 90% market share. Despite falling from its highs, the stock still looks cheap, with a forward P/E of 48, and analysts expecting 38% annual earnings growth over the next three to five years.
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