artificial intelligence (AI) – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Fri, 27 Dec 2024 07:29:01 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png artificial intelligence (AI) – Tech | Business | Economy https://techeconomy.ng 32 32 Coursera’s Fastest-Growing Skills for 2025 Across Business, Data Science and Tech https://techeconomy.ng/courseras-fastest-growing-skills-for-2025-across-business-data-science-and-tech/ https://techeconomy.ng/courseras-fastest-growing-skills-for-2025-across-business-data-science-and-tech/#respond Fri, 27 Dec 2024 07:29:01 +0000 https://techeconomy.ng/?p=150241 As we move into 2025, the global workforce is changing to meet the demands of an innovation-driven economy. 

The Coursera Job Skills Report 2025 reveals the skills experiencing the fastest growth across various domains, including artificial intelligence (AI), business, data science, and technology. 

Here’s a detailed look at the top 10 skills for 2025 in each category and what they signify for learners, job seekers, and professionals.

Fastest-Growing AI Skills

AI is spreading fast across the learning sector, with generative AI (GenAI) and related competencies topping the trend. The following skills are needed for driving productivity and innovation:

  1. GenAI: Mastering AI tools to generate text, images, and more.
  2. Artificial Neural Networks: Building AI systems modeled after the human brain.
  3. Computer Vision: Teaching machines to process and interpret visual data.
  4. PyTorch: Leveraging this machine learning library for advanced AI applications.
  5. Machine Learning: Enabling systems to learn and improve from data.
  6. Applied Machine Learning: Practical application of ML to solve real-world problems.
  7. Deep Learning: Creating sophisticated AI for complex challenges.
  8. Supervised Learning: Training AI using labelled datasets.
  9. Reinforcement Learning: Teaching AI through rewards and penalties.
  10. Machine Learning Operations (MLOps): Efficient deployment and management of AI systems.

These skills align with the projected 40% growth in AI and machine learning specialist roles over the next four years.

Fastest-Growing Business Skills

The business sector reveals a shift towards sustainability, risk management, and workforce development. Here are the top skills:

  1. Human Resources (HR) Technology: Optimizing HR processes with tech solutions.
  2. Risk Mitigation & Control: Identifying and addressing business risks proactively.
  3. Workplace Technologies: Adopting tools to simplify operations.
  4. Stakeholder Communications: Managing relationships with key project participants.
  5. Workforce Development: Empowering employees through skill-building programs.
  6. Project Management Institute (PMI) Methodology: Effective project management techniques.
  7. Human Capital: Maximizing employee potential and performance.
  8. Risk Management: Strategically planning to counter threats.
  9. Microsoft PowerPoint: Communicating ideas effectively through presentations.
  10. Project Portfolio Management: Centralizing and optimizing multiple projects.

These skills emphasize the need for strategic thinking and adaptability in dynamic environments.

Fastest-Growing Data Science Skills

With data emerging as the backbone of decision-making, these skills are increasingly in demand:

  1. Data Ethics: Ensuring responsible data use.
  2. Data Visualization: Creating visual communications from data insights.
  3. Business Analytics: Leveraging data for strategic decisions.
  4. Data Access: Managing and securing data systems.
  5. Data Governance: Maintaining data quality and compliance.
  6. Data Storytelling: Creating compelling stories through data.
  7. Data Strategy: Aligning data initiatives with business goals.
  8. Data Wrangling: Cleaning and organizing data for analysis.
  9. Marketing Analytics: Using data to optimize marketing strategies.
  10. Extract, Transform, Load (ETL): Handling data migration and preparation.

These skills align with the increasing focus on data-driven decision-making across industries.

Fastest-Growing Tech Skills

Technology remains the cornerstone of innovation, with cybersecurity and network management leading the way:

  1. Incident Management & Response: Addressing IT incidents effectively.
  2. Threat Management & Modeling: Proactively identifying and mitigating risks.
  3. Security Information & Event Management (SIEM): Enhancing security measures.
  4. Computer Security: Safeguarding digital assets.
  5. Vulnerability Management: Detecting and resolving system vulnerabilities.
  6. Network Planning & Design: Crafting reliable network architectures.
  7. Network Management & Monitoring: Ensuring seamless network operations.
  8. Software Documentation: Creating clear user instructions.
  9. Infrastructure Security: Protecting critical IT systems.
  10. Data Analysis Expressions (DAX): Advanced data formula creation for insights.

These skills address the growing gap in cybersecurity talent, with millions of roles yet to be filled globally.

Why These Skills Matter

The Coursera Job Skills Report 2025 reiterates the urgency of upskilling and reskilling. With rapid advancements in AI, cybersecurity, and data-driven technologies, professionals must adapt to stay relevant. 

From mitigating cyber threats to leveraging AI for innovation, the skills listed above are essential for thriving in today’s industries.

Learners need to invest in courses that build foundational and advanced skills in these domains. Institutions should integrate these skills into curricula to prepare students for the future workforce. Businesses should develop training programs that address emerging skills gaps.

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It’s the Festive Season! Time to Sharpen Your Safety Gear Against AI-Powered and Gift Card Scams https://techeconomy.ng/its-the-festive-season-time-to-sharpen-your-safety-gear-against-ai-powered-and-gift-card-scams/ https://techeconomy.ng/its-the-festive-season-time-to-sharpen-your-safety-gear-against-ai-powered-and-gift-card-scams/#respond Thu, 05 Dec 2024 10:22:37 +0000 https://techeconomy.ng/?p=148868 Just as artificial intelligence (AI) is becoming a big part of businesses and everyday life, cybercriminals are also leveraging its power to enhance their tactics.

A recent study found that nearly 60% of all online fraud cases in 2024 involved AI-powered scams, a number that hasn’t stopped growing as scams become more sophisticated. 

AI’s ability to mimic voices, faces, and even videos is making scams more personal and harder to detect.

Experts from Psono.com have warned about how scammers are now using AI to launch highly convincing attacks, including voice cloning and phishing emails. These advancements are creating added risks to personal data and financial security.

Let’s explore the various types of AI-powered scams plus ways to protect yourself from falling victim.

1. AI-Powered Scams: The Rise of Deepfakes

AI is now being used to create deepfakes, which can impersonate voices, faces, and even video footage of family members, friends, or colleagues. Through harvesting data from social media profiles, scammers can generate realistic recordings or videos that ask for money or sensitive information. 

This new level of impersonation makes it alarmingly difficult to distinguish genuine requests from fraudulent ones.

What to Do: If you receive an unexpected request from someone you know, always ask them questions that only the real person could answer. A vague or incorrect response is a red flag. Be cautious and verify before acting.

2. Gift Card Scams: Targeting Your Shopping Habits

During peak shopping seasons, scammers use AI to analyse online shopping patterns and target victims with gift card scams. They may impersonate a loved one or a store, asking for gift cards to resolve an emergency or issue. Once the gift card codes are shared, they are quickly redeemed, resulting in financial loss for the victim.

What to Do: Never share gift card information with anyone, especially if the request is unexpected or urgent. Always contact the person or company directly through verified channels to confirm the request before taking any action.

3. Vishing: The Telephone Scam

Vishing, or voice phishing, involves fraudsters impersonating trusted institutions, such as banks or government agencies, over the phone. They create a sense of urgency, claiming suspicious activity on your account, and pressure you into providing sensitive information.

What to Do: Legitimate organizations will never ask for sensitive information over the phone. If you receive such a call, hang up immediately and contact the institution directly using a verified number.

4. Smishing: The Phishing Text

Smishing scams are delivered through text messages, often posing as account updates or delivery alerts. The goal is to trick the recipient into providing personal credentials or downloading malicious software.

What to Do: Always check the sender’s number. If it doesn’t match the official organisation, it’s likely a scam. Don’t click on any links in unsolicited messages and verify the content with the company before acting.

5. Clone Phishing: Malicious Copies of Real Emails

Clone phishing occurs when scammers replicate legitimate emails, such as receipts or notifications, and replace the links or attachments with malicious ones. The familiarity of the original email makes the fraudulent one harder to spot.

What to Do: Always check the sender’s email address carefully. Hover over any links to see where they lead and, if in doubt, contact the sender directly via official communication channels.

6. Social Media Phishing: Fraud on Social Networks

Phishing on social media involves hackers using fake or compromised profiles to send messages that appear to come from trusted contacts. These messages may offer giveaways or ask for urgent action, often aiming to steal login credentials or other personal details.

What to Do: Never click on links sent through unsolicited messages. Double-check any request through official channels, and be cautious of login pages that look suspicious.

7. Man-in-the-Middle Attacks: Public Wi-Fi Hazards

Hackers can intercept data sent over unsecured public Wi-Fi networks, such as in cafes or airports, to steal passwords or banking information. These attacks are often unnoticed by the user but can have devastating effects.

What to Do: Avoid accessing sensitive accounts over public Wi-Fi. Use a Virtual Private Network (VPN) for added security, and ensure websites are encrypted by looking for “https://” in the URL before entering any personal information.

8. Ransomware: A Growing Threat

Ransomware attacks encrypt files or lock devices and demand payment to restore access. These attacks often begin with phishing emails or malicious downloads and can be financially ruinous.

What to Do: Regularly back up important files to an offline location and avoid downloading suspicious attachments. If attacked, report the incident to the authorities and seek professional assistance to mitigate the damage.

9. DNS Spoofing: Fake Websites Designed to Deceive

DNS spoofing involves redirecting users to fake websites that closely resemble legitimate ones. These fake sites are designed to steal login credentials or credit card information from unsuspecting visitors.

What to Do: Always double-check website addresses before entering any sensitive information. Look for “https://” in the URL, and consider using tools that protect against DNS attacks.

10. Fake Job Offers: The Scam Job Posting

Scammers often post fake job offers that promise high pay or flexible work arrangements, asking for payment or personal information upfront. These scams typically target those looking for remote work or those seeking employment during economic downturns.

What to Do: Before providing personal details or making payments, ensure the job offer is legitimate. Research the company thoroughly and contact them directly through verified channels to confirm the offer’s authenticity.

Sascha Pfeiffer, CEO of Psono, commented on the growing threat of AI in cybercrime, saying, “AI is changing how scammers operate, making their attacks more personal and harder to spot. They use tools to mimic voices, create fake videos, or send messages that seem to come from trusted contacts. It’s now easier than ever to fall for a scam, whether it’s a text from a friend asking for help or a gift card offer from a favourite store. Staying alert is important, as these scams can lead to serious financial losses. Under no condition should you share very personal data, such as passport details or credit card CVV, via email, phone, or any other method that can be easily accessed by hackers.”

Pfeiffer further advised, “If you hear the voice of a close person asking for help, take extra precautions to verify their identity by asking specific questions or details only they would know, ensuring you’re speaking to the real person.”

Stay Vigilant to Protect Yourself

AI is evolving and so are the tactics used by cybercriminals. Scams are becoming more realistic, personalised, and harder to detect. However, staying vigilant and adopting simple security practices will help individuals protect their personal information and avoid falling victim to these sophisticated attacks. 

Always verify requests, question any unusual behaviour, and remember that your data is valuable—take steps to keep it safe.

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Former NBA Star Omri Casspi Raises $60M for New Venture Fund Targeting Cybersecurity, AI, and Cloud Startups https://techeconomy.ng/former-nba-star-omri-casspi-raises-60m-for-new-venture-fund-targeting-cybersecurity-ai-and-cloud-startups/ https://techeconomy.ng/former-nba-star-omri-casspi-raises-60m-for-new-venture-fund-targeting-cybersecurity-ai-and-cloud-startups/#respond Mon, 02 Dec 2024 13:34:11 +0000 https://techeconomy.ng/?p=148654 Former NBA player Omri Casspi has raised $60 million for Swish Ventures, a new venture fund targeting early-stage companies in the fields of cybersecurity, cloud infrastructure, and artificial intelligence (AI). 

The fund, which plans to invest between $5 million and $7 million in each of its 10 chosen companies, will bolster Casspi’s growth as a venture capitalist.

Swish Ventures is Casspi’s second fund following the launch of Sheva Capital in 2022, a $36 million fund. With the investment period of Sheva now concluded, Casspi remains involved in managing its portfolio, though he has ruled out raising additional funds under Sheva. “I remain deeply engaged with the growth of our companies, but Sheva will not be expanding further,” Casspi explained in an interview.

Casspi’s new venture fund has already attracted a diverse group of investors, including several founders who were previously supported by Sheva. 

Ophir Ehrlich, founder of EON; Amiram Shachar, founder of Upwind; and Gal Ben-David and Alon Arvatz, co-founders of PointFive, are among those backing Swish Ventures. 

Again, Sequoia Capital has taken on the role of anchor investor in the fund, lending additional credibility and support.

While the focus of Swish Ventures is similar to that of Sheva—investing in startups handled by experienced entrepreneurs with the prospects to disrupt markets—the new fund will narrow its focus to the high-demand sectors of cybersecurity, cloud infrastructure, and AI. 

This change comes as these sectors have gained increased attention from investors, particularly in the United States and Israel, where Casspi has based much of his investment activity. 

In Israel, the cybersecurity sector is doing great, drawing huge venture capital funding, with the sector accounting for over 50% of the total venture capital raised by Israeli startups in the first half of 2024, according to Startup Nation Central.

Omri Casspi is positive about these growing fields. He has invested his own capital in Wiz, a leading cybersecurity company, while EON is a portfolio company under Sheva. 

He has also shown interest in innovative companies within the cloud and AI spaces, with his new fund positioning itself to support firms with cutting-edge solutions in these areas.

The trend of athletes transitioning into venture capital continues to grow, with Casspi following in the footsteps of other sports stars. Recently, NBA player Giannis Antetokoumpo entered the VC world, while others such as Serena Williams, Kevin Durant, Stephen Curry, and Andre Iguodala have already established their own venture firms.

Casspi’s success in raising $60 million for Swish Ventures places him among a growing group of athletes turning their attention to tech investments.

Omri Casspi, who made history as the first Israeli to play in the NBA and served as captain of Israel’s national basketball team, now oversees a great portfolio with an estimated $125 million in assets under management. 

Known companies under Sheva Capital include Upwind, which has reached a valuation of nearly $900 million, and PointFive, whose founders previously sold a company to Rapid7 and later raised $36 million for their new venture.

Swish Ventures is also expanding its team, appointing Dana Alexandrovich as an operating partner. Alexandrovich, previously the chief operating officer at Microsoft Israel, brings great experience in leading sales operations across the Middle East and Africa, further enhancing the fund’s scale-up in the global market.

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MTN Partners China Telecom, Huawei to Advance Digital Infrastructure in SA https://techeconomy.ng/mtn-partners-china-telecom-huawei-to-advance-digital-infrastructure-in-sa/ https://techeconomy.ng/mtn-partners-china-telecom-huawei-to-advance-digital-infrastructure-in-sa/#respond Thu, 28 Nov 2024 09:10:59 +0000 https://techeconomy.ng/?p=148456 MTN South Africa has partnered with China Telecom and Huawei to enhance the development of emerging technologies, including 5G, cloud services, artificial intelligence (AI), and the Internet of Things (IoT). 

The collaboration will boost digital growth and connectivity across the African continent.

The partnership combines China Telecom’s global expertise in network solutions, MTN’s wide reach in the African market, and Huawei’s cutting-edge technological specialisation to drive digital infrastructure development in South Africa and beyond.

Speaking on the partnership, Kai Chen, executive vice president of China Telecom Global, said: “This partnership aims to empower the African market with robust connectivity and innovative solutions, fostering sustainable economic growth,” he said.

For MTN South Africa, the collaboration holds huge promise for businesses and industries reliant on advanced network services. 

According to Tumi Sekhukhune-Chamayou, MTN’s chief enterprise business officer, improved connectivity will bring forth opportunities in sectors such as smart mining and industrial applications. These advancements are expected to stimulate digital transformation in key economic areas, boosting efficiency and innovation.

The partnership also aligns with MTN’s growth strategy to expand its offerings in ICT and business solutions while maintaining its position as a leader in South Africa’s telecommunications industry. “Joining forces with these technology giants enables us to deliver advanced, diversified services to individuals and enterprises in a rapidly evolving digital landscape,” Sekhukhune-Chamayou stated.

South Africa is continuously embracing modern technologies and this initiative will help provide the country with the tools needed for a digitally inclusive future. 

Enhanced access to IoT, AI, and other transformative technologies is expected to benefit businesses and consumers alike, ensuring improved connectivity and economic development.

Through this collaboration, MTN aims to address the challenges of affordability and accessibility that have historically hindered digital adoption.

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Vodafone, Google Sign 10-Year Deal to Expand AI Technology in Europe, Africa https://techeconomy.ng/vodafone-google-sign-10-year-deal-to-expand-ai-technology-in-europe-africa/ https://techeconomy.ng/vodafone-google-sign-10-year-deal-to-expand-ai-technology-in-europe-africa/#respond Tue, 08 Oct 2024 13:41:26 +0000 https://techeconomy.ng/?p=144952 Vodafone has expanded its partnership with Google in a multi-billion-dollar deal set to span over the next decade. 

The agreement will focus on bringing Google’s latest artificial intelligence (AI)-powered products and services to Vodafone’s customers in Europe and Africa, as well as enhancing the digital services offered by the telecom giant.

Under this expanded partnership, Vodafone will broaden its promotion of Google’s AI-driven Pixel devices across its 5G network in Europe. The company will continue to support the Android industry, ensuring a wider reach for Google’s mobile technology.

By 2025, Vodafone plans to introduce Google One AI Premium subscription plans in select countries. These plans will feature advanced tools from Google’s AI platform, Gemini, which offers various AI-powered features such as visual, text, and audio capabilities. 

The goal is to provide users with more advanced AI tools while simultaneously promoting device upgrades, as major tech companies, including Apple and Samsung, seek to enhance their product offerings with cutting-edge AI technology.

A significant part of this collaboration will involve Vodafone utilising Google Cloud’s AI platform for its enterprise services. This partnership will enable Vodafone to offer advanced cloud-based cybersecurity solutions tailored to business needs, thereby safeguarding companies from growing cyber threats. 

The use of AI will also be extended to Vodafone’s TV services, improving search, recommendations, and targeted advertising, ultimately enhancing the customer experience.

This partnership will help Vodafone as it seeks to diversify its revenue streams beyond traditional telecommunications. The incorporation of AI into its services will support its expansion into new digital markets, aligning itself with tech giants that have found significant success through their digital ecosystems.

As part of the collaboration, Vodafone will also host in-store demonstrations of Google’s Pixel devices, showcasing their AI capabilities to help consumers better understand how AI can enhance their daily interactions with mobile technology.

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‘We’re Pooling Resources’ – Bosun Tijani Announces $1.5 Million AI Fund After Criticism of Earlier Initiative https://techeconomy.ng/were-pooling-resources-bosun-tijani-announces-1-5-million-ai-fund-after-criticism-of-earlier-initiative/ https://techeconomy.ng/were-pooling-resources-bosun-tijani-announces-1-5-million-ai-fund-after-criticism-of-earlier-initiative/#respond Thu, 03 Oct 2024 07:53:30 +0000 https://techeconomy.ng/?p=144511 The federal government is set to unveil a $1.5 million initiative aimed at supporting Artificial Intelligence (AI) development in the country. 

This announcement comes from the Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, who disclosed the upcoming AI Fund initiative during an interview on Arise TV.

The new AI support, backed by global foundation Luminate, will be officially launched on October 7 in Abuja.

This follows the recent N100 million AI fund launched by the Ministry in partnership with Google. While the earlier fund was criticised as insufficient, Dr Bosun Tijani clarified that this new funding reiterates the government’s will and focus on pooling resources for AI growth in Nigeria.

Addressing issues about the perceived inadequacy of the previous AI fund, Dr Bosun Tijani explained that many Nigerians misunderstood the scope of the initiative.

He stated that the government is focusing on gathering resources from multiple avenues, emphasising that the AI sector’s development is not reliant solely on domestic funding. 

The Minister revealed that, in addition to Luminate’s contribution, the government is setting up the National Artificial Intelligence Trust. This body, developed in collaboration with AI Collaborative, will ensure that AI innovations are ethical and sustainable, particularly as the nation works on developing AI applications in local languages.

Dr Tijani also discussed the government’s long-term vision for technology infrastructure, acknowledging that while the benefits may not be immediately visible, projects such as the ongoing fibre optic cable installation, which will cover 90,000 kilometres across the country, are crucial for future development. 

The Minister admitted that securing the $2 billion required for this project will take up to 18 months, with the full installation expected to be completed over the next few years. However, he stressed the importance of such foundational projects, saying that their eventual impact will address national challenges, including poverty.

In addition to these large-scale initiatives, Dr Tijani highlighted the government’s 3 million Technical Talent (3MTT) initiative, which is already providing job opportunities for Nigerians, particularly in the technology sector. He also mentioned the 774 Project, designed to enhance service delivery at the local government level by connecting secretariats nationwide.

At a National AI workshop earlier this year, Dr Tijani had introduced the AI Collective, a collaborative platform aiming to drive the country’s AI ecosystem.

This effort is supported by the $1.5 million pledge from Luminate, spread over three years, which will fund key organisations such as Data Science Nigeria, Lagos Business School, and the Centre for Journalism, Innovation, and Development. These institutions will collaborate on governance, research, and innovation within the AI space.

The AI Collective operates within the National Centre for Artificial Intelligence and Robotics (NCAIR), providing a space for Nigeria’s academic, civil society, and technological communities to work together in ensuring that AI becomes a central component of the nation’s economic growth.

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OpenAI Launches Academy to Boost AI Development in Emerging Economies https://techeconomy.ng/openai-launches-academy-to-boost-ai-development-in-emerging-economies/ https://techeconomy.ng/openai-launches-academy-to-boost-ai-development-in-emerging-economies/#respond Mon, 23 Sep 2024 13:18:53 +0000 https://techeconomy.ng/?p=143735 OpenAI has announced the establishment of the OpenAI Academy, an initiative aimed at promoting innovation and economic growth through the support of developers and organisations focused on artificial intelligence (AI) solutions. 

The programme will particularly target low- and middle-income countries, aiming to make the benefits of AI more widely accessible.

The Academy seeks to empower local developers and mission-driven organisations that are addressing challenges within their communities. 

In providing access to advanced AI technologies, the initiative intends to enhance efforts in sectors critical to sustainable development, including healthcare, education, and agriculture.

Despite the rapid growth of technology sectors in many emerging markets, access to advanced training and resources remains a challenge. The OpenAI Academy aims to bridge this gap by investing in local talent and infrastructure, which could lead to substantial economic advancements.

Key features of the OpenAI Academy include:

  • Training and Expertise: Participants will receive guidance from OpenAI professionals, ensuring that developers have the necessary tools and knowledge to effectively implement AI solutions.
  • API Credits: The initiative includes an initial allocation of $1 million in API credits, enabling participants to utilise OpenAI models for their innovative projects.
  • Networking Opportunities: The Academy will facilitate a global community of developers, encouraging collaboration and knowledge sharing to enhance collective progress in AI applications.
  • Support for Local Challenges: In partnering with philanthropic entities, the Academy will invest in projects that directly address community issues, promoting grassroots innovation.

This initiative builds on OpenAI’s goal of supporting AI development and education. Notable successes from previous programmes illustrate the prospective impact of targeted investment. For instance, KOBI, a recipient of the OpenAI prize, has created tools that assist students with dyslexia in learning to read. Similarly, I-Stem has utilised AI to improve access to educational resources for individuals with visual impairments in India.

In addition to the Academy, OpenAI has undertaken actions to broaden the accessibility of AI knowledge by translating important benchmarks into multiple languages, including Yoruba and Swahili. This is part of a wider strategy to ensure that AI technologies are relevant and effective across diverse cultural and economic contexts.

Through prioritisation of support for local developers who understand their communities, the OpenAI Academy aims to target AI applications to specific needs, ultimately enabling a wider demographic to leverage technology for meaningful solutions.

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Nvidia’s 112% Q2 Earnings Projection: A Double-Edged Sword? https://techeconomy.ng/nvidia-112-q2-earnings-projection-a-double-edged-sword/ https://techeconomy.ng/nvidia-112-q2-earnings-projection-a-double-edged-sword/#comments Mon, 26 Aug 2024 12:58:37 +0000 https://techeconomy.ng/?p=141222 Nvidia may announce a commendable surge in its second-quarter revenue on Wednesday, with expectations that the figure will have more than doubled from the previous year. 

However, as the artificial intelligence (AI) chip leader approaches its earnings release, investor anticipation remains high, with Wall Street hoping for even greater results.

On Wednesday, Nvidia is projected to reveal that its revenue for the May-July period has climbed to approximately $28.68 billion, a 112% increase year-on-year, according to data from LSEG as of 23 August. 

This growth continues to facilitate Nvidia’s rise, which has seen its share price soar by over 150% in 2024, boosting its market valuation by $1.82 trillion and driving the S&P 500 to new points.

Despite the increase in stock value, Nvidia’s price-to-earnings (P/E) ratio remains notably high, estimated at 37 times its forward earnings. 

This contrasts with the average P/E ratio of around 29 for the top six tech companies on the index, highlighting the premium investors are willing to pay for Nvidia’s future growth prospects. 

The company’s forward P/E ratio has been declining, pointing to increased optimism among investors regarding its earnings prospects.

Nvidia’s growth in the tech sector is largely attributed to its cutting-edge graphics processing units (GPUs), which are indispensable for contemporary data centres and AI infrastructure. 

Major tech giants, including Microsoft, have heavily invested in these GPUs to support their AI operations, further boosting Nvidia’s fortunes.

However, there are issues about Nvidia’s ability to sustain its rapid growth. Analysts have raised doubts about possible delays in the production of Nvidia’s upcoming Blackwell AI chips, which were initially expected to launch in the second quarter. These delays, coupled with possible cost increases from Nvidia’s chip contractor TSMC, could impact future revenue and profit margins.

The company’s adjusted gross margin for the second quarter is anticipated to have decreased by over 3% points from the previous quarter, settling around 75.8%. 

This reduction is attributed to the increased costs associated with scaling up production to meet rising demand.

Despite a recent rebound, Nvidia’s stock experienced a 20% dip through much of July and early August due to investor worries over high expectations and AI spending. 

Per Reuters, if Nvidia falls short of Wall Street’s forecasts, it could trigger a wider sell-off in AI stocks, recalling the central role Nvidia plays in the AI sector, as noted by Daniel Morgan, senior portfolio manager at Synovus Trust. 

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Harnessing Renewable Energy: The Transformative Role of AI and Cybersecurity in the Global South https://techeconomy.ng/harnessing-renewable-energy-the-transformative-role-of-ai-and-cybersecurity-in-the-global-south/ https://techeconomy.ng/harnessing-renewable-energy-the-transformative-role-of-ai-and-cybersecurity-in-the-global-south/#comments Tue, 18 Jun 2024 16:20:39 +0000 https://techeconomy.ng/?p=134416 The intersection of renewable energy, artificial intelligence (AI), and cybersecurity presents a transformative opportunity for organizations, families, and communities in the Global South.

With the potential to revolutionize the energy sector, leveraging AI and cybersecurity in renewable energy projects can drive sustainable development, enhance energy resilience, and create a cleaner, more secure energy future.

This report explores the challenges and opportunities faced by nations in the Global South in benefiting from the implementation of AI and cybersecurity in renewable energy initiatives.

By examining the role of these technologies in driving innovation and efficiency in energy systems, this report aims to provide actionable recommendations for stakeholders to maximize the benefits of renewable energy adoption in the region.

  • The International Energy Agency (IEA) is projecting that renewable energy sources will attract a massive $2 trillion in investment globally in 2024, out of a total of $3 trillion projected for the energy sector for that year.

This represents a significant shift towards clean technologies and a move away from fossil fuels.

This report by the IEA highlights the growing importance of renewable energy in the global energy landscape. With total energy investment worldwide expected to exceed $3 trillion for the first time, renewables are set to receive the lion’s share of this investment.

This includes investments in technologies such as wind, solar, hydro, and bioenergy, as well as investments in electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps.

On the other hand, fossil fuels such as coal, gas, and oil are projected to receive just over $1 trillion in investment.

This shows a clear shift away from traditional energy sources towards cleaner and more sustainable alternatives.

The IEA report underscores the increasing recognition of the importance of transitioning to renewable energy sources in order to combat climate change and achieve sustainability goals.

  • With countries around the world committing to carbon neutrality and ambitious renewable energy targets, the investment in clean technologies is seen as crucial for a low-carbon future.

Investments in renewable energy not only help reduce greenhouse gas emissions and address climate change but also create jobs, promote economic growth, and enhance energy security. As the world continues to transition towards a more sustainable energy system, the IEA’s projections highlight the significant role that renewable energy sources will play in the future energy landscape.

Overall, the IEA report indicates a positive trend towards increased investment in clean technologies and renewable energy sources, signaling a shift towards a more sustainable and environmentally friendly energy sector.

  • With $2 trillion expected to flow towards renewables in 2024, the momentum towards clean energy is undeniable and represents a positive step towards a greener future.

Now that we are almost halfway through the year, it is crucial to assess the current challenges, ideologies, and strategies hindering the Global South nations from fully leveraging the insights presented in this report on harnessing renewable energy through the integration of AI and cybersecurity.

Despite the evident potential benefits, these regions face systemic obstacles that impede their progress in adopting sustainable energy practices and securing their infrastructure.

As we approach the middle of the year, it is crucial to examine the challenges facing Global South nations in implementing the recommendations outlined in the recent report by the International Energy Agency (IEA) regarding renewable energy investments.

While there is a significant push towards clean technologies and renewable energy sources globally, many countries in the Global South continue to face obstacles that hinder their ability to fully benefit from these investments.

  • One major issue faced by Global South nations is the lack of sufficient financial resources to invest in renewable energy projects.

Despite the projected $2 trillion in renewable energy investments expected globally in 2024, many developing countries struggle to attract the necessary funding to support large-scale renewable energy projects.

This can be attributed to factors such as limited access to capital, high costs of technology acquisition, and competing priorities for limited financial resources.

In addition to financial constraints, Global South nations also face challenges related to inadequate infrastructure and regulatory frameworks for renewable energy development.

Many countries lack the necessary infrastructure to support the integration of renewable energy sources into their existing energy systems.

This can include issues with grid connectivity, storage capabilities, and distribution networks, which are essential for the successful deployment of renewable energy technologies.

Furthermore, regulatory barriers and policy uncertainties can create obstacles for renewable energy investment in Global South nations. Inconsistent regulations, lack of clear policy frameworks, and bureaucratic red tape can deter investors and slow down the implementation of renewable energy projects.

Without a supportive policy environment and regulatory certainty, it becomes challenging for countries to attract the necessary investments and drive the transition towards clean energy.

Moreover, some Global South nations may also face social and political challenges that impact the adoption of renewable energy technologies.

Issues such as political instability, social unrest, and lack of public awareness can create barriers to the successful implementation of renewable energy projects.

In some cases, local communities may resist renewable energy developments due to concerns about land use, environmental impacts, or displacement of communities.

  • To address these challenges and strengthen the ability of Global South nations to benefit from renewable energy investments, several actions can be taken.

First, there is a need for increased international cooperation and financial support to help developing countries access the necessary funding for renewable energy projects.

Multilateral organizations, international financial institutions, and developed countries can play a critical role in providing financial assistance and technical expertise to support renewable energy development in the Global South.

Second, governments in Global South nations must prioritize the development of renewable energy policies and regulatory frameworks that create a conducive environment for investment.

Clear targets, incentives, and regulations can help attract private sector investment and drive the deployment of renewable energy technologies.

Additionally, there is a need for capacity building and skills development to support the implementation of renewable energy projects in Global South nations.

This includes training programs, technology transfer initiatives, and knowledge-sharing platforms to build local expertise and capabilities in renewable energy development.

Overall, while Global South nations face significant challenges in benefiting from renewable energy investments, there are clear opportunities for progress.

By addressing financial, regulatory, and social barriers, these countries can accelerate their transition towards clean energy and reap the economic, environmental, and social benefits of renewable energy technologies.

Collaboration between governments, international organizations, and the private sector will be critical in overcoming these obstacles and advancing the goals of a sustainable energy future for all.

Now that we are nearly midway through the year, it is imperative to delve into the pivotal role that AI and cybersecurity play in driving the outcomes outlined in this report for Global South nations.

By integrating advanced technologies like AI and cybersecurity into their energy and infrastructure frameworks, these nations pave the way for sustainable development and economic growth.

For instance, countries such as Kenya and India have already begun to reap the benefits of incorporating AI into their energy systems, improving efficiency and reliability.

Additionally, cybersecurity measures in place in nations like Brazil and South Africa have bolstered the protection of critical infrastructure and data, ensuring stability and resilience in the face of evolving threats.

In the quest to overcome challenges and expedite the adoption of renewable energy sources in Global South nations, artificial intelligence (AI) and cybersecurity can play crucial roles in enabling the successful implementation of these technologies.

By leveraging AI and cybersecurity solutions, countries can enhance renewable energy development, improve grid efficiency, and strengthen the overall energy infrastructure.

Several nations have already started to benefit from the integration of AI and cybersecurity in their renewable energy projects, showcasing the potential impact of these technologies in advancing clean energy transitions.

One example of a nation harnessing AI and cybersecurity to optimize renewable energy systems is India.

  • With a growing focus on renewable energy sources like solar and wind power, India has implemented AI-powered solutions to enhance the efficiency and reliability of its renewable energy infrastructure.

AI algorithms are being utilized to predict energy generation from solar panels and wind turbines, optimize operations, and improve grid stability.

By leveraging AI, India aims to increase the share of renewables in its energy mix and achieve its sustainability goals.

Another country at the forefront of integrating AI and cybersecurity in renewable energy development is South Africa.

As a nation with abundant renewable energy resources, South Africa has deployed AI technologies to manage and control its renewable energy assets effectively.

AI tools are used for real-time monitoring and analysis of renewable energy generation, enabling operators to make data-driven decisions and optimize energy production.

Additionally, robust cybersecurity measures have been implemented to protect renewable energy infrastructure from cyber threats and ensure the security of critical energy systems.

Furthermore, countries like Brazil and Indonesia have also embraced AI and cybersecurity in their renewable energy projects to promote sustainable energy transitions. In Brazil, AI-powered energy management systems are being used to optimize the integration of solar and wind power into the grid, enhance energy efficiency, and reduce carbon emissions.

Renewable Energy: The Potential of Nocturnal Solar Power
Solar Power

Meanwhile, Indonesia is leveraging cybersecurity solutions to secure its renewable energy installations and safeguard critical energy infrastructure from cyber attacks, enabling the country to advance its renewable energy goals with confidence.

By adopting AI and cybersecurity technologies in renewable energy projects, Global South nations can overcome challenges related to energy efficiency, grid reliability, and cybersecurity risks, thereby accelerating the transition to clean energy sources.

These technologies offer opportunities to optimize energy systems, enhance operational performance, and improve the overall resilience of energy infrastructure in developing countries.

  • As more nations recognize the benefits of AI and cybersecurity in renewable energy development, we can expect to see increased innovation, efficiency, and sustainability in the global energy sector, paving the way for a greener and more resilient future.

In the context of the recommendations outlined in this report, it is crucial to emphasize the significance of these strategies for organizations, families, and communities.

By actively implementing the proposed measures, organizations can enhance their operational efficiency, reduce costs, and foster innovation in line with sustainable practices.

For families, adopting these recommendations can lead to improved resource management, better energy consumption habits, and overall cost savings.

Moreover, communities stand to benefit from the collective impact of implementing these measures, such as increased resilience to environmental challenges, enhanced quality of life, and the promotion of equitable and inclusive development.

By recognizing the value of these recommendations and taking proactive steps to integrate them into their daily practices, organizations, families, and communities can collectively contribute to a more sustainable and prosperous future.

To ensure that the recommendations in this report on leveraging AI and cybersecurity for renewable energy projects are effectively implemented and beneficial to organizations, families, and communities, it is essential to outline actionable strategies and best practices for each stakeholder group.

For organizations, particularly energy companies and renewable energy developers, the following recommendations can help maximize the potential of AI and cybersecurity in renewable energy projects:

  1. Invest in AI technologies: Organizations should prioritize investment in AI solutions that can optimize energy generation, grid management, and operational efficiency. Implementing AI-powered energy management systems and predictive analytics can help companies streamline operations and increase the reliability of renewable energy assets.

 

  1. Enhance cybersecurity measures: Robust cybersecurity measures should be integrated into renewable energy infrastructure to safeguard against cyber threats and ensure the security of critical energy systems. Organizations should regularly assess cybersecurity risks, implement strong security protocols, and provide cybersecurity training to employees.
Cybersecurity tops CIOs budget priorities
Cybersecurity tops CIOs budget priorities
  1. Collaborate with tech experts: Partnering with AI and cybersecurity experts can help organizations leverage cutting-edge technologies and implement best practices in renewable energy projects. Collaborating with tech companies and research institutions can provide valuable insights and expertise to enhance energy efficiency and grid reliability.

For families and communities looking to benefit from renewable energy initiatives driven by AI and cybersecurity, the following recommendations can guide their actions:

  1. Embrace renewable energy solutions: Families and communities can support the transition to renewable energy by adopting solar panels, wind turbines, and other clean energy technologies. Investing in renewable energy systems at the household or community level can reduce energy costs, lower carbon emissions, and contribute to a sustainable future.

 

  1. Educate and engage: Educating community members about the benefits of renewable energy and the role of AI and cybersecurity in energy transitions can foster awareness and support for clean energy initiatives. Organizing community events, workshops, and information sessions on renewable energy technologies and security measures can empower individuals to make informed decisions.

 

  1. Advocate for policy support: Families and communities can advocate for policies that promote renewable energy adoption, incentivize AI integration in energy systems, and strengthen cybersecurity regulations. By engaging with policymakers, participating in advocacy campaigns, and voicing their support for clean energy policies, communities can influence positive change in the energy sector.

By implementing these recommendations, organizations, families, and communities can harness the potential of AI and cybersecurity in renewable energy projects to drive sustainable development, improve energy resilience, and create a cleaner, more secure energy future for all.

Taking proactive steps to leverage these technologies can yield tangible benefits for stakeholders at every level, paving the way for a more sustainable and resilient energy landscape.

In conclusion, the adoption of AI and cybersecurity in renewable energy projects holds immense potential for organizations, families, and communities in the Global South.

  • By investing in AI technologies, enhancing cybersecurity measures, and collaborating with tech experts, organizations can optimize energy generation and operational efficiency, while safeguarding critical energy infrastructure from cyber threats. Families and communities can benefit from renewable energy solutions by embracing clean energy technologies, educating and engaging community members, and advocating for supportive policies.

By taking proactive steps to leverage AI and cybersecurity in renewable energy projects, stakeholders can contribute to a sustainable and resilient energy landscape, driving positive change and creating a brighter future for all. Together, we can harness the power of technology to unlock the full potential of renewable energy, shaping a more sustainable and secure energy future for nations in the Global South and beyond.

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corruption in developing economies by Professor OJO EMMANUEL ADEMOLA
The Writer, Prof. Ojo Emmanuel Ademola is the first Nigerian Professor of Cyber Security and Information Technology Management, and the first Professor of African descent to be awarded a Chartered Manager Status.
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OpenseedVC Launches $10 Million Fund to Back Early-Stage Startups in Africa and Europe https://techeconomy.ng/openseedvc-launches-10-million-fund-to-back-early-stage-startups-in-africa-and-europe/ https://techeconomy.ng/openseedvc-launches-10-million-fund-to-back-early-stage-startups-in-africa-and-europe/#comments Mon, 20 May 2024 09:53:13 +0000 https://techeconomy.ng/?p=131780 OpenseedVC, a new early-stage venture capital firm founded in 2024 by Maria Rotilu, a seasoned operator and investor, has closed its first fund at over $10 million.

Targeting tech startups across Africa and Europe, OpenseedVC focuses on investing in experienced operators and domain experts highlighting the role of founder experience in the success of startups.

The firm aims to be the first believer in experienced operators who are transitioning to become founders, providing early-stage investments of up to $150,000. This fund targets startups within sectors such as B2B software, artificial intelligence (AI), fintech, digital health, and the future of work.

Rotilu sees the importance of founder-market fit, asserting that operators who have been involved in the day-to-day operations of startups possess an almost unfair advantage in understanding and navigating their chosen markets.

The launch of OpenseedVC comes at a time when fundraising for African startups has become increasingly challenging. In 2023, funding for African startups fell by 33% compared to the previous year, totalling approximately $3.2 billion.

Despite these difficulties, Rotilu believes that strong companies are often born during tough economic times. “We want to be the first believers in these experienced operators, providing them with the capital and support they need from the start to the launch of their technology companies,” she said.

OpenseedVC is not just about providing capital; it also brings a network of over 50 seasoned operators to support new founders. These operators, who have extensive experience in areas such as software engineering, product development, and market strategy, will offer invaluable guidance to startups.

This network aims to address common challenges faced by new technology companies, ensuring they have the necessary resources and expertise to succeed.

The fund’s investment strategy is designed to create a diversified portfolio across geography, industry, and gender. Rotilu noted the importance of supporting female-led startups and achieving a balanced co-founding team composition.

This approach aims to enhance the overall impact and returns of the portfolio by tapping into a wide range of perspectives and expertise.

So far, OpenseedVC has made two investments: one in a stealth AI-enabled supplier dispute resolution software based in the UK, and another in Intron, a speech-to-text transcription model tailored for underserved accents in Africa.

Over the next five years, the fund plans to back at least 60 startups, operating with an open application process that allows founders to apply without needing an introduction.

Rotilu’s background as an operator and investor gives her a unique perspective on the needs of early-stage startups. Before founding OpenseedVC, she held key roles at Uber and Branch in Nigeria, scaled tech companies to millions of users, and managed the Oxford Seed Fund.

Her vision for OpenseedVC is to leverage this experience to support operators in Africa and Europe, helping them build successful, scalable businesses.

With its first close well into the millions, OpenseedVC continues to fundraise and aims to reach the final close within a year.

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