- India’s largest business, Reliance Industries, announced a slew of AI services and products at its 47th annual general meeting, outlining its vision for AI and deep tech innovations. Its chairman and managing director Mukesh Ambani apprised stakeholders about the latest AI services for its subsidiary, Jio Platforms Limited.
- The move signals a strong pivot towards AI innovation, and the market showed a favorable response with RIL’s stock closing up by 1.6%. However, AI businesses in the US and Europe have seen strong losses and weakening market sentiment in recent days.
Mukesh Ambani addressed stakeholders at Reliance Industries Limited’s 47th AGM, informing them of a bonus share announcement, long-term visions for its operations and new digital services. Yet, the talking point was its pivot to Artificial Intelligence – with over 60 mentions during the annual general meeting – spanning half a dozen announcements about the conglomerate’s investment in AI and deep tech innovations.
With multiple AI services and products being revealed, India’s largest technology business isn’t shying away from the AI race. With the introduction of JioBrain, an AI service platform, it aims to scale AI operations across Reliance’s subsidiaries. The chairman also announced plans for a giga-watt scale, AI-ready data centre in Gujarat to support AI inference capabilities.
Along with this, Reliance will be partnering with other technology companies as well as JioInstitute to enhance AI upskilling among its workforce. The highlight among the slew of AI announcements was the JioAI Cloud offering up to 100 GB of free cloud storage to its users.
In terms of its mobile network operator and digital services arm Jio, the business revealed JioPhoneCall AI, a generative AI feature for transcribing, summarizing and translating phone calls, as well as Hello Jio, a generative AI voice assistant that will be integrated into the JioTV OS. The technology conglomerate also announced plans to build powerful generative AI models at affordable prices.
While the AI announcements improved its market outlook, with RIL’s stock price rising by 1.6%, stakeholders were left disappointed by the lack of information on its expected initial public offerings (IPO). While Indian capital markets have relatively high valuations, making it a good time for businesses to go public, RIL’s focus on AI has left investors concerned.
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US investors signalled their concerns about the AI rally with most AI leaders closing the trading day with losses yesterday. Major names like Nvidia ended in red despite decent earnings, as investors are unsure if its AI offerings can sustain the high valuations and growth expectations.
Conclusion
Reliance Industries’ recent AGM showed its strong commitment towards AI innovation and offerings, positioning itself for long-term growth in the Asian market. However, the announcement comes at a time when investors are taking a cautious approach to AI-heavy businesses. With no plans for an IPO, Reliance and Jio are banking on a strategic move aimed at maximizing their revenue from AI, as peers in the US market are struggling in a volatile market environment with weak AI sentiment.
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