Dr Christoph Nieuwoudt- AI in Financial Servicesitnewsafrica
Dr. Christoff Nieuwoudt delivered a keynote on AI in Financial Services at Digital Finance Africa 2023 on the 2nd of August 2023 at Gallagher Convention Centre, Johannesburg, Midrand.
Steve Maclaren - Robotics and AI in project management: The future:
The APM Scotland Branch have continued the face-to-face Branch Conference series with a full day event on 7 September 2023.
Considering our ever changing environment is a vital skill for a Project Manager as they bring together a wide range of knowledge and expertise to fulfil projects in an ever evolving world where data, artificial intelligence and sustainability all play an important part
Steve Maclaren - APM Scotland Branch Conference 2023: Net Zero Nation and Sus...APMDonotuse
Steve Maclaren - Robotics and AI in project management: The future:
The APM Scotland Branch have continued the face-to-face Branch Conference series with a full day event on 7 September 2023.
Considering our ever changing environment is a vital skill for a Project Manager as they bring together a wide range of knowledge and expertise to fulfil projects in an ever evolving world where data, artificial intelligence and sustainability all play an important part
leewayhertz.com-How to build a generative AI solution From prototyping to pro...KristiLBurns
Generative AI has gained significant attention in the tech industry, with investors, policymakers, and the society at large talking about innovative AI models like ChatGPT and Stable Diffusion.Generative AI has gained significant attention in the tech industry, with investors, policymakers, and the society at large talking about innovative AI models like ChatGPT and Stable Diffusion.
Startup pitch presented by co-founder and CEO Jaco Els. Cubitic offers a predictive analytics platform that allows developers to build custom solutions for analytics and visualisation on top of a machine learning engine.
Generative AI models are transforming various fields by creating realistic images, text, music, and videos. This guide will take you through the essential steps and considerations for building a generative AI model, providing a comprehensive understanding of the process.
Building a generative AI solution involves defining the problem, collecting and processing data, selecting suitable models, training and fine-tuning them, and deploying the system effectively. It’s essential to gather high-quality data, choose appropriate algorithms, ensure security, and stay updated with advancements.
Top 10 Most Demand IT Certifications Course in 2020 - MildainTrainingsMildain Solutions
The professionals in the field of Information Technology understands the importance of certification to their career and growth.
The information provided in this guide is backed by real data. Let us look at the top IT certifications that will remain to be a trend in 2020.
Mildaintrainings https://mildaintrainings.com/ offers Several trainings all over the world.
Dr Christoph Nieuwoudt- AI in Financial Servicesitnewsafrica
Dr. Christoff Nieuwoudt delivered a keynote on AI in Financial Services at Digital Finance Africa 2023 on the 2nd of August 2023 at Gallagher Convention Centre, Johannesburg, Midrand.
Steve Maclaren - Robotics and AI in project management: The future:
The APM Scotland Branch have continued the face-to-face Branch Conference series with a full day event on 7 September 2023.
Considering our ever changing environment is a vital skill for a Project Manager as they bring together a wide range of knowledge and expertise to fulfil projects in an ever evolving world where data, artificial intelligence and sustainability all play an important part
Steve Maclaren - APM Scotland Branch Conference 2023: Net Zero Nation and Sus...APMDonotuse
Steve Maclaren - Robotics and AI in project management: The future:
The APM Scotland Branch have continued the face-to-face Branch Conference series with a full day event on 7 September 2023.
Considering our ever changing environment is a vital skill for a Project Manager as they bring together a wide range of knowledge and expertise to fulfil projects in an ever evolving world where data, artificial intelligence and sustainability all play an important part
leewayhertz.com-How to build a generative AI solution From prototyping to pro...KristiLBurns
Generative AI has gained significant attention in the tech industry, with investors, policymakers, and the society at large talking about innovative AI models like ChatGPT and Stable Diffusion.Generative AI has gained significant attention in the tech industry, with investors, policymakers, and the society at large talking about innovative AI models like ChatGPT and Stable Diffusion.
Startup pitch presented by co-founder and CEO Jaco Els. Cubitic offers a predictive analytics platform that allows developers to build custom solutions for analytics and visualisation on top of a machine learning engine.
Generative AI models are transforming various fields by creating realistic images, text, music, and videos. This guide will take you through the essential steps and considerations for building a generative AI model, providing a comprehensive understanding of the process.
Building a generative AI solution involves defining the problem, collecting and processing data, selecting suitable models, training and fine-tuning them, and deploying the system effectively. It’s essential to gather high-quality data, choose appropriate algorithms, ensure security, and stay updated with advancements.
Top 10 Most Demand IT Certifications Course in 2020 - MildainTrainingsMildain Solutions
The professionals in the field of Information Technology understands the importance of certification to their career and growth.
The information provided in this guide is backed by real data. Let us look at the top IT certifications that will remain to be a trend in 2020.
Mildaintrainings https://mildaintrainings.com/ offers Several trainings all over the world.
During the past few years open source has transformed the tech industry. According to Gartner's survey 85% of companies currently use open source software. In this presentation we will examine what open source is? What are the pros and cons for software developers? How big is the market? How can one make money developing an open source product and which business models companies use? If it doesn’t work – is it possible to witch from and to OS?
This presentation was created in Aug 2013.
A GDSC (Google Developer Student Clubs) info session is to introduce students to the opportunities and benefits of participating in a GDSC chapter. GDSCs are community groups that provide students with resources, mentorship, and a platform to learn about Google technologies, collaborate on projects, and enhance their technical skills. During the info session, students can expect to learn about the club's activities, workshops, hackathons, and networking opportunities. The event is to share insights into how GDSC can be a valuable part of a student's academic journey, fostering personal growth and professional development in the field of technology. These sessions often feature guest speakers, past project showcases, and details on how to join and get involved in the GDSC community. It's a great chance for students to explore how they can expand their knowledge, connect with like-minded peers, and engage in hands-on projects related to cutting-edge tech.
The Cabinet Office has been working hard to level the playing field for open source software, agile development and lean software. This picks a number of quotes illustrating the success of these ideas outside the public sector, and hopes to explain why enterprises involved with government needs to start paying attention.
With the increasing impact of globalization on business, the scope for competition is no longer limited by national boundaries or by the definition of a particular industrial sector.
Management of technology, innovation and information have also emerged as key requirements for success in the 21st century enterprise.
Thus, proper management of technological change, particularly at the productive enterprise level, has become the most important consideration for development.
How is ChatGPT and AI Revolutionizing Adaptive Project Portfolio ManagementOnePlan Solutions
In the rapidly evolving landscape of adaptive project portfolio management, emerging technologies like ChatGPT, Microsoft Copilot, Sofia GPT, and other AI tools are becoming viable options for gaining additional insights and saving time in your portfolio of projects.
This webinar delves into the transformative potential of these tools, offering insights into how they can streamline processes, enhance decision-making, and drive efficiency in Adaptive Project Portfolio Management.
Key Takeaways:
Project Portfolio Prioritization: Understand the role of Sofia GPT in portfolio prioritization, which is crucial for effective resource allocation and achieving high-impact outcomes.
Resource Optimization & Risk Management: Delve into how Sofia GPT aids in resource optimization and risk identification, pivotal for maximizing ROI and proactive project management.
AI-Enhanced Portfolio Decision Making: Learn how Sofia GPT’s automation and predictive analytics complement ChatGPT and Copilot, streamlining tasks and enhancing data-driven decision-making.
Enhancing Data Integrity and Strategic Insights: Explore AI’s role in augmenting data entry and automating information retrieval, ensuring data accuracy and informed strategic decision-making.
7 Next-Gen Digital Marketing Trends For 2023 Company.pdfImpulse Digital
In the year 2023, digital marketing trends are shifted to a much more focused and targeted platform. Marketing trends have already seen significant change over the past decade, but the shift in focus of digital marketing in 2023 will be the biggest change yet. For more info visit:https://www.theimpulsedigital.com/blog/7-next-gen-digital-marketing-trends-for-2023/
This is an article about Generative AI. It discusses what it is and the different techniques used to create it. It also goes into the potential uses of Generative AI. Some of the important points from this article are that Generative AI is still in its early stages but has already shown promising results. It is also important to note that Generative AI can be used to create fake data that is indistinguishable from real data.
https://www.ltimindtree.com/wp-content/uploads/2023/01/DeepPoV-Generative-AI.pdf
Eclipse MicroProfile: Accelerating Cloud-Native Application Development with ...Thabang Mashologu
An overview of the business value that the Eclipse MicroProfile project can bring to an organization that is faced with the challenges of evolving into a world where containers, microservices, cloud, open source, and enterprise Java intersect.
Algorithm Marketplace and the new "Algorithm Economy"Diego Oppenheimer
Talk by Diego Oppenheimer CEO of Algorithmia.com at Data Day Texas 2016.
Peter Sondergaard VP of Research for Gartner recently said the next digital gold rush is "How we do something with data not just what you do with it". During this talk we will cover a brief history of the different algorithmic advances in computer vision, natural language processing, machine learning and general AI and how they are being applied to Big Data today. From there we will talk about how algorithms are playing a crucial part in the next Big Data revolution, new opportunities that are opening up for startups and large companies alike as well as a first look into the role Algorithm Marketplaces will play in this space.
Connector Corner: Extending LLM automation use cases with UiPath GenAI connec...DianaGray10
Continuous accuracy and efficiency of Large Language Models (LLM) is key to successfully building out your next AI-infused automation, regardless of business use case.
For our next Connector Corner webinar, we’ll explore how using a seamless AI integration process provides access to industry leading models, curated activities, and embeddings that help achieve operational efficiency.
Join us on March 26 to learn about:
Accessing large language models, hosted by UiPath
Reducing complexities of prompt-engineering, by using curated sets of activities
Assuring accuracy and safety, by building an AI Trust Layer to moderate the output of AI models, and their generated results.
Discovering what’s new in embeddings connectivity
Cultivating your AI knowledgebase using Vector Databases
Expect to see these use cases in action:
Leveraging UiPath hosted LLMs and activities
Document comparison using our LLM framework
Please stay tuned for additional use cases
Speakers:
Charlie Greenberg, host
George Roth, Technology Evangelist
Scott Schoenberger, Senior Product Manager
Koji Takimoto, Director Product Support
During the past few years open source has transformed the tech industry. According to Gartner's survey 85% of companies currently use open source software. In this presentation we will examine what open source is? What are the pros and cons for software developers? How big is the market? How can one make money developing an open source product and which business models companies use? If it doesn’t work – is it possible to witch from and to OS?
This presentation was created in Aug 2013.
A GDSC (Google Developer Student Clubs) info session is to introduce students to the opportunities and benefits of participating in a GDSC chapter. GDSCs are community groups that provide students with resources, mentorship, and a platform to learn about Google technologies, collaborate on projects, and enhance their technical skills. During the info session, students can expect to learn about the club's activities, workshops, hackathons, and networking opportunities. The event is to share insights into how GDSC can be a valuable part of a student's academic journey, fostering personal growth and professional development in the field of technology. These sessions often feature guest speakers, past project showcases, and details on how to join and get involved in the GDSC community. It's a great chance for students to explore how they can expand their knowledge, connect with like-minded peers, and engage in hands-on projects related to cutting-edge tech.
The Cabinet Office has been working hard to level the playing field for open source software, agile development and lean software. This picks a number of quotes illustrating the success of these ideas outside the public sector, and hopes to explain why enterprises involved with government needs to start paying attention.
With the increasing impact of globalization on business, the scope for competition is no longer limited by national boundaries or by the definition of a particular industrial sector.
Management of technology, innovation and information have also emerged as key requirements for success in the 21st century enterprise.
Thus, proper management of technological change, particularly at the productive enterprise level, has become the most important consideration for development.
How is ChatGPT and AI Revolutionizing Adaptive Project Portfolio ManagementOnePlan Solutions
In the rapidly evolving landscape of adaptive project portfolio management, emerging technologies like ChatGPT, Microsoft Copilot, Sofia GPT, and other AI tools are becoming viable options for gaining additional insights and saving time in your portfolio of projects.
This webinar delves into the transformative potential of these tools, offering insights into how they can streamline processes, enhance decision-making, and drive efficiency in Adaptive Project Portfolio Management.
Key Takeaways:
Project Portfolio Prioritization: Understand the role of Sofia GPT in portfolio prioritization, which is crucial for effective resource allocation and achieving high-impact outcomes.
Resource Optimization & Risk Management: Delve into how Sofia GPT aids in resource optimization and risk identification, pivotal for maximizing ROI and proactive project management.
AI-Enhanced Portfolio Decision Making: Learn how Sofia GPT’s automation and predictive analytics complement ChatGPT and Copilot, streamlining tasks and enhancing data-driven decision-making.
Enhancing Data Integrity and Strategic Insights: Explore AI’s role in augmenting data entry and automating information retrieval, ensuring data accuracy and informed strategic decision-making.
7 Next-Gen Digital Marketing Trends For 2023 Company.pdfImpulse Digital
In the year 2023, digital marketing trends are shifted to a much more focused and targeted platform. Marketing trends have already seen significant change over the past decade, but the shift in focus of digital marketing in 2023 will be the biggest change yet. For more info visit:https://www.theimpulsedigital.com/blog/7-next-gen-digital-marketing-trends-for-2023/
This is an article about Generative AI. It discusses what it is and the different techniques used to create it. It also goes into the potential uses of Generative AI. Some of the important points from this article are that Generative AI is still in its early stages but has already shown promising results. It is also important to note that Generative AI can be used to create fake data that is indistinguishable from real data.
https://www.ltimindtree.com/wp-content/uploads/2023/01/DeepPoV-Generative-AI.pdf
Eclipse MicroProfile: Accelerating Cloud-Native Application Development with ...Thabang Mashologu
An overview of the business value that the Eclipse MicroProfile project can bring to an organization that is faced with the challenges of evolving into a world where containers, microservices, cloud, open source, and enterprise Java intersect.
Algorithm Marketplace and the new "Algorithm Economy"Diego Oppenheimer
Talk by Diego Oppenheimer CEO of Algorithmia.com at Data Day Texas 2016.
Peter Sondergaard VP of Research for Gartner recently said the next digital gold rush is "How we do something with data not just what you do with it". During this talk we will cover a brief history of the different algorithmic advances in computer vision, natural language processing, machine learning and general AI and how they are being applied to Big Data today. From there we will talk about how algorithms are playing a crucial part in the next Big Data revolution, new opportunities that are opening up for startups and large companies alike as well as a first look into the role Algorithm Marketplaces will play in this space.
Connector Corner: Extending LLM automation use cases with UiPath GenAI connec...DianaGray10
Continuous accuracy and efficiency of Large Language Models (LLM) is key to successfully building out your next AI-infused automation, regardless of business use case.
For our next Connector Corner webinar, we’ll explore how using a seamless AI integration process provides access to industry leading models, curated activities, and embeddings that help achieve operational efficiency.
Join us on March 26 to learn about:
Accessing large language models, hosted by UiPath
Reducing complexities of prompt-engineering, by using curated sets of activities
Assuring accuracy and safety, by building an AI Trust Layer to moderate the output of AI models, and their generated results.
Discovering what’s new in embeddings connectivity
Cultivating your AI knowledgebase using Vector Databases
Expect to see these use cases in action:
Leveraging UiPath hosted LLMs and activities
Document comparison using our LLM framework
Please stay tuned for additional use cases
Speakers:
Charlie Greenberg, host
George Roth, Technology Evangelist
Scott Schoenberger, Senior Product Manager
Koji Takimoto, Director Product Support
Wall Street Mastermind Sector Spotlight - Healthcare (October 2023).pdfSamShiah1
Here are the contents of this month's Healthcare Sector Spotlight:
1. Current Market
2. Ozempic Case Study
3. Pharma vs. FTC
4. Healthcare Strikes
5. Sandoz/Novartis Split
6. Amgen Horizon
7. Appendix
Wall Street Mastermind Sector Spotlight - Media & Entertainment (October 2023...SamShiah1
Here are the contents of this month's Media & Entertainment Sector Spotlight:
1. Film/TV Sector Update
2. Disney Snapshot
3. Sports Sector Update
4. Gaming Sector Update
5. Consolidated Comms Take Private Deal Analysis
Wall Street Mastermind Sector Spotlight - Healthcare (September 2023)SamShiah1
Here are the contents of this month's Healthcare Sector Spotlight:
1. Trading and M&A Comps
2. Obesity Drug Market
3. Illumina/Grail Debacle
4. Royalty Finance
5. J&J Consumer Health IPO
Wall Street Mastermind Sector Spotlight - Media & Entertainment (September 2023)SamShiah1
Here are the contents of this month's Media & Entertainment Sector Spotlight:
1. Film/TV Sector Update
2. Disney Snapshot
3. Theatrical Update
4. Sports Sector Update
5. Gaming Sector UPdate
6. WWE & UFC Merger
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell pi coins after successfully completing KYC
Wall Street Mastermind Sector Spotlight - Technology (October 2023).pdf
1. CONFIDENTIAL
WALL STREET MASTERMIND
Sector Spotlight: October Recap
Sector Leads
Jagger Lambert | Media& Entertainment
James Concepcion | Media& Entertainment
Pan | Technology
Teddy Kesoglou | Technology
Avi Krishna | Healthcare
Michael Reed | Healthcare
JoeAmes | Healthcare
Project Founders
Jagger Lambert
James Concepcion
3. 3
I. Large Language Models 5
II. 5G 12
III. CyberSecurity 17
IV. Deal Coverage 23
TABLE OF CONTENTS Technology
4. 4
Large Language Models Overview Technology
I. Large Language Models 5
II. 5G 12
III. CyberSecurity 17
IV. Deal Coverage 23
5. 5
Large Language Models Overview Development & Scalability/Timeline
2017
• Google introduced a special type of deep learningarchitecture
called "transformer" through the publication "Attention isAll
You Need"
• Through Positional Encoding and Self-Attention, transformers
can analyze sequential data, sentences, words, and expressions
• After 2017, AI developers began implementingtransformersin
their designs
ELMo(94M)
GPT-1(117M)
Bert (345M)
GPT-2 (1.5B)
XLNet (340M)
RoBERTa
(345M)
Megatron-LM
(8.3B)
Turing NLG
(17B)
GPT-3 (175B)
Megatron-Turing NLG
(530B)
GPT-4 (Estimated
1T)
0.01
0.1
1
10
100
1000
2018 2019 2020 2021 2022 2023
Size
in
Billions
of
Parameters
Development & Scalability of LLMs Over Time
• ELMo is the last non-transformer-based learningarchitecture,
comprised of a collection of LSTMs and 94 million parameters
• OpenAI released GPT-1, which hasa size of 110 million
parameters,similar tothe original Transformer Model, and is
focused on Next Word Prediction
• BERTwas a breakthrough for LLMs, establishinga relationship
between itsinputsand outputs,thusbecoming bidirectional
2019
• Transformer-XL wasreleased, introducing relative positional
encoding and solving the original transformer'sissue of fixed
context length
• GPT-2 was released, similar to GPT-1, with 1.5B parameters
• Microsoft established a partnership with OpenAI, investing$1B
• NVIDIA released Megatron-LM, which mimics GPT's structure
and has a size of 8.3B parameters
• In 2020, Microsoft's TuringNLG, Google's T5, and OpenAI's GPT-
3 were released, bringingLLMsto significant scales with 175B
parameters
• Between 2021 and 2023, Megatron Turing NLG wasreleased;
ChatGPTbecame the first LLM chat-simulator open to non-
technical users.Cohere, Google, Meta, and DataBricks released
their simulators. GPT-4 is the largest LLMat 1T parameters
2018
2020 -
Present
*Sources: InsideBigData, Medium
6. 6
LLMs Trading Comps & Market Drivers
Increased
Competition
in AI
Initial attention with
OpenAI's ChatGPT
sparked market
competition
Other firms begin
competing: Google's
Bard, and Significant
Gravitas' AutoGPT
BARD <- Google’s
LLM Model in
response to the
potentialof
ChatGPT replacing
Google as a source
of information
New Competitive Forces Dominant Position Threatened
In 2019 and 2023, Microsoft
extended an OpenAI
partnership in a $10B+ deal
In return, OpenAI is running
on Microsoft's Azure
computing systems, and
shares initial profits
*Sources: CapIQ, SEC Filings
Companies
Day Close Price
($ USD)
52w High Price
($ USD)
% change of
52-Week
Shares O/S
(Millions)
Market Cap ($M
USD)
Enterprise Value
($M USD)
EV/ LTM
EBITDA
EV/EBITDA
(FY)
EV/Revenue
(LTM)
$ 125.30 $ 142.38 -12.00% 12,516 $ 1,565,127 $ 1,474,638 14.7x 12.1x 5.0x
$ 133.09 $ 145.86 -8.75% 10,334 $ 1,371,429 $ 1,473,325 17.1x 14.0x 2.7x
$ 338.11 $ 366.78 -7.82% 7,432 $ 2,506,976 $ 2,468,712 22.1x 24.2x 11.3x
$ 37.01 $ 52.88 -30.01% 9,398 $ 2,776,650 $ 2,875,44 17.9x 12.6x 4.6x
$ 170.77 $ 198.23 -13.85% 15,634 $ 2,662,353 $ 2,605,090 18.5x 20.8x 6.8x
$ 180.83 $ 241.86 -25.23% 183 $ 32,442 $ 44,968 16.1x 17.1x 3.1x
Median 17.5x 15.6x 4.8x
Average 17.7x 16.8x 5.6x
Apple Inc.
7. 7
LLMs Investment Outlook & FutureGrowth
Top Opportunities to Expand From LLMs
*Sources: Cision
$12,750
$40,810
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
2023 2024 2025 2026 2027 2028 2029
Market
Value
($M
USD)
How Large Language Models will Change Working in Finance
• LLMscan revolutionize patient care byanalyzing symptomsand cross-
referencingthem with vast medical databases
• LLMscan assist medical professionals to quicklyreview and summarize
the latest medical literatures
1
Healthcare
• LLMscan play a pivotal role in the finance sector by analyzingvast
amountsof market data to predict trends
• LLMscan assist in automatingtaskssuch as credit risk assessment, fraud
detection, and financial forecasting
2
Finance
• LLMscan serve aspersonalized tutors, offering studentstailored
assistance based on their learningstylesand needs
• For research, LLMscan sift through large amountsof academicliterature,
summarizingfindingsand highlightingkeyinsights, acceleratingthe pace
of discovery
3
Education
&
Research
Large Language Models (LLMs) Market Growth
Work Before
the use of
LLMs
Data Collection:
Manually gather financial
data, reports, and news
Analysis: Manually sift
through the collected
data to make predictions
Risk Assessment:
Evaluate credit risks or
investment
opportunities based on
the analyzed data and
human judgment
Research: Spend hours
investigating market
trends, historical data,
and economic
Work After
the use of
LLMs
Instant Data Collection:
LLMs quickly pull most
relevant financial data
and news for your needs
Enhanced Analysis:
LLMs provide real-time
insights from the
collected data
Data-Driven Risk
Assessment: AI-driven
evaluations for more
accurate decisions
Automated Research:
Instantly access
summarized market
trends and predictions
8. 8
Cost Comparison Analysis of Top LLMs & Specific Industry Benefits
*Sources: OpenAI, Google API, McKinsey
The division responsible for
promoting products/services
and securing customers
Advantages Practical Applications
Marketing &
Sales
Brief Description Cost Information
Uses data analytics and customer
insights to develop targeted
campaigns and increase sales
conversions
Operations
IT &
Engineering
Risk & Legal
Human
Resources
Employee
Optimization
The day-to-day management
of production and distribution
processes of a company
Streamlines supply chains, optimizes
production processes, and ensures
timely product/service delivery
The discipline concerned with
designing, developing, and
maintaining technological
systems
Implements and maintains software
and hardware systems to enhance
company operations and product
offerings
The sector managing
regulatory compliance and
potential threats to an
organization
Assesses and mitigates risks to
protect the company from potential
legal disputes and operational
disruptions
The department focused on
managing employee relations,
benefits, and organizational
development
Recruits, trains, and retains talent,
while fostering a positive company
culture and ensuring compliance with
labor laws
Strategies and tools used to
enhance employee
performance and satisfaction
Implements training programs,
feedback systems, and productivity
tools to maximize employee efficiency
and engagement
Using GPT-4
Open-
Sourced API
• Cost: $0.03 per 1K tokens for input
and $0.06 per 1K tokens for output
• Context: 8K tokens
• Note: 1,000 tokens are about 750
words
Creating
Proprietary
LLM Model
with Google
Collab Pro
• Cost: 1.) Developing a specialized model
(Falcon 7B) on Google Colab Pro: $9.99
2.) Deploying the model on-demand with a
single GPU machine: $1.006/hr
• Context: Model based on Falcon 7B, fine-
tuned on proprietarydata
• Note: Cost-efficient deployment ispossible
with a single GPU machine
Cost Comparison: GPT-4 API vs. Colab Pro (Per Tokens)
$7.2
$14.4
$21.6
$28.8
$36.0
$43.2
$50.4
$57.6
$64.8
$72.0
$1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.1 $10.1
$-
$20.0
$40.0
$60.0
$80.0
80k 160k 240k 320k 400k 480k 560k 640k 720k 800k
Price
of
Tokens
Total Tokens Used
GPT-4 API Cost (USD)
Google Colab Pro LLM Cost (USD)
9. 9
Imaging
Feature
OpenAI Updates
New AI
Capabili
ties
OpenAI is currently considering in-
house chip manufacturing amid the
global shortage. Some options its
considering is an acquisition,
forging its ties to NVIDIA, or
diversifying its chip production
Expand
to Other
Areas
Race to Capture Market Share in Booming AI Market
March 21, 2023: Google launched Bard in order
to compete with OpenAI's ChatGPT generative AI
chatbot
September 19, 2023: Google released updates to
Bard (it can now talk in multiple languages, fact
check, and automate tasks in Google’s suite of
tools like YouTube and Google Drive)
ChatGPT is beginning to roll out new
capabilities in both voice and image
recognition and production. OpenAI
plans to offer a new type of interface
which will allow casual voice
conversations with ChatGPT, as well as
showing it visual cues
New imaging features are very similar
to what Google's Bard already has
rolled out, but it will enable users to
show ChatGPT images to help interpret
what is being shown and how to
interact with objects in the real world
Meta Updates
Race for Consumer Facing AI
May 4, 2023: Microsoft released Bing AI powered
by OpenAI and its own Prometheus model in
response to Google launch of Bard
September 21, 2023: Microsoft launched Microsoft
Copilot to integrate AI into Microsoft Office,
allowing for easier workflows
Oct 16, 2023: Baidu Inc’s founder, Robin Li,
declared that his company’s large language model
(Ernie 4) can rival OpenAI’s advanced GPT-4.
Ernie is infused into Baidu’s products (search,
maps) and Ernie chatbot had surpassed 45 million
users
Recent Developments in LLMs Artificial Intelligence
February 2023: Meta introduced LLaMA in
2023, a Large Language Model system. The
smallest model, 7B, is trained on 1 trillion
tokens
September 27, 2023: Meta released own
chatbot (Meta AI) and a cast of celebrity-
based AI characters
Meta also introduced AI Studio, platform for
developers to build third-party AI for their
specific brands and needs
September 27, 2023: Meta added additional
functionalities to Emu, its image generation
model. People can now edit photos and create
custom stickers in Instagram
*Sources: Bloomberg, Meta
10. 10
Popular Language Models Comparison
Model GPT-3 BLOOM LLaMA LLaMA-2 T5 PaLM
Developer OpenAI BigScience META GOOGLE
Model Size (# Parameters) 175B 175B 65B 70B 11B 540B
Training Data (# Tokens) 300B 350B 1.4T 2T 34B 795B
Training Compute (FLOPS)2
3.20E+23 3.70E+23 9.90E+23 1.50E+25 2.20E+2 2.60E+24
Processor
Manufacturer NVIDIA NVIDIA NVIDIA NVIDIA GOOGLE GOOGLE
Type GPU GPU GPU GPU GPU GPU
Model V100 A100 A100 A100 TPU v3 TPU v4
Processor Hours 3,552,000 1,082,990 1,770,394 3,311,616 245,760 8,404,992
Grid Carbon Intensity
(kgCO2e/KWh)
0.429 0.057 0.385 0.423 0.545 0.079
Data Center Efficiency (PUE) 1.1 1.2 1.1 1.1 1.12 1.08
Energy Consumption (MWh) 1,287 520 779 1,400 86 3,436
Carbon Emissions (tCO2e) 552 30 300 593 47 271
Popular Large Language Model Comparison1
Commentary
▪ Google’s PaLM is the most comprehensive
model, since it has the biggest modelsize &
training data
▪ PaLM, being the largest model, exhibits oneof
the highest energy usage & carbon emissions.
▪ NVIDIA is the only independentmanufacturer
of processorsin these advanced LLMs
▪ Meta & Open AI has the most data center
efficient models
Utilizing
closed-source
models (latest
GPT-4 model
from OpenAI
via API access)
Building model
based on a pre-
trained open-
source model &
hosting it within
own IT
infrastructure
Ways to
Build Large
Language
Models
Source: 1: ‘Reducing the Carbon Footprint of Generative AI’ by Boris Gamazaychikov
2: floating point operations persecond(Speed which computercan docomplexcalculations)
API Access On-Premise
Total Cost
Breakdown
Project Setup & Inference
1
2
3
Maintenance
Other Misc. Costs (Salary)
12. 12
The Timeline & Evolution of 5G explained
Speed – 5G at its best is
ultra-fast. Everyday tasks
will feel super-fast like
watching videos without
having to wait for it to load
Capacity - 5G can handle a
massive number of devices
connected simultaneously.
Which is important in
urban settings with lots of
users connected
Low Latency - very low
latency, which means there
is minimal delay in data
transmission. This means
calls, and video calls feel
more natural, without lag
Coverage - range is
somewhat limited
compared to older
technologies like 4G. To
provide widespread
coverage, 5G networks
require more infrastructure
Everyday uses – it isn't
just about faster
smartphones. It opens the
door to new applications
and technologies, including
augmented and virtual
reality, smart cities,
connected vehicles
Early
2010-2015
• Groundwork for 5G begins with research and development.
Various companies explored for fasterwireless networks
• International Telecommunication Union (ITU) set the official
standards for 5G technology, defining the requirements
2016-2018
• Field trials and testing of 5G begins around the world. This starts
implementations of practical applications
• Commercial 5G deployments began in certain countries, with very
limited coverage in major cities. The focus was initially on
providing faster mobile broadband connectivity
2019
• 5G coverage expanded to more regions, and more compatible
devices, like smartphones and hotspots, became available. The
technology began to be a bit more adopted
2020
• Challenges arose as the pandemic caused supply chain issues
specifically with computer chips required to make the antennas
operate. Some early use cases like fixed wireless access and
enhanced mobile services started to gain traction
2021-2023
• More advanced use cases and applications, such as Internet of Things
(IoT)and industrial applications
• 5G networks became more prevalent in many countries, with broader
coverage and more devices supporting the technology. Smart cities
and autonomous vehicles began to see real-world testing
13. 13
5G Trading Comps
1. Stand-alone 5G 2. High revenue
3. Artificial
intelligence
4. IOT 5. Cybersecurity
A 5G core and radio
allow the 5G stand-alone
network to fully utilize
the capabilities of the
most recent cellular
technology
5G service revenues
will reach $315 billion
by 2023. This growth’s
primary driver is
cellular subscription
upgrades to 5G
networks
Deep learning AI will
significantly cut energy
usage and enhance
performance when old
wireless methods are
replaced
A vital component of
these technologies is
massive multiple-input
multiple-output, which
increases cell towers’
capacity
5G cybersecurity
delivers increased
network safety through
international mobile
subscriber identity
Stand-alone
5G
High
revenue
Artificial
intelligence
IOT
Cyber
Security
Companies
Day Close Price
($ USD)1
52w High Price
($ USD)
% change of
52-Week
Shares O/S
(Millions)
Market Cap ($M
USD)
Enterprise Value
($M USD)
EV/ LTM
EBITDA
EV/EBITDA
(FY)
EV/Revenue
(LTM)
$ 4.46 $ 6.82 -34.60% 99 $ 7,351 $ 6,985 NM NM NM
$ 3.31 $ 3.34 -0.90% 5,533 $ 17,037 $ 15,992 4.7x 4.7x 0.7x
$ 108.99 $ 139.94 -22.12% 1,116 $ 120,338 $ 127,151 9.5x 9.7x 3.3x
$ 0.60 $ 3.97 -84.89% 97 $ 68 $ 234 N/M N/M .87x
$ 1.70 $ 2.38 -28.57% 84 $ 141 $ 171 8.4x 6.6x 0.5x
Median 8.4x 6.6x 0.7x
Average 7.5x 7.0x 1.3x
*Sources:CapIQ
1. StockPrice as of 10/31/2023
14. 14
5G Industry Overview
5G Industry Overview
•Elaborate
• 5G is expected to become the backbone of the digital
economy, enabling faster data speeds and low-latency
connectivity. This technology has the potential to disrupt
industries like IoT, autonomous vehicles, healthcare, and
more
As industries adopt enterprise solutions more and more, 5G enterprises need 5G
to stay competitive, improve operational efficiency, support remote work, and
leverage emerging technologies like IoT, AR/VR, and edge computing. The biggest
company currently in the market is China Mobile Ltd. At 185.72 Billion
Investment Factors
• 5G networks requires significant infrastructure
development. Companies involved in building out the 5G
infrastructure like cell towers and antennas, such as cell
tower operators and network equipment manufacturers
2
Infrastructure
Development
• 5G technology relies heavily on advanced semiconductor
components. With semiconductor manufacturers producing
chips for 5G devices, such as smartphones, IoT devices, and
base stations. The chip industry will play a crucial role for
5G
3
Semiconductor
Industry
*Sources: Precedence Research, Statista
$3.1
$34.6
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
5G Enterprise Value Market Size ($B USD)
Top 5G Providers by MarketCap ($B USD)
$142.5
$109.0
$165.7
$1,361.0
$101.9
$177.6
Verizon AT&T T-Mobile
China Mobile Deutsche Telekom Comcast
1
Growth
Potential
15. 15
Top Opportunities of Growth From 5G
• Provides secure wireless network access across campuses and
homes
• Enables IoT sensors to track classroom attendance, study room
availability, and public transportation
1
Education
• Improves fleet tracking and efficiency, optimizing supply chains
and reducing costs
• Provides real-time data for dynamic insights and accurate
inventory management, enhancing customer satisfaction and
reducing waste
2
Transportation
• Provides reliable and high-speed network access across large
areas, enhancing the guest experience and operational efficiency
• Supports a large number of devices, even during peak times,
ensuring uninterrupted service for guests and staff alike
3
Entertainment
• Pioneering Companies:
• Amazon, Microsoft, and Google: These tech giants have been
consistently pushing the boundaries of what's possible in both cloud
computing and telecommunications
• At the Forefront: Their investments and research into 5G and cloud
integration set them apart from the competition
• Key Players: Their vast infrastructure, combined with their
technological prowess, positions them uniquely. They're not just
adopting 5G; they're shaping its future
Leaders in 5G and Cloud Synergy Cloud's Role in 5G Deployment& Key Benefits
• Foundational to 5G:
• Cloud infrastructure makes 5G networks adaptable and scalable
• Dynamic allocation of resources for efficiency
• Strategic Collaborations:
• Major telecom operators partnering with cloud providers
• Collaborations ensure a blend of telecom and cloud services
• Benefits of 5G via Cloud:
• Network Efficiency: Optimized resource utilization and reduced costs
• Peak Performance: Real-time data processing and faster delivery
• Low Latency: Instant communication and minimized delays
5G Areas for Growth & News The Evolution of 5G
Downlink Speeds by Technical Generation (mbps)
42 100 150
1,000
10,000
3.5G / DC-
HSPA+
4G/LTE 4G/LTE Cat. 4 4G/LTE
Advanced
5G
Downlink Speeds are increasing
Exponentially with every technical
generation
17. 17
21 20
25 23
30
25
32
39
66
104 105
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
#
of
Cyber
Secruity
Attacks
Cyber Security Industry Overview
Cyber Security Overview
1
Cyber Security
2
Cyber Attacks
Types
3
Preventable
Measures
• CyberSecurity:Safeguarding of computer systems, networks and information
from cyber-attacks(maliciousefforts to compromise sensitive information, often
to extort money from users or disrupt business operations)
• Malware:Softwarethat infectand damage devices or steal important info
• Phishing:Misleading attempts to trickpeople into revealing important
information through the means of emails and phony websites
• Firewalls:Protectivebarriersthat prevent access to unauthorized users
• Antivirussoftware:Softwaretodetect and remove malware
• PasswordProtocols:Strongcompany-widepassword policies
Timeline of Cyber Security Developments
Cyberattack Incidents with >$1M in Reported Losses
2011: Hackers
broke into
PlayStation
network to steal
personal info from
millions of users,
forcing Sony to
shutdown their
networks for weeks
2018: Facebook data compromised,
resulting in exposure of personal data
for 50 millions users
2019: Singapore’s Healthcare system
breached >80 times (the worst
cyberattack hit country in the world)
1960s
1980s
1990s
2000s
2010s
*Sources: InfoSec, Google
• The U.S. Department of Defense launched ARPANET, the
precursor to the modern internet. By the early '70s, the
first computer worm, Creeper, emerged, prompting the
creation of Reaper, an early antivirus solution
• Massive data breaches, sophisticated ransomware
attacks, and state-sponsored cyber threats have
dominated recent years. Concurrently, advancements in
technologies, such as AI, have been harnessed to
strengthen cybersecurity measures
• The scale and sophistication of cyberattacks increased
significantly. The world grappled with threats like the
ILOVEYOU virus and the rise of botnets. State-
sponsored cyberattacks marked for cyberwarfare
The advent of the World Wide Web brought new security
vulnerabilities. Incidents like the Morris Worm highlighted
these challenges, but the decade also saw the
establishment of essential security protocols, such as SSL
• The first computer viruses for personal computers
appeared, with "Brain" emerging in 1986. The decade
also witnessed the rise of hacker culture and the
realization of the need for stronger security measures
18. 18
Cyber Security Niche Industry Players 12-Month Stock Performance Overview
*Sources: CapIQ
-50.00%
-40.00%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Share
Price
Percentage
Change
(%)
CrowdStrike Holdings, Inc. (NasdaqGS:CRWD) - Share Pricing Rapid7, Inc. (NasdaqGM:RPD) - Share Pricing
Okta, Inc. (NasdaqGS:OKTA) - Share Pricing Palo Alto Networks, Inc. (NasdaqGS:PANW) - Share Pricing
Tenable Holdings, Inc. (NasdaqGS:TENB) - Share Pricing CyberArk Software Ltd. (NasdaqGS:CYBR) - Share Pricing
Zscaler, Inc. (NasdaqGS:ZS) - Share Pricing Fortinet, Inc. (NasdaqGS:FTNT) - Share Pricing
Oct-Nov 2022: Cybersecurity stocks
moved together due to overall market
volatility, concerns about a slowdown in
cybersecurity spending, increased
competition, and potential consolidation
Sep 2023: Cybersecurity stocks could trend together in
September 2023 due to the release of a new major
cybersecurity report that highlights the growing threat
of cyberattacks and the need for businesses to invest in
cybersecurity solutions
19. 19
The Global Cyber Security Market Size is projected to grow from
$172.32Billionin2023to$424.97Billion in 2030
Drivers
153.7
172.3
200.9
239.2
278.3
317.2
359.0
391.3
425.0
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2022 2023 2024 2025 2026 2027 2028 2029 2030
Market
Size
in
USD
Billions
Cyber Security Forecasted Market Size Growth Drivers
1
Enterprise
Solutions
As industries adopt enterprise solutions, the need for Cyber Security in areas
such as manufacturing, banking, financial services and insurances will drive
the growth of this industry
Banking, Financial Services, Insurance (BFSI) holds the largest share and is
expected to rise due to the importance of security across financial,
banking and insurance institutions
2
BFSI
3
Healthcare
The healthcare sector is estimated to see considerable growth as well with
the adoption of digital customer healthcare records. Implementation of
Cyber Security protocols will be needed to ensure confidential data is not
leaked
Cyber Security Deep Dive Trading Views, Market Potentials, and Growth Engines
*Sources: Statista
1. StockPrice as of 10/31/2023
Companies
Day Close Price
($ USD)1
52w High Price
($ USD)
% change of
52-Week
Shares O/S
(Millions)
Market Cap ($M
USD)
Enterprise Value
($M USD)
EV/ LTM
EBITDA
EV/EBITDA
(FY)
EV/Revenue
(LTM)
$ 134.25 $ 138.64 -3.17% 117 $ 15,425 $ 12,436 13.4x 11.4x 5.2x
$ 52.13 $ 58.19 -10.41% 4,051 $ 208,886 $ 192,004 10.7x 11.2x 3.4x
$ 144.64 $ 153.21 -5.59% 911 $ 129,937 $ 177,559 12.4x 13.4x 2.9x
$ 176.77 $ 191.99 -7.93% 239 $ 41,695 $ 39,350 NM NM NM
$ 57.17 $ 81.24 -29.63% 785 $ 44,230 $ 41,981 33.7x 27.4x 8.4x
$ 20.26 NM NM 310.8 $ 74,145.1 $ 74,086.0 NM NM NM
Median 17.5x 15.9x 5.0x
Average 12.9x 12.4x 4.3x
20. 20
22.13 22.00
18.36
20.67
17.59
14.68
18.00 17.72
24.95
35.00
31.00
0
5
10
15
20
25
30
35
40
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Valuations
(Billions
USD)
Post Deal Valuations
Evolving Deal Landscape
Median Post-Valuation & Deal Count
Commentary
Strategic M&A and sponsor
activityare driving overall
deal flow and valuations
M&A and sponsor activityare
consistentlygrowing in the
Cyber Security space
Overall deal making volume &
medianvaluations have been
trending upward in the past
decade
119 129 125
156 152 147
169 182 188
298 287
0
50
100
150
200
250
300
350
400
450
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Merger & Acquistions Secondary Buyout Buyout IPO Other
Deal Count by Exit
*Sources: Pitchbook
Number of Deals
21. 21
Cyber Security Market Trends Expansion, Innovation, and Investment
*Sources: Statistia
Energy & Utilities,
7.83%
Healthcare, 11.92%
BFSI, 32.61%
IT & Telecom,
9.82%
Retail & Wholesale,
8.23%
Government,
24.10%
Other, 5.50%
Energy & Utilities Healthcare BFSI IT & Telecom
Retail & Wholesale Government Other
Credit Card Fraud,
4.07%
IdentityTheft,
4.95%
Investment Fraud,
5.41%
Tech Support,
5.76%
Extortion, 6.98%
Non-Payment /
Non-Delivery,
9.16%
Personal Data
Breach, 10.43%
PhishingScams,
53.24%
Credit Card Fraud Identity Theft Investment Fraud
Tech Support Extortion Non-Payment / Non-Delivery
Personal Data Breach Phishing Scams
Estimated Cost of CyberCrime ($B USD) as of Sep 2023
Share of Cyber Attack Types(2022)
Cyber Security Revenue Industry Share (2023)
$610
$13,820
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2016 2018 2020 2022 2024 2026 2028
Data privacy
regulations are
becoming more
stringent,
prompting
organizations to
invest in
cybersecurity to
comply with
new regulations
The increasing adoption of digital
technologies is expanding the attack
surface and making organizations
more vulnerable to cyberattacks
Cybersecurity
market is ruled
by a few main
players, but
there is still
room for VC-
backed startups
with innovative
solutions to
disrupt market
Cyberattacks are becoming more
sophisticated and costly, driving
demand for cybersecurity solutions
Rising IoT gadgets, fueled by remote
work, create more opps for
cybercrime
Growth Opportunities
Increasing Threat
23. 23
Industry Overview
Dealflow drivers
Capital Investment & Deal Count IT Services MarketSize (Trillions USD)
The cybersecurity mesh concept essentially seeks to develop security protocols that can
prevent exposure at every single entry point of a network
As more data is processed and stored each day, it is becoming difficult to process data that is
located in far-off data centers. Edge computing looks to solve this by using smart objects and
network gateways to process and store data near the end user’s location
ICD predicted that in 2021, 80% of enterprises would switch to a cloud-based IT infrastructure
twice as fast as they did before COVID-19
$61
$48
$346
$55
$208
$65
Vmware Dell Broadcom
Arista Networks Cisco Huawei
Market Share (Market Cap in Bn USD)
Cybersecurity
Data Storage
Cloud
24. 24
Cisco Company Overview Basic Financial Overview
*Sources: CapIQ
$36,709
$39,005
$35,978 $36,014 $38,018
$43,142
$12,621
$12,899
$13,323 $13,856 $13,539
$13,804
$49,330
$51,904
$49,301 $49,870 $51,557
$56,946
2018 2019 2020 2021 2022 2023
Product Service Total Revenue
$25,569
$20,473
$14,583
$11,526
$8,915 $8,391
$14,909 $18,613
$18,458 $18,564 $19,302
$20,412
2018 2019 2020 2021 2022 2023
Debt Balance EBITDA
Cisco Company
Overview
Inception
Business
Segments and
End Markets
Product Lines
Cisco specializes in designing & selling networking
hardware, software & telecommunications equipment
Founded in 1984 by 2 Stanford University computer
scientists pioneering Local Area Network concept
1. Product Segment: Infrastructure Platform,
Applications, Security and Other Products
2. Services: maintenance and support
Sell across Americas, AMEA and APJC
Cisco Catalyst Switches (creating & managing LANs)
Cisco Routers, ASA, Webex, Meraki, UCS, IP Phones
Short-term
Assets
$ 10.1 Billion in Cash & Cash Equivalents
$ 16.0 Billion in Investments
$29,105
$5,306
$4,052
$3,859
$811
Secure, Agile Networks Internet for the Future
Collaboration End-to-End Security
Optimized Application Experiences Other Products
2023 Revenue Breakout(in $M) by Geography and Product
Steady Revenue Growth Driven by Product Segment
Strong Balance Sheet (Low Debt & Growing EBITDA)
Company
Overview
$33,447
$15,135
$8,417
Americas
EMEA
APJC
Figures in $M
Figures in $M
26. 26
Cisco Acquiring Splunk Overview Deal breakout , Synergies, and Other Conditions
• Cisco and Splunk Inc. announced the acquisition of Splunk in late September this year (21st September, 2023)
• Cisco acquires Splunk for $157 per share in cash (31% premium to company's last closing share price), which is approximately $28 billion in equity value
• The deal is expected to close by the end of the 3rd quarter of the calendar year 2024, subject to regulatory approval and other customary closing conditions,
including approval by Splunk shareholders
• Tidal Partners LLC is acting as the financial advisor to Cisco, and Qatalyst Partners and Morgan Stanley & Co. LLC are acting as financial advisors to Splunk
Revenue
Synergies
Cost
Synergies
Financial
Synergies
Operational
Synergy
• Cross-Selling: Tap into Cisco's vast customer base
• Bundling: Integrate Splunk's software with Cisco's
offerings
• Market Reach: Utilize Cisco's global footprint for
Splunk's expansion
• Operational Efficiencies: Eliminate redundancies post-
integration
• R&D Consolidation: Streamline overlapping projects
• Supply Chain: Leverage Cisco'sprocurement processes
for cost savings
• Borrowing Rates: Benefit from Cisco's stronger financial
stature
• Capital Allocation: Use Cisco's resources forSplunk's
strategic initiatives
• Unified Solutions:Integrate Splunk's analytics into Cisco's
products
• Best Practices: Share operational & development strategies
• Talent & Expertise: Combine the expertise of both
companies for innovation
Cisco Splunk Deal Breakdown
Potential Synergy Opportunities
*Sources: Splunk., Cisco,CapIQ
-80.00%
-60.00%
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
Cisco Systems, Inc. (CSCO) Splunk Inc. (SPLK)
Tracking CSCO Vs. SPLK Share Price Percentage Change (%)
Deal Announcement
(21st Sep)
27. 27
Splunk Overview Financial Breakout
35.30%
25.19%
39.51%
2022
39.89%
18.48%
41.63%
2023
• Positive Revenue Growth: There's a consistent upward trajectory in
top-line growth, especially a significant increase in FY23
• Improved Cost Management: The gross margin rebounded in FY23,
indicating better cost management relative to revenue
• Stable Operating Efficiency: Despite the rise in revenue, operating
expenses are stable FY23, suggesting improved operational efficiency
• Continued Profitability Concerns: Even though losses have
narrowed, the company has yet to achieve profitability
• Potential Solvency Issues: The negative equity in FY23 signals
potential financial challenges and solvency concerns for the company
Company
Overview
Splunk
Overview
Inception
Main Services
and Business
Activities
Main
Customers
Software company that analyzes machine-generated big
data for insights to improve operational intelligence &
security
Founded in 2003 by Rob Das and Eric Swan. The
current CEO of Splunk as of 2022 is Gary Steele
Focuses on capturing, indexing, and analyzing
machine-generated big data to deliver operational
intelligence, security insights, and business analytics
to organizations
Cisco, IBM, Adobe, Porsche, Slack, Visa, Dominos,
Lenovo, BookMyShow, Telenor, Okta, Papa John’s
Key Takeawaysfrom FY21 to FY23 Financials
End Markets
IT Services, Computer Software, Financial Services,
Cybersecurity, Artificial Intelligence Related Software
*Sources: CapIQ, SplunkInc. 10-K
Revenue Breakout 2022 - 2023
Income Statement Historical:
($M USD) FY21 FY22 FY23
Total Revenue: 2,229.4 2,673.7 3,653.7
Revenue Growth (5.5%) 19.9% 36.7%
(-) Cost of Sales (547.3) (734.0) (816.0)
Gross Margin: 1,682.0 1,939.7 2,837.7
Gross Margin % 75.4% 72.5% 77.7%
(-) Total Operating Expenses: (2,462.2) (3,086.5) (3,063.2)
Operating Income (EBIT): (780.2) (1,146.8) (225.5)
EBIT Margin: (35.0%) (42.9%) (6.2%)
EBITDA (686.5) (1,047.7) (126.0)
EBITDA Margin: (30.8%) (39.2%) (3.4%)
Net Income to Parent: (908.0) (1,339.1) (277.9)
Net Income Margin: (40.7%) (50.1%) (7.6%)
Balance Sheet
Total Assets: 5,868.5 5,790.9 6,343.9
Total Liabilities: 4,274.5 5,568.1 6,454.4
Total Equity: 1,594.0 222.8 (110.5)
KPIs
Return On Assets: N/A -23.12% -4.38%
28. 28
Cisco & Splunk Deal Overview
Strategic
Rationale
Successful
Acquisition/
Integration
Impact on
Cybersecurity &
AI
Deal
Implications
Overview Description
Significant
Revenue
Opportunities &
Margin Expansion
▪ Expand security portfolio, improve observability capabilities for more complete view of IT infrastructure
▪ Use Splunk’s data analytics and data in SEIM market to improve own product suite
▪ Splunk aid Cisco’s expansion into hybrid, multi-cloud markets and transition to a more recurring revenue
business
▪ Combined expertise to develop AI-powered security & observability solutions (LLM Models for Gen AI
use)
▪ Splunk aid Cisco’s transition (expected to add $4 billion in recurring rev)
Splunk Complements zero trust portfolio (Splunk’ SOAR or ES acts as Policy Decision Point that Cisco lack)
Obstacles still
Ahead
▪ The ThousandEyes, App Dynamics, and Splunk Observability cloud require skillful product management
to craft together into a coherent product roadmap that services the cloud and on-premises needs of the
combined company’s customer base
▪ Address skepticism from clients that Cisco will degrade quality of Splunk’s SIEM
▪ Learn from previous failures of security acquisitions (Monterey Networks and Pirelli Optical) in 1999 and
recent success of Duo Security acquisition (was able to maintain brand independence
▪ Deal is still subjected to regulatory approval
▪ Validates importance of AI in Cyber Security (Cisco’s $28 billion purchase price indicate belief AI is
essential to Cyber Security in the future)
▪ Enhance Cisco’s strategic position in the AI Cyber Security market. With Splunk's AI capabilities, Cisco
will be able to offer a more comprehensive suite of security solutions to its customers
▪ Spur other large tech companies (Microsoft, Google, and IBM) to invest/increase investment in AI Cyber
Security
▪ Suggest growing importance of startups in the AI Cyber Security market
▪ While funding for Cyber Security startups is down overall, funding for AI Cyber Security startups remains
strong despite decreased funding for Cybersecurity startups-> AI Cyber Security is a key growth area for
the Cyber Security market
Indications of AI
Market
Attractiveness
29. 29
Splunk’s Public Comp’s Forward Multiples
6.4 x
10.8 x
5.6 x
2.7 x
9.4 x
4.0 x
6.7 x
5.4 x
8.3 x
4.9 x
2.6 x
7.9 x
3.5 x
6.0 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
TEV
/
Revenue
Multiples
EV / FY24 Revenue EV / FY25 Revenue
57.5 x
50.7 x
28.5 x
10.7 x
34.9 x
23.5 x
27.8 x
43.2 x
36.3 x
22.0 x
10.1 x
29.4 x
18.2 x
24.0 x
0.0 x
10.0 x
20.0 x
30.0 x
40.0 x
50.0 x
60.0 x
70.0 x
TEV
/
EBITDA
Multiples
EV/FY25 EBITDA
45.9 x 48.1 x
13.5 x
43.2 x
29.5 x
34.4 x
50.8 x
34.0 x
37.7 x
12.8 x
36.6 x
24.3 x
29.5 x
0.0 x
10.0 x
20.0 x
30.0 x
40.0 x
50.0 x
60.0 x
P
/
E
Multiples
EV / Revenue Multiples for 2024 & 2025
EV / EBITDA Multiples for 2024 & 2025
P/E Multiples for 2024 & 2025
*Sources: CapIQ
71.1 x
30. 30
Discounted Cash Flow for Splunk
*Sources: Splunk10K
Historical: Projected:
Splunk' FCF Projections: Units: FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
Revenue: $ M $2,229.4 $2,673.7 $3,653.7 $3,959.0 $4,421.0 $4,952.0 $5,759.0 $6,526.0
Revenue Growth: % – 19.9% 36.7% 8.4% 11.7% 12.0% 16.3% 13.3%
(-) Cost of Sales: $ M (547.3) (734.0) (816.0) (884.2) (987.4) (1,105.9) (1,286.2) (1,457.5)
(-) Operating Expenses: $ M (2,462.2) (3,086.5) (3,073.2) (2,236.2) (2,450.2) (2,684.7) (2,862.3) (3,241.2)
Operating Income (EBIT): $ M (85.0) (220.2) 644.1 838.6 983.4 1,161.3 1,610.6 1,827.3
Operating Margin: % (3.8%) (8.2%) 17.6% 21.2% 22.2% 23.5% 28.0% 28.0%
(-) Taxes, Excluding Effect of Interest: $ M 17.0 44.0 (128.8) (167.7) (196.7) (232.3) (322.1) (365.5)
Net Operating Profit After Taxes
(NOPAT):
$ M (68.0) (176.2) 515.2 670.9 786.8 929.1 1,288.4 1,461.8
Adjustments for Non-Cash Charges:
(+) Depreciation & Amortization: $ M 99.5 99.1 99.5 95.5 96.0 113.9 132.5 143.6
% Revenue: % 4.5% 3.7% 2.7% 2.4% 2.2% 2.3% 2.3% 2.2%
(-) Deferred Income Taxes: $ M (33.0) (76.0) (34.0) (53.6) (69.1) (6.2) (5.8) (8.0)
% Income Taxes: % 476.1% 415.0% 274.0% (274.0%) (268.0%) (20.0%) (15.0%) (15.0%)
(+/-) Changes In Operating Assets &
Liabilities:
$ M 1,010.0 223.8 (296.4) (815.4) (910.5) (1,019.9) (1,186.1) (1,344.1)
% Revenue: % 45.3% 8.4% 8.1% 20.6% 20.6% 20.6% 20.6% 20.6%
% Change in Revenue: % – 50.4% (30.2%) (267.1%) (197.1%) (192.1%) (147.0%) (175.2%)
(-) Capital Expenditures: $ M (37.1) (10.7) (13.6) (16.6) (22.9) (36.3) (23.0) (28.0)
% Revenue: % 1.7% 0.4% 0.4% 0.4% 0.5% 0.7% 0.4% 0.4%
Unlevered Free Cash Flow: $ M 971.3 60.1 270.7 (119.2) (119.7) (19.4) 206.0 225.3
Growth Rate: % – (93.8%) 350.3% (144.0%) 0.5% (83.8%) (1159.6%) 9.4%
Terminal Value - Multiples Method:
Median CY25 TEV / EBITDA of Comps: 25.7 x
Median CY25 TEV / EBITDA of Target: 24.0 x
BaselineTerminal EBITDA Multiple: 25.0 x
BaselineTerminal Value: $ 49,271.3
Implied Terminal FCF Growth Rate: 8.3%
(+) PV of Terminal Value: 32,383.0
(+) PV of UFCFs: 312.8
Implied Enterprise Value: 32,695.7
% of Implied TEV from Terminal Value: 99.0%
(+) Cash & Investments: (2,757.4)
(+) Net Operating Losses: -
(-) Debt & Finance
Leases: -
(-) Preferred Stock: -
(-) OperatingLeases: -
(-) NoncontrollingInterests: 0.6
(-) Unfunded Pensions: -
Implied Equity Value: 29,938.9
Diluted Shares Outstanding: 168.520
Implied Share Price from DCF: $ 177.66
Premium / (Discount) to Current: 20.5%
Unlevered Free Cash Flow Calculations Terminal Value & Share Price
31. 31
$160.54
$166.80
$133.67
$140.94
$141.66
$156.33
$37.22
$117.16
$120.04
$123.59
$229.50
$194.23
$187.11
$203.77
$243.10
$280.75
$61.62
$207.22
$219.08
$242.62
$- $50.00 $100.00 $150.00 $200.00 $250.00 $300.00
Variable
Per Share Value
Assumptions
Trading
Comps
EV /
Revenue
LTM
Comp Set:
1.Elastic N.V
2.Datadog, Inc
3.New Relic, Inc
4.IBMInc
5.Dynatrace, Inc
6.PagerDuty, Inc
CY 24
CY 25
Trading
Comps
EV /
EBITDA
LTM
CY 24
CY 25
Trading
Comps
P / E
LTM
CY 24
CY 25
M&A Comps
LTM EV /
Revenue
• Used 3 Transactions in the Last 12
Months in the Software Space
DCF (No
Synergies)
Multiple
Method
• WACC of 8.76% - 11.96%
• EBITDA Multiples of 24.9x – 27.0x
Cisco's offer price for Splunk ($157) is fair according to Public Comps, Precedent Comps & our DCF
CurrentSharePrice:$147.49 Offer Price:$157.0
*Sources: Splunk10K.
Additional notes: precedent comps used transactions of SilverLake Technology Management andQualtrics International, Cloud Software GroupInc & Citrix Systems, TPGCapital & New Relic Inc