TL;DR:
- Wipro’s share price increased by 0.6% on the BSE following its collaboration with Nvidia in the field of artificial intelligence.
- The partnership aims to develop custom AI models for speech, translation, and large language models (LLM) using Nvidia’s AI software.
- Wipro intends to accelerate AI adoption in the healthcare sector, particularly in ACA, Medicare, and Medicaid.
- The collaboration is set to provide advanced AI solutions for healthcare and enhance Wipro’s capabilities in speech and translation.
- Wipro has been actively improving the contact center experience in the healthcare industry through AI.
- The IT company expects IT services profit growth in the range of -3.5% to -1.5% for the December quarter.
- In the previous quarter (Q2), Wipro recorded an earnings per share of ₹5.06, marking a 4.1% YoY increase.
Main AI News:
In a strategic move to bolster its position in the ever-evolving landscape of artificial intelligence (AI), IT giant Wipro has witnessed a notable surge in its share price. The stock price soared by a remarkable 0.6%, reaching an intraday high of ₹403 apiece on the Bombay Stock Exchange (BSE). This surge comes on the heels of Wipro’s announcement of a groundbreaking partnership with Nvidia, a global leader in AI computing.
At the opening bell on Wednesday, Wipro’s share price stood at ₹403, a modest uptick from the previous day’s closing figure of ₹400.45. However, by 12:25 PM, the share price had experienced a minor dip, settling at ₹399.60. This slight fluctuation in value is in alignment with the broader BSE Sensex, which registered a 0.25% decline, equivalent to ₹166.53, with the index standing at ₹65,764.24. The market capitalization of Wipro currently stands impressively at ₹2,08,603 crore.
This momentous collaboration between Wipro and Nvidia aims to harness the immense potential of artificial intelligence. By integrating Nvidia’s cutting-edge AI software into Wipro’s Enterprise Generative AI (WeGA), the partnership paves the way for the development of tailor-made AI models. These models will encompass speech and translation capabilities, as well as the deployment of large language models (LLM).
Wipro’s commitment to advancing AI in healthcare has taken center stage through this alliance. The company envisions the application of Nvidia’s AI software in healthcare enterprises, particularly in the context of the Affordable Care Act (ACA), Medicare, and Medicaid. The strategic intent is to expedite the integration of AI across the healthcare ecosystem.
Nagendra Bandaru, President and Managing Partner of Wipro Enterprise Futuring, expressed his enthusiasm for the collaboration. He stated, “We are delighted to team with Nvidia to develop next-generation, scalable AI solutions to help our healthcare clients tap into the power of generative AI. This collaboration will allow us to deliver AI-enabled innovation for the healthcare industry at scale and drive healthcare solutions with advanced computing capabilities.”
Manuvir Das, Vice President of Enterprise Computing at Nvidia, echoed the sentiment, saying, “Companies are eager to integrate multilingual, voice-enabled generative AI into business applications that are powered by the highest-performing, most energy-efficient solutions available. The NVIDIA AI platform supports Wipro’s ongoing commitment to provide its clients with the most advanced, secure, and reliable AI technology and services.”
This partnership not only promises groundbreaking innovations in the healthcare sector but also positions Wipro to develop custom models for speech and translation, alongside other large language models (LLM).
Furthermore, Wipro has made substantial strides in revolutionizing the contact center experience within the healthcare sector. By leveraging AI, the company provides patients with accurate, personalized, and prompt responses, tailored to their unique medical histories.
In terms of financial outlook, Wipro anticipates a profit growth rate in its IT services segment for the December quarter, with expectations ranging from -3.5% to -1.5%. Notably, in the previous quarter (Q2), the company recorded an earnings per share of ₹5.06, reflecting a YoY increase of 4.1%. As Wipro continues to forge strategic partnerships and innovate within the realm of AI, its prospects for growth and transformation in the healthcare industry appear robust and promising.
Conclusion:
Wipro’s partnership with Nvidia signifies a strategic move to strengthen its position in the AI market, particularly in healthcare. This collaboration is expected to drive innovation in AI solutions for healthcare and enhance Wipro’s competitiveness in the sector. The company’s focus on AI technology and its positive financial outlook suggest a promising trajectory for market growth and transformation.
