Once upon a time Appen was a star in the ASX’s tech scene. But 10 downgrades later, its new CEO is raising capital to chase the new phase of the artificial intelligence boom. ausbiz
After about 10 profit downgrades in the past few years –– the capital raising is designed to give vital breathing space to Appen’s new chief executive, Armughan Ahmad, so he can hitch a ride on the hottest trend in global business: generative artificial intelligence.The capital raising will be priced at $1.85 per share, an almost 20 per cent discount to Appen’s last closing price and light years away from the $40.08 peak during the heady days of the pandemic equity market boom.
But the never-ending profit downgrades have meant the company has been completely left behind by the generative AI revolution that started in late 2022 with the launch of ChatGPT.Not only has it slashed costs – including 300 of its 1500-person workforce – but theare starting to tap Appen’s expertise to improve the large language models that underpin their generative AI technology.
“In generative AI, in order to do the fine-tuning, you need a human in the loop,” Ahmad says. “We are seeing the demand move very fast.”Advertisement
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