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  "documentTitle": "Innodata, Inc. (INOD)",
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      "text": "Signs that this is not an AI company are everywhere. 96% of INOD's workforce is overseas and its average employee generates less than $20k of revenue annually.",
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      "text": "We asked a former employee if INOD was going to utilize AI to any significant degree for the new Silicon Valley contracts it won this year: Former Employee: “All they do is services...” Wolfpack Analyst: “Would all services include AI?” Former Employee: “No... services meaning labeling, tagging, computer vision, data aggregation, as far as taking unstructured to structured.” Wolfpack Analyst: Right, so that’s not AI? Former Employee: Nope. So no, the software giants are not coming to INOD to “deliver the promise of AI.” This point was made succinctly in another former interview we conducted. “They don’t need Innodata to help them with AI. They’re trillion-dollar market cap companies and they really have to come to Innodata for their AI expertise? It doesn’t- you know-it doesn’t add up.”",
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      "text": "While companies we identified as INOD’s primary competitors cumulatively raised more than $180 million. INOD’s spend on cloud services in 2022 increased a mere $400k, even though the computing power needed for AI doubles every 100 days.",
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      "text": "The numbers do not lie. INOD’s PP&E dropped ~12.7% year-over-year in Q3 2023 while its direct competitors have raised over $180 million, most of which was invested in AI-capable servers or software development. Developing AI requires serious investment. Google has reportedly spent over $200 billion on AI over the past decade, Meta invested $31.4 billion in AI in 2022 alone, and Amazon recently announced it will invest up to $4 billion in AI startup Anthropic.",
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      "text": "Signs that this is not an AI company are everywhere. 96% of INOD’s workforce is overseas and its average employee generates less than $20k of revenue annually. In contrast, Palantir Technologies (PLTR), a serious AI company, generates more than $496k in annual revenue per employee.",
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      "text": "Page 2 of 21",
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      "text": "“All they do is services...” — Former Employee. “They don't need Innodata to help them with AI. They're trillion-dollar market cap companies and they really have to come to Innodata for their AI expertise? It doesn't- you know-it doesn't add up.” — Former Employee.",
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