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  "documentTitle": "Innodata, Inc. (INOD)",
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  "notes": "This is a text-heavy research note page focusing on exposing a contradiction between corporate narrative and financial reality.",
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      "text": "The numbers tell us that INOD's claims that it has developed a proprietary AI platform cannot be taken seriously.",
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      "text": "PP&E: $2.4 million",
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      "text": "Page 4 of 21",
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      "text": "These are the facts, but the CEO is spinning a different yarn and was recently profiled in an article ironically titled: Artificial Intelligence Software from Seven Years of R&D Wins Major Contracts. Considering that INOD appears to have spent more on PR than R&D in the first three quarters of 2023, we think this article is outright embarrassing for the CEO and all of its employees.",
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      "text": "INOD's network infrastructure consists of its own data centers and cloud hosting services provided by Microsoft, Amazon, Oracle, and Google. INOD increased its cloud services spending by only $400k in 2022, while computing power required for AI is doubling every 100 days. The numbers tell us that INOD's claims that it has developed a proprietary AI platform cannot be taken seriously.",
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      "text": "In addition to its miniscule R&D spend, in 2023 INOD's net PP&E declined by 12.7% year-over-year to only $2.4 million. We believe if the CEO was being honest about Goldengate's capabilities, we would have seen a significant increase in INOD's PP&E due to investments in generative AI capable servers for its data centers in 2022.",
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