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Perhaps no other technology during our lifetimes will attract as much investment as AI has. The largest companies in the world have spent all their positive operating cash flows on building AI infrastructure and now they’ve moved to selling equity and raising debt. That means they’re spending money like drunken sailors – for now – and any company supplying picks and shovels will show equally strong growth. One such company claiming to be on the receiving end of the AI boom is Innodata $INOD.
Having an NVIDIA Moment?
Revenue growth is a given for any company claiming to be “doing AI.” Indeed we can see Innodata has that in spades lately with 2025 revenue growth of 48% and 2026 revenues expected to grow by 40% (raised from 35% in last quarter’s results).
Understanding how a company makes their money allows us to gauge sustainability. Immediately we have a concern around manual data work being a key driver of revenues.
In the past we looked at an Australian company called Appen which offered a similar value proposition. They were labeling data for artificial intelligence companies – big data labeling as a service, and plenty of other companies offer th
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