Are Veritone and ITUS Corp. AI Pump and Dumps?

All of you old school tech investors out there will remember the boom in “nanotechnology stocks” that took place around 2003 when G. Dubya announced the 21st Century Nanotechnology Research and Development Act. People started flocking to Nanalyze to figure out which “nano stocks” to invest in, and we coined the phrase “nano in the name” to describe companies that were adding liberal mentions of nanotechnology to their websites and even renaming themselves in an attempt to take advantage of investors’ interest. The same phenomenon was observed during the peak of “dot com” where every company added “.com” to their company name and raised millions.

We’ve talked about how with artificial intelligence “things will be different” because any of the +3,000 “AI companies” that actually use AI effectively will be creating such value that the use of AI will be self-evident. We looked at how startups like Afiniti are raking in cash by simply taking a cut of all the money they save clients. And then we looked at companies like Veritone (NASDAQ:VERI) which plans to make money off of AI but isn’t actually making much money with it yet. Veritone had an IPO in May of this year with little fanfare, then suddenly their stock price jumped