Cadence Design Systems ( CDNS Quick Quote CDNS - Free Report) has announced the launch of Verisium Artificial Intelligence (AI)-Driven Verification Platform to address complex design workloads and accelerate bug analysis for system-on-a-chip (SoC).
The ongoing digitalization has made designing a cumbersome process for applications like Industrial Internet of Things, 5G, hyperscale computing etc. The Verisium platform symbolizes a generational change in electrical design automation (EDA) toward algorithms that use big data and AI to optimize several runs of various engines across SoC design and verification campaigns, added Cadence.
The Verisium platform is developed on Cadence Joint Enterprise Data and AI Platform, which enables the business to integrate its computational software innovations in data and AI across Verisium AI-driven verification, Optimality Intelligent System Explorer's AI-powered system analysis and Cadence Cerebrus Intelligent Chip Explorer's AI-powered implementation.
The platform also features a wide array of applications like Verisium SemanticDiff and Verisium AutoTriage, which help to rank different codes and build machine learning models. respectively. Apart from that, it also features Verisium PinDown and Verisium Debug, which help to identify errors in the source code and provide an efficient solution.
The Verisium platform supports the company’s Intelligent System Design strategy that helps customers gain SoC design excellence.
Based in San Jose, CA, Cadence offers products and tools that help customers to design electronic products. The company continues to invest heavily in research and development to tap the growing demand for verification and digital design products.
Per a report from
Grand View Research, the global EDA software market size was valued at $10.2 billion in 2021 and is projected to witness a CAGR of 9.1% from 2022 to 2030. The industry is expected to benefit from the growing demand for semiconductors and increased proliferation of big data and AI, added the report. Frequent product launches will aid Cadence is capitalizing on this revenue opportunity.
For the third quarter, the Zacks Consensus Estimate for revenues stands at $869.9 million, up 15.8% year on year. Also, the consensus mark for earnings is pegged at 97 cents per share, up 21.3% year on year.
Cadence posted second-quarter non-GAAP
earnings of $1.08 per share, which topped the Zacks Consensus Estimate by 11.3% and increased 26% year over year. Revenues of $857.5 million surpassed the Zacks Consensus Estimate by 2.45% and increased 18% on a year-over-year basis.
CDNS currently sports a Zacks Rank #1 (Strong Buy). Shares of the company have lost 0.2% compared with the
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