And by some accounts, top AI talent command seven-digit salaries. Sales were 265.5 million pounds, up from 102.8 million pounds a year earlier. Companies that can’t turn over a profit in years or at least show hopeful signs of growth fall afoul of investors. This is an important point. We invite you to become a member of our community, to access: Reopening indoor dining is “an extraordinarily reckless and premature decision” as new, more infectious variants of the coronavirus spread in, In early January, Darlene Jenkins took her power shutoff notice to the Fuel Fund of Maryland, a nonprofit organization that. And it’s not clear when—if ever— some of its technology will be ready for commercialization. According to its annual report filed with the U.K.’s Companies House register, DeepMind has more than doubled its revenue, raking in £266 million in 2019, up from £103 million in 2018. Sales were 265.5 million pounds, up from 102.8 million pounds a year … This means that without the support and backing of Google, the company’s expenses would have been much higher. Likewise, a lot of the cutting-edge research and techniques presented at AI conferences today will probably not find their way into the mass market in the coming years. Most of the industry’s top AI scientists and pioneers are working either full- or half-time at large companies like Google, Facebook, Amazon, and Microsoft. Finance; Health. Therefore, while DeepMind doesn’t need to worry about its unprofitable research yet, but as it becomes more and more enmeshed in the corporate dynamics of its owner, it should think deeply about its future and the future of scientific AI research. Scientific research is measured in decades. And while its owner, which is also the parent company of Google, is currently happy with footing the bill for DeepMind’s expensive AI research, it is not guaranteed that it will continue to do so forever. The company’s projects in 2019 included work on an AI system that played StarCraft 2 and another that played Quake 3, both of which cost millions of dollars in training. The tech industry is replete with examples of companies who burned investor money long before becoming profitable. up-to-date information on the subjects of interest to you, gated thought-leader content and discounted access to our prized events, such as Transform. There are no comments yet. Compared to previous years, DeepMind’s revenue growth is accelerating while its losses are plateauing. Above: Google CEO Sundar Pichai is satisfied with the pace of AI research and development at DeepMind. Its losses also widened, increasing 1.4% to 476.6 million pounds. The London-based company … December 18, 2020 by George Leopold. DeepMind Technologies is a British artificial intelligence subsidiary of Alphabet Inc. and research laboratory founded in September 2010. Finding biology’s “holy grail” and deciphering the complex protein processes is expected to empower scientists to better understand the machinery of life and unlock opportunities for drug discovery. Above: DeepMind’s AlphaFold project used AI to help advance the complicated challenge of protein folding. Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. The company’s overall losses grew from £470 million in 2018 to £477 million in 2019. But the company’s expenses continue to grow as well, increasing from £568 million in 2018 to £717 in 2019. Reports surfaced this week that the London-based AI lab acquired in 2014 by Google parent Alphabet for about $600 million lost a staggering $649 million in the last year. DeepMind currently has none of those. It is an AI research lab that has had to repurpose itself into a semi-commercial outfit to ensure its survival. And to me, I’m excited at the pace at which our engineering and R&D teams are working both across Google and DeepMind.”. DeepMind’s ultimate goal, developing artificial general intelligence (AGI), is by the most optimistic estimates at least decades away. Losses at DeepMind, the artificial intelligence firm owned by Google parent Alphabet, grew by 1.5 percent last year, according to its latest annual report, CNBC reports. Therefore, while DeepMind doesn’t need to worry about its unprofitable research yet, as it becomes more enmeshed in the corporate dynamics of its owner, it should think deeply about its future and the future of scientific AI research. Its losses also widened, increasing 1.4% to 476.6 million pounds. OpenAI, DeepMind’s implicit rival, has been facing a similar identity crisis, transforming from an AI research lab to a Microsoft-backed for-profit company that rents its deep learning models. At first glance, this isn’t bad news. December 17, 2020. A spokesperson for DeepMind told the media that the costs mentioned in the document also included work on AlphaFold, the company’s celebrated protein-folding AI, another very expensive project. DeepMind’s main area of research is deep reinforcement learning, which requires access to very expensive compute resources. In July’s quarterly earnings call with investors and analysts, Alphabet CEO Sundar Pichai said, “I’m very happy with the pace at which our R&D on AI is progressing. On the other hand, the patience of shareholders and investors is measured in months and years. What this also means that there isn’t yet a market for DeepMind’s AI, and if there is, it will only be available through Google. DeepMind's spending has risen as parent company Alphabet, which also owns Google, hires top academics, researchers and engineers in an effort to beat out its competitors. Staff costs is another important issue. Compared to the previous years, DeepMind’s revenue growth is accelerating while its losses are plateauing. This post was originally published here. Read the latest articles and stories from DeepMind and find out more about our latest breakthroughs in cutting-edge AI research. Its losses also widened, increasing 1.4% to £476.6m. According to its annual report filed with the U.K.’s Companies House register, DeepMind has more than doubled its revenue, raking in £266 million in 2019, up from £103 million in 2018. First, as in every other field where supply doesn’t meet demand, it has resulted in a steep incline in the salaries of AI scientists. And here’s that DeepMind’s dilemma lies. Google wrote off $1.3 billion in debt for its loss-making AI startup DeepMind, according to the firm's latest accounts Martin Coulter 2020-12-17T12:43:58Z Recently, on the heels of DeepMind's advancement in procedure AI to expect protein-folding came the details that the UK-based AI firm is still costing its. VentureBeat’s mission is to be a digital townsquare for technical decision makers to gain knowledge about transformative technology and transact. The overall losses of the company grew from £470 million in 2018 to £477 million in 2019. OpenAI, DeepMind’s implicit rival, has been facing a similar identity crisis, transforming from an AI research lab to a Microsoft-backed for-profit company that rents its deep learning models. DeepMind’s losses have grown to $570 million (£470 million), up from $341 million (£281 million) in 2017, and $154 million (£127 million) in 2016. And second, it has driven many AI scientists from academic institutions that can’t afford stellar salaries to wealthy tech companies that can. Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. At first glance, this isn’t bad news. DeepMind’s parent has agreed to continue funding the company for at least a year after the report’s approval. But the report contains a few more significant facts. Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. And without the backing of a large tech company like Google, research labs like DeepMind can’t afford to hire new researchers for their projects. And to me, I’m excited at the pace at which our engineering and R&D teams are working both across Google and DeepMind.”. Above: DeepMind’s AlphaFold project used AI to help advance the complicated challenge of protein-folding. DeepMind’s big losses, and the questions around running an AI lab 2020-12-28 0 Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses … Google’s parent company Alphabet has written off $1.5B in debt for its AI research lab DeepMind. Above: DeepMind’s revenue and losses from 2016 to 2019. Above: DeepMind’s revenue and losses from 2016 to 2019. Sales were £265.5m, up from £102.8m a year earlier. There are no public details on how much Google charges DeepMind for access to its cloud AI services, but it is most likely renting its TPUs at a discount. Companies that can’t turn over a profit in years or at least show hopeful signs of growth fall afoul of investors. Above: DeepMind developed an AI system called AlphaStar that can beat the best players at the real-time strategy game StarCraft2, According to DeepMind’s annual report, Google Ireland Holdings Unlimited, one of the investment branches of Alphabet, “waived the repayment of intercompany loans and all accrued interest amounting to £1.1 billion.”, DeepMind has also received written assurances from Google that it will “continue to provide adequate financial support” to the AI firm for “a period of at least twelve months.”. In 2015, it became a wholly owned subsidiary of Alphabet Inc, Google's parent company. A tech company losing money is nothing new. DeepMind, the artificial-intelligence company owned by Google parent Alphabet Inc., saw its revenue almost double last year, but gains were dwarfed by losses … It is an AI research lab that has had to repurpose itself into a semi-commercial outfit to ensure its survival. The growing interest in deep learning and its applicability to commercial settings has created an arms race between tech companies to acquire top AI talent. Compared to the previous years, DeepMind’s revenue growth is accelerating while its losses are plateauing. The tech industry is replete with examples of companies that burned through investor money long before becoming profitable. In the past, Google has used DeepMind’s services for tasks such as managing the power grid of its data centers and improving the AI of its voice assistant. 12/27/2020 Comments Off on DeepMind’s big losses, and the questions around running an AI lab Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. And for me, it’s important that we are state-of-the-art as a company, and we are leading. In July’s quarterly earnings call with investors and analysts, Alphabet CEO Sundar Pichai said, “I’m very happy with the pace at which our R&D on AI is progressing. Reports surfaced this week that the London-based AI lab acquired in 2014 by Google parent Alphabet for about $600 million The company has already had troubles finding balance scientific research and product development in the past. While losses at DeepMind have grown, so to have the company’s revenues. Above: DeepMind developed an AI system called AlphaStar that can beat the best players at the real-time strategy game StarCraft2, According to DeepMind’s annual report, Google Ireland Holdings Unlimited, one of the investment branches of Alphabet, “waived the repayment of intercompany loans and all accrued interest amounting to £1.1 billion.”, DeepMind has also received written assurances from Google that it will “continue to provide adequate financial support” to the AI firm for “a period of at least 12 months.”. Some scientists continue to stay in academia for the sake of continuing scientific research, but they are too few and far between. The fierce competition for top AI talent has had two consequences. What this also means is that there isn’t yet a market for DeepMind’s AI, and if there is, it will only be available through Google. DeepMind’s big losses, and the questions around running an AI lab December 27, 2020 17 Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. DeepMind’s ultimate goal, developing artificial general intelligence (AGI), is by the most optimistic estimates at least decades away. DeepMind’s big losses, and the questions around running an AI lab 27/12/2020 Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses … Much of the AI technology used today in commercial applications has been in the making since the 1970s and 1980s. This setting nevertheless integrates a number of the central challenges of artificial intelligence (AI) research: complex visual perception and goal-directed physical control, grounded language comprehension and production, and multi-agent social interaction. The document also mentions that the growth of costs “mainly relates to a rise in technical infrastructure, staff costs, and other related charges.”. Making sense of AI. And for me, it’s important that we are state-of-the-art as a company and we are leading. The large amount highlights Alphabet's ongoing commitment to DeepMind, which saw its losses grow by 1.5% in 2019 compared to 2018. Business. DeepMind also funds scholarships at Oxford University, Imperial, Cambridge and University College London (UCL), but this is the first one specifically for women. Above: Google CEO Sundar Pichai is satisfied with the pace of AI research and development at DeepMind. The overall losses of the company grew from £470 million in 2018 to £477 million in 2019. For the time being, Google seems to be satisfied with the progress DeepMind has made, which is also reflected in remarks made by Google and Alphabet executives. Most of the industry’s top AI scientists and pioneers are working either full- or half-time at large companies such as Google, Facebook, Amazon, and Microsoft. Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. He writes about technology, business and politics. Alphabet is paying DeepMind to apply its AI research and talent to Google’s services and infrastructure. And without the backing of a large tech company like Google, research labs like DeepMind can’t afford to hire new researchers for their projects. So while DeepMind shows signs of slowly turning around its losses, its growth has made it even more dependent on Google’s financial resources and large cloud infrastructure. And DeepMind is not alone. While participation in machine learning courses has increased in the past few years, scientists that can engage in the kind of cutting-edge AI research DeepMind is involved in are very scarce. Turnover almost doubled in 2018 to $125 million (£103 million), up from $58 million (£48 million) in 2017. ... 04 Dec 2020. Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. DeepMind’s revenue and losses from 2016 to 2019 But the corporate world and scientific research move at different paces. Ben Dickson is a software engineer and the founder of TechTalks. Join us for the world’s leading event on applied AI for enterprise business & technology decision-makers, presented by the #1 publisher of AI coverage. The document mentions “Turnover research and development remuneration from other group undertakings.” This means DeepMind’s main customer is its owner. Sales were 265.5 million pounds, up from 102.8 million pounds a year earlier. And DeepMind is not alone. DeepMind currently has none of those. The heavy losses reflect Google’s continued investment in Deepmind, which recently created software that visualises the structure of proteins to solve one of biology’s great challenges. But the corporate world and scientific research move at different paces. DeepMind had a loss of £477 million ($649 million) in 2019, up from £470 million in 2018, according to documents filed with the U.K.'s Companies House. At first glance, this isn’t bad news. But the company’s expenses continue to grow as well, increasing from £568 million in 2018 to £717 million in 2019. The growing interest in deep learning and its applicability to commercial settings has created an arms race between tech companies to acquire top AI talent. A tech company losing money is nothing new. up-to-date information on the subjects of interest to you, gated thought-leader content and discounted access to our prized events, such as Transform. Environmental, Political, and Cultural News of Our Planet. A tech company losing money is nothing new. Google continues to heavily subsidize its DeepMind artificial intelligence startup, writing off $1.5 billion in debt as losses grew. The document also mentions that the growth of costs “mainly relates to a rise in technical infrastructure, staff costs, and other related charges.” At heart, it is a research lab that wants to push the limits and of science and make sure advances in AI are beneficial to all humans. According to its annual report filed with the UK’s Companies House register, DeepMind has more than doubled its revenue, raking in £266 million in 2019, up from £103 million in 2018. DeepMind was acquired by Google in 2014. The two goals are diametrically opposed, pulling DeepMind in two different directions: maintaining its scientific nature or transforming into a product-making AI company. The document mentions “Turnover research and development remuneration from other group undertakings.” This means DeepMind’s main customer is its owner. This is an important point. Recently, on the heels of DeepMind's advancement in procedure AI to expect protein-folding came the details that the UK-based AI firm is still costing its . So, while DeepMind shows signs of slowly turning around its losses, its growth has made it even more dependent on Google’s financial resources and large cloud infrastructure. The Machine The two goals are diametrically opposed, pulling DeepMind in different directions: maintaining its scientific nature or transforming into a product-making AI company. The AI research lab, acquired by Google in 2014, reported losses of £470m in 2018, up from £281m in 2017. Above: DeepMind’s revenue and losses from 2016 to 2019 What this also means that there isn’t yet a market for DeepMind’s AI, and if there is, it will only be available through Google. The document also mentions that the growth of costs “mainly relates to a rise in technical infrastructure, staff costs, and other related charges.”. Here in 2020, it was DeepMind’s AI program called AlphaFold that unveiled a solution to the 50-year-old biological challenge of predicting the shape of proteins. CrowdStrike and c3.ai both did IPOs and had losses equal to 30% and 40% of revenues respectively in 2019, and 13% and 40% respectively in 2020. DeepMind’s big losses, and the questions around running an AI lab Posted by Editor - Technology News | Dec 27, 2020 | Technology | 0 | Last week, on the heels of DeepMind’s breakthrough in came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. But DeepMind is not a normal company seeking to grab a share of a specific market. DeepMind, Google’s AI Unit, Reports Big Loss. There are no public details to indicate how much Google charges DeepMind for access to its cloud AI services, but Google is most likely renting its TPUs at a discount. A spokesperson for DeepMind told the media that the costs mentioned in the document also included work on the AlphaFold, the company’s celebrated protein-folding AI, another very expensive project. DeepMind, Google’s AI Unit, Reports Big Loss DeepMind requires deep pockets. For the time being, Google seems to be satisfied with the progress DeepMind has made, which is also reflected in remarks made by Google and Alphabet executives. Research . DeepMind's big losses, and the questions around running an AI lab ... 12/27/2020 ∙ Gaxan Peres Hernádez ∙ 11 ∙ share READ IT VIEW ALL POSTS. New book traces history of child abuse policy in the U.S. Move over Slack — Space is a new project management platform for developers, FCC looks to mandate anti-robocall tech after prodding from Congress, Why the Poor in Baltimore Face Such Crushing ‘Energy Burdens’, A Decade Into the Fracking Boom, Pennsylvania, Ohio and West Virginia Haven’t Gained Much, a Study Says, A Surge From an Atmospheric River Drove California’s Latest Climate Extremes, Inside Clean Energy: Real Talk From a Utility CEO About Coal Power. It doesn’t have measurable growth, because its only client is Google itself. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. The company has already had trouble finding a balance between scientific research and product development in the past. The company is based in London, with research centres in Canada, France, and the United States. This post was originally published here. And by some accounts, top AI talent commands seven-digit salaries. DeepMind’s “technical infrastructure” runs mainly on Google’s huge cloud services and its special AI processors, the Tensor Processing Unit (TPU). On the other hand, the patience of shareholders and investors is measured in months and years. Alphabet is paying DeepMind to apply its AI research and talent to Google’s services and infrastructure. He writes about technology, business, and politics. Scientific research is measured in decades. This makes it the fifth-costliest year for the industry since 1970. The overall losses of the company grew from £470 million in 2018 to £477 million in 2019. The fierce competition for snatching top AI talent has had two consequences. And it’s not clear when — if ever — any of its technology will be ready for commercialization. According to a filing with the U.K.’s Companies House, DeepMind’s revenue more than doubled from 103 million pounds ($140 million) in … Second, it has driven many AI scientists from academic institutions that can’t afford stellar salaries to wealthy tech companies that can. But the report contains a few more significant facts. Its owner’s goal, however, is to build products that solve specific problems and turn in profits. In the past, Google has used DeepMind’s services for tasks such as managing its datacenters’ power grids and improving its voice assistant’s AI. Staff cost is another important issue. Blog post . It doesn’t have measurable growth because its only client is Google itself. Ben Dickson is a software engineer and the founder of TechTalks. Some scientists continue to stay in academia for the sake of continuing scientific research, but they are too few and far between. At first glance, this isn’t bad news. This means that without Google’s support and backing, the company’s expenses would have been much higher. And here’s where DeepMind’s dilemma lies. DeepMind’s main area of research is deep reinforcement learning, which requires access to very expensive compute resources. But DeepMind is not a normal company seeking to grab a share of a specific market. Insurance industry losses from natural catastrophes and man-made disasters globally amounted to USD 83 billion in 2020, according to Swiss Re Institute's preliminary sigma estimates. At heart, it is a research lab that wants to push the limits of science and make sure advances in AI are beneficial to all humans. Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding, came news that the U.K.-based AI company is still costing its parent company Alphabet hundreds of millions of dollars in losses each year. POST COMMENT Comments. Its owner’s goal, however, is to build products that solve specific problems and turn profits. From a report: Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. And while its owner, which is also Google’s parent company, is currently happy footing the bill for DeepMind’s expensive AI research, there is no guarantee that it will continue to do so forever. DeepMind requires deep pockets. Losses from secondary peril events are forecast to increase, driven by climate change. The Ten Most Significant Science Stories of 2020 ... Google’s artificial intelligence company DeepMind debuted a deep ... Habitat destruction is cited as the leading cause of these massive losses. First, like every other field where supply doesn’t meet demand, it has resulted in a steep incline in the salaries of AI scientists. Above: DeepMind’s AlphaFold project used AI to help advance the complicated challenge of protein folding. Here we study how to design artificial agents that can interact naturally with humans using the simplification of a virtual environment. While participation in machine learning courses has increased in the past few years, scientists who can engage in the kind of cutting-edge AI research DeepMind is involved in are very scarce. Virologist says reopening indoor dining is ‘reckless’ as new, more transmissible coronavirus strains spread in the U.S. Study: Life-long antiviral treatment appears to prevent viral transmission from mother to baby, Study offers a new way to treat children with bow hunter syndrome, Disney smashes streaming subscriber expectations, boosting segments hurt by Covid, U.S. lags in new climate ranking and is ‘still struggling to move away from fossil fuels’. POST REPLY × Sign up for DeepAI. From TikTok to Instagram, Facebook to YouTube, and more, learn how data is key to ensuring ad creative will actually perform on every platform. DeepMind’s “technical infrastructure” runs mainly on Google’s huge cloud services and its special AI processors, the Tensor Processing Unit (TPU). DeepMind's parent has agreed to continue funding the company for at least a year after the report's approval. (AFP via Getty Images) DeepMind, Google’s artificial intelligence unit, reported pre-tax losses of £460.9m in 2019. Last year, DeepMind spent £14m on academic donations and sponsorships. Some of the company’s projects in 2019 included work on an AI system that played StarCraft 2 and another that played Quake 3, both of which cost millions of dollars in training. Compared to the previous years, DeepMind’s revenue growth is accelerating while its losses are plateauing. Much of the AI technology used today in commercial applications has been in the making since the 1970s and 1980s. Likewise, a lot of the cutting-edge research and techniques presented at AI conferences today will probably not find their way into the mass market in the coming years. S goal, however, is to build products that solve specific problems and in! Here we study how to design artificial agents that can ’ t bad news AlphaFold project AI... Inc, Google ’ s parent has agreed to continue funding the company ’ s AI,... The London-based company … losses from 2016 to 2019 from £281m in 2017 the of... Problems and turn in profits using the simplification of a specific market ensure its survival pulling DeepMind different... Deepmind artificial intelligence subsidiary of Alphabet Inc. and research laboratory founded in September.... Of companies that can ’ t turn over a profit in years or least! Ben Dickson is a software engineer and the founder of TechTalks and infrastructure highlights Alphabet 's ongoing to... 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