LONDON—A materials research company has used artificial intelligence to develop a new permanent magnet that does not contain rare earth elements.

The distinction between AC induction motors and permanent-magnet DC servomotors was once fairly clear. AC motors were for high-horsepower applications, such as compressors, pumps, blowers and bulk-handling conveyors. DC servomotors were for applications requiring low horsepower, high torque, high cycling and precise positioning, such as machine tools and pick-and-place machines.