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Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while the ROCm 6 open software stack introduces new features supporting Large Language Models (LLMs). Additionally, the Ryzen 8040 Series processors come equipped with Ryzen AI capabilities.
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FinTech: Finastra Checkmates Hackers By Going Offline
Finastra, a maker of banking software used by 90 of the world’s 100 largest banks, fell victim to a hacking attack in mid-March. The cybercriminals timed their attack when the fintech had its hands full with the COVID-19 pandemic and most of its employees were working from home. By stealing employee passwords they gained access to critical Finastra servers and installed backdoors in them.
Private Equity: No Bailout Coming for Portfolio Companies in Private Equity Industry?
The private equity industry is losing the fight to gain access to bailout funds provided under the stimulus package passed to help businesses recover from the economic impact of the coronavirus.
The funds are only available to companies with less than 500 employees.
While private equity firms own lots of businesses that would qualify for the funds, the legislation bundles all their affiliated companies and counts them as just one company making them ineligible for loans from the Small Business Administration.
Venture Capital: Accelerator Dcode Floats VC for Startups Working With Federal Agencies
Nearly 100 companies have graduated from the Dcode government technology accelerator program. Many of these reverted to the firm with requests for further funding. It, therefore, decided to form Dcode Capital, a venture capitalist that will invest in these companies. The capital investments will help these firms to advance national objectives, including technology and security.
Digital Assets: Exponential’s New Fund Allows Everyday People to Invest Alongside “4-Percenters”
The new $100 million Digital Asset Fund from Exponential will change that preferential treatment. Now retail investors can invest even $500 in diversified digital assets. These are companies of the future that bet on the promise of emerging and distributed ledger technologies to transition the market to a new, open, and enhanced digital economy.
Artificial Intelligence: How AI Could Change Our Lives Forever
The coronavirus will have a dual and adverse impact on people across the globe. Not only will it impact lives through sickness and death, but it will also dramatically damage their economic well-being. Technological innovation comes to the fore at the time of such pivotal crises. While cloud computing burst on the scene after the 2008 financial crisis, it may be AI’s turn to take center stage amidst, and after, the COVID-19 pandemic.
Liquid Alternatives: The New Theme in Town – A Work From Home ETF
Fund issuer Direxion is jumping onto the remote working bandwagon.
It has filed with the SEC for the Direxion Work From Home ETF. The ETF will track the Solactive Remote Work Index. The Index comprises 40 U.S. listed securities and ADRs that have significant exposure to “work from home” needs. These are remote communications, cybersecurity, project and document management, and cloud technologies. Furthermore, the new ETF will trade under the ticker WFH.
Digital Assets: Friday’s Barrage of Crypto Lawsuits May Not Hold Much Water, Says Lawyer Cal Evans
Litigation boutique Roche Cyrulnik Freedman unleashed Friday a torrent of class action lawsuits against seven cryptocurrency issuers and four exchanges according to Reuters. The plaint: These entities allegedly sold crypto assets worth billions of dollars to investors without complying with U.S. law relating to securities. The suits allege that the defendants did not register the digital assets with regulators and that the exchanges made money from listing the unregistered assets. The defendants include exchanges Binance, Bibox, BitMex and KuCoin, and issuers Tron, Block.one, Bancor, Civic, Kybercoin, Status, and Quantstamp. However, what really are the chances of these lawsuits succeeding? Lawyer Cal Evans weighs in on the subject.
Venture Capital: Podium Closes $125 Million Series C Round
Customer messaging platform provider Podium announced that it had closed on a $125 million Series C round of funding led by YC Continuity.
Notable investors in the financing round included high-profile investors who also participated in the financing. This list includes Sapphire Ventures, Alkeon Capital, Recruit Co. Ltd., IVP, Accel, Summit Partners, and GV.
Alternative Investments: Airbnb Raises $1 Billion to Address Coronavirus
Airbnb has managed to raise $1 billion to help run the business and pay the bills during the downturn. Most of its properties have shut down thanks to the spread of the coronavirus.
Venture Capital: Accel Gets Sweet 4X Returns on $1.2B Galileo Exit
It’s the third big one in the fintech space within a space of barely four months. In January, Visa (NYSE: V) acquired Plaid for $5.3 billion, followed by Intuit (NASDAQ: INTU) paying $7.1 billion for Credit Karma in February. In the current deal, personal finance company SoFi is buying up Galileo, a Utah-based financial services API and payments platform, for $1.2 billion in cash and stock. Accel, an investor in Galileo, has reportedly romped home with 4X returns.
FinTech: Kabbage Ties Up With SBA-Authorized Bank To Fast-Track Delivery of PPP Loans
Kabbage, the aggressive fintech that focuses on small business lending, announced it will collaborate with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to pay out Paycheck Protection Program (PPP) loans. Kabbage did not name the lender but said an announcement from the bank would follow.
Alternative Investments: The Virus is Killing Uranium Production; An ETF That May Benefit
The price of uranium, during the past two weeks, has bounced higher off its lows by nearly 20%. Mining disruptions may be the cause, and if lockdowns extend for longer, the uranium spot price may go much higher. Value seekers looking to invest in a long-battered sector amidst the damage to the market by the virus may consider a uranium ETF.
Fintech: SoFi Buys Galileo for $1.2 Billion
. Online personal finance start-up SoFi has agreed to buy payments software company Galileo for $1.2 billion. The deal is a combination of cash and stock, according to the press release announcing the deal today. SoFi and Galileo Galileo’s digital payments platform enables critical checking and savings account-like functionality via its powerful open APIs, providing…
Alternative Investments: Latest Activist Investor Filings
Activist investor Julian Singer has used the investing partnership, JDS1, LLC, to accumulate 6.43% of HC2 Holdings, Inc (HCHC).
The target provides construction, marine services, energy, telecommunications, insurance, life sciences, broadcasting, and other services.
Private Equity: Marc Rowan Warns About State of Economy
Apollo Global Management Co-Founder Marc Rowan sent a letter to the firm’s investors this weekend that suggests that if the Fed does not take drastic measures, the economy will be in danger of collapsing.
Artificial Intelligence: Google Apologises for Racist Bias in Result From Algo
Google Vision Cloud, a “computer vision” service that utilizes AI to label images, was found to produce different results depending on the subject’s skin color. Google (NASDAQ: GOOGL) apologized after AlgorithmWatch published the racist results of the experiment on Twitter. (AlgorithmWatch)
Real Estate: Tom Barrack Hires Lobbyists for Commercial Mortgage Aid
Tom Barrack, the head of Colony Capital (NYSE: CLNY), has hired several lobbyists to help assist the commercial mortgage industry. Barrack has been warning for weeks about the challenges the industry faces due to late or unpaid rents tied to the lack of economic activity.
REITS: Activist Bow Street Still Takes Aim at Board of Mack – Cali
Last year activist investor Bow Street won 4 seats on the Board of Mack- Cali (NYSE: CLI). This REIT invests in office and multifamily projects in the Northeastern United States.
Last week, Mack-Cali decided not to re-nominate those board members for a new term.
In their statement announcing the decision, Mack-Cali officials said the four had worked to blatantly promote Bow Street’s self-interest. The firm accused the activist firm of wanting to force a fire sale of the company as a whole or the assets one by one. Mack-Cali said selling would not be in the best interest of shareholders.
Liquid Alternatives: Buying Stock ETFs – The Bank of Japan’s Been There, Done That
The Fed could take a leaf out of the Bank of Japan’s (BOJ) ETF playbook to address the current economic crisis created by the coronavirus pandemic. The Fed has already taken a never-before step by announcing it stood ready to buy bond ETFs. If its current fire-fighting moves come up short, it might even have to buy stock ETFs – something the BOJ is a past master at.
Venture Capital: venBio’s Third Life Sciences Fund Oversubscribed; Raises $394M
venBio Partners LLC is a life sciences firm that partners with industry leaders to build highly innovative medicines and technologies. It focuses on novel therapeutics for unmet medical needs.
venBio announced the closure of its venBio Global Strategic Fund III, a third life sciences venture capital fund. The fund exceeded its target and raised approximately $394 million in capital commitments.
FinTech: Despite the Virus, Open Banking FinTech Yapily Raises $13M
Yapily, a fintech startup that offers an open banking API, raised $13 million in a Series A round despite swirling panic around the coronavirus. The round was led by Lakestar, which also funded Revolut, Skype, Spotify, Airbnb and Facebook (NASDAQ: FB).
Digital Assets: Hex Trust Integrates Custody Services With R3’s Corda Blockchain
Hong Kong-based Hex Trust is pushing the envelope with technological innovation.
Hex Trust provides secure, enterprise-grade and compliant custody solutions for digital assets to institutions. It announced April 1 the integration of its Hex Safe custody solution with R3’s Corda enterprise blockchain.
Artificial Intelligence: Can AI Predict a Child’s Future? No, it Can’t.
A study attempted to predict the future of children. Social scientists from Princeton ran an experiment with 160 teams to find out if a method existed to forecast how a child would do in later life.
What would be the child’s grade point average score? Could the family be evicted from their home? Each team had access to 15 years of data and was free to use any predictive tool they thought fit. Result: No team turned out even remotely successful.
Fintech: deVere Group Cites Big Weekly Jump in Fintech Usage
deVere Group released a report last week that found that the use of fintech apps in Europe grew by 72% in just a week.
The Swiss-based consulting firm said large parts of Europe closed down under quarantine orders. Therefore, consumers turned to mobile and online apps to conduct their personal banking needs and to conduct business. The coronavirus pandemic is likely to cause a global acceleration of fintech usage and product development going forward.