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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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Hedge Funds: Josh Samuelson to Retire from PointState Capital
Josh Samuelson is departing PointState Capital, the firm he co-founded. According to a letter from co-founder Zach Schrieber, Samuelson “has decided to retire from investment management.” The manager plans to stay at the hedge fund for “several months” while leadership changes.
Venture Capital: Who Will Dare to IPO After 2019’s List of Stumbles
2020 IPOs will generate a lot of buzz in the coming months. With the S&P 500 ripping to record highs after a more than 26% return, how will venture-backed firms take to the market?
Baidu Tops Google and Microsoft in Artificial Intelligence Competition
Baidu Artificial Intelligence has overtaken two of the world’s leaders in the industry. The Chinese tech giant topped Microsoft and Google in a recent artificial intelligence competition.
Private Equity: KKR Buys Overdrive in Latest Digital Media Push
Private equity investor KKR will purchase OverDrive Inc in a deal that will alter the future of digital reading. The Rakuten subsidiary is a widely used digital reading platform in schools and libraries. The firms did not disclose the deal terms. However, this could be a significant win for Rakuten, which purchased OverDrive for $410…
Hedge Funds Record Best Year Since 2013, But Departures Loom
Hedge fund returns in 2019 averaged 8.5% but fell well short of the broader market rally. Heading into Monday, the S&P 500 has gained 29.1%. HFR says that the firm reached 8.5%, a figure that was even well short of the U.S. Bond Market’s gain of 14.5%.
Digital Assets: Swiss President Says That Facebook’s Libra Has Failed
Switzerland president Ueli Maurer took a swipe at the Facebook Libra project as he prepares to walk out the door. The nation’s finance minister and the outgoing president called for a reworking of the cryptocurrency project.
Kennedy Wilson Raises $775 Millon for New Real Estate Fund
Kennedy Wilson has locked up $775 million for a new fund. The Beverly Hills-based firm closed fundraising of the Kennedy Wilson Real Estate Fund. The real estate investment firm’s new fund will focus on value-add real estate investments, according to the Los Angeles Business Journal.
Venture Capital Firms Look for ClassPass to Hit $1 Billion Valuation
ClassPass could hit a $1 billion valuation, according to Reuters. A new report reveals that the fitness subscription app aims to raise another $285 million.
First Eagle Investment Management to Purchase THL Credit
First Eagle Investment Management with acquire THL Credit, an alternative credit manager with approximately $17 billion in assets under management. The deal will likely close in the first quarter, according to a joint press release.
Digital Assets: The YouTube-Vs.-Crypto Standoff Ends Happily Ever After
YouTube pushed crypto-channel owners into hiding. Now its admitted to an error. It will reinstate videos and resolve strikes.
Alternative Investments: America’s Student Loan Debt in 2019 Hits New Record
A college degree is no longer a tool; it’s a luxury available to the rich
About 45 million people in the US are being crushed under the weight of federal student loans. A third of this number are millennials in the age group from 25 to 35 years.
Outstanding Federal student loans are now perched at a gasp-worthy $1.5 trillion, the highest level ever. They now aggregate 8% of the US national income, according to the FT.
ESG: A Global Transition to 100% Renewable Energy Costs $73T; Payback 7 Years
A group of researchers at Stanford University, led by Mark Jacobson, has prepared detailed roadmaps for 143 countries that account for 99.7 percent of all global greenhouse gas emissions. These roadmaps provide for a 100% transition to wind-water-solar (WWS) energies and storage by 2050, and 80% by 2030.
The global cost? All of about $73 trillion as per the present value of capital cost. The payback is in under seven years, and comes with massive benefits
Private Equity: KKR Earns 5X on Divestment of Locomotive Leasing Company
Infrastructure investments can deliver solid returns judging from private equity giant KKR’s sale of European Locomotive Leasing (ELL) last week. ELL is a leading provider of electric locomotive leasing solutions across Europe. The buyer was a consortium of AXA Investment Managers – Real Assets, acting on behalf of its clients, and Crédit Agricole Assurances.
Digital Assets: Chinese Stock Exchange Sets Up Blockchain Index
China’s tech-heavy bourse, the Shenzen Stock Exchange, announced December 24 its introduction of an index to track the performance of China’s top 50 blockchain companies including startups.
According to a report in CrowdFundInsider, the Shenzen Stock Exchange will include in the index those firms that are active in Distributed Ledger Technology (DLT) and crypto industries.
Alternative Investments: Now, BlackRock, Temasek in Chinese Wealth Management JV
Global asset manager BlackRock and sovereign wealth fund Temasek are making a beeline for the vast opportunities opening up in the Land of the Red Dragon. Chinese regulations now allow foreign entities to own a majority stake in a wealth management joint venture operating in China. The two behemoths will tie-up with China Construction Bank (CCB), according to Reuters.
Alberta Investment Management Joins KKR in Canadian Pipeline Deal
Alberta Investment Management is linking up with private equity giant KKR to purchase a big stake in TC Energy’s Coastal GasLink Pipeline. The Canadian pipeline project is part of a massive, C$40 billion effort to pump natural gas across British Columbia. The project will supply LNG from Dawson Creek to the plant near Kitimat. The project will pump about 2.1 billion cubic feet of natural gas each day.
Alternative Investments: Christmas Cheer as Fund Managers Cut Fees
In the ongoing ‘race-to-zero,’ Vanguard and Dimensional both cut fees this week.
Vanguard lowered expense ratios on three international income-oriented funds and four externally managed equity funds on December 19. For good measure, on December 24, the fund house followed that up with another reduction in fees on nine stock and bond ETFs and two active funds. Dimensional, too, added to the Christmas cheer with its own fee reductions.
Alternative Investments: Chinese Corporate Defaults Touch Record in 2019
As 2019 grinds to a close, Chinese corporate defaults surged to a record RMB 130 billion ($18.6 billion).
According to FT, which cited Bloomberg data, this value eclipsed the previous record of Rmb122bn last year.
The main cause appears to be corporate distress stemming from declining economic growth in China.
Digital Assets: A World-beating Digital Yuan Taking Shape?
Mu Changchun, head of the People’s Bank of China’s digital currency research institute, said China’s “central bank digital currency” (CBDC) would be “a digital form of the yuan.” Mu is also the Chinese central bank’s official in charge of the country’s new sovereign digital currency.
“The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies,” Mu said, according to the South China Morning Post.
Venture Capital: Electric Vehicle Maker Rivian’s Monster Funding Round
Rivian just raised $1.3 billion from top-notch investors.
The humongous new raise, led by T Rowe Price, added $1.3 billion to Rivian’s coffers. It included existing investors Ford Motor and Amazon.com. BlackRock Inc also invested in the round, according to Fortune.
This raising follows on previous funding this year of $1.55 billion from Amazon ($700 million), Ford ($500 million), and Cox Automotive ($350 million).
Digital Assets: Facebook’s Libra Rollout Plan Hazy
There is no concrete plan yet for the launch of the Facebook-led Libra digital currency, according to Reuters’ interview with Ellis.
Though Libra is scheduled to roll out by June of 2020, a regulatory backlash has put a cloud on that date.
Digital Assets: The Dawn of Quantum Computing a Nightmare for Bitcoin?
Google’s recent announcement of successful quantum computing could spell doom for 4 million bitcoins.
Bitcoin is a massively juicy target for a quantum computing criminal. Financial analysts have long predicted that quantum computing is a huge risk to cryptocurrencies. Why?
It’s because quantum computing is leagues ahead of contemporary computing. Google’s October announcement said its Sycamore chip performed a computation in 200 seconds that would take the world’s fastest supercomputer 10,000 years.
Private Equity Firm Lone Star Looking to Buy Unizo Holdings?
Unizo Holdings, the Japanese hotel company, said this weekend that a new bidder has emerged with a friendly offer. U.S. investment fund Lone Star is expected to launch a tender offer this week as part of a friendly bid to acquire the chain.
Alternative Investments: As China Liberalises, Amundi Wins Joint Venture Approval
Amundi Asset Management gains an early mover advantage in China.
Amundi, Europe’s largest asset manager with € 1.563 trillion of assets, secured approval for the first foreigner controlled wealth management joint venture in China.
On Friday, the China Banking and Insurance Regulatory Commission (CBIRC) greenlighted the Shanghai-based joint venture between Amundi and Bank of China Wealth Management (BOC). The JV would be owned 55% by Amundi and 45% by BOC.