News
Each day, DailyAlts tracks major developments across the alternative investment world. Our content is procured from primary contacts in the industry and secondary sources across the web. Our goal is to give readers the most up-to-date news and engaging experience to open new doors and areas of knowledge. Our stories cover nine separate verticals of the alternative investment industry.
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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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Venture Capital: Slice, Which Helps Pizzerias Go Online, Raises $43M
Independent but brick-and-mortar pizzerias, whose business has been hit by COVID-19, can get help from Slice. Slice is an ordering and marketing tech platform for pizzerias. It helps local pizza shops to be discovered by consumers looking to order pizzas through the home delivery or self-pickup modes. KKR led a $43 million Series C funding round with participation from existing early investors, including GGV Capital.
Liquid Alternatives: New, ‘Megatrend’ ETFs from Lyxor
Lyxor International Asset Management has launched a clutch of five thematic ETFs that seek to capture megatrends unfolding globally, particularly after the COVID-19 crisis. Investors looking for gains beyond the pale of the conventional sector and market-cap-weighted funds could consider investing in these funds. These megatrend ETFs span themes such as the growth of the digital economy and disruptive technology, urban change with future mobility and smart cities, and the consumption habits of millennials.
Artificial Intelligence: AI Cannot Be an Inventor, Says USPTO
The USPTO has unequivocally confirmed that Artificial Intelligence (AI) cannot be deemed to be an inventor. The USPTO’s decision, published on April 27, is in line with similar decisions from the European Patent Office (EPO) and the UK Intellectual Property Office (UKIPO). Only natural persons can be inventors.
Liquid Alternatives: The Uber Vs. Grubhub Food Delivery War – ETFs to Profit
The Wall Street Journal revealed Tuesday that Uber (NYSE: UBER) is pursuing a takeover of food delivery service Grubhub (NYSE: GRUB) in an all-stock deal. In fact, talks started earlier this year, and according to Bloomberg, the deal could be consummated as early as this month. If successful, Uber’s play for Grubhub would be a gamechanger for the food delivery sector.
Artificial Intelligence: AI Algorithm Diagnoses Alzheimer’s Disease Better Than Experts
Alzheimer’s Disease is extremely difficult to diagnose with symptoms varying from patient to patient and opinions differing from doctor to doctor. Diagnosis typically involves the analysis of data such as the patient’s medical and family history, MRI images of the brain, and cognitive abilities. The inherent subjectivity in the diagnosis of Alzheimer’s Disease leads to errors and resulting fatalities in the range of an estimated 40,000 to 50,000 annually. However, an AI algorithm can now diagnosis Alzheimer’s Disease much more efficiently.
Digital Assets: Crypto Hedge Funds Doubled Assets under Management in 2019 (Report)
PwC and Elwood Asset Management Services used data from the largest global crypto hedge funds to compile the report.
Assets under management (AUM) at cryptocurrency hedge funds doubled from $1 billion in 2018 to $2 billion in 2019, while average assets under management expanded from $21.9 million to $44 million, said the report. Median AuM increased from US$4.3 million to US$8.2 million.
Venture Capital: Sequoia Leads $14.5M Round in Wealth Advisory Tool Provider Vise
Samir Vasavada and Runik Mehrotra founded Vise in 2016 intending to empower financial advisors with an AI-powered platform. The Vise platform now serves financial advisors by helping design personalized portfolios for clients, managing portfolios, and providing up to date status information. Vise raised $14.5 million in a Sequoia-led Series A funding. Reportedly, clients onboard the platform account for nearly $800 million in assets under management.
FinTech: Social Isolation Measures Help Brazilian Digital Wallet PicPay Amass 20M Customers
According to Reuters, Brazilian digital wallet PicPay expanded its user base to 20 million customers in early May as lockdowns and social distancing compelled people to run their lives digitally. Gueitiro Genso, CEO of PicPay, said the rate of opening of new accounts had spiraled by 6X following the closure of thousands of stores in Brazil since March.
DailyAlts Playbook: Back to Basics, Druckenmiller’s Warning, More Stimulus, and Activists Do What Activists Do…
I’m back in the saddle today after a two-day break that was sorely needed. The combination of an arthritic flare and stomach issue has put me back at around 50% to 60%.
Three days is when people start to worry, so I appreciate the emails.
I am very excited about the future and what we are building at DailyAlts.com.
Alternative Investments: Brookfield Asset Management Launches Retail Rescue Plan
Brookfield Asset Management (NYSE: BAM) is going into the retail rescue business.
Brookfield announced the launch of a Retail Revitalization Program to bring much-needed capital and assist with the recapitalization of retail companies with operations in the major markets in which Brookfield operates globally.
The retail investment program will focus on non-control investments in retail businesses to assist with their capital needs during the current disruptive economic environment caused by the COVID-19 pandemic. Brookfield is targeting $5 billion to be put toward this Program.
Digital Assets: Bitcoin Halving Done; JP Morgan is Banker to Coinbase, Gemini Digital Exchanges
The Bitcoin blockchain completed its third halving on May 11, 2020, at about 3:21 pm EST.
Bitcoin miners will now get 6.25 BTC per block, down from 12.50 BTC per block before halving. The halving happened earlier than expected, with most expectations for it to take place on May 12, 2020.
Post-halving, Bitcoin has fluctuated between $8,450 and $8,950 and is currently trading at $8,913.
Liquid Alternatives: Fed to Launch Corporate Bond ETF Purchases Today
“Fallen angel” corporate bonds that have taken a rating hit may be supported by the corporate bond ETF purchase program envisaged in the Secondary Market Corporate Credit Facility (SMCCF). The facility is scheduled to kick in today. ETFs holding these fallen angels, whose ratings fell from investment grade to speculative or junk grade due to COVID, maybe the earlier targets in the program. The Fed could buy up to $750 billion under the SMCCF, as well as the Primary Market Corporate Credit Facility (PMCCF).
FinTech: PayPal on a Roll – Raises $4B Debt With Little Added Leverage
PayPal Holdings Inc. (NASDAQ: PYPL) on Monday raised $1 billion in corporate bonds priced at 160 bps over Treasuries and yielding 2.3%. According to MarketWatch, the pricing is even less than what PayPal charges U.S. merchants for sales on its platform. PayPal also raised another $1 billion each in 3-year bonds with pricing aimed at a yield of $1.35%, 5-year bonds with a yield of $1.65%, and 30-year bonds with a yield of 3.25%.
Venture Capital: Last Mile Logistics Provider DispatchTrack Nabs $144M
DispatchTrack, which solves last-mile logistical challenges for its customers, from complex routing to real-time ETAs, has raised its first ‘investment’ of $144 million led by Spectrum Equity. DispatchTrack’s platform addresses the last-mile problems faced by merchants, delivery service providers, and consumers across various industries. The platform enables smooth and seamless deliveries in the new era of Amazon-like, at-home service.
Artificial Intelligence: The AI That Powers Walmart’s Express Delivery
Walmart (NYSE: WMT) has an inventory of 160,000 items offered through its Express Delivery service that launched last month. The service is already on offer at 100 stores in the U.S. as a pilot test and will be extended to 2,000 stores this month. The system relies heavily on AI.
Venture Capital: Despite COVID, Judo Raises $250M, Turns Unicorn
Judo Bank, an Australian bank has a mission to make it easier for Australian SME businesses to get funding starting from $250,000. The bank offers business loans, line of credit, equipment loans and finance lease. It announced Thursday its third equity funding round of $250 million at a post-money valuation of well over $1 billion. Judo did not release details of its latest valuation.
Artificial Intelligence: Call Centre Agents Now Get Speakeasy’s Live AI Assist
The Speakeasy AI solution prompts the call center agent with suggestions and answers. Speakeasy AI can now listen in real-time to customer and live agent conversations and provide the agent with in-call suggestions, answers, and the next best actions.
Digital Assets: Paul Tudor Jones to CNBC on Bitcoin: “It’s a Great Speculation”
Paul Tudor Jones, the founder, and chief executive at Tudor Investment Corp. told CNBC that Wall Street could be having a grandstand seat at the historic “birthing of a store of value” in bitcoin. The storied investor trashed fiat currencies for the destruction in their purchasing power due to incessant money printing by central banks.
Artificial Intelligence: Mining Consumer Insights with AI-Powered Social Listening Tools
Social media listening tools, now powered by artificial intelligence (AI), are being used to discover consumer insights, measure their sentiments, and conduct marketing research. People don’t know what they want until you show it to them, said Steve Jobs. But ever so often, businesses can get a glimmer of what their consumers really want by listening to their social interactions.
Venture Capital: Uber Leads $170M Funding Round No 8 in Lime Electric Scooters
The pandemic has unleashed turmoil in urban transportation, and it’s showing up in deal-making. Lime, the electric scooter sharing service that was laid low due to lockdowns and social distancing, has managed to snag $170 million in its eighth round of funding. Uber (NYSE: UBER) led the round. Alphabet (NASDAQ: GOOGL), Alphabet’s VC arm GV, and Bain Capital, among others, also participated.
FinTech: April Was PayPal’s Strongest Month Since its IPO; “We will Hasten the Demise of Cash”
On Thursday, Paypal (NASDAQ: PYPL) declared its first-quarter numbers. President and CEO Dan Schuman’s remarks on the earnings call regarding PayPal’s post-quarter performance gave an insight into how the fintech’s fortunes are changing due to the COVID-19 crisis and shelter-in-place rules. His comments propelled the stock to a 14% gain for the day and an all-time high.
Liquid Alternatives: UBS launches “Socially Responsible ” UCITS ETFs
The UBS ETF (IE) MSCI USA Socially Responsible UCITS ETF (USD) invests in large and medium-sized US companies that meet ESG sustainability criteria. With the UBS ETF (IE) MSCI USA Socially Responsible UCITS ETF (USD), investors can choose between two share classes that differ in the allocation of income. In the case of the A-dis share class, the dividend is paid out and in the case of the A-acc share class, it is reinvested.
DailyAlts Playbook: Unemployment Woes, Economic Experiments, M&A Woes, and China… China… China.
THE DAILYALTS PLAYBOOK May 8, 2020 DailyAlts Playbook: Unemployment Woes, Economic Experiments, M&A Woes, and China… China… China. OPENING BELL Good morning, Good morning, There is one figure – and one figure only that matters today. And the U.S. Labor Department reported it before the bell. The agency said that the U.S. unemployment rate hit…
Digital Assets: Bitcoin Nudges the $10,000 Mark, Fans Bullish Targets
On Thursday, Bitcoin briefly flirted with the $10,000 mark. That’s a very fast rebound from the massive sell-off Bitcoin suffered in March due to the impact of the coronavirus. At the time, it touched a low of $4,017, in what appears in hindsight to be a mouth-watering price. It is now trading at $9,850, showing an appreciation of 145%. According to Coindesk, high volume buying on spot exchanges such as Coinbase triggered the crypto’s lunge at $10,000.