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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FinTech: Australian Legislators Pass Law to Enhance ASIC’s Fintech Regulatory Sandbox
Australian Legislators Pass Law to Enhance ASIC’s Fintech Regulatory Sandbox. The amendments passed on Monday extend the scope and timeframe fintechs can spend on the existing ‘sandbox.’ The ‘Treasury Laws Amendment (2018 Measures No. 2) Bill 2019‘ allows more businesses such as fintechs to test a wider range of new financial and credit products and services without a licence from ASIC for up to 24 months.
Artificial Intelligence: White House To Significantly Hike Spending on AI and Quantum Sciences
The White House is committed to double R&D spending in nondefense artificial intelligence (AI) and quantum information science (QIS) by 2022.
The Office of Science and Technology Policy (OSTP) on Tuesday issued a fact sheet on President Trump’s budget proposals for FY 2021 relating to Federal R&D.
“In a time of great power competition, President Trump’s FY 2021 Budget puts America in position to maintain its global leadership in science and technology for generations to come,” the OSTP said.
The OSTP also pointed out that President Trump is the first President in American history to include AI and QIS as Administration R&D priorities.
Digital Assets: Former NYSE Institutional Broker Charged and Arrested for Alleged Crypto Fraud
Former NYSE Institutional Broker Michael Ackerman Charged and Arrested for Alleged Crypto Fraud. He and two of his vehicles, Q3 Holdings, LLC and Q3 I, LP, are charged with alleged fraud and misappropriation of digital assets. Michael Ackerman allegedly raised $33 million in a fraudulent crypto trading scheme. Ackerman and his two partners misled investors by claiming they had developed an extraordinarily profitable crypto trading algorithm. One of the partners was a doctor.
Venture Capital: Online Shopping Store Hollar May Down Shutters
Online Shopping Store Hollar May Down Shutters.VC investors may take a haircut on their investments in the online dollar store.
The DailyAlts Playbook: Rise of Bernie, the Plight of Tesla Bears, and the Surge of Ponzi Schemes.
Pitchers and catchers report to camp Wednesday, which offers some reminder that warmer weather will eventually find itself returning to the Northeast. That said, the Baltimore Orioles’ roster looks like Lou Brown’s Cleveland Indians in Major League, so I’ll be more focused on the markets.
Liquid Alternatives: New Fixed Income ETFs From BMO Now Trading in Toronto
New Fixed Income ETFs From BMO are Now Trading in Toronto. The three new ETFs include a first-of-its-kind one that is based on mortgage-backed securities.
Two of these new fixed-income ETFs from BMO Global Asset Management invest in corporate bonds, while the third invests in mortgage-backed securities.
Real Estate: Takeaways from the NAREIT Study on the U.S. Economy
The National Association of Real Estate Investment Trusts (NAREIT) commissioned advisory and consulting firm EY to examine the economic impact that REITs have on the US economy.
Real Estate: Ellington Residential Mortgage Reports Quarterly Earnings
Ellington Residential Mortgage REIT (NYSE: EARN) reported financial results for the quarter ended December 31, 2019. Ellington had an impressive quarter. Net income registered at $9.7 million, or $0.78 per share and Core Earnings hit $2.8 million, or $0.23 per share. Ellington had previously announced a dividend payment last month of $0.28. The current annualized dividend yield for Ellington Residential is 10.2% at current prices. Book value grew by 5% year over year.
Digital Assets: Bitcoin to Beat the Dow to $40K, Says Analyst Tom Lee
Bitcoin to Beat the Dow to $40K, Says Analyst Tom Lee. The Fundstrat Global Advisors co-founder said in a CNBC interview on February 10 that he expected Bitcoin to record a gain of nearly 200% after it recently broke above its 200-day moving average.
Private Equity: Harvard Law School Publishes Memo on PE Year in Review, Outlook for 2020
The Harvard Law School Forum on Corporate Governance published a memorandum from Andrew Nussbaum, Karessa Cain, and Steve Cohen of the Wachtell Lipton law firm. Wachtell Lipton is a New York-based corporate law firm that handles mergers and acquisitions, strategic investments, takeovers and takeover defense, shareholder activism, corporate and securities law, and corporate governance. The memo is titled Private Equity—Year in Review and 2020 Outlook.
Venture Capital: VC Funding in Australia in 2019 Bucks Weak Asian Trend
VC Funding in Australia in 2019 Bucks Weak Asian Trend. VC funding in Australia in 2019 rose to a record US$1.145 billion from US$1.033 billion in 2018.
Australia was a standout amongst the otherwise disappointing show in the Asia Pacific region where deal value declined to US$73 billion from $126 billion in 2018, said KPMG.
Liquid Alternatives: Simon-Taubman Deal for Malls Sparks Rally in REITs ETF
Simon Property Group will buy Taubman Centers in a $3.6 billion deal.
The Invesco KBW Premium Yield Equity REIT ETF (NYSEArca: KBWY) shot up 3.6% on Monday on news of the transaction. Taubman Centers (NYSE: TCO) constitutes 3.7% of the ETF’s portfolio. Simon Property Group (NYSE: SPG) will pay $ 52.50 in cash per share of Taubman to acquire a majority stake in TCO.
Artificial Intelligence: New Magnetic Memory Device Could Punch Through The Physical Barriers To Faster AI
Researchers at Northwestern University and the University of Messina in Italy have developed a new magnetic memory device. Built of antiferromagnetic (AFM) materials, it solves the limitations of existing hardware for data-centric applications, especially in artificial intelligence.
FinTech: ASX-Listed, Buy Now Pay Later Startup Sezzle Notches Up 1M Customers
The Sezzle payments platform, which enables credit-starved shoppers to “buy now, pay later,” now boasts of one million customers across the United States and Canada.
Launched in 2016, it took Sezzle Inc (ASX: SZL) all of three years to build a base of 500,000 customers. However, between August 2019 and today, the fintech has doubled that number to a million.
The DailyAlts Playbook: Oil Shorts, Coronavirus Hits Earnings, Crowded Trades, and Toy Story 4 after a Fifth Viewing.
Fund managers had been dumping oil over the last few weeks, but resistance wouldn’t break down below $49 per barrel. Short sellers appear to have taken some profits off the table, pushing crude back up about 1.7%.
Real Estate: Taubman Centers Sells to Simon Property Group
Taubman Centers (NYSE: TCO) reported financial results for the quarter and full-year periods ended December 31, 2019. It also provided a big surprise for shareholders. The outlet operator has sold to Simon Property Group in an all-cash deal. According to Tim Melvin, we’ll likely see more deals in this real estate space in the coming year.
Alternative Investments: Brookfield Asset Management Closes $20 Billion Global Infrastructure Fund
Brookfield Asset Management announced the closing of its fourth flagship infrastructure fund. The Brookfield Infrastructure Fund IV has total commitments of $20 billion. That figure surpassed its target goal of $17 billion in funds.
Hedge Funds: Kyle Bass Won’t Apologize for Twitter Feud on Coronavirus
Kyle Bass refuses to apologize for a deleted tweet that said the U.S. should allow coronavirus to “rampage through the ranks” of the Communist Party. Bass, the founder and CIO of Hayman Capital, found himself in a Twitter fight with the EIC of a Chinese newspaper.
Hedge Funds: Elliott’s Offensive on Evergy Unnerves Chamber of Commerce
Curtis Sneden, president of the Greater Topeka Chamber of Commerce is concerned about repercussions from activist hedge fund Elliott Management’s broadside against regional utility Evergy, Inc. (NYSE: EVRG). Feared activist hedge fund Elliott wrote to Evergy on January 21 requesting changes that would create value for shareholders. New York-based Elliott is owned by billionaire Paul Singer.
It owned an “economic interest” in Evergy worth $760 million as of the date of the letter.
Private Equity: Sycamore Partners Eyes Deal to Purchase Victoria’s Secret
Sycamore Partners is considering a deal to purchase Victoria’s Secret from L Brands (NYSE: LB). CNBC reported a possible deal Sunday while citing sources close to the matter. Sycamore manages roughly $10 billion in assets and has specialized in brick-and-mortar deals. It has previously worked on deals involving Talbots, Nine West, and Staples.
Venture Capital: Snowflake’s Latest Funding Triples Its Valuation to $12.4B
Snowflake, the cloud data warehousing company, raised new funding of $479 million at a valuation of $12.4 billion. Dragoneer Investment Group and Salesforce led the round.
The DailyAlts Playbook: China’s Repo Dealings, Sycamore’s “Secret” Buy, Dalio’s Latest Warning, and the $100 Billion “Book of Mormon.”
Today, the DailyAlts Playbook talks about China’s Repo Dealings, Sycamore’s “Secret” Buy, Dalio’s Latest Warning, and the $100 Billion “Book of Mormon.”
Artificial Intelligence: Legal AI Draws Blood; Nabs Very Senior, Fraudulent Divorce Lawyers in Silicon Valley
Justine Falcon, a legal AI, is credited with busting a ring of divorce lawyers indulging in real-estate fraud in connivance with an inside contact in the District Attorney’s office in Silicon Valley. AI startup ORBAI has developed Justine Falcon AI.
Private Equity: Goldman Sachs to Launch $8 Billion Buyout Fund
West Street Capital Partners – the private equity arm of Goldman Sachs – will start fundraising next week. The PE shop is part of Goldman’s ambitious effort to raise $8 billion for a second buyout fund. Reuters reports this would be the second buyout fund for the bank since 2008.