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: Apple Looking To End Its Credit Card And Savings Account Tie-Up With Goldman Sachs
Apple (NASDAQ: AAPL) has presented a proposal to terminate its credit-card and savings account partnership with Goldman Sachs (NYSE: GS) within the next 12 to 15 months, marking a potential end to one of the most highly-anticipated collaborations between a tech company and a bank.
Venture Capital: Cemex Ventures Invests In Carbon Footprint Platform Vizcab
Cemex Ventures, the venture arm of Mexican cement giant Cemex (NYSE: CX), has taken a notable stride in promoting sustainability in the construction industry through a strategic investment in Vizcab, a French startup at the forefront of revolutionizing carbon footprint considerations in buildings. Founded in Lyon in 2015 by Thomas Jusselme and Guillaume Lafont, Vizcab employs a data-driven approach to calculate the Life Cycle Analysis (LCA) of buildings.
Artificial Intelligence: Amazon Unveils Its Q Chatbot For The Corporate Workplace
Amazon (NASDAQ: AMZN) has entered the chatbot competition with its new artificial intelligence assistant named Amazon Q, developed by the company’s cloud computing division. Unlike consumer-focused chatbots like ChatGPT and Bard, Amazon Q is designed for workplaces, aiming to assist employees with tasks such as summarizing strategy documents, filling out internal support tickets, and answering questions about company policy. The chatbot competes with other corporate chatbots like Copilot, Google’s (NASDAQ: GOOGL) Duet AI, and ChatGPT Enterprise.
Digital Assets: NFT Platform Magic Eden Launches Cross-Chain Wallet For NFTs
Magic Eden has unveiled its Magic Eden Wallet in Beta, marking a significant step in the realm of cross-chain NFT platforms. The wallet is designed to enhance the NFT collecting and trading experience by enabling instant cryptocurrency swaps between Bitcoin, Solana, Ethereum, and Polygon. It stands out as the first digital wallet directly integrated with an NFT platform, emphasizing an NFT-focused approach to provide users with a seamless experience.
FinTech/AI: Salesforce And AWS Expand Partnership
Amazon Web Services (AWS), a unit of Amazon.com Inc (NASDAQ: AMZN) and Salesforce (NYSE: CRM) have announced a significant expansion of their strategic partnership at AWS re:Invent. The collaboration deepens integrations across data and artificial intelligence (AI), making select Salesforce products available on the AWS Marketplace for the first time. This facilitates seamless and secure data management across both platforms, enabling the infusion of the latest AI technologies into applications and workflows.
Venture Capital: Morgan Stanley’s Next Level Fund Raises $50M To Level The Field For Underrepresented Founders
Morgan Stanley Investment Management (MSIM) has successfully closed its Morgan Stanley Next Level Fund, L.P. at the targeted $50 million in capital commitments. This fund, created in collaboration with Hearst, Microsoft (NASDAQ: MSFT), and Walmart (NYSE: WMT), is part of MSIM’s $200 billion alternative business. The strategic investors include corporate partners such as Hearst, Microsoft, Walmart, Altria (NYSE: MO), Ten Figures Ventures, and Phalanx Impact Partners.
Artificial Intelligence: Will You Suffer A Heart Attack? AI Can Tell…A Decade Before
The University of Oxford has achieved a groundbreaking milestone in heart health through the world’s first trial of an artificial intelligence (AI) tool capable of predicting the risk of fatal heart attacks a decade in advance. Unveiled at the American Heart Association’s scientific session, the results indicate a significant advancement in cardiac care, offering the potential to identify individuals at risk much earlier.
FinTech: Indian Mega-Insurer LIC Mulling FinTech Arm
Life Insurance Corporation (LIC) (NSE: LICI) is embarking on a digital transformation journey with the establishment of a fintech unit. Under the project DIVE (Digital Innovation and Value Enhancement), LIC aims to implement cutting-edge digital initiatives for various stakeholders, including customers, intermediaries, and marketing personnel. The first phase of this transformation focuses on customer acquisition, involving agents, bancassurance, and direct sales.
Digital Assets: If Approved, A Spot Bitcoin ETF Could Suck In $70B (Glassnode)
Glassnode, a blockchain analytics firm, predicts a substantial influx of around $70 billion in new capital into Bitcoin if a Bitcoin Spot ETF receives approval. This analysis suggests a potential catalyst for a BTC price rally.
Venture Capital: BusCaro Raises $1.5M To Improve The Daily Commute For Pakistanis
Karachi-based mobility startup BusCaro has successfully secured $1.5 million in a pre-seed funding round led by Orbit Startups, with participation from Wahed Ventures and prominent angels in the mobility sector. The funding aims to address the challenges faced by millions of Pakistanis in their daily commutes, particularly in the country’s three largest cities, where over 40,000 under-utilized minivans and buses, owned by private operators, contribute to an unreliable and unaffordable commuting experience.
Artificial Intelligence: Tech-Heavy ESG Investors Increasingly Wary Of AI Risks
ESG fund managers, who previously considered big tech as a lucrative bet for low-carbon, high-return investments, are now expressing growing concerns about the risks associated with artificial intelligence (AI) in the sector. Marcel Stotzel, a portfolio manager at Fidelity International, highlights AI as a “short-term risk to investors” and is concerned about a potential “AI blowback” leading to a significant market decline.
Venture Capital: “Wachstumsfonds Deutschland” (Growth Fund Germany) Achieves EUR 1 Billion Target
The “Wachstumsfonds Deutschland” (Growth Fund Germany), a venture capital (VC) fund of funds, has successfully achieved its target raise of EUR 1 billion. This accomplishment positions it as one of the largest VC funds ever established in Europe. Funded primarily by private resources, it serves as a key component of the Future Fund of the German Federal Government. Notable anchor investors include the Federal Government, KfW Capital, and over 20 major institutional investors such as Allianz, BlackRock, Debeka, and Generali Deutschland AG.
FinTech: BNY Mellon, Lunate Invest In Wealth Management Platform Alpheya
Lunate and BNY Mellon (NYSE: BK) are jointly investing in a new financial technology company, Alpheya, based in Abu Dhabi. Alpheya aims to develop a tailored wealth management technology platform for the Middle East and North Africa (MENA) region. With a capital commitment of $300 million, the platform is set to launch in 2024, addressing the increasing demand from wealth and asset managers for a comprehensive digital solution.
Artificial Intelligence: JPMorgan Using AI To Gain An Edge Over The Competition
JPMorgan’s (NYSE: JPM) CEO of Asset Management, George Gatch, asserts that heavy investment in artificial intelligence (AI) has given the firm a significant edge in the market. Gatch, a veteran with 37 years at JPMorgan, revealed that the company is investing twice as much in AI compared to competitors to process data faster and manage risk more effectively.
Artificial Intelligence: A Powerful AI Discovery Triggered The Tumult At OpenAI (Reuters)
Several OpenAI staff researchers sent a letter to the board of directors, warning of a potent AI discovery with potential threats to humanity, which ultimately led to the ousting of CEO Sam Altman, according to a Reuters Exclusive. The letter highlighted an AI algorithm, Q* (pronounced Q-Star), as a catalyst for Altman’s removal.
FinTech: London Stock Exchange Group And ESG.AI Team Up For ESG Analytics
ESG.AI, a Canadian ESG decision support company, has collaborated with the London Stock Exchange Group (LON: LSEG) to introduce an advanced ESG analytics platform. This platform aids organizations and consultancies in visualizing ESG data, enhancing understanding, data quality, and providing advanced modeling, planning, and impact analysis capabilities.
Venture Capital: Kinterra’s Debut Critical Minerals Fund Wraps Up US$565M
Kinterra Capital, a firm specializing in critical minerals assets for the energy transition, has successfully closed its debut fund, the Kinterra Battery Metals Mining Fund, LP. The fund, with committed capital exceeding its target at US$565 million, aims to address the structural underinvestment in critical minerals over the past decade.
Digital Assets: Uranium 3o8 ($U), A Uranium-Backed Token, Goes Live
Sanmiguel Capital Investment (Bahamas) Ltd. has facilitated the launch of Uranium3o8 ($U) on Uniswap, marking a significant move toward tokenizing real-world assets, particularly uranium. Traditionally, uranium transactions faced challenges with opaque pricing and lengthy negotiations, lacking an active futures market for pricing and supply predictability.
Artificial Intelligence: Sam Altman And The OpenAI Board Discuss His Return (Update: He’s Back With New Board)
Sam Altman, co-founder and ousted CEO of OpenAI, is currently in negotiations with the company’s interim CEO, Emmett Shear, and board member Adam D’Angelo, for a potential reinstatement, according to undisclosed sources. Talks also involve some of OpenAI’s investors, including Thrive Capital, Khosla Ventures, and Tiger Global Management, who are advocating for Altman’s return. If reinstated, Altman might resume his role as the CEO, and discussions include the possibility of him becoming a director on a transitional board. The involvement of key players like Bret Taylor, former co-CEO of Salesforce Inc., (NYSE: CRM) is being considered.
Alternative Investments/ESG: CalPERS Commits $100B To Low Carbon Investments
California Public Employees’ Retirement System (CalPERS), a $462 billion pension giant, has pledged to invest $100 billion in low-carbon assets as part of a sustainable investing strategy. This commitment aims to accelerate the reduction of carbon emissions within its portfolio, with the goal of halving the carbon emissions intensity of its investments by 2030. Currently holding nearly $47 billion in low-carbon assets, CalPERS aims to contribute significantly to the fight against climate change while improving long-term investment returns.
Venture Capital: Riverwood Capital Raises $1.8B For High-Technology Investing Push
Riverwood Capital, a Menlo Park-based investment firm specializing in high-growth technology companies, recently concluded its largest fundraising round, amassing $1.8 billion in new commitments. The 15-year-old company secured investments from diverse sources, including pension funds, hospital systems, foundations, endowments, insurance companies, and family offices.
Digital Assets: Bullish, The Crypto Exchange, Snaps Up CoinDesk
Bullish, the rapidly growing institutional digital assets exchange led by Tom Farley, has acquired CoinDesk, a prominent media, events, and index platform focused on crypto assets, from Digital Currency Group (DGC). The acquisition aims to support CoinDesk’s global expansion and the growth of its various businesses. However, the financial terms of the acquisition were not disclosed.
Artificial Intelligence: OpenAI Employees Turn Up The Heat On Its Board; Threaten Mass Exodus
OpenAI is in turmoil as employees and investors call for the resignation of three directors, following the removal of CEO Sam Altman. In a letter to the board, employees expressed displeasure with the directors’ handling of Altman’s departure, with 747 out of 770 employees reportedly calling for the board’s resignation.
Digital Assets: Christmas Inauguration Of Digital Securities Trading In Osaka, Japan
Osaka Digital Exchange Co. (ODX) is poised to transform Japan’s financial landscape with the launch of the country’s inaugural digital securities trading on December 25. This revolutionary platform, established in 2021, boasts backing from influential figures in traditional finance, including SBI Holdings (TYO: 8473) and Sumitomo Mitsui Financial Group (TYO: 8316).