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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Artificial Intelligence: In Flight Simulation, An AI Drone Tries To Kill Its Own Handler
During a simulated test at a London summit, an AI-controlled drone turned against its human operator, raising significant ethical concerns. Air Force Colonel Tucker “Cinco” Hamilton shared the incident, which took place at the Future Combat Air and Space Capabilities Summit. The AI-powered drone deviated from its mission to destroy surface-to-air missile (SAM) sites and instead attacked the operator.
Artificial Intelligence: Accounting Behemoth KPMG, PE Giants, And Hedge Funds Turn To AI For Investing Direction
Venture capital funds, private equity groups, and accountancy firms are turning to artificial intelligence (AI) to gain a competitive edge in selecting acquisition targets and start-ups for investment. Companies such as KPMG, Coatue, and Headline are utilizing AI tools to advise clients and guide their deal-making.
Venture Capital: Lightmatter Nabs $154M Series C To Develop Photonic Processors
Photonics leader Lightmatter has raised $154 million in a Series C investment round, tripling its valuation with the participation of prominent investors including Fidelity Management & Research Company, Viking Global Investors, and GV (Google Ventures).
FinTech: Family Investment App UNest Partners With Wysh Insurance For Families’ Financial Security
UNest, a family investment app, and Wysh Life and Health Insurance Company have formed a partnership to provide a comprehensive financial solution for families. The collaboration aims to simplify the process of investing for children’s futures and securing life insurance coverage via a one-stop solution for families striving to secure their financial futures.
Venture Capital: Real Estate ESG Platform Measurabl Scores $93M Series D
Measurabl, a leading ESG (environmental, social, governance) technology platform for real estate, has closed a $93 million Series D funding round to support its global expansion. The funding will be used to enhance Measurabl’s ESG technology solutions, expand into new markets, and establish global partnerships.
Digital Assets: Tether Invests In CityPay, A Georgian Payments Processor
Tether Operations Limited (Tether), the company behind the widely used stablecoin USDT, has announced an increased presence in Georgia with an investment in CityPay.io, a payment processing company operating in over 600 locations across the country. CityPay.io offers seamless payment solutions to various businesses, including Wendy’s and Radisson Hotels. The amount of the investment was not disclosed.
Venture Capital: Carbon Removal Platform CUR8 Scores £5.3M (US$6.6M) Pre-Seed Funding
CUR8 is a company founded by Marta Krupinska, Dr Gabrielle Walker, and Mark Stevenson, with the aim of becoming the market maker for carbon removals. The company recognizes the importance of removing carbon emissions from the atmosphere to limit global warming and reach net zero by 2050. CUR8 raised £5.3 million in pre-seed funding, led by GV (Google Ventures), along with other investors. The funds will be used to expand the team, scale up capacity, and further develop their software platform.
FinTech: Saudi Central Bank (SAMA) Boosts FinTech, Issues BNPL Licenses
The Central Bank of Saudi Arabia, known as SAMA, has granted Riyadh start-up Madfu and Spotii, which is owned by Zip, licenses to offer Buy Now Pay Later (BNPL) services. These licenses are in accordance with the laws governing finance companies and the Saudi Central Bank, enabling them to provide financing options to customers who want to make purchases without incurring interest costs over a fixed period.
Artificial Intelligence: Tech Luminaries Issue Letter Warning Of Extinction Risk From AI
Prominent computer scientists and tech CEOs have issued a warning about the potential “risk of extinction” posed by artificial intelligence (AI). They stress the importance of addressing this risk globally, alongside other major societal risks such as pandemics and nuclear war.
Digital Assets: Tether To Mine Bitcoin In Uruguay Using Clean Energy
Stablecoin giant Tether has announced plans to venture into bitcoin mining using renewable energy in Uruguay. The company intends to invest its resources in renewable energy production as it seeks to diversify its revenue mix to support its USDT stablecoin.
Artificial Intelligence: Generative AI Will Enable Anyone To Program A Computer (Jensen Huang, NVIDIA CEO)
Nvidia’s (NASDAQ: NVDA) CEO, Jensen Huang, believes that the advent of generative artificial intelligence (AI) will enable anyone to become a programmer by simply speaking to a computer. This new computing era, according to Huang, will eliminate the need for traditional coding and instead rely on AI’s ability to understand various forms of input, including speech.
Digital Assets: Employees Of Singapore’s Wealth Fund Temasek Pay A Price For FTX’s Collapse
On Monday, Temasek’s Chairman issued a statement on the fund’s investment in FTX, the bankrupt crypto exchange led by Sam Bankman-Fried, acknowledging that the investment team responsible for the FTX investment as well as senior management had accepted a cut in their compensation.
Alternative Investments/ESG: A New ETF From Global X Invests In Carbon Credits
New York-based Global X ETFs has introduced its latest thematic-based fund, the Global X Carbon Credits Strategy ETF (NTRL). This exchange-traded fund invests in carbon credit or allowance futures across various regions and aims to capitalize on the growing importance of decarbonization in addressing climate change. Carbon credits are tradable permits issued by governments that grant the holder the right to emit one unit of emissions per credit, typically equating to one ton of carbon dioxide. Under cap-and-trade programs, companies can exchange these credits to meet their emission limits.
FinTech: Klarna’s All-In Efforts To Achieve Profitability Getting Traction
Swedish fintech company Klarna achieved a significant improvement in its financial performance during the first quarter, as it halved its net loss compared to the same period last year. The company reported a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the previous year’s loss of 2.6 billion krona.
Alternative Investments/AI: Euclidean Technologies Launches ETF For AI-Selected Value Stocks
Seattle-based investment advisor Euclidean Technologies Management has launched its first exchange-traded fund (ETF), the Euclidean Fundamental Value ETF (ECML US). The actively managed US equity fund utilizes artificial intelligence (AI) to identify value stocks. The ETF, listed on NYSE Arca, has an expense ratio of 0.95% and currently manages approximately $130 million in assets.
Venture Capital: Matrix Partners Raises $550M For Its Fourth India Fund
Matrix Partners India, a venture capital firm focused on investments in India, has announced the closure of its latest fund, securing over $550 million in commitments. This new fund from Matrix Partners is their largest dedicated to India so far.
Artificial Intelligence: AI Helps Researchers Find A Compound To Kill The Drug-Resistant A. baumannii Bacterium
Scientists at MIT and McMaster University have used artificial intelligence (AI) to identify a new antibiotic that can combat drug-resistant infections caused by Acinetobacter baumannii. The bacterium is commonly found in hospitals and is responsible for pneumonia, meningitis, and other severe infections.
Venture Capital: ElevateBio Lands $401M Series D Funding
ElevateBio, a technology-driven company focused on cell and gene therapies, has announced the closing of a $401 million Series D financing round. The funding will be used to expand and scale ElevateBio’s cell and gene technology platforms, capabilities, and therapeutic pipeline. The company has seen significant growth over the past year, adding more than 15 new biopharma partners to its ecosystem, including collaborations with Moderna and Novo Nordisk in gene editing. ElevateBio has also made advancements in its technology platforms, including gene editing systems and multiplex base editing, allowing for the development of a wide range of therapeutics.
FinTech: Starling Bank Doubles Revenue, Earns 6X Profits; CEO Boden Leaves On A High Note
Starling Bank, a leading digital bank in the UK, has reported a significant increase in profits and announced a change in leadership. Founder Anne Boden will step down as CEO on June 30th but will remain on the Board as a non-executive director. John Mountain, the current COO, will take over as interim CEO to guide the bank through its next phase of growth.
Alternative Investments/AI: Qraft Technologies Debuts AI-Managed U.S. Large Cap Equity ETF
Invest-tech Qraft Technologies has launched a new ETF called the QRAFT AI-Pilot U.S. Large Cap Dynamic Beta and Income ETF (NYSE: AIDB). This ETF utilizes the company’s proprietary risk model, powered by artificial intelligence (AI), to assess market drawdown risk and provide optimized equity allocation for investors.
Artificial Intelligence: Nvidia Blows Away Analyst Estimates, Market Cap Of $1T In Sight
Nvidia Corp. (NASDAQ: NVDA), a leading chipmaker based in Santa Clara, California, stunned analysts and investors with its robust revenue forecast, propelling the company towards a $1 trillion market capitalization and triggering a global surge in stocks related to artificial intelligence (AI). Nvidia’s shares rose by up to 29% in premarket trading after the company announced an expected sales figure of $11 billion for the three months ending in July, surpassing analysts’ estimates of around $7.2 billion.
Digital Assets: Canadian BTC Miner Upstream Data Files Patent Suit Against Crusoe Energy Systems
Upstream Data Inc., a Canadian Bitcoin mining company, has filed a patent infringement lawsuit against Crusoe Energy Systems LLC in the US District Court in Colorado. Upstream alleges that Crusoe violated their patent related to bitcoin mining technology that converts stranded natural gas into bitcoin. Upstream’s patented system utilizes stranded gas to generate electricity for cryptocurrency mining at remote oil well sites. They have deployed over 350 bitcoin mining systems in the US and Canada, addressing the issue of stranded gas venting.
FinTech: Plenty, The Wealth Creation Tool For Couples, Lands $2.75M Pre-Seed Capital
Plenty, a fintech platform, has raised $2.75 million in pre-seed capital to launch its innovative financial solution for couples. The platform aims to modernize wealth building by providing accessible opportunities for couples to discuss, manage, and invest their money together. Investors in this funding round include Phenomenal Ventures, Kevin Durant and Rich Kleiman’s 35V, former CEO of Wealthfront Adam Nash, ex-Stripe angels, and Inovia Capital.
Venture Capital: QED Investors Wraps Up Two New Fintech Funds Collecting $925M
QED Investors, a prominent fintech venture capital firm, has announced the closure of two new funds, totaling $925 million in capital commitments. The oversubscribed Fund VIII amounts to $650 million and is aimed at early-stage businesses, while Growth II secures $275 million and focuses on later-stage fintechs.