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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Liquid Alternatives: Arrow Capital Launches Liquid Alternative ETF
Arrow Capital Management, a Canadian alternative investment company, has launched its third actively managed exchange-traded fund (ETF) series with the Arrow Canadian Advantage Alternative Class (TSX: ACAA), a liquid alternative strategy investing in equity, fixed income, currency and commodity markets.
Digital Assets: Mike Novogratz Hits Out At Sam Bankman-Fried, Calls For His Prosecution
Mike Novogratz, the billionaire CEO of Galaxy Digital (TSE: GLXY), was unequivocally critical about Sam Bankman-Fried’s virtual New York Times (NYT) Dealbook Summit interview.
“I’m hoping that the authorities get to the bottom of this faster,” Novogratz said to Andrew Ross Sorkin on CNBC’s Squawk Box on Thursday, referring to the FTX imbroglio. “Not just for the sanctity of the crypto markets, but for all markets. Markets are based on trust and when you have trust broken like this, it questions everyone else.”
FinTech: Monzo To Turn Profitable In 2023, Says CEO
“We will be profitable in the next financial year,” TS Anil said at the summit on Thursday, though Monzo reported pre-tax losses of £119mn for the 12 months to the end of February 2022 in the financial results it declared in July. Anil’s statement also marks a sea change from 2021, when auditors expressed “material uncertainties” over its ability to remain in business.
Artificial Intelligence: OpenAI Launches ChatGPT, A New Conversational AI System
OpenAI has unveiled ChatGPT, a new AI system that interacts in a conversational way. As part of a dialogue format, ChatGPT answers followup questions, admits its mistakes, challenges incorrect premises, and rejects inappropriate requests. The new model is based on the advanced GPT-3 neural network that OpenAI first debuted in 2020, and was trained using the Reinforcement Learning from Human Feedback (RLHF) method.
Artificial Intelligence: Monarch’s Electric, Driver-Optional, Smart Tractor Now In Commercial Production
Monarch Tractor has rolled out the first production model of the MK-V tractor that combines electrification, automation, and data analysis to help farmers reduce their carbon footprint, improve field safety, streamline farming operations, and boost profitability. The company’s first customer is liquor and wine group Constellation Brands (NYSE: STZ), which has purchased the first six Founder Series MK-V tractors.
Artificial Intelligence: Elon Musk Claims A Neuralink Chip Will Be Implanted In A Human Brain In Six Months
Elon Musk said in a company show-and-tell presentation on Wednesday that Neuralink was readying to plant its first chip into a human brain in six months, after successful testing on monkeys and pigs. According to prior research, a person with paralysis can control a computer mouse or keyboard just by thinking about how they want to move. Neuralink is therefore building a fully implantable, cosmetically invisible brain-computer interface to let a human control a computer or mobile device anywhere they go.
Alternative Investments: Nicholas Wealth Management Launches Fixed Income Alternative ETF
Nicholas Wealth Management has launched its inaugural ETF. The Nicholas Fixed Income Alternative ETF (FIAX US), listed on NYSE Arca, will provide investors with income from short-term US Treasuries as well as an options-based sleeve.
Alternative Investments/ESG: ProShares Launches New ETF For Opportunities In Battery Metals
ProShares has launched the ProShares S&P Global Core Battery Metals ETF ION which will invest in companies that supply the raw metals needed to power the batteries used in the rising number of electric vehicles, laptops, smartphones, and energy storage devices. These are typically metals such as lithium, nickel, or cobalt used in the batteries required to power electric vehicles and other devices.
Venture Capital: Frore, Which Makes Cooling Chips For Consumer Devices, Raises $100M
Frore Systems is a developer of innovative thermal technology for consumer devices. The company’s active cooling chips, AirJet® Mini and AirJet® Pro, are integrated into devices to remove heat silently, delivering 2X improvement in device processor performance. AirJet’s compact size and unique capability enables faster, quieter, thinner, lighter and dust-proof devices. Frore has emerged from stealth, wrapping up a $100 million round from investors including Mayfield, Addition, Clear Ventures and Qualcomm Ventures.
FinTech: 160-Year Old Poste Italiene Ties With Neobank AideXa For Digital Loans To SMBs
Poste Italiene (BIT: PST) has a 160-year old history, approximately 12,800 post offices, 121,000 employees, total financial assets of €586 billion and 35 million customers. Listed on the Milan Stock Exchange since 2015, the group’s BancoPost unit has announced a tie up with Italy’s largest neobank, Banca AideXa, for fast digital loans to small and medium enterprise customers and sole proprietorships.
FinTech: More Dental Patients Are Opting For Financing Offered By Sunbit
Dental treatment is one of the fastest growing verticals for fintech Sunbit, which provides financing for various everyday expenses that can be large enough to cause cash flow problems for most people. The financing facility offered by Sunbit is now available in over 6,000 dental locations, and in more than 550 DSOs, with more than 500 new offices being added each month. In addition, Sunbit’s technology is integrated with multiple platforms serving small- and medium-sized dental practices.
Digital Assets: Doom And Gloom Predictions, And A Massive Layoff By Kraken
Luminaries from both the financial and crypto worlds are sounding dire warnings about the future of the industry. At an event hosted by the New York Times DealBook, Larry Fink, CEO, BlackRock (NYSE: BLK), said he believed the majority of crypto businesses “are not going to be around” in the future, given that “there were misbehaviours of major consequences.”
Artificial Intelligence: AI Automatically Classifies 1000 Supernovae For Caltech Astronomers
Data is captured every night by the Zwicky Transient Facility or ZTF, a sky survey instrument based at Caltech’s Palomar Observatory, which scans the skies looking for changes (transient events) that could be of interest to astronomers. These alerts have led to the discovery of thousands of supernovae, but the sheer volume of data from ZTF makes its classification and analysis very difficult for humans.
FinTech: Wise Reports Solid H1, Klarna May Be Profitable In 2023, And Revolut Eyes Japan
London-based fintech giant Wise plc (previously known as Transferwise) reported a total income of £416 million during the six months ended September, up 63% from the corresponding period last year. Revenue grew 55% to £397 million. Further, the adjusted EBITDA increased by 52 percent to £92 million with a margin of 22 percent, and it ended the period with a pre-tax profit of £51.3 million, which increased by 173 percent.
Digital Assets: More Crypto Players Follow FTX Down The Bankruptcy Route
The unfortunate failure of FTX and sister firm Alameda Research has claimed another victim – Solana-based decentralized exchange Serum said its program on the mainnet became defunct as the upgrade authority was held by FTX. It said that lead protocols such as Jupiter and Raydium had moved away from Serum as the security of the exchange was in jeopardy. Moreover, Serum also said the future of its SRM native token was uncertain due to the coin’s exposure to the turmoil unleashed by the collapse of FTX.
Artificial Intelligence: Global Specialty Chemicals Major Nouryon Invests In AGEYE Technologies
AGEYE Technologies aims to help indoor farms become sustainable and scalable through significant reductions in operational costs by using AI, IoT sensors, and its automation platform. The platform monitors every connected vertical farm or greenhouse 24/7, 365 – and uses state-of-the-art artificial intelligence to turn these visual inputs into growth development insights and autonomous actions, improving harvest predictability and profitability. Dutch speciality chemicals producer Nouryon has announced a collaboration with, and an investment, in AGEYE.
Artificial Intelligence: Tickeron Launches AI Robots That Use Fundamental Analysis To Trade For You
Tickeron, the marketplace for AI-based trading algorithms, is offering a new breed of algos, or AI Robots, that have cut their teeth on Fundamental Analysis (FA) – a sea change from Tickeron’s hitherto reliance on Technical Analysis (TA) for training the bots.
Artificial Intelligence: AI To Be Used For Security At Maha Kumbh 2025, India’s Mega Religious Festival
The Maha Kumbh Mela, to be held in Prayagraj in 2025, is likely to be a massive religious congregation by any global standard with millions of devotees expected to attend the event. It is a sacred pilgrimage undertaken by devout Hindus from across the globe who will gather to take a dip in the holy Triveni Sangam (confluence) of Ganga, Yamuna and Saraswati rivers. The act is believed to wash off all their sins, and help them attain freedom from the cycle of death and rebirth.
FinTech/ESG: Carbon Management App Cogo Partners With Digital Bank Tandem
Cogo is a carbon management expert that pairs its Carbon Footprint model with live banking data allowing a bank’s customers to track how much carbon is associated with their spending anywhere, anytime. Cogo has announced a partnership with digital challenger bank Tandem to initially feature on the bank’s green living hub, which offers practical advice, information and tools for customers. Cogo will integrate with the Tandem banking app fully in 2023.
Digital Assets: (More) Crypto Contagion – BlockFi Is Insolvent
The domino-like chain reaction from the bankruptcy of FTX has claimed another victim in BlockFi, the troubled crypto player that offers a trading exchange and interest-bearing custodial service for cryptocurrencies. BlockFi (and eight affiliates) have filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the “shocking events surrounding FTX and associated corporate entities,” the firm said in a client update today.
Artificial Intelligence/VC: AI-Enabled Business Automation Company AAICO Raises $42M
London-based The Applied AI Company (AAICO), which applies its proprietary AI platform to transform legacy business models, announced its raise of US$42 million from investors including G42, A.R.M Holding, Plug and Play Investment Group as well as distinguished families in Europe and the MENA region.
Alternative Investments/AI: Global X Japan Debuts ETF For Autonomous And Electric Vehicles
Global X Japan has launched the Global X Autonomous & EV ETF on the Tokyo Stock Exchange (TYO: 2867). The thematic ETF targets opportunities in the rapidly evolving automotive industry due to the disruption of the internal combustion engine by autonomous and electric modes of transport.
Alternative Investments/ESG: HSBC Lists Five Shariah-Compliant ESG Equity ETFs On European Exchanges
Five new ETFs from HSBC aim to provide investors with exposure to ESG-enhanced, Shariah-compliant exposure to stocks. Two of the new ETFs are already listed on the London Stock Exchange, SIX Swiss Exchange, or Euronext Paris.
Artificial Intelligence: CICERO, An AI That Plays The Diplomacy Game “At A Human Level”
Meta (formerly Facebook) (NASDAQ: META) announced on Wednesday the launch of CICERO, the first artificial intelligence (AI) agent to achieve human-level performance in the popular strategy game Diplomacy. So far, Diplomacy was a huge challenge to AI given that the game needs human like capabilities such as persuasive conversation, complex planning, strategies and their adjustment and an understanding of other players’ perspectives and motivations.