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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Digital Assets: Another SEC Rejection Of A Spot Bitcoin ETF Could Open a Pandora’s Box Of Legal Actions (JPMorgan)
JPMorgan (NYSE: JPM) has warned that if the United States Securities and Exchange Commission (SEC) rejects spot bitcoin exchange-traded fund (ETF) applications, it could potentially face legal action from the applicants. In a report, JPMorgan analysts, led by Nikolaos Panigirtzoglou, emphasized that any such rejection might lead to lawsuits against the SEC, creating legal challenges for the agency.
Artificial Intelligence: OpenAI Launches “Preparedness” Team To Guard Against Catastrophe By AI
OpenAI is taking significant steps to mitigate the potential “catastrophic risks” associated with cutting-edge artificial intelligence models. This initiative, known as Preparedness, is tasked with overseeing and evaluating the development of highly capable AI models that could possess dangerous capabilities, particularly in areas like cybersecurity and nuclear threats. The team, integrated into OpenAI, will ensure that these models adhere to strict safety protocols and guidelines.
FinTech: Worldline Shocks Markets With Dimmed Outlook
Worldline’s (EPA: WLN) shares tumbled by almost 60 percent in Paris as the French payments group revised its sales outlook downwards and took steps to combat fraud by severing ties with certain clients. This decline pushed the company’s share price to €9.4 on Wednesday, resulting in a market capitalization of €2.7 billion. The payments sector experienced a significant sell-off in response to this warning, impacting both European and US peers.
Digital Assets: JPMorgan’s JPM Coin Now Processes $1B In Daily Transaction Volume
JPM Coin, JPMorgan Chase & Co.’s (NYSE: JPM) digital token, is now facilitating $1 billion in daily transactions, as revealed by Global Head of Payments, Takis Georgakopoulos, in a Bloomberg interview. These transactions are primarily in US dollars, but the bank has plans for further expansion. JPM Coin operates on a private blockchain network, enabling wholesale clients to conduct dollar and euro-denominated payments. It stands out as one of the few live blockchain applications initiated by a major bank. However, it currently represents only a fraction of the massive $10 trillion in daily US dollar transactions handled by JPMorgan.
Venture Capital: Flourish Ventures Raises $350M To Build Financial Inclusion Across The Globe
Flourish Ventures, a venture firm specializing in fintech investments, has secured $350 million in funding, marking a significant milestone for its early-stage global venture fund. This new investment adds to the initial $200 million in portfolio investments and $300 million in capital obtained during the spinout from Omidyar Network in 2019. With a total of $850 million under management, Flourish is on a path to establish a permanent capital base, all while intensifying its commitment to fintech investments across the U.S., Africa, Asia, and Latin America. The primary goal is to foster a more equitable financial system.
Artificial Intelligence: Airbnb Clamps Down On Parties With AI Software
The nightmare of returning to your rented home after a short-term stay to find it transformed into a loud party venue is a scenario that stirs a potent blend of anger and frustration. Such occurrences surged globally during the COVID-19 pandemic when bars and nightclubs shuttered, leaving young adults in search of alternative party spots. Airbnb (NASDAQ: ABNB), a major player in the short-term rental market, initiated a “global party ban” in response. This involved banning offenders and imposing restrictions on under-25s without excellent reviews. As a result, reported parties decreased by 55% between 2020 and last year.
Alternative Investments/ESG: Fidelity Launches Paris-Aligned Corporate Bond ETFs
Fidelity International has recently introduced two active fixed income ETFs, the Fidelity Sustainable EUR Corporate Bond – Paris Aligned Multifactor UCITS ETF and the Fidelity Sustainable USD Corporate Bond – Paris Aligned Multifactor UCITS ETF. These ETFs, categorized as Article 9 under the Sustainable Finance Disclosure Regulation, were listed on the London Stock Exchange and Xetra on October 23.
FinTech: Stere Pay Introduces Buy-Now-Pay-Later Gateway For Insurance Premium Payments
Stere Pay has taken a significant step toward enhancing financial inclusivity in the insurance sector with the introduction of its groundbreaking Buy-Now-Pay-Later (BNPL) gateway. This initiative is designed to empower insurers and distribution partners by providing flexible financing options for premium payments, alleviating the financial burden that policyholders often face upfront.
Venture Capital: Kfw Capital Introduces “Emerging Manager Facility” To Back Small And Gender-Diverse VC Funds
Germany’s state-backed LP KfW Capital has introduced the ‘Emerging Manager Facility’ (EMF) to enhance diversity within the country’s VC ecosystem, an issue pervasive throughout Europe. The EMF is designed to invest in smaller VC funds with €50 million in assets under management, many of which are newly entering the VC market, and are managed by women or gender-diverse teams. These chosen VC funds can receive a maximum of €12.5 million or up to 25% of the fund’s total size.
Artificial Intelligence: IWF Report Finds Paedophiles Using AI To Reimagine Images Of Celebrities As Children
Pedophiles have begun utilizing artificial intelligence (AI) to generate disturbing images of celebrities as children, according to the Internet Watch Foundation (IWF). These manipulated images of well-known figures, including a female singer re-purposed as a child, are being circulated by predators. Child actors’ images are also being twisted to sexualize them on dark web forums. Alarmingly, bespoke image generators are now being used to produce hundreds of images featuring actual victims of child sexual abuse.
FinTech: Hokodo And Balance Join So Global B2B Sellers Can Offer Favorable Credit Terms
Hokodo, a European company, and Balance, based in the United States, have jointly announced a groundbreaking partnership that will reshape global payment terms in B2B transactions, opening new horizons for buyers and sellers. This collaboration creates a comprehensive solution for payment terms, allowing worldwide B2B enterprises to effortlessly extend flexible payment options to clients across Europe and North America. Merchants, seeking growth and customer attraction, recognize that offering favorable payment terms is key. Additionally, easy credit access is essential for cultivating loyal customers.
Artificial Intelligence: Microsoft Commits $5B To Assist Australia With AI And Cybersecurity
Microsoft’s (NASDAQ: MSFT) monumental announcement on October 24, 2023, revealed the company’s A$5 billion investment in Australia’s digital infrastructure, marking the largest investment in the country by the tech giant in its four-decade history. The focus of this investment is on expanding hyperscale cloud computing and AI infrastructure, with the aim of strengthening Australia’s economic competitiveness, creating high-value job opportunities, and enhancing cybersecurity.
Venture Capital: Top Drawer UK VC Firms Pledge To Help The Pension Industry Invest In High Growth Companies
A coalition of prominent UK venture capital funds, managing over £25 billion, has inked an agreement supported by Chancellor Jeremy Hunt, with the aim of boosting investments in high-growth companies across the nation. This initiative, part of a government-led effort to stimulate private investment in the UK prior to the chancellor’s autumn statement, has been dubbed a “huge win” for the country by Hunt. Notable signatories to this venture capital investment compact include SV Health Investors, led by former vaccines taskforce head Kate Bingham, and Northern Gritstone, chaired by former Goldman Sachs chief economist Jim O’Neill.
Digital Assets: Bitcoin Shoots Past $34K On Spot ETF Expectations
BTC has experienced a significant surge in its market value, breaking through the $34,000 barrier. This surge is closely linked to developments in the Bitcoin spot ETF market, with Blackrock and Grayscale at the forefront of the action.
FinTech: Marqeta’s New Credit Card Platform Allows Its Customers To Build Innovative Card Products
Marqeta (NYSE: MQ) has unveiled its new credit card platform, aiming to revolutionize credit card innovation and customer loyalty. This platform offers brands the ability to seamlessly integrate commercial or consumer credit cards into their digital experiences while tailoring rewards to cardholders. Marqeta, known for its global card issuing platform, now provides intuitive credit card program management tools, offering a comprehensive solution for launching consumer and commercial credit programs. The goal is to boost customer loyalty by allowing brands to personalize the credit card experience end-to-end.
Digital Assets: Grayscale Files Application For New Spot Bitcoin ETF Preparatory To Conversion And Listing Of Its Bitcoin Trust
Grayscale Investments has submitted a new registration statement to the U.S. Securities and Exchange Commission (SEC) as part of its ongoing efforts to create a spot Bitcoin exchange-traded fund (ETF). This move comes in the wake of a recent court ruling that necessitated the SEC to reevaluate Grayscale’s application. On October 19, Grayscale filed an S-3 form registration statement with the SEC, seeking to list the shares of the Grayscale Bitcoin Trust on the New York Stock Exchange (NYSEARCA) under the ticker symbol GBTC.
Venture Capital: BP Ventures To Invest $200M In Green Energy Startups
BP Ventures, the corporate venture capital arm of energy giant BP (NYSE: BP), is set to channel the majority of its investment capacity into disruptive green energy technology. They plan to invest $200 million in up to a dozen green technology start-ups this year, focusing on five key areas: bioenergy, electric vehicle charging, convenience, hydrogen, and renewables and power. This marks a significant shift from their historical allocation of 60% of investment capacity to green technology.
Artificial Intelligence: Apple Moving Quickly To Close The Gap On Generative AI
Apple (NASDAQ: AAPL) is gearing up to join the AI revolution that has taken the tech industry by storm. While the iPhone-maker was somewhat caught off guard by the rapid rise of AI tools like ChatGPT from OpenAI, it is now making a concerted effort to catch up. CEO Tim Cook acknowledges that Apple has been working on generative AI technology for some time, though the recent AI fever in the industry has spurred the company into action.
Alternative Investments/ESG: BlackRock Unveils Energy Transition Metals ETF
BlackRock (NYSE: BLK) has introduced a new thematic Exchange-Traded Fund (ETF) in Europe, with a specific focus on companies engaged in mining and processing metals vital for energy transition technologies. The iShares Essential Metals Producers UCITS ETF is now available for trading on Deutsche Börse Xetra in euros (CEBT GY) and Euronext Amsterdam in US dollars (METL NA). This fund is designed for investors looking to benefit from the global shift away from fossil fuels towards more sustainable energy alternatives.
Fintech: J.P. Morgan Payments’ Pay-By-Bank, Powered By Mastercard’s Open Banking Technology, Goes Live
In a significant development, J.P. Morgan (NYSE: JPM) Payments has launched its Pay-by-bank solution in the United States. This innovative offering allows billers to enable their customers to pay bills directly from their bank accounts. It leverages Mastercard’s (NYSE: MA) open banking technology to enhance J.P. Morgan Payments’ ACH capabilities, providing a secure and convenient payment choice for customers, especially for recurring payments such as rent, utilities, healthcare, and more. Verizon (NYSE: VZ) is planning to pilot this service with U.S. customers in the near future.
Venture Capital: OpenAI Looking For Investors At A Valuation Of $86B
OpenAI is in discussions with investors to sell shares at a staggering valuation of $86 billion, a threefold increase from its value just six months ago. This sharp rise in worth is attributed to the surging interest in artificial intelligence, which has significantly increased the market’s appetite for leading companies in the field.
Artificial Intelligence: IBM’s NorthPole, A New Microchip, Could Enable Dramatic Advances In AI
IBM’s (NYSE: IBM) latest microchip breakthrough, the NorthPole, holds the potential to reshape the future of artificial intelligence. This innovative chip design, resembling the human brain’s neural architecture, has significant implications because it addresses two critical challenges faced by today’s AI development.
Firstly, it significantly reduces power consumption. While a human brain operates on just 12 watts, traditional desktop computers require 175 watts for basic tasks.
The secondary challenge is that we are approaching the fundamental limit of how many transistors can be accommodated on a single chip at the atomic scale.
Venture Capital: NYCEDC Launches Venture Access Alliance To Boost Diversity In New York Tech
The New York City Economic Development Corporation (NYCEDC) has introduced the Venture Access Alliance, a collaboration involving more than 70 startup investors in New York City. This initiative aims to enhance diversity within the city’s technology and venture ecosystem. The Alliance’s mission includes fostering diverse workforces, sourcing deals from Black, Indigenous, People of Color (BIPOC), and female founders, reevaluating due diligence procedures, tracking improvements in diversity data annually, and providing direct mentorship to founders. Key leaders of this effort include Fred Wilson of Union Square Ventures and Jarrid Tingle of Harlem Capital Partners, with support from the Ford Foundation, Annenberg Foundation, and Tech:NYC.
FinTech: Square Places Generative AI In The Hands Of Businesses
Square unveiled 10 cutting-edge generative AI features on Wednesday, designed to revolutionize operations for businesses of all sizes. These innovative tools are seamlessly integrated into Square’s robust business software, offering entrepreneurs a helping hand to navigate the intricate challenges of running a company.