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: LendingClub Reports Blockbuster Q2 With Solid Growth In Loans And Interest Margins
“Our strong execution, marketplace bank model, member and data advantages, and our continued focus on prudent underwriting have all contributed to an incredible first half of the year with records set for both revenue and profitability,” said Scott Sanborn, LendingClub CEO, when announcing LendingClub’s (NYSE: LC) Second Quarter results. “Despite the more challenging economic backdrop and increased uncertainty, we are well positioned to navigate through this dynamic environment.”
Artificial Intelligence: Supercar Looks For Its Self-Driving EV? Apple Hires Lamborghini Top Executive
Apple is making strides toward the development of its self-driving vehicles, as it has reportedly hired Lamborghini veteran Luigi Taraborrelli as a senior manager on its electric vehicle team. At Lamborghini, Taraborrelli has worked on the Urus, Huracan, and Aventador in addition to limited-edition Huracan Sterrato off-road vehicle and Asterion concept cars.
Venture Capital: FTX Ventures And Jump Crypto Lead $150M Series A Round In Aptos
Aptos Labs announced its $150 million Series A round led by FTX Ventures and Jump Crypto. New investors coming aboard included Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, and Superscrypt founded by Temasek. Existing investors a16z crypto and Multicoin also participated. The valuation of the firm in this round was double that of its March valuation of $1 billion.
FinTech: Virgin Money UK Launches Slyce, A BNPL Card
British bank Virgin Money (LON: VMUK) launches Virgin Money Slyce, a buy now, pay later credit card. The card will allow customers to spread their payments over several months. The bank will conduct credit checks on potential users before allowing them to use the card. The BNPL card also offers cash back for certain retail purchases, including H&M, Sweaty Betty, Space NK and more.
Alternative Investments: As Single Stock ETFs Become The Flavor Of The Season, Innovator Launches The Hedged TSLA Strategy ETF (TSLH)
Innovator Capital Management, which pioneered Defined Outcome ETFs, listed the Innovator Hedged TSLA Strategy ETF (ticker: TSLH) on July 26th, on the Cboe. It is the first ETF to provide long exposure to a single stock, in this case Tesla (NASDAQ: TSLA), with an inbuilt system of risk management and protection against the volatility of the stock.
Artificial Intelligence: Suit Claims A Chicago Man Was Wrongfully Imprisoned Based On ShotSpotter AI
After spending nearly a year behind bars, Michael Williams filed a lawsuit against the city of Chicago over the shooting of a man in his car in 2017. Prosecutors withdrew the charges against the 65-year-old after they discovered insufficient evidence. The human rights advocacy group at Northwestern University said the city’s law enforcement relied solely on ShotSpotter technology and ignored other leads in the investigation.
Artificial Intelligence: AI-Enabled Bionic Leg Sleeve Assists Differently-Abled People With Their Walking
CIONIC and Yves Behar’s fuseproject design firm have joined forces to create the Cionic Neural Sleeve, a FDA-cleared bionic leg wearable that uses artificial intelligence to improve human mobility in real time, powered by CIONIC’s AI algorithms.
Digital Assets: Coinbase In Hot Water As The SEC Probes Trading Of Tokens That Should Have Been Registered As Securities
According to a Bloomberg report, the well-known cryptocurrency exchange Coinbase (NASDAQ: COIN) is facing a new Securities and Exchange Commission investigation regarding whether American investors were permitted to trade digital tokens that should have been registered as securities, a source said. Therefore, the SEC is reportedly investigating whether Coinbase violated securities laws.
Venture Capital/ESG: Sustainable Lithium Extraction Startup EnergyX Lands IPO-Linked Funding Commitment Of $450M
Global Emerging Markets (GEM) has committed an investment of $450 million in lithium and battery technology startup Energy Exploration Technologies (EnergyX). The funds will be used to commercialize the latter’s direct lithium extraction and refining technologies. EnergyX’s LiTAS technology has been tested in the Lithium Triangle in South America and increases lithium production from 30% to 94% of what is normally recovered.
FinTech: With New BNPL Options, Dentistry Bills Become Painless
A third of U.S. consumers have gone without medical care, citing affordability as the main cause of the neglect. This is particularly acute in the case of dentistry, which can lead to sizable bills. New BNPL options are healthier for patients’ teeth, and dental practices.
Artificial Intelligence: Suspended Engineer, Of “Sentient AI” Fame, Is Fired By Google
A Google engineer put on paid leave last month after claiming that a company AI chatbot had developed consciousness and human reasoning, was finally fired on Friday. Blake Lemoine, the engineer, said he was dismissed in an interview on the Big Technology Podcast. He had been suspended on June 6 for talking to the media about Google’s (NAASDAQ: GOOGL) LaMDA, or Language Model for Dialog Applications, an AI chatbot that can simulate human speech.
Alternative Investments/ESG: State Street Launches Paris-Aligned Emerging Markets Stock ETF
State Street Global Advisors (SSGA) has launched a climate-friendly emerging market ETF. The SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF (SPF7) is listed on Deutsche Boerse, Borsa Italiana, the London Stock Exchange, and Euronext Amsterdam.
FinTech: Australian Neo Bank Volt Returns Deposits, To Hand Back Banking License
The Australian Prudential Regulation Authority (APRA) notes that Australian digital bank Volt Bank (Volt) has refunded its customers’ deposits. The process began on June 29 when Volt declared it would no longer be a bank and that it would return its ADI licence to APRA.
Venture Capital: Thai Bank To Invest Up To $100M In Tech-Focused VC Arm
According to Thanapong Na Ranong, Managing Director of Thailand’s Kasikornbank, the company’s corporate venture capital arm, Beacon VC, is planning to raise $50 million to $100 million from its parent for tech investments this year.
Digital Assets: Sam Bankman-Fried Throws Bankrupt Voyager Digital’s Customers A Lifeline
Crypto exchange FTX has thrown bankrupt crypto broker Voyager Digital (TSE: VOYG) a lifeline. Voyager halted user transactions on July 1, and entered bankruptcy proceedings soon after. FTX CEO Sam Bankman-Fried is offering Voyager a plan that could help save a sinking ship – customers may be able to withdraw their tokens and get a refund if they have funds remaining in their wallets.
Artificial Intelligence: Robot Playing Chess In A Russian Tournament Fractures Child’s Finger
A chess-playing robot fractured a 9-year-old boy’s finger during a tournament in Moscow last week, when the kid attempted a quick move without giving the machine enough time to finish its work during the tournament. The incident occurred on July 19th.
Venture Capital/ESG: Meati, Which Makes Alt Meats From Mushroom Roots, Raises $150M
Meati Foods, which makes plant-based meats using mushroom roots as a major ingredient, announced its successful closing of a $150 million Series C round led by Revolution Growth, with participation from existing and new investors, including Grosvenor Food & AgTech, Canada Pension Plan Investment Board (CPP Investments), Wellington Management, and Cultivate Next, Chipotle Mexican Grill’s new venture fund which includes Meati Foods in its first cohort of investments.
Digital Assets: Bankman-Fried Founded FTX, The Crypto White Knight, May Raise Funds At $32B Valuation
Bloomberg said Sam Bankman-Fried, the CEO of crypto exchange FTX is in the market for raising fresh capital at a valuation of $32 billion, the same as it was in January. The entities conducting the raise are both FTX, and FTX.US, the American arm of the crypto exchange.
FinTech: “No Credit History Required” Card Offerer Tomocredit Lands $122M
Tomocredit, a credit card provider that does not insist on a FICO score from borrowers such as credit-invisible immigrants and international students with no credit history in the U.S, announced its raise of $122 million in equity and debt. The oversubscribed round met with participation by Morgan Stanley’s Next Level Fund, MasterCard, and debt from Silicon Valley Bank. Major fintech investors and culture funds including GoldHouse, Asian Hustle network, and Hyphen Capital, also participated.
Artificial Intelligence: Startups Join Forces To Boost Citrus Production In Florida
Agriculture Intelligence and Satlantis, two University of Florida (UF) startups, have combined their core competencies of precision agriculture and aerospace technology respectively to boost citrus production in Florida. The state’s citrus industry just reported its lowest production in eight decades due to factors such as citrus greening disease, citrus canker and black spot disease.
Liquid Alternatives: Alternative Investments Pick Up As The 60/40 Mantra Fades
Rising interest rates, runaway inflation, and geopolitical turmoil have combined to ruin the pitch for the go-to 60/40 portfolio allocation between bonds and equities. Result: Advisors are leaning increasingly towards alternative investments and portfolio allocations to such products have risen sharply this year, according to a study by Cerulli Associates.
Venture Capital: Meals Provider FreshRealm Raises $200M
FreshRealm announced its raise of $200 million led by a premier global cornerstone institutional investor. The funds will enable the company to further drive its growth in the meal industry, which it estimates as a $30 billion market opportunity with retail partners.
Venture Capital: Contentsquare Lands $600M Series F, Doubles Valuation To $5.6B
Contentsquare announced the close of its $600 million round comprising a $400 million Series F round and $200 million in debt financing. Sixth Street Growth led the round alongside Bpifrance, Canaan, Eurazeo, Highland Europe, KKR, LionTree, SoftBank Vision Fund 2, and funds and accounts managed by BlackRock. BNP Paribas, Crédit Agricole Corporate & Investment Bank, Goldman Sachs, JP Morgan, and Société Générale participated in the debt facility.
Digital Assets: Tesla Sells Off Bitcoin Worth $936M On Liquidity Concerns
Elon Musk’s EV maker company Tesla (NASDAQ: TSLA) sold off $936 million, or three-quarters of its stash of bitcoins, in a bid to raise fiat money amidst lockdowns in China and a volatile global economic environment. The company had invested $1.5 billion in bitcoin early last year, saying the crypto offered “long-term potential.”