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.
Top Story
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.
Get Daily Updates
Subscribe to DailyAlts Today to get Alternative Investment news, insight, and commentary delivered straight to your inbox every day.
More Stories on News
Artificial Intelligence: OpenAI Opens Up Beta Version Of DALL-E 2 To Millions On Waitlist
DALL-E 2 is a new AI system that can create realistic images and art from a description in natural language. In the coming weeks OpenAI will invite a million people from its waitlist to create images from text using the DALL-E 2 AI system. Users can create with DALL·E using free credits that refill every…
FinTech: UK Digital Bank Starling Clocks First Full Year Of Profitability
Starling Bank, the UK-based digital challenger bank, announced a maiden profit in its accounts for the financial year ended on March 31, 2022. Compared to a pre-tax loss of £31.5 million for the 16-month period to 31 March 2021, Starling earned a pre-tax profit of £32.1 million for the financial year ending 31 March 2022. Revenue for the latest year was £188 million, nearly doubling from the previous year.
Digital Assets: More Entities Halt Withdrawals, Layoff Staff Amidst The Crypto Bear Market
Even while bitcoin, the leading cryptocurrency is enjoying some bullish tailwinds that have nudged it above the $24K level, news flow in the digital assets market shows it may still be premature to call an end to the so-called crypto winter that commenced in November last year.
Venture Capital/ESG: TAE Achieves 75 Million Degrees Celsius In Fusion Energy Reactor, Raises $250M From Marquee Investors
TAE Technologies, the fusion energy startup on track to commercialize its technology by the mid-2030s, has raised a $250 million Series G-2 round from investors including Google (NASDAQ: GOOGL), Chevron (NYSE: CVX), Sumitomo Corporation (TYO: 8053) of Americas, TIFF Investment Management, Reimagined Ventures, a large U.S. West coast based mutual fund manager, a big U.S. pension fund, and others. The round recognized TAE’s progress towards commercial fusion energy after Norman, the company’s fifth-generation fusion reactor, sustained stable plasma at more than 75 million degrees Celsius, 250% higher than its original goal.
Alternative Investments/ESG: ARK To Shutter Its Transparency ETF
Cathie Wood’s ARK Investment Management LLC announced the closure of its ARK Transparency ETF (BATS: CTRU) with effect from July 26, on which date it will stop trading on the CBOE. The investment manager said it decided to shutter the ETF because Transparency Global, the provider of the ETF’s index, will stop calculating the Transparency Index (TRANSPCY) effective July 31, 2022.
Artificial Intelligence: Olive AI Lays Off 450 Employees Citing Unfocused Growth
Healthcare-focused AI startup Olive AI has let go of 450 employees in an organizational and strategic rejig which it attributed to strategic missteps in pursuing a high-growth path.
Liquid Alternatives: Fidelity Investments Launches Two New Liquid Alt Mutual Funds
As the standard 60/40 portfolio allocation looks increasingly shaky, a hunt is afoot for alternative products, and liquid alternatives are tracking higher on investors’ radar. Fidelity Investments launched last week the Fidelity Macro Opportunities Fund (FAQFX) and Fidelity Risk Parity Fund (FAPZX), two new mutual funds marking the firm’s foray into liquid alternatives.
Artificial Intelligence: AI-Powered Prosthesis, The “Esper Hand” Nabs Design Award
The Esper Hand has transformed the dreary and medical-gadget appearance of a current day prosthesis into a well-designed, lifestyle and appearance-enhancing device. The AI-powered Hand is three times faster because it picks up signals from individual muscles. The hand is controlled via a non-invasive wearable brain-computer interface together with a cloud-based software solution. At 380g, it is also much lighter than other prosthetic hands.
Venture Capital: Christie’s, The 256-Year Old Art Auctioneer, Launches Venture Fund
The new Christie’s venture fund will support technology and fintech startups focused on the art market. Christie’s, the venerable art and luxury business and auction house with a global presence, announced Monday the launch of Christie’s Ventures, a fund that will invest in Emerging Technology and FinTech companies creating solutions to enhance the art market….
FinTech: UK Online Bank Starling Ends European Ambitions, Pulls Banking Application
British digital challenger bank Starling told staff Monday that it had withdrawn its application for a European banking license from Ireland’s central bank after it spent four years on the process. The bank said in its memo to employees that it will focus instead on new opportunities in lending as well as selling its software-as-a-service product.
Venture Capital: Fundrise Diversifies Out Of Real Estate, Launches $1B Venture Fund For The Small Guy
Fundrise, which pioneered $10 investments by the common man in real estate, is bringing that model to venture capital. It announced today the launch of the Fundrise Innovation Fund — a first-of-its kind, $1B growth equity fund aimed at democratizing access to investments in top private technology companies.
Artificial Intelligence: The Nari Nari Tribals Are Using AI And Aerial Mapping To Restore Wetlands
At the Gayini Nimmie Caira property, indigenous traditional owners, the Nari Nari Tribal Council and their partners have started using artificial intelligence and aerial imaging to make better informed decisions regarding land and water management for restoring valuable wetlands.
Alternative Investments/ESG: Deka Launches New UCITS ETF Focused On Future Energy Sources
The Deka Future Energy ESG UCITS ETF from issuer Deka has commenced trading on Xetra and Börse Frankfurt since July 14. The ETF invests in companies that contribute to promoting the transformation of the energy sector, including companies from the fields of solar and wind energy, geothermal energy, hydrogen propulsion and battery and energy storage technology.
Liquid Alternatives: An ETF For Leveraged Exposure To Pre-Merger SPAC Securities
On July 12, the RiverNorth Enhanced Pre-Merger SPAC ETF (NYSEARCA: SPCZ) commenced trading on the NYSE. Launched by RiverNorth Capital Management, LLC and TrueMark Investments, the actively managed fund invests in pre-merger securities of SPACs (Special Purpose Acquisition Companies) whose business plan is to raise capital in an Initial Public Offering (IPO) and, within a specific period, engage in a merger or acquisition with one or more unidentified companies.
FinTech: Corporate Spend Management Platform Airbase Nabs $150M Credit Facility From Goldman Sachs
Airbase, a spend management platform catering to mid-market and enterprise companies, announced today the close of its $150 million debt financing round led by Goldman Sachs (NYSE: GS). Airbase will apply the funding towards the expansion of its corporate charge card program, a component of the spend platform.
Digital Assets: El Salvador Not Likely To Default On $800M Debt, Says Finance Minister
The world of crypto assets is currently strewn with stories of defaults and bankruptcies such as those of Three Arrows Capital, Voyager Digital, and most recently, Celsius Network. Could a country such as El Salvador, known to have invested substantially in bitcoin, join this motley group? El Salvador Finance Minister, Alejandro Zelaya, has trashed international markets forecasters’ predictions that the country will default on USD 800 million bond payments early next year.
Venture Capital: In Japan, Panasonic Corp And SBI Investment Form Corporate Venture Fund
Panasonic Corporation (TYO: 6752) and SBI Investment Co., a wholly owned subsidiary of SBI Holdings, Inc. (TYO: 8473), announced today their joint establishment of a corporate venture capital fund titled Panasonic Kurashi Visionary Fund. The fund will invest primarily in promising startups in Japan and overseas that are particularly active in the field of Panasonic’s lifestyle updates business.
Alternative Investments/ESG: “God Bless America,” An Anti-Activism ETF On The Cards
Tidal ETF Trust filed on July 13 for listing an actively-managed ETF named “God Bless America” under the ticker “YALL” on a national securities exchange. The politically-themed ETF will avoid investments in companies that “have emphasized political activism and social agendas at the expense of maximizing shareholder returns,” for example, abortion, a “hot-button” political item with no bearing on their business. The investible companies should also have a track record of creating American jobs.
Venture Capital: BrightEdge, The Venture Arm Of American Cancer Society, Ties Up With VC Third Rock Ventures
Leading biotech and healthcare venture firm Third Rock Ventures and BrightEdge LLC, the venture arm of the American Cancer Society (ACS), will collaborate for investing in early-stage startups focused on cancer treatments. BrightEdge will therefore get to participate in the the Series A and follow-on financing rounds of such companies as are backed by Third Rock.
Alternative Investments/ESG: Advisors Asset Management Launches ETF Focused On Transformative Technologies
Launched on Tuesday, the AAM Transformers ETF (NYSEARCA: TRFM) is the first thematic offering from Advisors Asset Management (AAM). The ETF screens for companies that exhibit stronger sales growth and capex growth compared to their peers, as well as allocate significantly to R&D spending.
Alternative Investments/ESG: Harbor Capital Launches New ETF To Address The Global Energy Transition
Investment manager Harbor Capital Advisors has launched the fully transparent Harbor Energy Transition Strategy ETF (RENW) to offer investors the opportunity to benefit from the energy transition megatrend that will see the world move from fossil-heavy energy sources and consumption to less carbon-intensive modes.
Artificial Intelligence: Setback For Tesla’s Autopilot Team As AI Head Andrej Karpathy Quits
A key piece in Tesla’s (NASDAQ: TSLA) Autopilot and Full Self Driving development, Andrej Karpathy, who was senior director in charge of AI and computer vision at the company, has resigned after a four-month sabbatical. The ostensible reason for the move: to pursue “long-term passions around technical work in AI, open source and education.” However, Karpathy said he still had no concrete plans for what’s next.
FinTech: Stripe Slashes Internal Company Valuation By 28% From $40 Per Share To $29
Stripe, the payments giant founded by the Collison brothers, has cut its internal valuation by 28% according to a report in the Wall Street Journal. Stripe’s so-called 409A valuation is the fair market value of the common stock of a private company as valued by a third-party appraiser, and is used to grant employees stock options. According to WSJ’s sources, Stripe informed employees in an email Friday that this value was $29, compared with $40 in the most previous 409A assessment.
Venture Capital: Booz Allen Hamilton Floats $100M Venture Capital Fund For Disruptive Technology
Booz Allen Hamilton (NYSE: BAH) has launched a $100 million corporate venture capital arm dubbed Booz Allen Ventures to invest in its four core areas of demand: defense, artificial intelligence/machine learning, cybersecurity, and deep technology.