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: Goldman Sachs Downgrades Coinbase To Sell In Another Body Blow To Cryptos
Goldman Sachs (NYSE: GS) analysts, led by Will Nance, have downgraded Coinbase (NASDAQ: COIN) from a Neutral rating to Sell. The analysts said they were concerned about the relentless decline in the prices of crypto assets, as well as the falling levels of activity in their market. As a result, the analysts slashed their price target for COIN from $70 per share to $45.
Venture Capital/ESG: Truist To Fund $120M For Black, Latinx And Women-Owned Businesses
Truist Financial Corporation (NYSE: TFC) alongwith Truist Foundation and Truist Charitable Fund, announced $120 million in assistance for small businesses, with a focus on Black, Latinx and women-owned businesses. Bill Rogers, Truist chairman and CEO, made the announcement at Truist’s Innovation and Technology Center in Charlotte, NC. He was joined by Lynette Bell, president of Truist Foundation, and Alethia Mendez, division president for Elevating Black Women Entrepreneurs at Grameen America.
Alternative Investments/Digital: Samsung To Launch Metaverse ETF on HKEX
The Samsung Asia Pacific ex NZ Metaverse Theme ETF (Exchange Ticker: 3172.HK) will debut on the Hong Kong Stock Exchange on July 7, 2022. The listing price of the ETF is HK$15, and the price per lot is HK$750 based on a lot size of 50 units.
Artificial Intelligence: An Israeli AI-Based System Can See Through Walls
Israel-based Camero Tech, has a range of “See-Through-The-Wall” (STTW) systems that use ultra-wideband (UWB) radar sensors, sophisticated signal and image processing, smart image reconstruction, together with AI to construct a real-time, high resolution, 3D image that presents what happens on the other side of the wall in a reliable manner. Systems such as the Xaver 1000 are a boon for armed forces, law enforcement agencies, intelligence operators, and first responders.
Digital Assets: Three Arrows Capital Served Default Notice, Says Voyager Digital
Voyager Digital (TSE: VOYG) announced today that its operating subsidiary, Voyager Digital LLC, had issued a notice of default to Three Arrows Capital for failure to make the required payments on its loan of 15,250 BTC and $350 million USDC.
Venture Capital: Fossil-Free Hydrogen Systems Company Electric Hydrogen Lands $198M
Electric Hydrogen is developing electrolyser technology for the production of hydrogen to ultimately replace fossil fuels at global heavy industry which accounts for 30% of global emissions. The startup, which is led by a team with experience at innovative clean energy companies like Tesla (NASDAQ: TSLA) and First Solar (NASDAQ: FSLR), announced a $198 million financing comprising Series B equity and venture debt.
FinTech: Wheeling-Dealing In A Tough Market
Amidst fears of a recession, job cuts, and down rounds, news of M&A in fintech.
Alternative Investments/ESG: Nuveen Launches ETF Focused On A Net-Zero Carbon Emissions Global Economy
The Nuveen Global Net Zero Transition ETF (NASDAQ: NTZG), launched on Friday, offers investors exposure to the ongoing transition of the global economy to “net zero” carbon emissions. The actively managed ETF employs a strategy to provide favorable long-term performance and reduce portfolio carbon emissions through stewardship and engagement.
Artificial Intelligence: AI-Powered Port Management System For Malaysia’s Port Of Tanjung Pelepas
In a drive towards digitization, better efficiency, and optimized scheduling, the Port of Tanjung Pelepas (PTP), Malaysia, is investing in an AI-powered Port Management Information System. PTP has engaged port software provider Innovez One to supply its MarineM AI solution, and the software is likely to be integrated and operational by early third quarter of 2022.
Venture Capital/ESG: Brookfield Raises Mammoth $15B Fund Focused On The Climate Transition To Net Zero
Brookfield Asset Management (NYSE: BAM) announced the final close of its $15 billion Brookfield Global Transition Fund, receiving investments from institutions and private wealth channels including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, financial institutions, and family offices. The fund saw solid demand significantly beyond its initial hard cap and the final fund size was oversubscribed. Brookfield itself is the largest investor in the Fund.
FinTech: Revolut Launches Buy-Now-Pay-Later (BNPL) In Ireland
Digital challenger bank Revolut has commenced the rollout of a BNPL offering in Ireland this week. It will compete with established BNPL players in the country such as Swedish fintech Klarna and Humm, owned by Australia’s Flexi-Fi. However, Revolut’s product comes with fees and a credit limit must be approved prior.
Alternative Investments/Digital: Osprey Funds Launches Solana Fund On The OTCQB Market
Crypto asset manager Osprey Funds has launched the the Osprey Solana Trust (OSOL). The firm said earlier this month that the fund has commenced trading via the OTCQB market. OSOL is the first publicly traded fund based on the SOL token of the Solana network.
Artificial Intelligence: “Sentient” AI Hired A Lawyer, Claims Suspended Google Engineer
There is an ongoing controversy about LaMDA, the AI that is claimed to have achieved sentience (the quality of being able to experience feelings), and at the center of it is Blake Lemoine, the Google (NASDAQ: GOOGL) engineer who started it all by publishing transcripts of conversations between himself and the AI. On June 14, Wired magazine, quoting The Washington Post, said Lemoine had demanded legal representation for LaMDA.
FinTech: Firing SMB Clients – Brex Apologizes
Last week, fintech Brex caused a stir by announcing it was discontinuing services to thousands of small and medium-sized businesses in favor of focusing on venture-backed or “professionally funded” and larger client accounts. The company likely received a lot of flak for the both the decision and the manner it was communicated; hence a conciliatory and apologetic blog post by Pedro Franceschi, founder and co-CEO, issued Thursday.
Digital Assets: Contagion? Voyager Digital Slashes Withdrawal Limits From $25K To $10K
Voyager Digital (TSE: VOYG) is reeling from the potential $660 million default on its exposure to crypto hedge fund Three Arrows Capital Ltd comprising 15,250 Bitcoin and $350 million of stablecoin USDC. In a move likely to further dampen the already battered sentiment in the crypto market, Voyager announced Thursday it was lowering its daily withdrawal limits to $10,000 from $25,000. Voyager revealed Wednesday that it may have to issue a default notice to Three Arrows for failure to repay its loan. Shares fell 51% in Toronto trading after the notice became public.
Venture Capital/Digital: Despite Crypto Meltdown, Institutional Platform FalconX Doubles Valuation
Crypto prime brokerage FalconX announced a $150 million Series D round that put the firm’s value at $8 billion, more than twice what it was in August 2021 during Series C, and bringing up aggregate funding to over $430 million. The already profitable company plans to add 55 employees in the coming months, seemingly flying in the face of an industry trend that has recently seen layoffs at many major crypto players following a meltdown in digital asset prices.
Artificial Intelligence: New Chinese Supercomputer Runs AI As Sophisticated As A Human Brain
Sunway, China’s newest supercomputer was used to train an AI model with 174 trillion parameters. The newest generation of China’s Sunway supercomputer has reportedly stolen a march on Frontier, a computer build by the US Department of Energy, and ranked earlier this month as the world’s most powerful. According to SCMP, the Chinese machine trained…
Alternative Investments/Digital: VanEck And Investo Launch Crypto ETF In Brazil
VanEck, which manages over $78 billion of assets, has tied up with Brazilian asset manager Investo for the launch of a new crypto ETF that focuses on smart contract exposure. The Investo VanEck ETF MVIS Crypto Compare Smart Contract Leaders Brazil Fundo de Índice – Investimento no Exterior (Symbol: BLOK11) began trading on the B3 on June 23
Venture Capital: Nuclear Fusion Startup Zap Energy Achieves First Plasmas; Nabs $160M
Zap Energy , a Seattle-based startup aiming to achieve commercially viable nuclear fusion and fusion generated energy through a quicker and dramatically lower capital intensive approach, has raised a $160 million Series C round led by Lowercarbon Capital. New investors coming aboard included Breakthrough Energy Ventures, Shell Ventures, DCVC and Valor Equity Partners. Existing investors Addition, Energy Impact Partners and Chevron Technology Ventures also participated.
Digital Assets: Sam Bankman-Fried’s FTX Plays White Knight To Troubled Crypto Lender BlockFi With $250M Loan
Is Sam Bankman-Fried led FTX the lender of last resort in the crypto sector’s Lehman moment? Sam Bankman-Fried, CEO of crypto exchange FTX, is doing all he can to stave off a “crypto winter” threatening to bring the industry to its knees amidst an unrelenting downward spiral in asset prices, and high profile stumbles such…
Venture Capital: Recent Fundraises By Venture Firms, Including Accel
This week, three interesting, and high value new fund raisings by venture capitalists. Of note is the new $4 billion global late-stage “leaders fund” from Accel.
Alternative Investments: Fidelity Diversifying Solutions To Meet Investors’ Need For Portfolio Diversification
Fidelity Diversifying Solutions was launched to address the growing demand from investors for alternative products that offered diversification and better performance compared to the fast-diminishing returns from traditional 60:40 products such as bonds and stocks.
Artificial Intelligence: Microsoft Restricts Access To Its Facial Recognition Technology
Microsoft (NASDAQ: MSFT) announced an update to how it approaches facial recognition, in a step towards aligning with its internal Responsible AI Standard. It has therefore removed AI classifiers of sensitive attributes, ramped up its investments in ethical AI, and announced a new Limited Access policy.
Venture Capital: Sustainable Lettuce Grower Little Leaf Farms Scores $300M Round
Little Leaf Farms, which makes available lettuce that is locally and sustainably grown in a controlled environment, announced last week its raise of $300 million comprising both equity and debt. While TPG’s The Rise Fund led the equity round, Bank of America (NYSE: BAC) provided the debt funding.