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: VanEck To Launch Ethereum Futures ETF; Will Donate 10% Profits To Developers
VanEck is set to launch the VanEck Ethereum Strategy ETF (EFUT), an actively managed fund geared towards capital appreciation through investments in Ethereum (ETH) futures contracts. EFUT will not directly invest in ETH or other digital assets but will focus on standardized, cash-settled ETH futures contracts traded on CFTC-registered commodity exchanges, primarily those on the Chicago Mercantile Exchange.
Venture Capital: Federal Court Halts Support To Black Female Founders By VC Firm Fearless Fund
A federal appellate panel from the U.S. Court of Appeals for the 11th Circuit has issued a temporary injunction preventing an Atlanta-based venture fund from granting $20,000 awards exclusively to Black female entrepreneurs. They argued that this program exhibited “racial exclusion” and might violate federal anti-discrimination laws in contracting.
FinTech: Revolut Under Regulatory Glare For Releasing Funds From ‘Suspicious’ Accounts
Revolut, the fintech giant, is currently under the scrutiny of the UK’s financial regulator due to alleged failures that allowed money to be withdrawn from accounts that had been flagged by the National Crime Agency (NCA) as suspicious. This issue, which occurred between July and August, has raised concerns as up to £1.7 million was reportedly released from these flagged accounts. Revolut reported the problem to the Financial Conduct Authority (FCA), which oversees its payments business, in recent weeks, but one source claims that only £500,000 was released.
Artificial Intelligence: Tom Hanks Alleges Advertiser Used His AI-Generated Image Without Permission
Tom Hanks, the renowned actor, has issued a warning to his 9.5 million Instagram followers, revealing that his image was used without his consent in a promotional video for a dental plan. In a message posted on his social media account, Hanks clarified that the video features an artificial intelligence (AI) version of him and that he has no association with it. This incident highlights Hanks’ ongoing concerns about the use of AI in the entertainment industry, a topic he discussed in a recent podcast interview.
Digital Assets: Epic Lays Off 830 Employees As Metaverse Underperforms
Earlier today, Tim Sweeney, the head of Epic Games, shared an email with the company’s employees, announcing some significant changes within the organization. In this message, Sweeney discussed the necessity of layoffs, divestitures, and the evolving landscape of Epic’s business model.
Artificial Intelligence: Mysterious US-Based Books3 Dataset Used To Train AI Was A Massive Trove Of Pirated Books
Thousands of books penned by some of Australia’s most esteemed authors may have fallen victim to what Booker prize-winning novelist Richard Flanagan has described as “the biggest act of copyright theft in history.” These literary works are believed to have been pirated by the US-based Books3 dataset, which was then used to train generative AI systems for major corporations like Meta and Bloomberg.
FinTech: Ant’s Chongqing Consumer Finance Arm Raising $616M To Ramp Up Loans
Chongqing Consumer Finance, the consumer finance arm of Ant Group, a prominent player in China’s financial technology landscape, is currently in the process of raising a substantial sum of fresh capital. Approximately $616 million is being sourced from the company’s existing shareholders and one new investor, marking a strategic move to bolster its financial capabilities.
Venture Capital: Mercury’s Fund V Mops Up $160M For US Startups “Between The Coasts”
Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment of $160 million. This achievement exceeded the initial target of $150 million, showcasing the strong support from both existing and new investors, which include university endowments, foundations, and family offices primarily based in the central U.S. region.
Digital Assets: 1% Of Chileans Sign Up For Worldcoin; Rush Seen In Argentina, Too
Worldcoin, the innovative biometric wallet and ID project, is making significant waves in Chile as it surpasses a remarkable milestone. The organization has reported that over 200,000 Chileans have embraced Worldcoin, representing more than 1% of the country’s population. This surge in popularity mirrors similar trends in other South American nations, such as Argentina, where an astonishing 9,500 Argentines verified their IDs within a single day.
FinTech: Atom Bank And Kamma To Partner For Greening UK Mortgage Assets
Atom bank and Kamma have formed a significant partnership aimed at addressing the pressing concerns of climate change. This collaboration brings together Atom bank’s cutting-edge banking technology with Kamma’s climate tech expertise, creating a comprehensive approach to understanding and mitigating climate risks associated with Atom bank’s mortgage portfolio.
Venture Capital: Slope, A B2B Solutions Provider Backed By Sam Altman, Scores $30M Funding
Slope, a two-year-old AI startup based in San Francisco, has secured a substantial $30 million equity round led by Union Square Ventures and featuring participation from OpenAI’s CEO, Sam Altman. This brings the startup’s total funding to an impressive $187 million.
Artificial Intelligence: Palantir Awarded $250M Contract By US Department Of Defense For AI R&D
Palantir Technologies Inc. (NYSE: PLTR) has secured a significant contract worth $250 million with the US Defense Department. The primary focus of this contract is the research and development of artificial intelligence (AI) and machine learning technology. This development underscores Palantir’s strong ties to the US government and its growing involvement in the realm of AI and defense.
Digital Assets: Chase UK Blocks Crypto Transactions; CoinBase CEO Brian Armstrong Pans Decision
Chase U.K. is set to block crypto-related payments starting October 16, with customers no longer able to make such transactions using debit cards or outgoing bank transfers. In an email to its customers, Chase made it clear that any attempts to make payments associated with crypto assets would be declined. Customers were advised that they are free to explore alternative banks or providers if they wish to invest in cryptocurrencies.
FinTech: Visa Commercial Pay Virtual Cards Now Available To Lloyds Bank Customers
Visa (NYSE: V) and Lloyds Bank (LON: LLOY) have joined forces to introduce a cutting-edge virtual card solution, designed to cater to businesses of all sizes. This innovative product, known as Visa Commercial Pay, is now accessible to Lloyds Bank customers. It addresses a range of challenges faced by businesses in payment and procurement administration, including spend control, process simplification, invoice reconciliation, and expenditure reporting.
Artificial Intelligence: Tree-Strapped AI Sentries Warn Of Deforestation In Real Time
Small AI-equipped boxes called “curupiras” have been deployed in the Brazilian Amazon to combat deforestation. These boxes use sensors and AI software to detect sounds of chainsaws and tractors, signaling potential threats in real-time.
Venture Capital: Industry Ventures Closes On $1.7B In Commitments For Two Funds
Industry Ventures has successfully raised over $1.7 billion in two new funds aimed at assisting venture capital investors in achieving liquidity. The first fund, Industry Ventures Secondary X, has attracted over $1.45 billion in new commitments. The second, Industry Ventures Tech Buyout II, secured over $260 million in new capital commitments.
Digital Assets: Bernstein Expects Glowing Future For Crypto Industry
Bernstein’s recent analysis indicates that the crypto fund management industry currently stands at approximately $45-50 billion in assets. However, the firm foresees a substantial growth potential, with expectations that it could burgeon to a staggering $500-650 billion within the next five years. This projection is rooted in the belief that the cryptocurrency industry is evolving from its current status as a relatively small “cottage industry” to becoming a formally regulated asset management sector.
FinTech: Mercedes-Benz And Mastercard Launch In-Car Fingerprint Payments System In Germany
Mercedes-Benz (ETR: MBG) has teamed up with Mastercard (NYSE: MA) to introduce an innovative in-car payment system for customers in Germany. This groundbreaking technology allows drivers to initiate the fueling process directly from their vehicle and make digital payments using their fingerprint. This eliminates the need for PINs or mobile device authentication, providing a convenient and secure in-car payment experience.
Artificial Intelligence: French Billionaire Xavier Niel To Invest €200M On “European AI Champion”
French billionaire Xavier Niel is embarking on a significant €200 million investment in artificial intelligence (AI), aiming to bolster European tech competitiveness against global giants like the US and China. This initiative, led by Niel’s telecoms group Iliad, encompasses various projects designed to advance AI capabilities in Europe.
Venture Capital: Sierra Space Closer To Realizing Its Dream Chaser Spaceplane Ambitions With $300M Raise
Sierra Space, a subsidiary of private aerospace contractor Sierra Nevada Corporation, is in the final stages of securing a funding round of nearly $300 million, which values the company at approximately $5 billion. Japanese investors, including MUFG, Kanematsu, and Tokio Marine, are leading this equity round, along with substantial participation from existing investors.
Venture Capital: NATO’s Multi-Sovereign Venture Fund To Match China’s Support To Defense Startups
NATO, with the backing of a €1 billion venture capital fund, is set to bolster the technological prowess of defense startups, aiming to enhance the military capabilities of the US-led alliance and counter competition from China. Launched last year, this innovation initiative addresses the funding gap faced by tech companies involved in military-related technologies. It comes at a time when concerns loom about Western startups lacking the financial support enjoyed by their Chinese counterparts.
FinTech: European Businesses Get Loans Paid Faster Via Three-Way Collaboration Between Froda, Visa, And Checkout.com
Froda, a rapidly growing fintech based in Sweden, has entered into a transformative partnership with Visa (NYSE: V) and Checkout.com, heralding a new era for Visa Direct. This collaboration introduces innovative push-payment capabilities for business loans, paving the way for effortless transactions for European businesses.
Venture Capital: Top-Bracket VC Firm Dawn Capital Raises $700M For Tech Investing
Dawn Capital, a leading European investor in business software companies, has defied the current venture capital slump by successfully raising $700 million across two new funds. This achievement stands out because venture capital investment in tech startups has declined in recent times.
Artificial Intelligence: Amazon To Invest Up To $4B In AI Startup Anthropic
Amazon.com (NASDAQ: AMZN) announced a significant investment of up to $4 billion in the AI startup Anthropic to bolster its competitiveness in the field of artificial intelligence within the cloud market. This strategic move will grant Amazon’s employees and cloud clients early access to Anthropic’s technology, which they can integrate into their operations. Additionally, Anthropic will heavily rely on Amazon’s cloud services, including the utilization of proprietary chips from Amazon for training its future AI models.