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Artificial Intelligence: xAI, The Musk-Owned AI Startup, To Raise $1B

December 6, 2023

Elon Musk’s artificial intelligence startup, xAI, aims to secure $1 billion in equity financing to compete with industry leaders such as OpenAI, Microsoft, and Google. The company, co-founded by Musk, has already garnered $135 million from investors, as revealed in a filing with the US Securities and Exchange Commission.


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Artificial Intelligence: Mistral AI, Europe’s Answer To OpenAI, Is On The Cusp Of Raising Nearly $500M

December 5, 2023

French AI startup Mistral AI is on the verge of raising approximately €450 million ($487 million) in a funding round that values the company at around $2 billion. The funding is expected to include more than €325 million in equity from investors led by Andreessen Horowitz, which is considering a €200 million investment. General Catalyst, Lightspeed Venture Partners, Bpifrance and several others also participated.

Digital Assets: Bulls Eye Rate Cuts, Spot ETF; Push Bitcoin Past $42K

December 4, 2023

Bitcoin surged by 6.6% today, breaking through the $42,000 mark, a level last seen before the Terra crash in May 2022. This represents a complete retracement to the early May 2022 level, marking a remarkable 150% increase since the beginning of the year.

Artificial Intelligence: Saudi Venture Fund Forced To Sell Shares In Altman-Backed Chip Startup Rain AI

December 1, 2023

The Biden administration has compelled Saudi Aramco (TADAWUL: 2222)-backed venture capital firm, Prosperity7, to divest its shares from Rain Neuromorphics, a Silicon Valley AI chip startup supported by Sam Altman, the co-founder of OpenAI. Rain Neuromorphics, which focuses on designing chips emulating the brain’s functionality to serve companies utilizing artificial intelligence (AI) algorithms, secured $25 million in funding in 2022.

Artificial Intelligence: Sam Altman Back At The Helm Of OpenAI, Microsoft Gains Board Seat

November 30, 2023

OpenAI has officially reinstated Sam Altman as CEO, following a deal reached just before Thanksgiving. With Microsoft (NASDAQ: MSFT) gaining a non-voting observer seat on OpenAI’s board, the tech giant will have increased visibility into the company’s operations but won’t have an official vote in major decisions. Microsoft holds a 49 percent stake in the for-profit entity controlled by the nonprofit board which now comprises Bret Taylor, Larry Summers, and Adam D’Angelo.

Artificial Intelligence: Amazon Unveils Its Q Chatbot For The Corporate Workplace

November 29, 2023

Amazon (NASDAQ: AMZN) has entered the chatbot competition with its new artificial intelligence assistant named Amazon Q, developed by the company’s cloud computing division. Unlike consumer-focused chatbots like ChatGPT and Bard, Amazon Q is designed for workplaces, aiming to assist employees with tasks such as summarizing strategy documents, filling out internal support tickets, and answering questions about company policy. The chatbot competes with other corporate chatbots like Copilot, Google’s (NASDAQ: GOOGL) Duet AI, and ChatGPT Enterprise.

Artificial Intelligence: Tech-Heavy ESG Investors Increasingly Wary Of AI Risks

November 27, 2023

ESG fund managers, who previously considered big tech as a lucrative bet for low-carbon, high-return investments, are now expressing growing concerns about the risks associated with artificial intelligence (AI) in the sector. Marcel Stotzel, a portfolio manager at Fidelity International, highlights AI as a “short-term risk to investors” and is concerned about a potential “AI blowback” leading to a significant market decline.

Artificial Intelligence: A Powerful AI Discovery Triggered The Tumult At OpenAI (Reuters)

November 23, 2023

Several OpenAI staff researchers sent a letter to the board of directors, warning of a potent AI discovery with potential threats to humanity, which ultimately led to the ousting of CEO Sam Altman, according to a Reuters Exclusive. The letter highlighted an AI algorithm, Q* (pronounced Q-Star), as a catalyst for Altman’s removal.

Artificial Intelligence: Sam Altman And The OpenAI Board Discuss His Return (Update: He’s Back With New Board)

November 22, 2023

Sam Altman, co-founder and ousted CEO of OpenAI, is currently in negotiations with the company’s interim CEO, Emmett Shear, and board member Adam D’Angelo, for a potential reinstatement, according to undisclosed sources. Talks also involve some of OpenAI’s investors, including Thrive Capital, Khosla Ventures, and Tiger Global Management, who are advocating for Altman’s return. If reinstated, Altman might resume his role as the CEO, and discussions include the possibility of him becoming a director on a transitional board. The involvement of key players like Bret Taylor, former co-CEO of Salesforce Inc., (NYSE: CRM) is being considered.

Artificial Intelligence: OpenAI Employees Turn Up The Heat On Its Board; Threaten Mass Exodus

November 21, 2023

OpenAI is in turmoil as employees and investors call for the resignation of three directors, following the removal of CEO Sam Altman. In a letter to the board, employees expressed displeasure with the directors’ handling of Altman’s departure, with 747 out of 770 employees reportedly calling for the board’s resignation.

Artificial Intelligence: In A Dramatic Turn Of Events The OpenAI Board Fires Sam Altman (Update: Altman Joins Microsoft)

November 20, 2023

In a shocking turn of events, Sam Altman, a luminary in the artificial intelligence (AI) industry, was abruptly ousted from OpenAI, the company he co-founded. Altman, recognized as a leading voice in AI, played a crucial role in introducing many to the concept through OpenAI’s ChatGPT bot. The sudden dismissal, revealed by Altman’s board of directors, cited concerns about his lack of consistent communication and a subsequent loss of confidence in his leadership.

Digital Assets: Tether Plans To Add Bitcoin Mining To Its Stablecoin Business

November 17, 2023

Tether Holdings Ltd., a prominent stablecoin issuer with an $87 billion market cap, is venturing into the highly competitive world of Bitcoin mining with a substantial investment of approximately $500 million over the next six months. Paolo Ardoino, the incoming CEO, revealed that Tether plans to achieve this by constructing its own mining facilities and acquiring stakes in other companies. This move signifies a departure from Tether’s primary business of managing the USDT stablecoin, which is pegged to the US dollar.

Digital Assets: BlackRock Files For Spot Ether ETF

November 16, 2023

BlackRock (NYSE: BLK), the world’s largest asset manager, has officially submitted a filing for a spot Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF, named iShares Ethereum Trust, aims to mirror the performance of the ether price, as detailed in the Form S-1 submitted by iShares to the SEC. This move follows BlackRock’s registration of the iShares Ethereum Trust entity with the Delaware Department of State Division of Corporations a week prior. The selection of Coinbase Custody Trust Company as the custodian and the CME CF Bitcoin Reference Rate from CF Benchmarks as the benchmark aligns with BlackRock’s choices for its proposed spot Bitcoin ETF.

Artificial Intelligence: Airbnb Steps On The AI Pedal, Acquires Stealth Startup

November 15, 2023

Airbnb (NASDAQ: ABNB) has acquired GamePlanner.AI, a stealth startup, for just under $200 million, marking the home-sharing company’s first acquisition as a public entity. GamePlanner.AI, founded by Adam Cheyer, co-founder of Siri, and Siamak Hodjat, former head of Siri’s natural language processing team at Apple (NASDAQ: AAPL), operates in the AI, design, and community space.

Artificial Intelligence: Massive AI Workloads Get A Lift With Nvidia’s New H200 GPU

November 14, 2023

NVIDIA (NASDAQ: NVDA) has unveiled the HGX™ H200, a powerful addition to its AI computing platform, based on the advanced NVIDIA Hopper™ architecture. Equipped with the groundbreaking H200 Tensor Core GPU, featuring HBM3e, the platform excels in handling vast data volumes for generative AI and high-performance computing tasks.

Alternative Investments: New Biodiversity ETFs From DWS Launch In Europe

November 13, 2023

DWS has introduced three new Xtrackers ETFs aimed at mitigating investment risks related to biodiversity loss. These ETFs provide an opportunity to invest in companies globally, particularly in Europe and the US, with a reduced negative impact on the earth’s ecosystems compared to the market average. Biodiversity, essential both ecologically and economically, is highlighted as pivotal, with estimates valuing ecosystem services at USD 125 to 140 trillion annually.

Artificial Intelligence: Humane Unveils AI Pin, A Revolutionary Wearable Device

November 10, 2023

In a long-awaited move, Humane, a company spearheaded by ex-Apple talents like Imran Chaudhri and Bethany Bongiorno, has unveiled the AI Pin. This compact wearable gadget functions as a projector, equipped with an ultra-wide RGB camera for photography, text and email capabilities, and ChatGPT-like question-answering prowess. Backed by industry giants like OpenAI’s Sam Altman and Microsoft (NASDAQ: MSFT), the device harnesses AI models from both entities.

Artificial Intelligence: PwC Rolling Out $1B Investment In Generative AI

November 9, 2023

PwC is making a significant investment in AI technology to stay ahead in the rapidly evolving world of professional services. The initiative began after a realization at the Davos conference that AI was a transformative force. Joe Atkinson, PwC U.S.’s chief products and technology officer, observed a strong interest in generative artificial intelligence, which spurred the company into action. Within just four months, PwC announced a $1 billion investment over three years, expanding its AI solutions, partnering with Microsoft (NASDAQ: MSFT) and OpenAI, and providing AI training for its 75,000 employees.

Artificial Intelligence: IBM Unveils $500M Venture Fund To Invest In Generative AI Startups

November 8, 2023

IBM (NYSE: IBM) has announced the launch of a $500 million venture fund aimed at investing in AI companies, spanning early-stage startups to hyper-growth enterprises, all dedicated to advancing generative AI technology and research for businesses. The IBM Enterprise AI Venture Fund is unique in its approach, combining domain expertise from across IBM with a specialized portfolio development team to support AI leaders worldwide.

FinTech: Klarna Pivots To An Operating Profit Of SEK 130M In Q3 Of 2023, Versus A Loss Of SEK 2B In Q322

November 7, 2023

Klarna, the AI-powered global payments network and shopping assistant, has announced its Q3 2023 financial results, showcasing a significant net profit.
The company reported an operating profit in Q3 of SEK 130 million, a sharp improvement from the previous year operating loss of SEK 2 billion, demonstrating the company’s preparedness for the upcoming Q4 investments.

Artificial Intelligence: Elon Musk’s xAI Launches The ‘Grok’ Chatbot

November 6, 2023

Elon Musk has introduced his own artificial intelligence bot, Grok, with the aim of challenging the capabilities of ChatGPT 3.5. Musk claims that Grok’s prototype already outperforms ChatGPT 3.5 across various benchmarks. Grok, the first product of Musk’s xAI company, is currently in testing with a select group of users in the United States.

Digital Assets: Sam Bankman-Fried Found Guilty, Faces A Prison Sentence Of Upto 115 Years

November 3, 2023

Sam Bankman-Fried, the founder of FTX, has been found guilty of all seven criminal counts against him in a recent fraud trial. This verdict could potentially lead to a maximum prison sentence of 115 years.
The allegations encompass wire fraud and a conspiracy to engage in wire fraud concerning FTX customers and Alameda Research lenders, a conspiracy to commit securities fraud, a conspiracy to perpetrate commodities fraud targeting FTX investors, and a conspiracy to launder money.

Artificial Intelligence: OpenAI Launches “Preparedness” Team To Guard Against Catastrophe By AI

October 27, 2023

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

October 26, 2023

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.

Artificial Intelligence: IWF Report Finds Paedophiles Using AI To Reimagine Images Of Celebrities As Children

October 25, 2023

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.