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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: An AI-Powered Microscope Detects Malaria Parasites With 88% Accuracy
A new high-tech microscope utilizing AI technology has been developed to detect malaria in returning travelers. Malaria, caused by Plasmodium parasites, results in millions of illnesses and hundreds of thousands of deaths annually.
Artificial Intelligence: Disney Exploring Company-Wide Deployment Of AI
Disney (NYSE: DIS) has established a task force to explore the applications of artificial intelligence (AI) across its entertainment conglomerate, including Walt Disney Studios, theme parks, television, and advertising. This move comes amidst concerns within the Hollywood industry about the potential exploitation of AI, with writers and actors recently going on strike over these issues.
Digital Assets: Bitfarms To Construct 50MW Bitcoin Mining Farm Powered By Paraguay Hydro
Bitfarms Ltd. (NASDAQ: BITF), a global Bitcoin mining company, has begun the first development phase for its 150 MW hydropower contracts in Paraguay. The company is building a 50 MW mining farm in Paso Pe, Paraguay, near its Villarrica facility. The new farm, set to be commissioned in Q1 2024, includes a 30 MW air-cooled warehouse and 20 MW of hydro-cooled miners in containers, obtained with vendor credits to reduce cash outlay.
Digital Assets: PayPal Is The First Major Finance Company In The USA To Issue A Stablecoin
PayPal (NASDAQ: PYPL) has introduced a stablecoin called PayPal USD (PYUSD), which is backed by U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents. The stablecoin can be redeemed 1:1 for U.S. dollars. This move is aimed at harnessing the potential of stablecoins in web3 and digital native environments. PayPal USD is designed for digital payments and Web3 compatibility and will be accessible on various platforms.
Venture Capital: AI-Assisted Industrial Management Platform Tractian Lands $45M
Tractian, a leading industrial IoT and enterprise asset management software company, has secured $45 million in growth capital. The funding, led by General Catalyst and involving existing investor Next47 and strategic angels like Ronan de Hooge and Ron Gill, aims to transform the work of maintenance professionals through their hardware-software solution. With over 1,000 industrial plants using Tractian’s asset monitoring system, the company is set to expand its customer base and invest in technological innovation for maintenance operators.
FinTech: Credit Card Fintech Petal Amasses $240M In Debt And Equity To Expand Credit Card Biz
Petal, a credit card and financial technology company, has secured a $200 million debt facility from Victory Park Capital (VPC), an alternative investment firm. Additionally, Petal has obtained a new term loan facility with Trinity Capital (NASDAQ: TRIN) for up to $20 million and raised $20 million in equity funding from existing investors. The influx of capital will support Petal’s expansion and growth as the U.S. open banking sector emerges.
Artificial Intelligence: Hyundai, Samsung Back Nvidia Challenger Tenstorrent In $100M Raise
Canadian startup Tenstorrent, led by chip industry veteran Jim Keller, announced that it has secured $100 million in funding from Hyundai Motor Group, Samsung’s (KRX: 005930) investment fund, and other investors. Prior to this round, Tenstorrent had already raised $234.5 million and achieved a valuation of $1 billion. The company aims to challenge Nvidia (NASDAQ: NVDA), the leading provider of AI chips for products like ChatGPT.
Digital Assets: MicroStrategy Reverts To Profitability; Plans Stock Sale Of $750M To Fund More Bitcoin Shopping
MicroStrategy (NASDAQ: MSTR), a US software company, announced its intention to add significantly to its Bitcoin holdings by funding the purchase through a stock sale of up to $750 million. The firm has been accumulating Bitcoin since August 2020, and its CEO, Michael Saylor, is a vocal supporter of the cryptocurrency.
FinTech: Rapyd To Pay $610M For Large Chunk Of Prosus’ Payments Business
Fintech-as-a-Service provider Rapyd has acquired PayU Global Payment Organisation (GPO) from Prosus for $610 million excluding its India, Turkey, and Southeast Asia operations. PayU GPO offers payment solutions in emerging markets across more than 30 countries.
FinTech: SBA Lending To Undergo Major Changes That Could Benefit Fintechs
The Small Business Administration (SBA) is making significant changes to its federal program for small-business lending, the most extensive overhaul in decades. The reforms, effective August 1, aim to simplify loan requirements, automate processes, and expand the pool of nonbank lenders authorized to issue SBA loans, particularly benefiting financial-technology firms.
Artificial Intelligence: Come September, Meta Users May Be Treated To Human-Like AI Chatbots
Facebook owner Meta (NASDAQ: META) is planning to launch a series of AI-powered chatbots with different personalities, aiming to increase users’ interaction with its social media platforms. These chatbots, referred to as “personas,” are designed to have human-like discussions with users.
Venture Capital: Tiger Global Exits India’s Flipkart With $1.4B Payout From Walmart
Walmart (NYSE: WMT) has purchased Tiger Global Management’s remaining 4% stake in Indian e-commerce giant Flipkart for $1.4 billion, increasing its ownership to about 77%. The transaction valued Flipkart at $35 billion, down from the previous valuation of nearly $38 billion.
Artificial Intelligence: Intel To Incorporate AI Into All Its Products
During Intel’s (NASDAQ: INTC) Q2 2023 earnings call, CEO Pat Gelsinger expressed strong confidence in the future of AI, announcing an ambitious plan to integrate AI into all of Intel’s products. Intel’s upcoming consumer chip, Meteor Lake, will include a built-in neural processor for machine learning tasks.
Fintech: Plaid And Cross River Team To Offer Real-Time Payments
Cross River Bank, a provider of technology infrastructure and embedded financial solutions, has announced an extension of its partnership with Plaid, a data network that supports the digital financial ecosystem. Together, they aim to offer multi-rail payment solutions to businesses and customers in the United States.
Venture Capital: Israeli Startup Brevel Raises $18.5M Seed For Alternative Proteins
Brevel, a microalgae-based alternative protein company, has secured $18.5 million in seed funding to develop a neutral-tasting, sustainable, and affordable protein for the mainstream food industry. The company’s technology combines sugar-based fermentation of microalgae with high light concentrations at an industrial scale, resulting in a protein that can be used in various plant-based products.
Artificial Intelligence: Tech Companies Form A Forum To Regulate AI
Leading artificial intelligence companies, including Google (NASDAQ: GOOGL), OpenAI (maker of ChatGPT), Microsoft (NASDAQ: MSFT), and Anthropic, have announced plans to establish the Frontier Model Forum. This industry-led body aims to develop safety standards for rapidly advancing AI technology, surpassing the progress of Washington policymakers who are still debating the necessity of a government-led AI regulator.
Artificial Intelligence: JPMorgan Analysts Warn That Stocks Could Melt If AI Bubble Bursts
JPMorgan Chase strategists have issued a cautionary warning that the current widespread surge in stock market values, fueled by the fascination with artificial intelligence (AI), may be on the verge of collapsing. Despite the remarkable rise in stock prices driven by AI-related hype, JPMorgan (NYSE: JPM) argues that there is little solid evidence of AI significantly boosting corporate earnings.
Digital Assets: Sam Altman’s Worldcoin And World Id Project Lifts Off Today
Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, has launched its core offering called World ID. The World ID is described as a “digital passport” that proves the holder is a real human, not an AI bot. To obtain a World ID, customers must undergo an in-person iris scan using Worldcoin’s ‘orb,’ a silver ball approximately the size of a bowling ball. The project has already amassed 2 million users during its beta phase.
Artificial Intelligence: SoftBank And Symbiotic Set Up $100M JV For AI And Robotics Powered Warehousing
SoftBank (TYO: 9984) and supply-chain services provider Symbotic (NASDAQ: SYM) have announced the creation of a joint venture called GreenBox Systems, aimed at constructing AI-powered warehouses. SoftBank, the Japanese technology investor, will hold the majority ownership in the venture. The companies are jointly investing $100 million in this project, and GreenBox Systems has also committed to purchasing AI-powered systems worth $7.5 billion from Symbotic to equip its warehouses.
Artificial Intelligence: Tech Majors Agree To Voluntary AI Guardrails At White House Meeting
Seven major AI companies in the United States, including Amazon (NASDAQ: AMZN), Anthropic, Google (NASDAQ: GOOGL), Inflection, Meta (NASDAQ: META), Microsoft (NASDAQ: MSFT), and OpenAI, have voluntarily agreed to implement safeguards for the development of artificial intelligence. These safeguards focus on safety, security, and trust in AI technology.
Digital Assets: Gensler Rips Crypto Even As The SEC Reviews Multiple Bitcoin ETFs
During a Senate committee hearing, SEC Chair Gary Gensler labeled cryptocurrencies as a highly speculative asset class and criticized the industry for being filled with fraud and scams. He highlighted that the crypto field operates on models that would not be permitted in traditional securities markets and expressed concerns about the harm it has caused to many Americans.
Artificial Intelligence: Apple Said To Be Working On Apple GPT, It’s Own Generative AI Model
Apple (NASDAQ: AAPL) is reportedly working on its own large language model (LLM) similar to ChatGPT, referred to internally as “Apple GPT.” The company’s motivation behind developing this model is to avoid falling behind competitors in the AI landscape. These rivals include OpenAI and Google (NASDAQ: GOOGL).
Alternative Investments/ESG: DWS Introduces A Range Of Factor-Based Equity ETFs With A Focus On ESG
DWS has introduced a series of exchange-traded funds (ETFs) that offer an environmental, social, and governance (ESG) version of its global equity factor ETFs range. These ETFs, listed on the Deutsche Boerse and the London Stock Exchange, have a total expense ratio of 0.25%. The funds track MSCI indices and focus on low carbon metrics and socially responsible investing, targeting large and mid-cap companies from developed countries.
Artificial Intelligence: UK Crime Agency Warns AI Technology Could Aggravate Child Abuse
The National Crime Agency (NCA) in the UK has issued a warning that artificial intelligence (AI) could exacerbate the epidemic of child sexual abuse. The NCA estimates that one in every 50 men poses a risk to children, with up to 830,000 adults representing some degree of sexual danger to children in the country.