Latest News
Top Story
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.
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 Latest News
Digital Assets: A Cloud-based, Turnkey Crypto Exchange Solution From Binance
Binance, which is the world’s largest crypto exchange by trading volume, announced Monday the launch of its Binance Cloud. The Binance Cloud is an all-in-one solution for crypto market participants to launch digital asset exchanges quickly within their local markets.
Digital Assets: CelticGold, An EU Gold Company, Advocates Bitcoin
CelticGold, a Frankfurt-based precious metals trading company, that trades “one of the largest portfolios of investment gold & silver coins and bullion worldwide,” has recommended bitcoin as an investment. “At least 10% and a maximum of 25% of one’s total assets should be invested in precious metals (mostly physically), while in cryptos and especially in Bitcoin one should hold at least 1% and a maximum of 5%,” CelticGold said in a post last week.
BlackRock Makes Big ESG Push on ETFs
BlackRock ESG ETFs have emerged as a popular draw among institutional investors. This week, the alternative investment manager announced a $600 million investment from Finland’s largest pension insurance firm. Ilmarinen invested the capital in the iShares ESG MSCI EM Leaders ETF (NASDAQ: LDEM). This was the firms’ second investment in iShares ESG strategies.
FinTech: N26’s Shock Announcement of its Departure From the U.K.
Challenger bank N26 asks UK customers to shut accounts by April 15.
N26 has announced its departure from the UK on account of Brexit in a blog post.
“With the UK now having left the European Union, we will in due course be unable to operate in the UK with our European banking license,” the Berlin-based N26 said. “As a result, we will be leaving the UK and closing all accounts in the coming months.”
In a press release, N26 blamed the “timings and framework outlined in the Withdrawal Agreement,” but said it fully respected the decision that had been taken.
Digital Assets: German Banks Line Up for Licenses to Offer Crypto-Custody Services
About 40 banks have applied to Germany’s Federal Financial Supervisory Authority, or BaFin, for licenses to operate custody services for digital assets. (Coingeek)
Bafin last month released new guidelines that will impact firms offering or intending to offer custody services for digital assets such as cryptocurrencies and tokens. Effective January 1, 2020, depository or custody services for crypto assets stand classified as a financial service under the German Banking Act.
Artificial Intelligence: White House To Significantly Hike Spending on AI and Quantum Sciences
The White House is committed to double R&D spending in nondefense artificial intelligence (AI) and quantum information science (QIS) by 2022.
The Office of Science and Technology Policy (OSTP) on Tuesday issued a fact sheet on President Trump’s budget proposals for FY 2021 relating to Federal R&D.
“In a time of great power competition, President Trump’s FY 2021 Budget puts America in position to maintain its global leadership in science and technology for generations to come,” the OSTP said.
The OSTP also pointed out that President Trump is the first President in American history to include AI and QIS as Administration R&D priorities.
Liquid Alternatives: New Fixed Income ETFs From BMO Now Trading in Toronto
New Fixed Income ETFs From BMO are Now Trading in Toronto. The three new ETFs include a first-of-its-kind one that is based on mortgage-backed securities.
Two of these new fixed-income ETFs from BMO Global Asset Management invest in corporate bonds, while the third invests in mortgage-backed securities.
FinTech: ASX-Listed, Buy Now Pay Later Startup Sezzle Notches Up 1M Customers
The Sezzle payments platform, which enables credit-starved shoppers to “buy now, pay later,” now boasts of one million customers across the United States and Canada.
Launched in 2016, it took Sezzle Inc (ASX: SZL) all of three years to build a base of 500,000 customers. However, between August 2019 and today, the fintech has doubled that number to a million.
Hedge Funds: Elliott’s Offensive on Evergy Unnerves Chamber of Commerce
Curtis Sneden, president of the Greater Topeka Chamber of Commerce is concerned about repercussions from activist hedge fund Elliott Management’s broadside against regional utility Evergy, Inc. (NYSE: EVRG). Feared activist hedge fund Elliott wrote to Evergy on January 21 requesting changes that would create value for shareholders. New York-based Elliott is owned by billionaire Paul Singer.
It owned an “economic interest” in Evergy worth $760 million as of the date of the letter.
The DailyAlts Playbook: China’s Repo Dealings, Sycamore’s “Secret” Buy, Dalio’s Latest Warning, and the $100 Billion “Book of Mormon.”
Today, the DailyAlts Playbook talks about China’s Repo Dealings, Sycamore’s “Secret” Buy, Dalio’s Latest Warning, and the $100 Billion “Book of Mormon.”
Artificial Intelligence: AI To Trawl Medical Data Troves To Identify ‘Cause And Effect’, Sharpen Diagnosis
There is a vast store of data from medical observational studies or randomized controlled trials accumulated over the decades. What if we could deploy an AI algo to scour this data for new illumination on “cause and effect”? Get fresh insight on symptoms and the likely disease?
Hedge Fund: Pershing Square Capital Sells Starbucks Stake
Pershing Square Capital has exited its stake in Starbucks Corporation (NASDAQ: SBUX). According to reports, Bill Ackman’s hedge fund announced the divestiture during an investor presentation today.
Artificial Intelligence: AI Fintech AiX Wants To Put Voice Brokers Out of Business
London-based fintech AiX has developed an artificial intelligence-based chatbot system that ‘talks’ to human traders at banks and institutions. It relies on natural language processing and cognitive reasoning to function as a human voice broker.
The DailyAlts Playbook: Tesla’s Rally, Interest Rate Cuts, Corona-covery, and “Leverage” in the Art Markets
This morning, we start with Tesla Inc. (NASDAQ: TSLA). The parabolic rise of Elon Musk’s electric vehicle company has seen its stock jump by 100% to start the year. Short sellers like David Einhorn have been on the losing end of one of the most irrational stock surges in recent memory. Shares have exploded since Rob Baron suggested that the company could generate $1 trillion in revenue in 2030.
Artificial Intelligence: How to Invest in The Next Big Thing
Buy a piece of the looming tsunami of growth in the AI market by investing today. Artificial intelligence, or AI, is the fourth industrial revolution. The steam engine heralded the first industrial revolution, the second was mass manufacturing through electricity, and the third was computers. According to data from Fortune Business Insights, the size of the global AI market may grow to $202.6 billion by 2026, up from $20.7 billion in 2018. (USA Today)
Real Estate: IIPR Announces Sale-Leaseback Deal with Green Thumb Industries
Innovative Industrial Properties (IIPR) has announced a sales-leaseback deal with Green Thumb Industries (GTBIF). The $2.9 million deal is for a licensed cannabis processing facility in Toledo, Ohio.
Venture Capital: Saudi Investment Firm Participates in Electric Air Taxi Startup Funding
Jameel Investment Management Company invests in Joby Aviation. California-based Joby Aviation, an electric air taxi startup founded in 2009, raised $590 million in a Series C fundraising. The round was led by Toyota Motor Company, with participation by Baillie Gifford, according to Arabian Business. Jameel Investment Management Company, an investment arm of Saudi family business…
The DailyAlts Playbook: All Quiet on the Brexit Front. China’s Economy Takes Another Hit. And Nine More Months of Election Season
The morning, we start in China, where a massive selloff hit the Shanghai Index during the market’s first day back from the Lunar New Year celebration. The Index fell by 7.7% as the spread of the coronavirus shatters sentiment. Investors ignored positive data showing that manufacturing activity increased during January.
FinTech: Online Insurance Marketplace and Insurtech Policygenius Raises $100 Million
Policygenius, an online marketplace for comparing and buying insurance products, announced the successful raising of $100 million via its Series D funding round.
Jennifer Fitzgerald and Francois de Lame founded Policygenius in 2014. Its digital platform connects consumers with reputed insurance carriers. It is the fastest growing life insurance distributor, having issued $45 billion in life cover till date. Policygenius has grown annualized revenues to $60 million, a 10 times increase since 2017 and the culmination of its C Round Funding.
Digital Assets: Tether Gold is a New Gold-backed Crypto-Asset
Tether announced the launch of the Tether Gold (XAU₮), a digital token that is backed by collateral of physical gold (XAU). These tokens can be held in a Tether wallet and reside as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, according to a Tether announcement.
One token represents ownership of one troy fine ounce of physical gold, currently worth approximately $1,581.
The DailyAlts Playbook – January 27, 2020
Today, the DailyAlts Playbook talks Kobe Bryant’s legacy, the Monday meltdown, insider trading, and impeachment.
American Banking Association: M&A Expectations for 2020
The American Banking Association has released its outlook for merger and acquisition activity in the banking sector in 2020.
The ABA finds that the forces contributing to the consolidation of the industry show little to no sign of dissipating. Larger banks have an advantage as they can spread the costs of things like cybersecurity and regulatory compliance over a more extensive asset base. That gives them a significant advantage over smaller banks. The numbers bear out that theory as larger banks, in aggregate, have higher returns on assets and equity than smaller institutions.
The DailyAlts Playbook – Davos Virtues, Goldman’s IPO policies, and John Stumpf’s Limitations.
This morning, the Dow Jones was pushing higher despite ongoing concerns about China’s coronavirus outbreak. Today is also the conclusion of the World Economic Forum, an event swarming with anti-capitalist capitalism. The New York Times talks of a Phillip Morris rep saying the tobacco firm is “dedicated to a smoke-free future.” What?
Hedge Funds: After a Banner Year, ValueAct Rejigs For the Next Twenty
After a Banner Year, ValueAct Rejigs For the Next Twenty. Founder Jeff Ubben steps down as CEO; will remain as chairman. His position as CEO will now be filled by ValueAct’s president, Mason Morfit.