The post Kamala Harris breaks silence on crypto, vows to aid sector appeared first on AIBC.
]]>Harris, speaking at a recent campaign, said she would recommit the United States “to global leadership in the sectors that will define the next century… remain dominant in AI and quantum computing, blockchain and other emerging technologies.”
At a New York fundraising event held on 22 September, Harris said she wanted to “invest in America’s competitiveness.”
Mentioning crypto for the first time, she said, “We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” She said that her campaign is conducting outreach to the industry.
This marks a turnaround from the Biden administration, where the White House has been leading a crackdown on crypto firms in recent years. Recent clampdowns include Sam Bankman-Fried, the founder and CEO of FTX, receiving 25 years in jail for fraud and Binance’s Changpeng Zhao getting four months in prison and the company paying a hefty fine.
However, the digital assets were mentioned only briefly in her 80-page economic plan.
Venture capitalist Adam Cochran termed her statements as “progress,” adding that “she is very much interested in US financial dominance and US tech supremacy.” He further said that Harris doesn’t stand to gain much from the crypto crowd by promoting it anymore at this stage.
However, some do not believe in what Harris has to say. Skeptics believe that she could reverse this course after she got elected and continue to crack down on crypto like the Biden administration.
Her latest comments on the industry have altered the rating given by the Coinbase-backed crypto collective ahead of the 2024 US presidential election. She had received a B rating for her recent comments about the industry, which were changed to N/A because she has yet to unveil her policy on digital assets officially.
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]]>The post Nvidia shares suffers largest single-day value drop in U.S. history appeared first on AIBC.
]]>Despite delivering strong financial results for the second quarter 2024, Nvidia, the American semiconductor giant, has triggered a wave of unease in the market. Following the Q2 reports published on 28 August, the company’s shares dropped by 7 percent, wiping out $200 billion in market capitalisation. Then, on 3 September, shares plunged nearly 10 percent, wiping almost $300 billion—the largest single-day value drop in U.S. stock market history.
End of August, Nvidia reported a revenue increase of 122 percent year-over-year, reaching $30 billion for the quarter ending in July. While this figure surpassed the expectations of many analysts, who had forecasted $28.8 billion, it fell short of the most optimistic projections that anticipated up to $38 billion. This prompted a strong reaction on Wall Street, causing Nvidia’s stock to plummet as concerns spread throughout the tech sector.
The market’s response reflects the high bar set for Nvidia, which had previously seen its revenues triple in recent quarters. This reaction was not confined to Nvidia alone, other companies in the AI sector, including Broadcom, Advanced Micro Devices, Microsoft, and Amazon, also saw their stock prices decline, collectively losing hundreds of billions of dollars in market value.
Nvidia, however, remains the leader in the AI chip market, thanks to its advanced graphics processing units (GPUs), which are crucial for AI development. Its popular Hopper microprocessors, like the H100, are in high demand, and the upcoming Blackwell GPU series is expected to strengthen Nvidia’s market position even further.
Nvidia’s recent stumble shows growing investor anxiety about the sustainability of AI-driven growth. Nvidia’s recent dip is a sign of expectations catching up with reality, as the company faces the challenge of maintaining its extraordinary growth trajectory in an increasingly competitive landscape.
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]]>The post Brazil on brink of banning Elon Musk’s X appeared first on AIBC.
]]>On Thursday, X announced via a post that it anticipated being shut down in Brazil because it refused to comply with what it called “illegal orders” from Judge de Moraes to censor political opponents. The platform’s Brazil office was closed last week, with X claiming it received a “secret order” from de Moraes demanding the removal of certain accounts. The company also revealed that after its legal representative resigned, the judge froze her bank accounts.
X criticised the judge’s actions as “manifestly illegal” and stated its intention to publish all related court orders and filings to ensure transparency.
Musk, who identifies as a free speech advocate, has repeatedly clashed with de Moraes, accusing him of censorship. Meanwhile, the judge argues that his actions are necessary to protect democracy from misinformation and hate speech, often propagated by far-right groups.
In a provocative move, Musk posted an AI-generated image of de Moraes behind bars, captioned, “One day, @Alexandre, this picture of you in prison will be real. Mark my words.” Musk also accused de Moraes of being “a criminal wearing judge’s robes like a Halloween costume.”
Musk’s attacks on de Moraes have drawn criticism from various quarters of Brazil’s political landscape. President Luiz Inácio Lula da Silva has positioned Musk as out of touch, with Supreme Court President Luís Roberto Barroso suggesting that Musk’s defence of free speech is more about promoting a business model based on hate and sensationalism than genuine concern for democratic principles.
In a related development, Musk’s satellite network, Starlink, reported that it had been blocked from conducting financial transactions in Brazil following an order from de Moraes. The move is believed to be part of an effort to collect fines imposed on X for failing to comply with court orders.
This conflict with Brazil is just one of several recent international incidents involving Musk. Earlier this month, he criticized UK Prime Minister Sir Keir Starmer and engaged in a public spat with Venezuela’s President Nicolás Maduro, which led to X being blocked in Venezuela for 10 days. Additionally, Musk has been struggling to keep X financially viable, with many advertisers abandoning the platform due to his lenient moderation policies and unpredictable behaviour.
The potential ban in Brazil comes at a time when there is global debate over the responsibilities of social media platforms in balancing freedom of expression with the need to protect users from harmful content. Judge de Moraes, while controversial, is credited by some with defending Brazil’s democracy, especially during the 2022 elections when former President Jair Bolsonaro and his supporters questioned the integrity of the country’s electronic voting system. However, Bolsonaro’s supporters argue that de Moraes has unfairly targeted conservatives and restricted free speech.
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]]>The post Tech pioneer Susan Wojcicki passes away at 56 appeared first on AIBC.
]]>Wojcicki’s journey with Google began in 1998 when she rented her garage in Menlo Park to Google’s founders, Sergey Brin and Larry Page. This marked the inception of the tech giant. She later left her position at Intel to join Google as its 16th employee.
In her illustrious career, Wojcicki led YouTube, a subsidiary of Google, for nine years until 2023. She decided to step down to devote time to her family, health, and personal interests. Despite the male-dominated tech industry, Wojcicki held a high-ranking position and advocated for more female participation in the field. She once expressed concern about the low percentage of women in the tech industry and the small number of young females who chose to pursue technical degrees.
However, her tenure at YouTube was not without challenges. The platform was criticized for its handling of online misinformation, particularly during the Covid-19 pandemic. In 2022, several fact-checking organizations accused YouTube of being a significant source of online disinformation and misinformation.
Wojcicki decided to step down from her position at YouTube in 2023 to “focus on her personal life and health”. Her husband, Dennis Troper, announced her passing with deep sadness, revealing that she had been living with non-small-cell lung cancer for two years. Wojcicki leaves behind a legacy in the tech industry, and her contributions will continue to influence future generations.
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]]>The post Impact of Warren Buffett’s major sale of Apple stock appeared first on AIBC.
]]>Berkshire Hathaway announced in its earnings filing that its Apple holding was valued at $84.2 billion at the end of the second quarter. This suggests that Buffett, often known as the Oracle of Omaha, sold slightly more than 49 percent of the tech stake. This considerable sale is part of a broader trend, with Buffett offloading more than $75 billion in equities in the second quarter. This strategy has increased Berkshire’s cash pile to a record $277 billion.
Buffett had already sold 13 percent of his Apple stake in the first quarter. He had previously indicated that this was a tax-saving move, as he anticipated the U.S. government would raise the rate to fund a growing fiscal deficit. However, the scale of the second-quarter sale suggests that tax considerations may not have been the sole motivating factor.
Berkshire began purchasing Apple stock in 2016 under the guidance of Buffett’s investing lieutenants Ted Weschler and Todd Combs. Over the years, Buffett became so fond of Apple that he significantly increased the stake, making it Berkshire’s largest. He even referred to the tech giant as the second-most important business after his cluster of insurers.
Berkshire’s Apple holding grew so large that it once constituted half of its equity portfolio. Therefore, the selling could also be a result of portfolio management concerns.
Interestingly, Apple shares climbed 23 percent to a record high in the second quarter amid renewed optimism surrounding its artificial intelligence capabilities. Apple’s advancements in AI technology have been a key driver of its growth, with the company making significant strides in areas such as machine learning, Siri enhancements, and AI-powered app features.
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]]>The post Nvidia’s market value plummets with downturn in tech stock appeared first on AIBC.
]]>Nvidia, renowned for its powerful processors essential for constructing artificial intelligence (AI) systems, has seen a staggering loss of nearly $750bn in market capitalisation. This comes just weeks after it momentarily claimed the title of the world’s most valuable publicly traded company.
The downturn wasn’t exclusive to Nvidia. Arm, a semiconductor designer that has also reaped the benefits of investor interest in AI stocks this year, saw its shares drop by 7 percent? in Tuesday’s intraday trading.
Despite the recent losses, both companies have seen their value more than double over the past year. This surge is largely attributed to significant capital investments by tech giants like Microsoft, Google, Amazon, and Meta, all aiming to enhance their AI infrastructure.
As Microsoft prepares to release its earnings report after Tuesday’s market close, some traders express concern. They fear that the profit expectations for AI-involved companies may be overly optimistic and that capital expenditure is outpacing returns.
The tech-centric Nasdaq Composite index fell by 1.9% in early afternoon trading, while the benchmark S&P 500 was down by 1%. Alongside Nvidia, shares in other chipmakers, including AMD and Intel — who are also set to report this week — were trading lower.
Emmanuel Cau, Barclays’ head of European equity strategy, noted, “There’s a lot of angst in the market ahead of reporting.” He added that investors are also treading carefully in light of upcoming interest rate decisions by the Bank of Japan, Federal Reserve, and Bank of England.
Tech companies have been on the selling end in recent weeks, causing the Nasdaq to fall about 9 percent from its mid-July peak. The index had its worst day since 2022 last week, following the release of Alphabet and Tesla’s results.
Cau explained that the shift away from tech stocks is primarily driven by investors awaiting clarity from macro data and earnings.
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]]>The post Trump courts Bitcoin enthusiasts at Nashville conference appeared first on AIBC.
]]>These voters view Bitcoin as a tool for advancing liberty, both in the U.S. and globally. They envision a future where Bitcoin mining merges with an energy production renaissance and a skyrocketing demand for AI computation.
Trump’s speech was a blend of familiar campaign themes and specific statements aimed at securing the Bitcoin vote. He began by establishing his credibility in a room filled with Bitcoin experts, economists, technology innovators, and human rights activists1. He highlighted that Bitcoin is currently the 9th largest asset in the world by market capitalization and is likely to surpass gold.
This statement, while not news to Bitcoiners, will resonate with conservatives who have a natural affinity for gold and trust Trump’s instincts1 It is likely to open more minds to Bitcoin and drive its adoption.
Trump also acknowledged Bitcoiners’ awareness of the dangers of inflation, labelling it a “country buster” that led Germany down a dark path a century ago1. Contrary to those who perceive Bitcoin as a threat to the dollar, he argued that it is Washington D.C. that threatens the dollar system
Perhaps the most significant announcement was that any Bitcoin in the federal government’s possession would not be sold. Instead, it would be held as part of a “stockpile”. While he did not state that the U.S. Treasury would actively purchase Bitcoin, the creation of a strategic Bitcoin stockpile with Bitcoin already owned by the government is a crucial first step1. This could lead to future debates about how much Bitcoin the government should hold.
In fact, U.S. Senator Cynthia Lummis (above in photo) has already announced, since Trump’s speech, that she will be introducing a bill directing the U.S. Treasury to acquire one million bitcoins.
What does all this mean? It suggests that the U.S. may lead the next industrial revolution, with a significant portion of the Bitcoin industry concentrated within its borders. Trump’s statement supporting the private property rights of individual Bitcoin holders officially dispels the notion that Bitcoin is for criminals.
Regardless of any particular politician’s views on Bitcoin, if the Bitcoin industry is allowed to grow in the U.S., the values of transparency, sovereignty, and freedom embedded in Bitcoin’s open-source codebase will have a place to continue to flourish. The result for the United States will be a strengthening of our economy and our society.
Recent research suggests that a Trump win could push Bitcoin over $100,0002. Trump’s pledge for a weaker US dollar if re-elected could provide tailwinds for Bitcoin. Bitcoin trades at $68,100 at the time of writing, and the asset has sustained recent gains as traders remain optimistic for further gains in the cryptocurrency.
At this stage of the campaign, Trump’s speech at the Bitcoin Conference clearly marks a significant shift in the political landscape. It shows how politicians are recognizing the importance of Bitcoin and the role it can play in shaping the future of the economy and society.
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]]>The post Google, NBCUniversal partner for Paris 2024 Olympics AI-powered coverage appeared first on AIBC.
]]>“We are thrilled to announce Team USA’s partnership with Google,” Sarah Hirshland, CEO of the U.S. Olympic & Paralympic Committee said. “This collaboration is more than just a sponsorship; it’s a powerful alliance that brings together the best of technology and sports.”?
Google, alongside NBCUniversal, will utilize AI to enrich the viewing experience of the Paris Games. This integration includes various Google products such as Search, Maps, and the?Gemini AI, which will be embedded within NBCUniversal’s comprehensive coverage.?
NBCUniversal’s “Explain the Games” feature will showcase Google Search’s AI Overviews, aiding commentators in providing in-depth explanations of various Olympic and Paralympic events. This initiative aims to answer viewers’ questions with a single search, enhancing understanding and engagement during both daytime and primetime broadcasts.?
During the Games, viewers will follow comedian Leslie Jones, serving as Chief Superfan Commentator, as she uses Google’s Gemini AI. Jones will leverage Gemini to create custom moves and learn new sports, sharing her experiences across NBCU’s networks and Peacock, thereby making the coverage more interactive and entertaining.?
The partnership also includes social videos and late-night promos featuring five Olympians and Paralympians exploring Paris. These athletes will use Google Lens, Circle to Search, and Immersive View in Google Maps to discover the city, highlighting iconic landmarks like the Eiffel Tower and Stade Roland Garros.?
Viewers will also experience enhanced 3D broadcasts of iconic Olympic venues, courtesy of Google Maps Platform’s Photorealistic 3D Tiles. This technology will provide immersive views of locations such as Versailles and the Aquatics Centre, making audiences feel as though they are on the ground in Paris.?
“We are very excited to be partnering with Google to deliver innovative, highly engaging elements that will enhance the coverage of the Paris Games for our audiences,” Dan Lovinger, President of Olympic & Paralympic Partnerships at NBCUniversal said. “This one-of-a-kind partnership demonstrates the endless possibilities when you combine innovative technology with premium content.”?
NBC and Peacock will present live coverage of the Opening Ceremony on July 26, with comprehensive broadcasts continuing through August 11. NBCUniversal holds the U.S. media rights to the Olympic Games through 2032, promising to bring future events from Milan Cortina, Los Angeles, and Brisbane to audiences with enhanced AI features.?
Marvin Chow, Vice President of Marketing at Google, added, “Our partnership with Team USA and NBCUniversal during the Olympic & Paralympic Games provides an incredible stage to showcase how Google’s everyday products and newer innovations like Gemini are using AI to help fans explore, learn, and connect with the Games.”?
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]]>The post Google co-founder fuels psychedelic biotech’s leap into mental health treatment appeared first on AIBC.
]]>Brin’s non-profit investment vehicle, Catalyst4, set up using the proceeds of his 2021 sale of his Tesla stake, has committed to cover around $15 million of a $25 million funding round for psychedelic start-up Soneira. The biotech company is launching clinical trials looking at ibogaine, a shrub native to West Africa, as a treatment for traumatic brain injury (TBI).
Historically, ibogaine has been used as part of spiritual rituals by forest-dwelling tribes in Gabon due to its mind-altering effects. Recently, it has gained traction among western psychedelic advocates and mental health researchers. A Stanford University project funded by Brin’s charitable foundation found that ibogaine therapy improved mental health symptoms and cognitive function in 30 US military veterans with TBI.
Soneira, advised by Stanford psychiatrist Nolan Williams who worked on the study, is researching how ibogaine can be combined with heart medications to mitigate the risk of fatal cardiac arrhythmia associated with the plant. The company is also developing a synthetic version of the compound and plans to launch early-stage clinical trials using the funding.
Silicon Valley’s enthusiasm for psychedelics, both for personal use and as an investment, is growing. Catalyst4 was set up with cash from the $366 million windfall from Brin’s sale of his entire Tesla stake. Tesla founder Elon Musk has spoken publicly about his use of ketamine to treat depression, and billionaire tech investor Peter Thiel was one of the early backers of Atai Life Sciences, a biotech researching psychedelic-based mental health treatments that is also studying ibogaine to treat opioid-use disorder.
Venture capitalists have invested nearly $180 million in psychedelic biotechs so far this year, according to PitchBook data. Investment in the sector hit a record high in 2021, with $528 million raised.
Through the Sergey Brin Family Foundation, Brin has invested hundreds of millions of dollars into research into neurodegenerative and psychological conditions. Brin, the world’s seventh-richest person according to Forbes, discovered in 2004 that he possesses a genetic mutation that puts him at heightened risk of Parkinson’s disease.
Catalyst4, which had total assets of $430 million at the end of 2022, has a mandate to invest in breakthrough treatments for neurological disorders and technology to mitigate climate change. One Catalyst4 board member also works for Brin’s family office, Bayshore Global Management, which with at least $100 billion of assets is one of the biggest family offices globally.
Around half-a-dozen other parties have also held discussions about investing in Soneira, including Helena Special Investments, the impact investor behind Lykos Therapeutics, which is awaiting an approval decision by regulators for MDMA as a treatment for post-traumatic stress disorder, and digital health start-up investor LifeForce Capital. Soneira’s funding round is set to close after summer.
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]]>The post Decline of US Dollar and rise of Bitcoin appeared first on AIBC.
]]>The radical Project 2025 policy plan has set bitcoin on a collision course with gold. Yellen fears that US financial sanctions will diminish the dollar’s role globally as Russia promotes the use of bitcoin and other cryptocurrencies. “The more we have used sanctions, the more countries look for ways to engage in financial transactions that don’t involve the dollar,” Yellen explained to U.S. lawmakers on the House financial services committee.
BlackRock’s CEO, Larry Fink, who led the successful campaign to bring bitcoin spot exchange-traded funds (ETFs) to Wall Street, has issued a warning about the rapid growth of the U.S. debt pile. He expressed concern about the burden this massive spending, which we can’t afford, is placing on future generations. Fink called for global economic growth and strategies to minimize the impact of the deficit on the economy.
Bank of America analysts have warned that the U.S. debt load is set to increase by $1 trillion every 100 days, which could fuel a surge in bitcoin prices. Meanwhile, BlackRock analysts have cautioned about an unprecedented scenario that could impact the bitcoin price and crypto market as the Federal Reserve and central banks are forced to keep interest rates higher than pre-pandemic levels to tackle persistent inflationary pressures.
Fink, who once labelled bitcoin as “an index of money laundering,” has now acknowledged it as a legitimate financial instrument. He believes it is an investment tool for those who fear countries are debasing their currency through excessive deficits. BlackRock’s acceptance of bitcoin is widely credited with powering the bitcoin price and crypto market rebound over the past year.
The U.S. has imposed strict financial sanctions on Russia and Iran in recent years, leading to accusations of weaponizing the dollar and pushing the so-called Brics group of emerging countries away from the western financial system. In response, Russia’s central bank has encouraged the use of bitcoin and crypto to counter Western sanctions.
As the U.S. election in November approaches, some bitcoin and crypto traders are betting that the bitcoin price will reach an all-time high. Geoffrey Kendrick, Standard Chartered’s head of forex and crypto research, predicts a fresh all-time high for bitcoin in August, followed by $100,000 by U.S. election day. He expects the bitcoin price to reach $150,000 by the end of 2024 and hit $200,000 before the end of 2025, giving bitcoin a market capitalization of around $4 trillion.
Trump, who has emerged as the preferred candidate for the bitcoin and crypto community, promises to protect people’s right to hold bitcoin. This stance starkly contrasts with the Biden administration’s anti-crypto stance, further fuelling the crypto revolution.
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