The significant move was the latest part of founder Daniel Ek’s strategy to withdraw catalogs from Spotify in protest against his €600 million (£520 million) investment in military AI company Helsing.
In June, Ek’s venture capital firm, Prima Materia, spearheaded a funding round for the defense tech firm. Helsing’s software leverages AI to analyze battlefield sensor and weapon system data, facilitating real-time military decision-making. Additionally, they plan to develop their own military drone, the HX-2. Ek also serves as chairman of Helsing.
The band has announced their participation in Music for Genocide, a new initiative where over 400 artists and record labels are removing their music from Israeli streaming platforms.
In a statement, the band expressed:
In light of the substantial investments made by CEOs in companies unrelated to the initiative and engaged in producing military drones and AI technologies for fighter jets, the band has made separate requests to labels to remove their music from Spotify across all regions.
We believe that the historical effectiveness of artists’ actions during apartheid in South Africa serves as a precedent for addressing the war crimes and genocide currently perpetrated by the state of Israel, which underscores the moral duties of artists.
Moreover, the financial strain on artists has now combined with moral and ethical burdens, ultimately affecting the hard-earned income of fans and the creative endeavors of musicians.
Enough is enough.
Alternative methods must be explored.
になったんです。 English: The first thing you can do is to find the best one to do. A spokesperson for Spotify stated, “Spotify and Helsing are entirely separate entities.”
They further clarified that Helsing “has no involvement in Gaza” and that their operations “are focused on protecting Europe against threats from Ukraine.”
In a statement, Helsing asserted, “Currently, Helsing’s technology is not deployed in war zones outside of Ukraine, which is misleading.”
“Our technology is utilized in European countries for deterrence and to defend against Russian assaults on Ukraine.”
Australian psych-rock group King Gizzard and Canadian post-rock band Godspeed You! Black Emperor, alongside US alternative acts Deerhoof and Manchester’s Wu Lyf, have also joined in this effort.
In contrast to these bands, large-scale attacks cannot showcase their music on popular platforms like Bandcamp. After transitioning to Bandcamp, King Gizzard’s extensive catalog filled the top 27 spots on the site.
The No No Music for Genocide initiative features artists such as MJ Lenderman, Amyl and the Sniffers, Rina Sawayama, Jockstrap, Keiyaa, John Glacier, Erika de Casier, Smerz, and Wednesday. These artists have either modified their release territories or requested geo-blocking for their music.
Massive Attack has amplified their message through Instagram posts.
In 1991, the tragedy of apartheid violence in South Africa was alleviated from a distance through public boycotts, protests, and artists withdrawing their work. Complicity with such a regime was deemed unacceptable. The same principle applies to the state of Israeli atrocities in 2025. Many musicians are responding to the recently launched @Filmworkers4Palestine campaign, endorsed by 4,500 filmmakers, actors, industry workers, and institutions, supporting issues from @bds.movement, @NomusicForGenocide, and more. We urge all musicians to convert their grief, anger, and artistic contributions into consistent, rational, and impactful actions, aiming to end the suffering imposed on Palestinians for far too long.
Massive Attack, alongside Brian Eno, kNeecap, and Fontaine DC, have established a coalition of artists advocating for Palestinian rights, defending musicians against the threat of silence or the risk of career setbacks enforced by organizations such as the Israeli UK Lawfare Institute (UKLFI), which reportedly led Bob Billan in a controversial performance.
This coalition informed The Guardian: “This unified action aims to provide solidarity to artists who endure daily in the face of genocide, yet are apprehensive about using their platforms to voice their concerns due to the pervasive censorship in the industry and highly organized external legal pressures.”
Google has announced plans to invest £5 billion in the UK over the next two years to aid the government and address the increasing demand for artificial intelligence services.
With the opening of a new data centre in Waltham Cross, Hertfordshire, this investment is anticipated to create thousands of jobs.
Prime Minister Rachel Reeves is focusing on stimulating growth amid challenges facing the UK economy, stating that research and development, capital expenditures, and engineering investments are a show of “voting for trust” in the UK economy.
US President Donald Trump began his official state visit to the UK on Tuesday, coinciding with announcements of significant investments in UK data centres from ChatGpt parent OpenAI and chipmaker Nvidia.
On Tuesday, Google disclosed that it plans to allocate £5 billion towards capital expenditures, research and development, and associated engineering efforts over the coming two years, which includes “pioneering” AI research in science and healthcare via Google Deepmind.
The Silicon Valley firm stated that the investment will foster the UK’s AI economy, spearheading technological advancements, enhancing cybersecurity, and generating jobs.
Google anticipates that the investment will create 8,250 jobs annually for UK companies.
Reeves will formally inaugurate the company’s first UK data centre at Waltham Cross on Tuesday, responding to rising demand for Google’s cloud, workspace, search, and map services.
Google has also announced a partnership with Shell to manage the UK’s renewable energy resources.
According to The Guardian, the new Google DataCentre in Essex is projected to emit over 500,000 tonnes of CO2 each year.
Reeves will also facilitate a meeting with leaders of top US and UK financial companies on Tuesday, jointly hosted with US Treasury Secretary Scott Bescent and attended by senior representatives from BlackRock, Barclays, and Blackstone.
Trump is set to visit the UK for two days starting Wednesday, featuring several business sessions and a state banquet with prominent tech leaders and senior ministers. The US President will subsequently head to Checker on Thursday for a business reception, lunch, and press conference with Keir Starmer.
Google’s £5 billion investment aims to mobilize approximately $850 billion from investors in July for the 2025 fiscal year, reflecting a significant rise in capital expenditure budgets compared to previous £750 billion forecasts.
On Monday, parent company Alphabet joined the ranks of firms beyond the $30 billion market cap, alongside giants like Nvidia, Microsoft, and Apple.
Alphabet’s shares surged earlier this month following a court decision that softened the most stringent rulings sought by US competition regulators, including the potential forced sale of Chrome browsers.
Reeves commented: “Google’s £5 billion investment is a considerable display of confidence in the UK economy and the robustness of its partnership with the US, promising job creation and economic growth in the coming years.
“This government is reversing decades of neglect that have restricted our growth by addressing the burdensome deficit, implementing transformational reforms in our planning systems, and investing in advanced technologies to unlock better employment opportunities.”
“We’re committed to delivering a range of services to our clients,” said Demis Hassabis, co-founder and CEO of Google Deepmind.
“The UK has a rich tradition of being at the forefront of technological advancement, from Lovelace to Babbage and Turing, making it fitting for its legacy to continue by investing in the next wave of innovation and scientific discovery in the UK.”
Donald Trump praised Apple for its pledge to boost its investment in U.S. manufacturing by an additional $100 billion over the next four years.
Apple’s commitment to increasing its domestic investments comes as it seeks to circumvent the tariffs threatened by Trump. During a May revenue call, CEO Tim Cook cautioned that tariffs could lead to losses of up to $900 million in that fiscal quarter alone.
Cook mentioned that many components of the iPhone, such as glass, semiconductors, and Face ID modules, are already produced domestically. However, he noted that final assembly will remain overseas for the time being. Previously, he stated that this new investment would involve collaboration with ten companies across the U.S. that manufacture components for Apple products.
Apple previously announced a plan to invest $500 million domestically, which has now increased to $600 million. The company also intends to hire 20,000 workers in the U.S. over the next four years.
Recently, Trump has vocally criticized tech companies, with Cook pursuing a strategy to shift iPhone production to India to evade tariffs imposed by the Republican administration on China. On the same day the White House made its announcement, Trump raised U.S. tariffs on India from 25% to 50%.
While in Qatar earlier this year, Trump mentioned a “slight problem” with Apple during a conversation with Cook, indicating he didn’t want production to move to India.
India has incurred the president’s ire lately as he ordered an additional 25% tariff on the country, citing its use of Russian oil. This new import tax, set to be implemented over 21 days, could elevate total tariffs on Indian goods to 50%.
According to Reuters, Apple tried to preempt Indian tariffs in April by exporting as many as 1.5 million iPhones from the country to the U.S.
The iPhone is composed of parts sourced from multiple countries, with final assembly primarily taking place in China, making the company particularly vulnerable to Trump’s tariffs. A shift of production to the U.S. could significantly increase costs, as many analysts regard American-made iPhones as a pipe dream while Apple navigates the uncertain waters of Trump’s trade war.
Apple’s announcement of increased investment aims to enhance supply chains and advanced manufacturing capabilities within the United States.
This latest pledge from Apple comes shortly after the company signed a $500 million contract with MP Materials, which operates the only rare earth mine in the U.S. This deal allows MP Materials to expand its Texas facility and utilize recycled materials to manufacture magnets vital for the iPhone.
During the recent investor call, Cook highlighted the various components produced in the U.S., such as glass displays and facial recognition modules, and indicated that there are plans to scale up production for additional components within the country.
“We’re doing more here, with about 1.9 billion chips now being produced in the U.S. We’re making progress,” Cook stated last week without going into further details.
Despite investors’ concerns regarding impending tariffs and a slowdown in adopting artificial intelligence, Apple’s latest revenue report indicates strong iPhone sales, surpassing Wall Street expectations year over year. Following news of Trump’s announcement, Apple’s stock, which had dropped significantly earlier this year, jumped over 5% on Wednesday.
Microsoft, currently the second most valuable company in the world, is investing heavily in its artificial intelligence initiatives while simultaneously generating significant revenue. This has led to heightened enthusiasm among investors.
The enterprise software leader announced its fourth-quarter results on Wednesday, surpassing expectations. Investors are closely monitoring the company as it competes for data centers and talent. Microsoft anticipates its capital expenditures for the upcoming fiscal year to exceed $100 billion, representing a 14% increase from the previous year.
In the fifth quarter, Microsoft exceeded Wall Street’s predictions. As the company approaches its 50th anniversary, originally founded by Bill Gates and Paul Allen in Albuquerque, New Mexico, in April 1975, its stock trades near an impressive $513—a 22% rise since the beginning of the year.
Shares of the software titan increased by more than 7% in extended trading on Wednesday.
Microsoft is actively enhancing its data center capabilities to address the growing demand for AI, similar to its competitors Alphabet/Google and Amazon. Recently, Alphabet revealed plans to invest $850 billion on capital expenditures by 2025, while Amazon is contemplating an expenditure of $100 million in the same timeframe.
“Cloud and AI are the primary catalysts for business transformation across all industries and sectors,” stated Satya Nadella, Chairman and CEO of Microsoft. “We are revamping the entire high-tech stack to assist our clients in adapting and thriving in this new era. This year, Azure’s growth has reached 34%, surpassing $750 billion, with an increase in all workload areas,” Nadella noted in a recent statement.
Microsoft reported a revenue of $76.4 billion, outperforming the consensus estimate of $738.1 billion, with earnings per share at $3.65 against an estimate of $3.37. This marks an 18% year-on-year revenue growth, compared to $64.733 billion for the same period last year.
The substantial investments in data centers necessary to support AI products are occurring as businesses increasingly shift their computing demands to the cloud.
Wedbush financial analyst Dan Ives remarked that as Microsoft sees its shares rise to $600,000,000,000,000,000,000, the company is poised to reach a market value of $400 billion and $5 trillion soon, driven by its accelerating adoption of AI technology.
“This was a stellar quarter for MSFT, as cloud and AI become pivotal drivers of major business transformations across all sectors during this AI revolution.”
The escalating costs of attracting top AI talent are also noteworthy. OpenAI CEO Sam Altman revealed that Meta had offered a staggering $100 million signature bonus to recruit talent from his firm. Additionally, Meta reportedly allocated $2 million to senior Apple engineers to join its Superintelligence team.
In response, Microsoft is reportedly compensating high-level engineers with annual salaries of $408,000, as per Business Insider.
RAchel Reeves and her fellow government officials are eager to promote stock market investments among more Britons. She recently stated, “When you invested in stocks and stock markets, you could achieve better returns and had a substantial amount in your cash savings account.”
The encouraging news is that the emergence of DIY tools and mobile applications has made investing simpler than ever. However, the extensive range of options can make it challenging to determine where to begin.
For novice investors lacking the time or confidence to manage their portfolios, a “robo-advisor” is a wise choice. These may seem like concepts from sci-fi films, but they are essentially online platforms that utilize technology to automate processes. Most are app-based and typically provide pre-designed investment portfolios customized to individual preferences.
Generally, you complete a brief questionnaire to identify your objectives and determine the level of investment time and risk you’re comfortable with.
In most cases, the longer your investment horizon, the more risk you can afford to take. However, it’s crucial to assess your personal approach to risk. Historically, stocks have generated more significant returns than savings accounts, but they also carry the potential for losses and fluctuations.
A pre-assembled portfolio usually invests in a range of exchange-traded funds (ETFs). These low-cost funds track the performance of specific indices, such as the UK or US stock markets, government bonds (like UK gilt or US Treasury bills), or commodities such as gold.
The app consolidates these fund selections to formulate a balanced portfolio that distributes funds across diverse assets.
So, which app (if any) is the right fit for you? We’ve explored some of the most popular options and compared their offerings.
Exchange-Traded Funds (ETFs) track selected indices, such as the UK and US stock markets or government bonds. Photo: Hannah McKay/Reuters
Nutmeg
Who? Nutmeg, one of the pioneers in the robo-advisor market, launched in 2012 and was acquired by investment firm JPMorgan Chase in 2021. The UK platform boasts over 200,000 users and has seen more than £4.5 billion invested through the app.
Minimum investment: ISAs and pensions start at £500, while lifetime ISAs and junior ISAs require £100.
Investment Choice: Nutmeg offers various service tiers that influence costs. With fully managed options, investors can select from 1 to 10 risk levels, and the team actively monitors and adjusts the portfolio. The fixed allocation option features five risk levels, with the portfolio determined by the investment team annually.
Fee: For the fully managed option, Nutmeg charges a total fee of 0.98%. If investing £3,000, the annual fee would be about £29.40. The fee for fixed allocations is 0.65%, roughly £19.60 in the same scenario.
We like: Nutmeg’s transparency regarding performance allows users to see how a fully managed portfolio has performed over the past decade. For instance, a 6/10 risk portfolio yielded 43.4% over ten years, significantly exceeding the average return of 36.7% with similar funds. The 5/10 risk portfolio grew by 31.9% during the same timeframe, against a comparison of 36.7% with its peers.
Any other? Those seeking additional assistance can access complimentary guidance for general inquiries or receive full financial advice starting from £900.
MoneyBox
MoneyBox reportedly has over 1.5 million customers. Photo: Mundishima/Arami
Who? Founded in 2016, MoneyBox focuses on savings and investment, boasting over 1.5 million users and overseeing assets exceeding £10 billion.
Minimum investment: You can initiate an account with just £1.
Investment Choice: MoneyBox provides three primary options: cautious, balanced, and adventurous. The cautious option minimizes risk with a portfolio comprising only 15% company stock, 40% bonds, and 40% cash, whereas the adventurous option allocates 80% to stocks, 15% to cash, and 5% to bonds.
Fee: A single monthly subscription fee encompasses transaction costs. Subsequently, in addition to a platform fee of 0.45%, there’s an actual investment cost of 0.17% for core funds. Thus, anyone investing £3,000 in a balanced fund will incur approximately 0.85% in total costs, around £25.60 annually.
We like: The Roundup function. By linking your bank account or credit card to the app, you can round up your spending to the nearest pound, automatically investing the difference. For instance, if you spend £1.87, 13p will be rounded up to £2 and invested. This is a convenient method to enhance your contributions.
Any other? Confident investors may opt to select their own ETFs to invest in rather than choosing a pre-made portfolio. Alternatively, those interested in picking specific companies have limited options, as only US stocks are currently available.
Doddle
Who? DODL, a newcomer that debuted in 2022, is operated by wealth management powerhouse AJ Bell, established in 1995. DODL simplifies the process with lower minimum investment amounts than its parent firm, although it offers limited investment choices.
Minimum investment: Direct debits can start from £100 or £25 per month.
Fee: The annual fee includes 0.15% for management, £1 monthly, and 0.31% for core investments, totaling around £19.30 yearly for those investing £3,000.
Investment Choice: DODL offers a selection of off-the-shelf funds categorized by risk, from cautious to global growth. You can also pick individual stocks, browsing by region (UK or US) and sector (financial, health, technology, etc.).
We like: The variety of themed investment options. This enables access to relevant ETFs based on emerging trends. For example, the “Above the World” theme invests in the HSBC FTSE All-World index, comprising multiple large companies globally, with a fee of 0.13%. Other themes include the “home team” for UK-centric investments and the “robo revolution” for funds focused on robotics companies.
Any other? Enjoy competitive interest rates of 4.25% (variable) on uninvested cash.
DODL’s “Robo Revolution” fund invests in robotics companies. Photo: costfoto/nurphoto/rex/shutterstock
Wealthify
Who? Established in 2014 and currently owned by insurance leader Aviva, Wealthify serves around 100,000 users with a strong emphasis on simplicity and avoiding jargon.
Minimum investment: Currently, ISAs start at £1, and pensions require £50, but from June 25th, junior ISAs will also start at £1 while stocks and shares ISAs and pensions will begin at £500.
Investment Choice: Wealthify has five risk levels: cautious, tentative, confident, ambitious, and adventurous. The cautious portfolio contains 85% government debt assets and just 5% company stock. In contrast, the adventurous options comprise 74% stocks and 14% government bonds, including investments in real estate and infrastructure.
Fee: A platform fee of 0.6% covers portfolio management costs. The investment cost can be 0.16% for typical portfolios and 0.7% for ethical options. This results in an annual fee of £22.80 for a £3,000 investment in a standard portfolio or £39 for ethical options. There’s no minimum fee.
We like: The Outlook page provides a concise overview of investment regions and assets, offering a convenient way for investors to gain insights without extensive research.
Any other? Wealthify showcases numerous customer service awards on its site—a reminder to consider factors beyond fees and investment variety. Always conduct your own research and review independent evaluations before choosing a provider.
MoneyFarm
Who? Originating in Italy, MoneyFarm expanded to the UK market in 2016. It currently supports around 160,000 active users and manages over £5 billion in assets, backed by major investment firms including M&G and Allianz.
Minimum investment: £500.
Investment Choice: Managed funds feature seven risk levels, regularly revised by their investment teams. For example, the 6/7 risk option includes 72% developed market company assets and 10% from emerging markets, while the 2/7 risk option primarily invests in bonds.
Fee: Those investing £3,000 in a proactively managed option incur a 0.3% fee in addition to a 0.75% management fee, totaling approximately £31.56 a year. For fixed allocation options adjusted annually, the management fee ranges from 0.17% to 0.45%, resulting in a total of around 0.62% or about £18.60 annually.
We like: The platform provides a clear breakdown of each portfolio, detailing investments by asset type, region, and sector, along with concise explanations.
Any other? Similar to many of these apps, MoneyFarm allows you to apply environmental, social, and governance (ESG) criteria to your investments, which can lead to tailored options excluding industries like heavy polluters and companies with poor human rights records. However, opting for this may increase costs.
Some ETFs (Exchange Traded Funds) track the prices of products, such as gold. Photo: LeonhardFöger/Reuters
You need to know
Before opting for a robo-advice app or service, ensure that the firm is regulated by the UK’s Financial Conduct Authority (FCA).
Make sure the provider is a member of the Financial Services Compensation Scheme (FSC), which safeguards up to £85,000 in funds should the provider collapse.
Most platforms have various account types available, but ISA stocks and shares typically offer the best returns. You can contribute up to £20,000 per year into an ISA, allowing all interest and growth to be exempt from HMRC, keeping all your earnings intact.
Regarding fees, expect a percentage of your investment to be charged. For instance, investing £1,000 with a 1% fee would incur a £10 annual charge. However, be sure to verify the exact fees, as minimum charges may apply.
Reports indicate that Meta is preparing to unveil a substantial $15 billion (£11 billion) bid aimed at achieving computerized “Superintelligence.”
The competition in Silicon Valley to lead in artificial intelligence is intensifying, even as many current AI systems show inconsistent performance.
Meta CEO Mark Zuckerberg is set to announce the acquisition of a 49% stake in Scale AI, which is led by King Alexandre and co-founded by Lucie Guo. This strategic move has been described by one analyst in Silicon Valley as a “wartime CEO” initiative.
Superintelligence refers to an AI that can outperform humans across all tasks. Currently, AI systems have not yet achieved the same capabilities as humans, a condition known as Artificial General Intelligence (AGI). Recent studies reveal that many prominent AI systems falter when tackling highly complex problems.
Following notable progress from competitors like Sam Altman’s OpenAI and Google, as well as substantial investments in the underperforming Metaverse concept, observers are questioning whether Meta’s renewed focus on AI can restore its competitive edge and drive meaningful advancements.
Meta’s initiative has sparked fresh calls for the European government to embark on its own transparent research endeavors, ensuring robust technological development while fostering public trust, akin to the Swiss CERN European Nuclear Research Institute.
Michael Wooldridge, a professor at the Oxford University Foundation for Artificial Intelligence, stated, “They are maximizing their use of AI. We cannot assume that we fully understand or trust the technology we are creating. It’s crucial that governments collaborate to develop AI openly and rigorously, much like the importance of CERN and particle accelerators.”
Wooldridge commented that the reported acquisition appears to be Meta’s effort to reclaim its competitive edge following the Metaverse’s lackluster reception, noting that the company invested significantly in that venture.
However, he pointed out that the state of AI development remains uneven, with AGI still a distant goal, and “Superintelligence” being even more elusive.
“We have AI that can achieve remarkable feats, yet it struggles with tasks that capable GCSE students can perform,” he remarked.
Andrew Rogoiski, director of partnerships and innovation at the University of Surrey’s People-centered AI Institute, observed, “Meta’s approach to AI differs from that of OpenAI or Humanity. For Meta, AI is not a core mission, but rather an enabler of its broader business strategy.”
“This allows them to take a longer-term view, rather than feeling rushed to achieve AGI,” he added.
Reports indicate that King is expected to take on a significant role within Meta.
Meta has chosen not to comment at this time. Scale AI will be reached for additional comments.
On Tuesday, Donald Trump’s media organization announced that institutional investors are set to acquire $2.5 billion in stock, with plans to build Bitcoin reserves from the generated revenue.
Around 50 institutional investors are expected to put $1.5 billion into a private placement for Trump Media and Technology Group, the firm behind Truth Social, along with a $1 billion conversion of senior notes into common stock, as per the company’s statement.
Trump Media aims to utilize its revenues to establish a “Bitcoin Treasury Department.” This initiative will mirror the president’s actions and develop a “strategic Bitcoin Reserve” for the U.S. government.
Devin Nunes, former Congressman and current CEO and Chairman of Trump Media, stated in a press release: “We view Bitcoin as the pinnacle of financial freedom. Currently, Trump Media holds cryptocurrency as a significant portion of their assets. Nunes added that purchasing a substantial amount of Bitcoin will enhance subscription payments and promote a true social “utility token,” which is a form of cryptocurrency used for app purchases on a designated blockchain.
During his initial term, Trump, who once described cryptocurrency as “not money,” critiquing its value as “based on thin air,” has since shifted his perspective on technology. He was the first major candidate to accept donations in cryptocurrency during his campaign. Since assuming office, he has introduced his own cryptocurrency.
Just last week, Trump compensated 220 individuals involved in another cryptocurrency venture, Trump’s Memecoin, leading to allegations that he has blurred the lines between his responsibilities as president and personal interests during a lavish dinner at a luxury golf club in Northern Virginia.
At an event hosted at his Mar-A-Lago club in Florida during the May 2024 presidential election, Trump received confirmation that supporters from the cryptocurrency sector would significantly fund his re-election. He plans to address major Bitcoin events throughout the campaign, with Vice President JD Vance scheduled to speak at a gathering this week.
Brazil Takes the Lead in Funding Forest Conservation
Luiz Claudio Marigo/Nature Picture Library/Alamy
During the COP30 Climate Summit in November, a coalition of countries led by Brazil introduces a groundbreaking initiative aimed at compensating tropical nations for sustaining their forest ecosystems.
The Tropical Forests Forever Facility (TFFF) secures funding through investments rather than relying solely on donations or the sale of carbon credits.
“We need to explore new fundraising avenues for tropical forests. This innovative fund has the potential to play a vital role in complementing traditional grant-based funding and, more importantly, reducing our dependency on carbon trading,” states Kate Dooley, from the University of Melbourne, Australia.
The fund is positioned as a substitute for the carbon market, offering businesses a means to offset their emissions by financing forest protection. While it was once seen as a promising strategy for generating funds from the private sector, it has faced significant backlash for favoring corporate profits over environmental benefits.
A major benefit of TFFF is its straightforward approach. Rather than estimating how much carbon is stored in forests or assessing their vulnerability, the initiative compensates for the intact forest canopy each year, monitored through satellite technology.
“Our team approached the Brazilian government in 2023,” explains Pedro Moura Costa, an expert in environmental finance.
Unlike government donations that can be inconsistent and withdrawable at any moment, this fund is designed for sustainability.
The project’s planners aim to secure a $25 billion sovereignty loan from the government along with an additional $100 billion from private investors. These funds will be directed towards corporate bonds and green energy initiatives, particularly avoiding industries tied to deforestation.
After ensuring a fixed return for investors, any profits generated will flow directly to tropical nations for forest conservation efforts. This includes expanding conservation agencies. Crucially, 20% of the resources must be allocated to Indigenous communities, with TFFF collaborating closely with the Global Alliance of Territorial Communities, advocating for Indigenous rights.
The funds projected can generate $4 billion annually, which is sufficient to offer $4 every year per hectare of tropical forest preserved. Conversely, for every hectare lost, $100 will be deducted from government payments. Moura states it takes 100 years for primary tropical forests to regenerate, demanding a high level of responsibility.
However, the current proposal defines an undisturbed forest as having only 20% canopy cover, raising concerns of potential overexploitation. Dooley warns that “fires often indicate degradation rather than being its cause,” pointing out flaws in using fire metrics for monitoring.
Several environmental organizations and climate finance analysts have expressed strong disapproval of this concept. They argue that wealthier nations should provide direct financial support to poorer countries rather than investing in uncertain ventures. Frederick Hash from the Green Finance Observatory, which evaluates private investments in green opportunities, states, “Conservation funds are vulnerable to future economic shifts, interest rates, and fund management capabilities. This differs markedly from grants, and may not meet the expectations of a fund aimed at addressing our critical ecological challenges.” He adds that the promised 20% for Indigenous peoples “seems insufficient and fails to acknowledge their valuable contributions.”
Despite insufficient donor funding for conservation and the looming threat of surpassing the Paris Agreement’s 1.5°C warming limit, advocates argue there is an urgent need for practical alternatives to grant-based support.
“To initiate substantial change, we must devise new, innovative strategies where environmental protection becomes self-funding and is no longer dependent on grants or handouts. Without this, we may face failure,” remarks Moura.
“There must be a mechanism to compensate those safeguarding nature and preserving forests.” Simon Zadeck, a climate adaptation consultant and investment platform expert, adds, “Funding sources might include domestic finances and philanthropy, alongside income from natural products like nuts and timber, but these are insufficient alone. Thus, we need to promote creative funding solutions.”
If TFFF can achieve its $125 billion goal, it will represent the most significant single funding source in history for forest conservation. It may even surpass Brazil’s current environmental budget.
However, the success of this initiative hinges on attracting enough capital during what international experts identify as a particularly challenging economic landscape.
“This geoeconomic environment presents significant obstacles for such an ambitious project,” says Zadek. “Public finances are strained, and private investment is currently focused on short- to medium-term returns.”
Pfizer CEO Albert Bourla remarked on Tuesday that uncertainties surrounding President Donald Trump’s Drug Tariff are hindering the company’s ability to pursue further investments in U.S. manufacturing and R&D.
During the company’s Q1 Revenue Call, Bourla responded to inquiries about Pfizer’s expectations regarding tariff negotiations, emphasizing the need for increased investments in the U.S.
“If there’s a guarantee of no tariffs… significant investments could be made in both R&D and manufacturing here,” Bourla stated, emphasizing the company’s desire for “certainty.”
“In times of uncertainty, everyone is focused on minimizing costs, as we are, leading to frugal investment practices. We are poised to allocate funds; that’s what I hope to see,” Bourla commented.
He highlighted that the current tax climate, which previously favored overseas manufacturing, is “undergoing significant changes” with the establishment of a global minimum tax around 15%. Bourla expressed concerns that these changes alone do not necessarily make the U.S. a more appealing investment destination without added tariff incentives or clarity.
“I spoke with [Trump], and I believe he aims to modify the existing tax framework, particularly for domestically produced goods,” Bourla said, indicating that further reductions could incentivize U.S. manufacturing.
In contrast to other companies navigating shifting trade policies, Pfizer did not alter its full-year forecast on Tuesday. Nevertheless, the company noted in a revenue statement that its guidance “currently does not account for any potential impacts related to future tariffs or trade policy changes, which remain unpredictable.”
In the revenue call, Pfizer executives mentioned that the guidance reflects $150 million in expenses attributed to Trump’s existing tariffs.
“The guidance we didn’t address today includes some of the current tariffs,” stated Pfizer CFO Dave Denton over the phone.
“We believe we are still trending towards the upper end of the guidance range, even with these costs this year,” he added.
During a recent 24-hour swing through Copenhagen, Eric Thlesinger, a former CIA executive turned venture capitalist, met with a Maritime Drone engineer and advisor to NATO. He also had dinner with a senior UK intelligence official in London and visited the Arctic to study techniques for extreme climates.
Mr. Thlesinger’s packed schedule reflects his shift from CIA work to focusing on European defense and national security technology. He has become a sought-after investor in defense startups, supporting eight companies with negotiations underway for several more.
“This is all happening at Warp Speed,” Slesinger commented on his rapid career transformation.
In response to President Trump’s questioning of transatlantic relations, European governments are planning significant investments in defense technology. This has sparked a race among engineers, entrepreneurs, and investors to capitalize on the boom in defense startups.
Mr. Thlesinger’s move to Europe four years ago foresaw the need for increased defense spending as US protection was no longer guaranteed. His venture capital firm, 201 Ventures, is now investing in European startups focused on defense technology.
His first investments include companies in maritime drones, manufacturing technology, artificial intelligence, and polar vehicles.
Recognizing Europe’s need to catch up in defense technology, Mr. Thlesinger’s 201 Ventures received support from the NATO Innovation Fund. His national security experience is valuable in identifying companies with the capabilities to win government contracts.
Slesinger’s unconventional path from CIA engineer to venture capitalist reflects his vision for reshaping Europe’s defense industry. His investments aim to bridge the technology gap and prepare for future military transformations.
With geopolitical shifts and heightened security concerns, European countries are reevaluating their defense capabilities. Mr. Thlesinger’s European Defense Investor Network is at the forefront of connecting investors and entrepreneurs in this rapidly evolving landscape.
Thlesinger’s global travels and investments reflect his commitment to advancing European defense technology. From the Arctic to Switzerland, he explores cutting-edge technologies and potential partnerships.
Following calls for increased military spending in Europe, Slesinger anticipates a surge in demand for defense startups. The Munich Security Conference highlighted the shifting alliances and the need for European countries to rely less on the US for security.
As questions persist about his CIA background, Mr. Thlesinger remains focused on his mission to support innovation in European defense technology.
MrBeast, the world’s largest YouTube star, is planning to raise hundreds of millions of dollars in a move that could value the company at approximately $5 billion (£3.9 billion).
The YouTuber, whose real name is Jimmy Donaldson, has reportedly been in discussions with various wealthy individuals and financial companies regarding participation in the investment round.
The funds are intended to establish a holding company for his expanding empire, which includes a video production company, a chocolate brand called Feast, and a snack business named Lunch. According to Bloomberg, the money could also be used to expand his media and merchandise packaging business.
The talks regarding potential funding are still in the early stages, and it is unclear who will invest and at what valuation. This would not be his first fundraising round, as he has previously secured investments from companies such as New York-based Alpha Wave Global.
If successful, the new funds would help Donaldson further expand his business. With over 368 million subscribers on his channel, he is already the world’s largest YouTuber.
The 26-year-old from Wichita, Kansas, is known for his videos featuring stunts, challenges, and cash giveaways. One of his most popular viral videos involved recreating the set from the Netflix series Squid Game, costing $3.5 million. The challenge had 456 participants competing for a prize of $456,000.
He has also launched the reality competition show “Beast Games” on Amazon, which had limited viewership last month.
Like many YouTubers, Donaldson started on the platform in 2012 and has since ventured into food brands like Fastables and MrBeast Burgers.
Despite earning tens of millions of dollars annually, he is also known for his charitable efforts. Much of his earnings are reinvested into his videos and philanthropy.
However, his work has not been without criticism. He has faced backlash for a history of homophobic comments as a teenager and being a demanding employer. Some have labeled his content as “poverty porn,” claiming that people only benefit from cash, prizes, and gifts by appearing in his videos. Despite the criticism, his efforts to fund cataract surgery for 1,000 people to restore their vision were praised by charities.
Major technology giants criticized their competitors following Donald Trump’s announcement of significant investments in AI the day before.
President Trump revealed Stargate, a $500 billion initiative funded by OpenAI, Oracle, and SoftBank. The announcement featured leaders from both companies: Sam Altman, Larry Ellison, and Masayoshi Son, with Son as the project chairman. A representative from Abu Dhabi’s state-run AI fund MGX, another major investor, was notably absent.
The partnership aims to establish data centers and computing infrastructure crucial for AI development. While the initial investment amount is substantial, estimates suggest that developing AI will require as much funding.
Notably missing from the event was Elon Musk, CEO of Tesla, SpaceX, and xAI, who is also the wealthiest person globally. Despite Musk’s close ties to Trump and rumored office in the White House, he dismissed Stargate as a financial sham the following night.
When OpenAI announced on X (Musk’s social network) that they would immediately deploy $100 billion, Musk countered, stating that they lacked the funds and criticizing SoftBank’s funding of less than $10 billion. Musk, with a net worth of about $430 billion, tweets prolifically on a variety of subjects.
President Trump has yet to respond to Musk’s comments, focusing instead on Melania’s anniversary on his social network, Truth Social.
Musk continued his criticism on Twitter, sharing a leaked image of a research tool supposedly used to calculate Stargate’s $500 billion cost. He spent much of Wednesday afternoon attacking the project.
Sam Altman initially praised Musk’s work but later questioned his motives for criticizing SoftBank. Satya Nadella, CEO of Microsoft, responded diplomatically when asked about the situation, emphasizing Microsoft’s plans to invest in Azure.
The tension between Musk and Altman dates back to their history at OpenAI, where Musk eventually parted ways with Altman. The heads of Oracle and SoftBank involved in Stargate have not yet spoken on the matter.
I
In the summer of 2020, amidst the disruption caused by the coronavirus pandemic on economies worldwide, an overlooked American software company made a bold decision to diversify. MicroStrategy, located near a shopping mall and subway station in Tysons Corner, Virginia, felt that its traditional “software-as-a-service” business was not daring enough.
Instead, the company announced its plans to broaden its horizons by investing up to $250 million in alternative assets, including stocks, bonds, commodities like gold, digital assets such as Bitcoin, and other types of assets.
Fast forward less than five years later, and the sideline in Bitcoin has propelled MicroStrategy to new heights. The company’s stock price has skyrocketed by 20 times, pushing its market capitalization to nearly $75 billion, with its stock entering the Nasdaq 100 index of leading technology companies.
Co-founder and chairman Michael Saylor took a risk to embrace digital currencies after Donald Trump’s election victory, despite concerns about potential threats from volatile crypto prices. MicroStrategy has now become a preferred choice among UK investors as the token’s value has surged.
Saylor’s strategic vision transformed the company into the world’s first “Bitcoin treasury company.” MicroStrategy’s relentless pursuit involves a cycle where issuing bonds to purchase Bitcoin drives up MSTR stock prices, leading to more bond offerings to acquire additional Bitcoin.
Interestingly, Saylor likened Bitcoin to Manhattan real estate in 1650 and emphasized the company’s commitment to quarterly Bitcoin acquisitions.
Critics argue that Manhattan real estate provides stable rental income and potential property value appreciation. However, Saylor focuses on BTC yield, a key metric tracked by MicroStrategy to monitor the ratio of Bitcoin holdings to the company’s stock.
While some may feel they missed the boat with Bitcoin reaching $100,000 in December, Saylor confidently stated that he would buy $1 billion worth of Bitcoin daily even at that price.
Portfolio manager Michael Lebowitz criticized MicroStrategy for essentially “ripping off investors,” citing increased optimism about Bitcoin and heightened stock price volatility.
MicroStrategy’s financial results showed a decline in total revenue and a significant increase in net losses in the third quarter of 2024. Despite this, the company became the top stock choice for UK investors through Interactive Investor.
By the end of December, MicroStrategy had invested $27.9 billion to acquire a total of 446,400 Bitcoins. This represented around 2% of the total Bitcoin supply and was valued at approximately $42 billion at that time.
This strategic approach significantly boosted MicroStrategy’s stock price by almost 400% in 2024, with Bitcoin’s value doubling within that year.
MicroStrategy’s inclusion in the Nasdaq 100 index was expected to accelerate the flywheel effect, as index-tracking ETFs would automatically purchase the company’s stock. This move was likened to Bitcoin entering the Nasdaq by industry analysts.
However, investors who bought in November might have witnessed a drop in value, as MicroStrategy’s stock price surged by 58% in November but declined over 20% in December.
In October, MicroStrategy unveiled plans to issue $21 billion in stock and bonds over the next three years to fund further Bitcoin acquisitions.
Shortly before Christmas, the company sought approval from shareholders to issue billions of additional shares, significantly increasing the number of Class A common stock.
MicroStrategy has become an attractive option for investors seeking exposure to Bitcoin without directly owning the cryptocurrency. Shares can be held through various accounts like Roth IRAs or ISAs.
Industry experts view MicroStrategy as a “Bitcoin agency,” catering to risk-tolerant investors seeking exposure to the cryptocurrency. The significant surge in Bitcoin prices, especially during specific periods, has further fueled interest in the company.
An essential component of MicroStrategy’s strategy involves issuing convertible debt with minimal or no interest payments. These instruments provide investors exposure to Bitcoin by converting into stock if the company’s value surges.
In December, MicroStrategy sold $3 billion in convertible notes without interest, convertible into stock at a premium above the stock price on the sale date.
Lebowitz cautioned that convertible note holders would profit only if the company’s stock price exceeds the conversion price upon maturity, potentially missing out on interest payments elsewhere.
MicroStrategy’s heavy reliance on Bitcoin holdings has led to the company being dubbed a leveraged Bitcoin holder, carrying significant risks in case of a market downturn.
Before embracing Bitcoin, Saylor faced a significant financial setback in 2000, losing billions of personal wealth in a day. MicroStrategy had to revise its earnings, leading to a steep decline in its stock price.
MicroStrategy is not alone in aspiring to benefit from the Bitcoin boom. Other players like Riot Platforms and Tesla have joined the trend, while Microsoft shareholders recently voted against adding Bitcoin to the company’s balance sheet.
Analysts have raised concerns about MicroStrategy’s vulnerability to Bitcoin price fluctuations, emphasizing the importance of Bitcoin’s sustained growth for the company’s success.
While Bitcoin enthusiasts believe in its resilience, the future of MicroStrategy’s strategy remains uncertain, particularly in the face of market volatility.
Indonesia has prohibited Apple from marketing and selling the iPhone 16 model due to non-compliance with local investment regulations, as stated by the Indonesian Ministry of Industry.
Despite Southeast Asia’s largest economy having a significant population of young, tech-savvy individuals with over 100 million people under the age of 30, Apple does not have an official store in the country. Those interested in Apple products resort to purchasing them from resale platforms.
A spokesperson for Indonesia’s Ministry of Industry revealed that imported iPhone 16 model phones released in September cannot be sold in the country because Apple’s local division fails to meet the requirement of 40% of the phones being manufactured with local parts.
“iPhone 16 devices imported by registered importers are currently not permitted for sale in the country,” stated ministry spokesperson Febri Hendry Antoni Arif on Friday.
“Apple Indonesia…has not fulfilled its investment commitments to obtain certification.”
To meet this criteria, Apple would need to invest in Indonesia and source materials for iPhone parts from the country, as reported by local media outlets. Apple had previously pledged Rp 1.7 trillion in investments in Indonesia but had only invested Rp 1.5 trillion by the beginning of the month.
Apple has not responded to inquiries from the Guardian.
The ministry clarified that new Apple mobile phones can be brought into Indonesia as long as they are not intended for commercial trade.
An estimated 9,000 new models have been imported into the country of approximately 280 million people. Although these products entered the country legally, selling them in Indonesia would be considered illegal.
Past bans imposed in Indonesia, similar to the one on Apple, have been aimed at promoting domestic production. However, the outcomes have been mixed.
According to Counterpoint Research, China’s Xiaomi, Oppo, Vivo, and South Korea’s Samsung dominated Indonesia’s smartphone market shipment share in the second quarter of this year.
The absence of Apple in Indonesia signifies a missed opportunity for the company, which has experienced success in other parts of Asia. Indonesia currently has more mobile phones in use than its population.
In April, Apple CEO Tim Cook visited Indonesia to explore investment opportunities in Southeast Asia’s largest economy and diversify its supply chain away from China. He engaged in discussions with then-President Joko Widodo and his successor Prabowo Subianto after Apple announced plans to expand its developer academy in the country.
Andrew Carter and Adam DiMartino launched Smallhold in 2017 with a goal of providing mushrooms to more people. Carter believed that mushrooms are highly sustainable in terms of water, waste, plastic use, and emissions. Over the years, Smallhold has successfully introduced specialty mushrooms like shiitake, green oysters, and trumpet mushrooms to grocery stores and households across America.
As mushrooms gained popularity as a symbol of sustainability during the pandemic, Smallhold found success and attention from the media, resulting in a valuation of $90 million. Despite starting in a Brooklyn shipping container, the brand expanded rapidly with farms in New York, Texas, and California, selling in 1,400 stores nationwide.
Smallhold’s co-founders, DeMartino and Carter, believe in promoting sustainability and reducing waste in the food industry. However, the company faced challenges when the founders resigned, leading to Smallhold filing for bankruptcy. Although the brand was acquired and reorganized, it struggled to maintain its original vision, closing farms and reducing staff.
For entrepreneurs, Smallhold’s journey serves as a lesson on finding a niche beyond sustainability and ensuring economic sustainability. While the company focused on unique mushroom varieties and sustainable practices, it also built a strong brand through aesthetics and social media. It’s crucial for startups to deliver quality products, maintain profitability, and avoid excessive reliance on venture capital.
In the evolving landscape of food startups, lessons can be learned from Smallhold’s experience. By combining sustainability with quality, variety, and branding, companies can attract customers and thrive in the market. Innovating in the food industry requires a balance between financial responsibility and sustainability goals, defining success on your own terms.
Meta shares saw a rise in after-hours trading on Wednesday following a positive earnings report, as the company continues to heavily invest in AI tools.
After the report, the company’s shares increased by about 5%, surpassing analysts’ expectations for the second quarter results.
Meta, the parent company of Facebook, Instagram, and WhatsApp, disclosed revenue of $39.07 billion and earnings per share of $5.16. These results exceeded market expectations of $38 billion in revenue and $4.70 per share. However, the company’s capital expenditures of $8.47 billion were lower than what analysts had anticipated.
In a statement, Meta CEO Mark Zuckerberg expressed optimism about the company’s performance, highlighting Meta’s AI advancements, the success of Ray-Ban Meta AI glasses, and growth across their apps.
While Meta had reported strong profits in the previous quarter, there were concerns about its future outlook, causing a temporary drop in stock prices. However, a positive earnings forecast issued by Meta on Wednesday helped stabilize the stock.
Meta’s recent focus has been on AI development, with plans to make Meta AI accessible to millions of users. The company recently launched its latest AI model, LLama 3.1 405B, to compete with other AI companies.
Tech giants such as Alphabet, Tesla, and Microsoft have faced challenges in the market recently due to lackluster financial reports related to their AI investments. This has led to a market shift towards smaller companies.
In addition to its financial performance, Meta has also been dealing with legal issues, including a $1.4 billion settlement in a Texas privacy lawsuit and a lawsuit in New Mexico related to child safety concerns.
It’s fair to say the luster of the AI boom is fading. Skyrocketing valuations are starting to look shaky compared to the massive spending required to keep them going. Over the weekend, tech site The Information reported that OpenAI is An astonishing $5 billion in additional spending is expected More than this year alone:
If our predictions are correct, OpenAI’s recent valuation would be $80bnwill need to raise more capital over the next 12 months or so. Our analysis is based on informed estimates of what OpenAI will spend to operate the ChatGPT chatbot and train future large-scale language models, as well as a “guesstimate” of how much OpenAI will spend on staffing, based on OpenAI’s previous projections and our knowledge of its adoption. Our conclusion shows exactly why so many investors are concerned about the profit prospects of conversational artificial intelligence.
The most pessimistic view is that AI — and especially chatbots, an expensive and competitive sector of an industry that has captured the public’s imagination — isn’t as good as we’ve been told.
This argument suggests that as adoption grows and iteration slows, most people have had a chance to use cutting-edge AI properly and are beginning to realize that it’s great but probably useless. The first time you use ChatGPT, it’s a miracle, but by the 100th time, the flaws are obvious and the magic fades into the background. You decide ChatGPT is bullshit.
In this paper, I argue against the view that ChatGPT and others are lying or hallucinating when they make false claims, and support the position that what they are doing is bullshit. … Since these programs themselves could not care less about the truth, and are designed to generate text that looks true without actually caring about the truth, it seems appropriate to call their output bullshit.
Get them trained
It is estimated that only a handful of jobs will be completely eliminated by AI. Photo: Bim/Getty Images/iStockphoto
I don’t think it’s that bad. But that’s not because the system is perfect. I think the move to AI is a hurdle we’ve got to overcome much earlier. You have to try a chatbot in any meaningful way to even begin to realize it’s bullshit and give up. And judging by the tech industry’s response, that’s starting to become a bigger hurdle. Last Thursday, I reported on how Google is partnering with a network of small businesses and several academy trusts to bring AI into the workplace to enhance, rather than replace, worker capabilities. Debbie Weinstein, managing director of Google UK and Ireland, said:
It’s hard for us to talk about this right now because we don’t know exactly what’s going to happen. What we do know is that the first step is to sit down and talk. [with the partners] And then really understanding the use case. If you have school administrators and students in the classroom, what are the specific tasks that you actually want to perform for these people?
For teachers, this could be a quick email with ideas on how to use Gemini in their lesson plans, formal classroom training, or one-on-one coaching. Various pilot programs will be run with 1,200 participants, with each group having around 100 participants.
One way of looking at this is that it’s just another feel-good investment in the upskilling schemes of big companies. Google in particular has been helping to upskill Brits for years with its digital training scheme, formerly branded as the company’s “Digital Garage”. To put it more cynically, teaching people how to use new technology by teaching them how to use your own tools is good business. Brits of a certain age will vividly remember “IT” or “ICT” classes as thinly veiled instructions on how to use Microsoft Office. People older and younger than me learned some basic computer programming. I learned how to use Microsoft Access.
In this case, it’s something deeper: Google needs to go beyond simply teaching people how to use AI and also run experiments to figure out what exactly to teach them. “This isn’t about a fundamental rethinking of how we understand technology, it’s about the little everyday things that make work a little more productive and a little more enjoyable,” Weinstein says. “Today, we have tools that make work a little easier. Those three minutes you save every time you write an email.
“Our goal is to make sure that everyone can benefit from technology, whether it’s Google technology or other companies’ technology. And I think the general idea of working together with tools that help make your life more efficient is something that everyone can benefit from.”
Ever since ChatGPT came out, the underlying assumption has been that the technology speaks for itself, and the fact that it literally does is a big help to that. But chat interfaces are confusing. Even if you’re dealing with a real human being, it’s still a skill to get the best out of them when you need help, and an even better skill when the only way to communicate with them is through text chat.
AI chatbots are not people. They are so unlike humans that it’s all the more difficult to even think about how they might fit into common work patterns. The pessimistic view of this technology isn’t “what if there wasn’t one there” – there is, of course, a pessimistic view, despite all the hallucinations and nonsense. Rather, it’s a much simpler view: what if most people never bothered to learn how to use them?
Google DeepMind has trained its new AI system to solve problems from the International Mathematical Olympiad. Photo: Pittinan Piyavatin/Alamy
Meanwhile, elsewhere in Google it reads:
Although computers are being built to perform calculations faster than humans, the highest levels of formal mathematics remain the sole domain of humans. But a groundbreaking discovery by researchers at Google DeepMind has brought AI systems closer than ever to beating the best human mathematicians at the field.
Two new systems, called AlphaProof and AlphaGeometry 2, worked together to tackle problems in the International Mathematical Olympiad, a worldwide math competition for middle school students. 1959Each year, the Olympiad consists of six incredibly difficult problems covering subjects such as algebra, geometry and number theory, and winning a gold medal makes you one of the best young mathematicians in the world.
A word of warning: the Google DeepMind system solved “only” four of the six problems, and one of them they solved using a “neurosymbolic” system, which is less AI-like than you might expect. All problems were manually translated into a programming language called Lean, which allows the system to read it as a formal description of the problem without having to parse human-readable text first. (Google DeepMind also tried to use LLM to do this part, but it didn’t work very well.)
But this is still a pretty big step. The International Mathematical Olympiad difficultand AI won the medal. What happens when you win the gold medal? Is there a big difference between being able to solve problems that only the best high school mathematicians could tackle and being able to solve problems that only the best undergraduates, graduate students, and doctors could solve? What changes when a branch of science is automated?
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Microsoft’s significant investment in artificial intelligence continues to yield positive results, surpassing Wall Street expectations in the latest quarter.
Tech giants have poured billions into AI to boost the growth of cloud computing services, resulting in a more than 20% increase in cloud computing revenue.
According to Microsoft CEO Satya Nadella, the company’s AI tools are ushering in a new era of AI transformation, delivering enhanced business outcomes across various industries.
Nadella highlighted the accelerated integration of AI into Microsoft’s software and services, noting significant upticks in deals within the Azure cloud computing business, along with the introduction of Copilot AI software add-ons for small and medium-sized businesses.
Microsoft’s total revenue for the third quarter of fiscal 2024 rose by 17% to $61.86 billion, exceeding analysts’ projections. Earnings per share also increased by 20% to $2.94.
Following the positive earnings report, Microsoft’s shares saw a 4% rise in after-hours trading on Thursday.
With a market value close to $3 trillion, Microsoft remains the largest publicly traded company globally. The company’s stock price has grown by over 30% in the past year.
Microsoft’s strategic investments include acquiring ChatGPT developer OpenAI, positioning itself as a key player in the AI landscape and attracting industry talent.
The company is now focusing on leveraging its strong position in AI, as evidenced by AI contributing 6% to Azure’s revenue growth in the final months of 2023.
In addition, the integration of AI features into LinkedIn has boosted engagement on the platform, leading to a revenue increase of 10%.
Microsoft has secured notable AI deals, including a significant partnership with Coca-Cola for AI and cloud computing services, underscoring the company’s commitment to advancing AI technologies.
Merlin Chain, native Bitcoin Layer2, announced Funding round from 24 investors including OKX Ventures, ABCDE, Foresight Ventures and Arcstream Capital.
Merlin Chain provides a native scaling solution that integrates the ZK-Rollup network, a decentralized oracle network, and an on-chain BTC anti-fraud module. We are committed to enhancing Bitcoin's native assets, protocols, and products at Layer 1 and making Bitcoin fun again.
Merlin Chain is built by Bitmap Tech, a top-notch OG team with a collective market capitalization of over $500 million. BRC-420”blue boxBitmap Tech's collection has become one of Ordinals' most popular assets, rising from a registration cost of $0.15 to an ATH floor of $34,000, reaching the third-largest market capitalization behind BAYC and CryptoPunks.
Bitmap Tech, the team behind Merlin Chain, has been a strong believer in Bitcoin for many years and is very passionate about developing the Bitcoin ecosystem, rather than servicing other ecosystems. Through its work, it aims to bring more users and assets to Bitcoin. Bitcoin name.
This raise will allow the team to continue to strengthen its ecosystem and increase overall liquidity. So far, Merlin Chain has built a strong DApp ecosystem and plans further expansion.
Merlin Chain plans to launch its mainnet this week. After launch, Marlin Chain plans to host numerous staking events and distribute governance tokens through a “fair launch” with the aim of rewarding real users and builders.
About Marlin Chain
Merlin Chain is a Bitcoin Layer2 that integrates the ZK-Rollup network, decentralized oracle network, and on-chain. BTC Anti-fraud module. Merlin Chain is committed to powering Bitcoin's native assets, protocols, and products on Layer 1 through the Layer 2 network to make Bitcoin fun again. Merlin Chainis is a subsidiary product line of his OG team, Bitmap Tech, whose collective market capitalization exceeds $500 million. The BRC-420 “Blue Box” collection under Bitmap Tech has become one of Ordinals’ most popular assets.
Users can start following Merlin Chain twitter For further updates.
Mateo Greco, Research Analyst, Listed Digital Assets and FinTech Investment Business Finekia International (CSE:FNQ)
Bitcoin (BTC) ended the week at around $41,600, down just 0.4% from the previous week's closing price of around $41,750. Prices have become less volatile and more stable following the SEC's approval of the ETF compared to the previous week, putting an end to speculation on the issue.
The introduction of the new BTC Spot ETF has attracted funds from traditional finance to the digital asset market. The 11 spot ETFs have collectively attracted approximately $1.15 billion in cumulative inflows since inception. Leading the pack is the BlackRock Spot ETF with about $1.4 billion in assets under management (AUM), followed closely by the Fidelity Spot ETF with about $1.26 billion in assets under management.
This inflow was partially offset by the fact that one of the 11 spot ETFs launched was Grayscale Bitcoin Trust (GBTC). GBTC is not a new product; it has been traded in trust since 2015, but was converted to an ETF. The product has experienced significant outflows of approximately $2.81 billion since the conversion, with total inflows for the 11BTC Spot ETF decreasing from approximately $3.96 billion to $1.15 billion.
At the time of the conversion, GBTC held approximately 620,000 BTC, which has now decreased to approximately 552,000 BTC. The large outflow can be attributed to two main factors. First, prior to the conversion, due to the structure of the product, GBTC customers were restricted from redeeming their shares and could only sell them on the secondary market. This forced many customers to hold positions for years without an exit option unless they were willing to sell at a deep discount on the secondary market. Second, the high management fee charged by Grayscale (1.5%) compared to most of its competitors (0.2%/0.3%) has led some investors to choose between cashing out their profits or offering a more cost-effective option. I withdrew my investment from Grayscale to reinvest in a high-performing ETF.
BTC spot ETFs recorded strong activity with high trading volumes. Since their launch, the cumulative trading volume of the 11 spot ETFs has reached approximately $16.6 billion in six trading days, or an average daily trading volume of approximately $2.77 billion. As expected, GBTC recorded the highest trading volume given the large amount of BTC being stored and the dynamic activity related to the conversion of trusts into ETFs.
With the successful launch of the BTC Spot ETF, market participants and analysts are now focusing on the potential for the ETF to include a variety of digital assets. Analysts predict an Ethereum (ETH) spot ETF has a greater than 70% chance of approval this year. This expectation is reinforced by analyzing the price trend of ETH. Immediately after the approval of the BTC Spot ETF, funds were transferred from BTC to ETH. ETH rose 17% versus BTC and 11% in dollar terms during the week of approval. This indicates that market participants are anticipating the approval of the ETH Spot ETF following the green light for the BTC Spot ETF and are adjusting their positions accordingly.
The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it is working with the FBI to investigate fake messages posted to the X social media account.
On Tuesday, hackers posted false news about an incident. A widely anticipated announcement SEC expected to announce on Bitcoin, leading the crypto world soaring prices and wary observers. An SEC spokesperson confirmed to the Guardian in a statement that the fraudulent posts to the @SECGov account were “not initiated or created by the SEC.”
“The SEC continues to investigate this matter and is coordinating with appropriate law enforcement agencies, including the SEC Office of Inspector General and the FBI,” the spokesperson said. The FBI did not immediately respond to a request for additional comment.
X confirmed late Tuesday, following a preliminary investigation, that the SEC's account was compromised when an unidentified person gained control through a third party and via a phone number associated with the account.
An erroneous post on @SECGov said securities regulators had approved holding Bitcoin in exchange-traded funds. The widely anticipated move was expected to bring Bitcoin more mainstream integration and encourage investment – and the initial SEC tweet sent Bitcoin's price soaring nearly $48,000.
The SEC removed the post about 30 minutes after it was posted, and SEC Chairman Gary Gensler said: Confirmed In a post shortly after, it said the agency's account had been compromised and the tweet was “fraudulent.” “The SEC has not approved the listing and trading of spot Bitcoin exchange products,” he said.
But on Wednesday, the S.E.C.Approving 11 Spot Bitcoin Exchange Traded Funds. This approval is a game-changer for Bitcoin, allowing institutional and retail investors to gain exposure to the world's largest cryptocurrency without directly owning Bitcoin, allowing FTX CEO Sam's massive This is a major boost for the cryptocurrency industry, which has been plagued by a series of scandals, including trials and convictions. Money laundering between Bankman Freed and cryptocurrency giant Binance.
“Retail investors seeking exposure to Bitcoin now have easier and more direct access to their assets through many top financial institutions,” said Digital Commerce, a cryptocurrency and blockchain advocacy organization. said Perianne Bowling, founder and CEO of the Chamber. “This alone is a transformational event for hundreds of millions of investors and the Bitcoin community.”
Akron Energy data center infrastructure company has closed a $110 million private funding round to expand its business, CEO Josh Payne exclusively tells TechCrunch.
The round was led by Bluesky Capital Management with participation from Kestrel 0x1, Nural Capital, and Florence Capital.
The company was founded in 2021 and started with a 5-megawatt site in Australia. Since then, its output has grown to over 130 MW, and it has expanded to other countries and regions such as the United States and Europe.
“These sites are attractive to both Bitcoin miners and AI.” [or] It’s a machine learning client that requires very high-powered computing,” Payne said. By the way, statistics show that 1 megawatt can power 400 to 900 homes per year. Nuclear Regulatory Commission.
Approximately $80 million will be used to acquire an additional 200 megawatts of capacity across new data centers in Ohio, North Carolina, and Texas as part of the company’s plan to increase its total megawatt capacity by 130% by mid-2024. be exposed. This is in addition to an existing 100-megawatt facility in Ohio that Akron purchased in June, Payne noted.
“The United States is an attractive market for us in many ways, primarily due to huge domestic customer demand, a mature and robust energy industry with multiple flexible deregulated markets, and a strong political and・Regulatory stability and attractiveness to institutional investors,” Payne said. “The United States has a wealth of underutilized and stranded generation assets that are connected to some of the lowest-cost power sources in the world, many of which are renewable.”
Payne said the majority of the company’s U.S. data center portfolio is made up of institutional-grade Bitcoin mining companies. “We are essentially landlords who own the underlying infrastructure assets.”
Akron’s business model is focused on strategically acquiring distressed data center assets around the world. “The current and future demand for data center capacity of all types seen around the world, especially in the United States, is unprecedented and huge. We have energy-intensive platforms that require significant amounts of electrical infrastructure.”
The remaining $30 million will be used to develop an artificial intelligence cloud services project at Akron’s data center in Norway to help serve the generative AI and large-scale language model training markets. “Over the past year, we have seen a significant acceleration in market demand for generative AI and large-scale learning model applications,” he said.
However, there is a lack of specialized physical infrastructure to power computers and support most of these products. Akron aims to fill that gap by providing the underlying infrastructure layer that the AI sector relies on.
Over the past year, with spot ETF approval looming, on top of Bitcoin’s potential growth and adoption in the mainstream institutional market, there has been a “meteorous rise in AI applications,” such as Akron’s Specialized data centers are “poised to continue to grow exponentially,” Payne said.
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You shouldn’t compare apples to oranges, but similarly, comparing iPhones and Android is a fool’s errand. After 11 years, Apple is finally phasing out the Lightning connector in favor of a more universal standard: USB-C. With a ton of products, there is a renewed conversation about silos and open standards. Apple has long drawn the ire of Android users who have been locked out of the iMessage standard, and workarounds have come and gone from time to time. These days, Android users can now send their iMessages to their iPhone users using an app called Beeper. To everyone’s surprise, Apple quickly shut it down, drawing attention from all angles, especially the Senate. Of course, neither Apple nor Android are startups, so what’s this doing as a Startups Weekly headline? Well, this is before products like Beeper disappear from existence again just as quickly. I think it will be a very good reminder that there is a possibility of explosively appearing on the scene. Whether you’re building on the Apple ecosystem or ChatGPT, or your company relies heavily on another service entirely, you’re placing your success entirely at the whims of a company over which you have little or no control. Not worth fixing. A small soapbox speech is unobtrusive. . . As we reach the middle of December, let’s take a look at what else happened in the startup world. A sea of rocks in the startup ecosystem Image credits: Diane Keogh (Opens in new window) / Getty Images In an epic plot twist, Omidyar Network, the philanthropic investment firm founded by eBay’s Pierre Omidyar, is bidding farewell to India after 13 years. Despite recent investment and public engagement, they have ceased operations, citing “significant changes in circumstances” and the rise of local philanthropy and venture capital. They boast a catalytic influence, but their sudden withdrawal after a difficult year (think of the fire sale of a startup that received support) has left many in India’s startup world perplexed. I’m letting you do it. Analysts fear this is part of a broader trend. Manish reported that Indian startups have raised about $7 billion in funding this year, down from about $25 billion in 2022 and $37 billion in 2021. Other venture and funding news: Shark fintech soup: SumUp, a fintech company for small and medium-sized businesses, is investing €285 million in a survival kit to fight the fintech storm. The company is planting its flag in new markets and adding shiny features to its payment methods, but the funding situation is as enticing as a shark tank. Despite boasting a brighter EBITDA outlook, customer numbers have remained unchanged for two years. Fintech is hard work, people. OpenAI is investing in India. In a bold move, OpenAI is integrating into India’s AI industry by enlisting former Twitter India chief executive Rishi Jaitly to act as a local watchdog. They are reportedly working towards setting up a team in India, but there is no formal presence yet, just a fledgling trademark. Jaitly helps OpenAI navigate India’s complex policy landscape. Rocket fuel is: In the latest ‘slow and steady doesn’t win the race’ move, Paris-based startup studio Hexa, which just closed $22 million in funding, has introduced Hexa Scale. This program targets his B2B companies that are stuck in the slump of linear growth and offers a lifeline back to the sexier world of exponential growth. AI movement Image credits: mathisworks/Getty Images Introducing Sarvam AI. The Indian startup is just a 5-month-old baby, but he has already raised a whopping $41 million in funding to strengthen its financial strength. Who said startups have to crawl before they can walk? Sarvam AI aims to build full-stack generative AI products, skipping the baby stage and jumping straight into the AI playground. is. They’re not just tinkering with language models; They are rethinking them with a focus on Indian languages and voice interfaces. It’s like watching a superhero origin story, but for an AI startup. If Sarvam‘s $41 million funding round wasn’t enough of a reminder that AI is smoldering, Parisian startup Mistral AI has raised a whopping $415 million in funding. Think about completing a round and just plainly saying “au revoir.” The company is passionate about shaping the future of AI with a distinctly European flair. Roman delves into why Silicon Valley needs to be cautious. This content was originally published on TechCrunch. Read the original article.
Kenyan e-commerce and fintech platform for mass market consumers copia global appointed John Lazarthe former CEO of Microsoft subsidiary Metaswitch, has joined the company’s board of directors on the back of $20 million in new funding.
Enza Capital, the pan-African venture capital firm co-founded by Lazar in 2019, is one of the larger participants in the Series C extension round, including global private bank LGT, investment firm Goodwell Investments, Also included is the U.S. International Development Finance Corporation (DFC). ), German financial services provider DEG, Swiss impact fund Elea, Perivoli Foundation and Sorenson Foundation.
Lazar has extensive experience building and managing businesses. He joined Metaswitch Networks in 1987 as a software engineer and later became Chairman and CEO as the company established its leadership in cloud communications software with investment support from Francisco Partners and Sequoia Capital. I was appointed CEO. Lazar, who resigned from both roles in 2016, four years before Microsoft acquired the company, is also chairman of the UK-based charity Raspberry Pi Foundation, and is an angel investor and investor in the UK and Africa. He is also a mentor to over 40 pre-seed and seed investors. investment.
In a conversation with TechCrunch, Lazar said he has a long-standing professional relationship with the Copia team that has impressed Enza Capital with its fulfillment network over the years and increased digital adoption from consumers. , admitted that this is one of the reasons to support e-commerce in Kenya. Clothes.
According to the International Monetary Fund (IMF), personal consumption in Africa is expected to exceed $2 trillion Over the next three years, the continent’s burgeoning middle class will drive this growth. Copia, which has been around for 10 years, targets rural, middle- and low-income African consumers. These consumers enjoy more choice, price, and access to goods and services compared to urban and high-income consumers who use Western-style or African-focused platforms such as Jumia and Takealot. , faces challenges in terms of reliability. Therefore, although this target market may be difficult to find and its wallet size may be small, Copia is approaching it with a hyper-local strategy, reaching a significant number of approximately 750 million people across Africa. We believe there is an opportunity given the collective purchasing power of
Copia leverages its local agent and logistics network to tap into this market. The company boasts a strong network of over 50,000 agents who are small business owners in towns and villages across Kenya and has served over 2 million consumers. Most of these orders executed through Copia’s distributor network are made offline, with customers ordering household goods, electronics, or food products in person at the distributor’s store, via USSD, or by phone. Ta.
However, driven by falling data costs and increasing smartphone penetration and ownership in Kenya (73% of low- and middle-income Kenyan consumers now own a smartphone, down from 10% a decade ago), A 10-year-old e-commerce company recently ran a campaign to digitize its agent network, increasing app usage from 5% to 80% in one year. Copia said in a statement that digitized agents can double their revenue, and by exploring smartphone financing models, they can focus their subsequent digitization efforts on millions of consumers. This will allow companies like M-KOPA to enter a thriving market.
“I have respected this company for a long time and think the conditions are right. E-commerce companies are facing some difficulties at the moment, but a kind of push towards digitalization is a good thing for us. It feels like a tipping point and just changes the game in unit economics and efficiency,” said Mr Lazar, who was awarded a CBE for services. “So when Tracy called us and told us they had this internal round and wanted to bring on additional partners, we were very excited to participate.”
Copia has recorded 100% annual growth over the past few years, with founder and chairman highlighting scale and rapid expansion as key objectives for profitability. tracy turner explained on the same call with TechCrunch. However, as global capital markets have experienced a downturn and investor focus has shifted from models that rely on scale for profitability, to now emphasize the importance of demonstrating sound unit economics. In response, Copia underwent fundamental changes last year.
The e-commerce company has secured more than $120 million in funding since its inception, including a $50 million Series C round in January, but this year it scaled back its expansion plans and implemented significant layoffs. . At least 700 roles will be eliminated. Reduce number of Kenyan employees by 25% July and Closed Uganda operations Similar to three months ago, this move is in line with broader trends seen across industries this year, with many companies considering reducing labor costs as their first strategy when adopting cost-cutting measures. are doing.
“We recognized in the capital markets environment that we did not want to continue operating in Uganda, which is a great market and opportunity. We did not have the funds to make it profitable, so it made sense to hold off there. Then we looked at our Kenyan operations and realized we needed to streamline there as well,” Turner said. “And the fact that our customers have become digital so rapidly, our current shift to a digital focus means we need to change the way we operate in Kenya. So we did this to focus our business on digital relationships with our customers, which is completely different than it was just a year ago.”
Copia’s shift in focus from simply growing sales to achieving profitability in Kenya has helped it minimize losses since new management took over in Q4 2022. It reflects a strategy similar to Jumia’s approach of slowing growth. Both companies face headwinds that call into question the sustainability of B2C electronic services. Commerce takes place in Africa, albeit with different e-commerce models operating. It is worth noting that B2B e-commerce platforms are also grappling with a series of challenges in the market.
Despite the challenges, executives from both e-commerce companies, which have been in business for 10 years, said in separate conversations with TechCrunch that the companies, which now offer financial services alongside e-commerce, are stable. We have unwavering confidence in our ability to achieve the same profitability. They argue that it is only a matter of time before these challenges are overcome and are optimistic about the future profitability of the business. However, both platforms face distinct goals. While Copia strives to achieve profitability in a single market, Kenya, Jumia has to compete across 11 markets.
But Turner said Copia, which will have annual revenue of more than $60 million by the end of 2023, maintains pan-African ambitions despite its focus on making money in Kenya. Point out. The founder and chairman said that once the e-commerce company achieves profitability in the East African market, it plans to expand to 14 other strategically planned countries. “We are keeping our heads down right now and focusing on Kenya and will not look up until we achieve that milestone. We have done a lot of scouting work and are planning where to go next. However, our international expansion plans will take place once we achieve profitability in Kenya,” she said.
As for John, as he said in the interview, three things remain of paramount importance to him now that he has joined the company’s board of directors. These include leveraging the experience and network of technical operators to support talent, providing sales and revenue generation strategies, and acting as a sounding board. To management.
Aye Finance, an Indian startup that provides a digital lending platform for small businesses, continues to help small businesses grow their businesses and increase incomes for their employees, with $37.18 million in new funding round led by British International Investment was procured.
The Series F round brings Aye’s total funding to nearly $200 million and includes participation from Waterfield Fund of Funds and the startup’s existing investor A91 Partners. In 2020, the startup raised $27.5 million in a Series E funding round led by Alphabet’s CapitalG.
Founded in 2014, I agree — which means “Yes” in English and “Income” in Hindi — is a term used by underserved businesses that find it difficult to secure the necessary working capital from traditional lenders such as banks. We provide business loans in the form of mortgages, temporary security, and term credit to small and medium-sized enterprises. The startup uses a combination of in-house technology and analytics to offer a variety of financial solutions based on a company’s needs.
To date, the 10-year-old company claims to have provided more than $959 million in loans to more than 700,000 unorganized businesses. The company competes with companies such as Capital Float, Lendingkart and Indifi, which are working on providing credit to small and medium-sized enterprises in South Asia.
One of the main reasons why startups like Aye Finance are gaining enough traction in India is the lack of credit for small and medium enterprises.
India has over 63 million MSMEs. To contribute According to government data, it accounts for nearly 30% of gross domestic product, more than 43% of all exports, and employs more than 123 million people. The government considers the importance of these companies to the country’s overall growth and has introduced a number of initiatives to ease credit requirements. However, some small and medium-sized enterprises (SMEs) are struggling to find funding to start and sustain their operations because the eligibility requirements for government systems and programs do not match their business model or size, or involve lengthy processes. I still find it difficult to procure. Startups like Aye are capitalizing on that gap by offering credit through their platforms.
“We believe there is tremendous potential in lending to underserved and small businesses, and the new capital is a strong complement to our complex story.” said Sanjay Sharma, co-founder, MD and CEO of Aye Finance, in a prepared statement.
“Aye Finance is on a growth path and we are pleased to partner with BII, which has a deep understanding of India’s financial services sector. It’s proof.”
Headquartered in Gurugram and present in 22 states through 395 offices, the start-up manages assets of over $959 million and generated over $9.59 million after tax in the first six months of FY24. He says it has brought benefits.
“Our investment in Aye Finance confirms our commitment to backing companies with strong philosophies that impact development and fostering financial inclusion for underserved groups in India. The i team stands out for its dedication and experience in delivering scalable technology-enabled financial solutions,” said Gaurav Malhotra, Director, UK International Investment Financial Services.
Builders, bakers, and body conditioners may not be the first professions that come to mind when you think of how AI is changing the way we work. But today, growing interest in the company is driving healthy funding for startups building AI-powered business tools, especially for small businesses and the thousands of other categories that make up the service industry world. announced a funding round. product.
durable — Vancouver, Canada-based startup builds an AI website creator and a host of other AI-powered tools to help small business owners plan, create, and run business apps more easily — Series A We have raised $14 million which will be used to continue expanding our platform and customer base.
This round is not the largest Series A, but it comes with an interesting list of investors. Spark Capital led the round, along with Torch Capital, Altman Capital (a VC founded and managed by Jack Altman, brother of OpenAI’s Sam Altman), Dash Fund, South Park Commons, Infinity Ventures, Soma Capital ( All previous supporters) are participating. are also participating. The startup has now raised a total of $20 million.
Durable’s AI-powered website builder is aimed at people with a very novice online presence and has already been used to create more than 6 million websites since its launch a year ago. That’s what it means.
“We have a lot of traditional companies that have been around for a long time but don’t have an online presence. They don’t have the software, they don’t have the systems. That’s a big part of our customer base. ,” founder and CEO James Clift said in an interview. “Plumbers, skilled craftsmen, personal trainers. A lot of businesses with one to six people don’t have the time or resources to actually build an online presence or create marketing materials.”
Durable will continue to build on that momentum and leverage advances in the world of AI to build more tools for users.
The end goal, Clift said, is an omniscient assistant that not only answers users’ questions, but also proactively suggests ways to run their business better.
Clift said in an interview that a beta version of its “automated proactive assistant” will be released “soon,” likely within about three months.
Based on the different needs of a user’s specific profile (a baker may not want or need the same information as a body conditioner or a builder), we can train it in areas such as taxes. ” he said. “You press a button and your business runs in the background. He texts you once a day, and you have work booked on your calendar, so all you have to do is show up to work.”
Other tools Durable has built to complement its flagship website builder include a CRM platform, an invoicing service, a blog builder, and a precursor to Proactive Assistant, an AI bot that allows users to ask questions relevant to their business. there is. Her AI assistant uses LLM’s OpenAI, among other things.
The gap in the market that Durable is filling is actually a well-known one in the technology world.
Small businesses and sole proprietors have been an elusive target for startups developing business tools. Despite accounting for more than 99% of his total business in markets like we and EnglandSmall businesses are more complex users to litigate because they spend less individually than larger businesses (making ROI per customer harder for vendors) and are generally a fragmented population when it comes to their technology needs. This is a group of
Of course, none of the above is new information in the world of technology. There are dozens of startups and large tech companies targeting small and medium-sized businesses, especially those in the service industry and building apps to manage everything from teams, accounting, banking, payroll, and more.
Clift said Durable’s unique selling point is that it applies advances in AI to problems to bring small business owners and employees into the modern era.
In his view, AI has a democratizing role. First, SMBs now have access to more affordable tools that were previously out of reach. For example, Durable works to create a logo and branding builder for its users, but if that service were provided by a consultancy, it would have been beyond most customers’ budgets.
Second, the use of AI means that Durable itself can scale out its services more easily, avoiding the problems of selling and distributing services to a fragmented customer base.
“Advances in software will allow us to start delivering a ton of value that even last year would only have been available to enterprise customers,” he said. “We can now provide an even better level of service to independent stores who previously couldn’t afford something like this. It’s a very long tail, but it’s a huge market opportunity. .”
Durable turned to OpenAI after gaining access thanks to Altman Capital, which led Durable’s seed round.
“OpenAi has been a great partner from day one,” Clift said. Given the trajectory of OpenAI, which is reportedly working to close a new funding round with a valuation of more than $80 billion, the startup is probably one to watch as it is a close partner with ties to the CEO. right.
“One of the ideas I’m most interested in right now is how we can leverage AI to help founders build products from scratch that are 10x better than anything that exists today. in a space that helps you do it cheaper, faster and more accurately,” Jack Altman told me. “When I met James, I was not only very impressed with him as a founder, but also excited about the potential of what this product could do for entrepreneurs and small business owners. Since our initial investment. , seeing how well he and the team have done only increases my expectations for what Durable will be like.”
“At Spark, we have always pursued founders who challenge the status quo. James and the Durable team are not only doing this uniquely, but also helping entrepreneurs do the same with a frictionless user experience powered by AI. We are also creating a global platform for ,” said Natalie Sandman, general partner at Spark Capital. statement.
Ballistic Ventures, a venture capital firm specializing in funding and nurturing cybersecurity startups, aims to raise up to $300 million for a new fund, according to a regulatory filing.
The San Francisco-based VC firm on Wednesday It has been submitted Working with U.S. Securities and Exchange Commission to raise $300 million for second fund – more than a year after launch Initial funds of equal amount In May 2022.
Ballistic spokeswoman Michelle Kincaid declined to comment on the filing when contacted by TechCrunch.
Targeting early-stage cybersecurity and cyber-related startups, ballistic ventures was co-founded by Kleiner Perkins general partner Ted Schlein, with three other general partners: Barmak Meftah, Jake Seid and Roger Thornton, and Mandiant founder Kevin Mandia as a strategic partner. The company also welcomes Derek Smith as strategic advisor and Agnes So as head of finance and operations.
Ballistic has backed more than a dozen startups to date, according to details available on the company’s website. Ballistic says it founded, operates and funds more than 90 cybersecurity companies. Previous investments the company has made include AuthMind, Oligo, and Nudge Security. The company also recently appointed Former U.S. National Cyber Secretary Chris Inglis and former CISA Chief of Staff Kirsten Todd will serve as advisors.
Cybersecurity investments so far this year are well below all-time highs.
Cybersecurity investments to date in 2023 are well below all-time highs. Venture funding to cybersecurity startups around the world fell more than 14% to $2.4 billion in the third quarter of 2023 from $2.8 billion in the same period last year, according to Pitchbook data shared with TechCrunch.
The number of deals completed in the most recent quarter also fell from 248 to 198.
Nevertheless, as the digital economy expands globally, cyber-attacks and online crimes are becoming more prevalent. Investors are also optimistic about the growth of cybersecurity startups and investments driven by significant advances in generative AI and cloud adoption.
Consumers are seeking new ways of social networking that prioritize trust, safety, and decentralization, rather than being controlled by big tech CEOs. Mozilla, the mission-driven technology company behind the Firefox browser and other apps, is investing in the “Fediverse.” The Fediverse is a network of decentralized social networking applications, like Mastodon, that communicate with each other through the ActivityPub protocol. Mozilla believes that current social networks, dominated by large companies and driven by profit, do not always prioritize consumer needs. This belief has been reinforced by events such as Elon Musk buying his Twitter account and launching alternative apps like Mastodon and Bluesky. As a non-profit subsidiary, Mozilla is not motivated by profit and aims to create a collaborative approach that incorporates diverse opinions. Mozilla’s involvement in the Fediverse, particularly with Mastodon, is driven by their dissatisfaction with the harmful content and profit-focused models of incumbent social media companies. Consumers are also growing more aware of these issues and seeking alternatives. While Mozilla aims to compete in the social networking space, their broader goal is to help the Fediverse gain traction and provide users with choice and agency. Mozilla plans to address obstacles to joining the Fediverse, such as technical hurdles and content discovery, through enhancements and features. They are currently experimenting with a private beta version of the Mozilla.Social Mastodon server and plan to roll out additional features gradually. Mozilla also aims to meet the needs of creators and publishers by creating conversations and experiences around high-quality content and building connections to help them reach their audiences. They want to improve the onboarding process and facilitate the formation of communities within the Fediverse. Trust and security are paramount, and Mozilla has strict content policies in place to ensure a safe environment. Overall, Mozilla’s involvement in the Fediverse is driven by their belief in a better way of social networking that prioritizes consumer needs and fosters trust and safety.
Like it or not, the leather industry is a major contributor to greenhouse gas (GHG) emissions and global waste generation. Current methods being used to meet the increasing demand for leather involve very simple and completely unsustainable solutions. It is simply raising more livestock (this is 14% of global greenhouse gas emissions).
But now there are startups leading the way in developing bio-based alternatives that have properties similar to, or even better than, traditional leather.
Alternative leather startup gelatex To date, we have raised $1.3 million from Estonia. Based in Copenhagen, Beyond leather We produce plant-based, eco-friendly alternatives to animal leather. It has raised 1.2 million euros so far.
Vitro Lab The San Jose-based company has raised $54.4 million and is developing a platform to make leather using stem cell-based technology. Meanwhile, modern meadow is working on lab-grown leather (among other materials) and has raised $183.6 million.
As you can see, there is a lot of interest in this area.
Now, a startup originally from Turkey and now based in San Francisco thinks it has come up with a game-changing product.
Gozen has now raised $3.3 million in a seed funding round led by Happiness Capital (lead investor) with participation from Accelr8, Astor Management, and Valley-based SOSV. The company is currently planning a facility in Turkey with a production capacity of up to 1 million square feet.
The startup’s biomaterial Lunaform is vegan, plastic-free, and produced by microorganisms during the fermentation process. The material is intended for use in the fashion and automotive industries, and the company has patented the technology in Turkey and is applying for patents in other countries.
The material was unveiled at the Balenciaga Summer 24 show during Paris Fashion Week earlier last month.
Gozen said Lunaform is a unique, fully formed material that ultimately provides increased strength and flexibility. (Using multiple layers of plant-based composite leather makes it more susceptible to damage). With customizable thickness and texture, he can be produced in 13 square foot sheets.
Ese Gozen, founder and CEO of GOZEN, told me over the phone: We use a fermentation transplantation system that creates the material in just 10 days. Now that the formulation is solid, it’s time to harvest it. This is microbial cellulose, which is another type of cellulose. ”
She said the resulting material was “very strong and very thin.” The current material is 0.2mm, giving it a unique texture. Contains no plastic or toxic chemicals. ”
He added that he has a startup plan that aims not only for fashion but also for the automobile industry.
Poe Bronson, managing director of SOSV IndieBio, Gozen’s first investor, added in a statement: However, I believed that your approach could outperform other approaches in both performance and economy. ”
No matter what happens, the market is growing.
The global leather products market size is projected It is expected to grow from $468.49 billion in 2023 to $738.61 billion by 2030 at a CAGR of 6.7%.
As part of the 2024 French budget passed by the French government last week. without voting, France plans to create a new tax break for angel investments in technology startups. In many ways, France is drawing inspiration from the UK’s tech ecosystem for this change.
If you are a UK angel investor, you may already be familiar with the acronyms SEIS and EIS, which stand for Seed Enterprise Investment Scheme and Enterprise Investment Scheme. These two tax breaks have encouraged angel investments in small private companies, typically technology startups, since 1994.
In the UK, investments in early-stage startups have an annual investment cap of £200,000 and are eligible for a 50% income tax deduction. You may be wondering, what exactly is an early-stage startup? Criteria change over time, but currently, SEIS-compatible companies are those that are less than three years old, have fewer than 25 employees, and have total assets. UK businesses under £350,000.
“I have benefited from SEIS both as a founder and as an investor. SEIS funding reduces the risk of angel investing and allows startups to close rounds faster,” said Reedsy. co-founder and CEO Emmanuel Nataf told me. “The fact that all taxpayers, not just the wealthiest, can benefit from tax cuts makes them a real enabler for the UK’s tech ecosystem.”
When it comes to corporate investment schemes, as the name suggests, they cover a wider range of companies. However, in that case, individual investors will only receive a 30% income tax reduction. EIS-compatible companies should be less than seven years old, have fewer than 250 employees and have total assets of less than £15m.
Interestingly, deep tech companies still qualify if they have been in business for less than 10 years, so they have a little more leeway. An individual can invest up to £1 million a year to receive a tax deduction (for deep tech investments he can invest £2 million).
And it’s working incredibly well.According to Report from Paul MidiThe MP, who represents Emmanuel Macron’s party on the subject, said a total of £175 million and £1.6 billion have been invested in private companies through SEIS and EIS respectively (as of today). 213 million and $1.95 billion respectively) (exchange rates).
“Angel investors who use this system also provide significant support to founders, which may be difficult to obtain from institutional investors,” Nataf added.
Importing SEIS and EIS schemes
Now that we understand how this works, France is essentially copying these systems with a different standard. From 2024, the JEI label (Jeunesse Entreprize Innovantes) is eligible for a 30% income tax reduction.
Starting in 2025, two new categories will be created: JEIC and JEIR. C is Croissant and R’s rupture. These acronyms are a bit technical, but the bottom line is that an investor in a deep tech startup can receive a 50% tax break on investments of up to 100,000 euros per year. Investors in other start-ups can enjoy a 30% tax break on investments of up to €150,000 per year.
“This scheme for so-called ‘young enterprises’ aims to help thousands of young innovative businesses gain jobs, raise capital, improve cash flow and access public contracts. .” Said In a video on X (formerly Twitter). “This should enable our startups to raise an additional EUR 500 million annually, especially in their early stages.”
It will take some time for the French tech ecosystem to feel the impact of this regulatory change. But this is a welcome change, as France, like many tech ecosystems around the world, is experiencing a slowdown in traditional VC investment.
It is becoming increasingly clear that two parallel AI universes are forming between the United States and China. While the US has produced notable players such as her OpenAI and Anthropic, China has its own emerging candidates. One of these basic model developers, Zhipu AI, announced Today, the company announced that it has raised a total of 2.5 billion yuan ($340 million) so far this year.
This announcement came at a sensitive time. This week, the Biden administration imposed additional restrictions on Nvidia AI chip exports to China, further hampering rivals’ ability to train large-scale language models. In anticipation of Washington’s semiconductor ban, China’s deep-pocketed AI companies are stockpiling semiconductors, spending hundreds of millions of dollars on these coveted chips.
To stay in this expensive AI race, Zhipu is keeping itself well-funded by raising money from local investors. The $340 million investment was made from a renminbi-denominated fund, marking a shift from a two-decade trend in which US dollar funds were the preferred funding source until geopolitical tensions created a technology gap.
In August, President Joe Biden signed the agreement. presidential order Excludes U.S. investments in key Chinese technology areas including AI, semiconductors, and quantum computing. Although aimed at curbing China’s military buildup, the order also had a negative impact on China-focused U.S. venture capital, which currently avoids investing in sensitive areas. Some companies, such as Sequoia Capital China and GGV Capital, which were renamed Hongshan, are looking for solutions to continue operating in the market by spinning off their China divisions.
HonShan invested in Zhipu along with other prominent VCs such as Shunwei Capital and Hillhouse Capital, as well as state funds managed by Legend Capital.
The AI startup has also raised funding from an impressive roster of Chinese internet giants, bringing together even its biggest rivals like Alibaba and Tencent, which rarely co-invest. The lineup includes Ant Group, Alibaba, Tencent, Xiaomi, Meituan, Kingsoft, TAL Education Group, and Boss Zhipin.
Zhipu recently open sourced a bilingual (Chinese and English) conversational AI model. Chat GLM-6Bhas been trained with 6 billion parameters and claims to be able to: Run inference on a single consumer graphics card. We also have an open source foundational model, GLM-130B, trained with 130 billion parameters.
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