Google's $2B AI cheque 💸💰
Google doubles down on investment in Anthropic. SBF drama plays out in the courtroom. Binance founder CZ’s fortune cut by $12B. Finance hub goals for Musk’s X. OpenAI Launches preparedness initiative.
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Google's spinning in big bucks for AI.
The global tech giant is significantly boosting its investment in Anthropic, the creators of Claude AI, with a $2 billion commitment, reports Wall Street Journal.
Google's investment in Anthropic is set to be made in two payments: $500 million and $1.5 billion.
This marks a substantial increase from the $400 million Google invested in Anthropic in February.
Amazon recently pledged $4 billion in investment in Anthropic, intensifying the AI competition between tech giants.
Anthropic has made significant advancements, including the creation of Claude2, a chatbot rivalling OpenAI's ChatGPT.
Anthropic has secured nearly $7 billion in funding over the past year, potentially increasing its valuation from $4.1 billion to over $20 billion.
Google's AI Developments and Competition
Google recently committed to a $2 billion investment in the AI company Anthropic.
This investment comprises an initial $500 million and a plan to inject an additional $1.5 billion over time.
Google not only invests in external companies but also launches its own AI chatbot, Google Bard.
Google introduced its own AI chatbot, Google Bard, in competition with Claude AI and ChatGPT.
Google is actively investing in AI development, including a $20 million Digital Futures Project to promote responsible AI.
Google's $2 Billion Investment Affects FTX Bankruptcy
In the past, FTX and its affiliate, Alameda Research, invested $500 million in Anthropic.
Will it help?
Travis Kling, founder of Ikigai Asset Management, believes Google's investment could lead to FTX's bankruptcy nearing full recovery.
Kling suggests that FTX's estate assets versus customer deposits are now approximately 1:1.
Will it not?
Ari Paul, founder of BlockTower Capital, disagrees with Kling, stating that Google's investment in Anthropic doesn't guarantee cash returns.
Paul draws a parallel to FTX's previous holdings of SRM and FTT, indicating that the actual recovery could be uncertain, with many valuations being paper marks.
SBF, the FTX guy … or sort of.
“A lot of people got hurt.”
No shit, sherlock.
On October 27, Sam Bankman-Fried, the former FTX CEO, testified in a New York courtroom as his defense prepared to rest their case.
SBF answered questions from his attorney Mark Cohen yesterday in his trial on seven counts of fraud and conspiracy related to the collapse of FTX.
He denied allegations of defrauding FTX customers and using their funds without their knowledge.
Bankman-Fried admitted to having limited knowledge about digital assets when he launched the crypto hedge fund Alameda Research.
The courtroom drama is straight outta sitcom stuff.
TTD Numbers 🔢
That's the net worth cut CZ has been dealt with.
What? Binance co-founder and CEO Changpeng “CZ” Zhao has seen his net worth slashed by $11.9 billion as per Bloomberg Billionaires Index.
Why? Amid falling revenue with a slump in trading volumes at his exchange, Binance’s revenue estimates where cut by 38% knocking Zhao down to 95th place on the rich list.
Bloomberg’s index calculated Binance’s revenues from spot and derivatives trading data from crypto data aggregators CoinGecko and Coinpaprika.
Zhao’s net worth is now $17.3 billion.
82% drop from its $96.9 billion peak in January 2022, ranked 11th among the world’s richest people.
TTD X 🪲
If Elon Musk has it his way, he would want X (the old folks Twitter) to be the financial hub for the users.
The goal is to encourage users to consider X as their primary financial solution instead of traditional bank accounts.
Musk's Roadmap for X's Financial Transformation
Musk shared his vision during an all-hands meeting on Oct. 26.
A roadmap for implementing new financial features is set to be completed by the end of 2024.
Musk envisions X covering every aspect of users' financial lives, including money and securities.
The ultimate goal is to eliminate the need for traditional bank accounts.
Musk drew parallels to his creation of the PayPal platform, X.com, during the meeting.
The focus is on revenue generation and positioning X as a versatile, all-in-one platform.
X has introduced notable products like Community Notes, Audio and Video Calling.
An upcoming addition is a $1 payment feature on the platform.
Musk announced X's exploration of live-streaming company discussions in an Oct. 27 post.
The CEO Linda Yaccarino is in sync.
TTD AI 🛰️
OpenAI has announced an initiative aimed at assessing and safeguarding against a wide range of AI-related risks.
The initiative, named "Preparedness," will establish a dedicated team to monitor, evaluate, forecast, and mitigate potential catastrophic threats stemming from artificial intelligence.
OpenAI Launches preparedness initiative to address AI-related risks
OpenAI's Preparedness division will focus on a comprehensive array of AI threats, including:
CBRN Threats: Assessing risks related to chemical, biological, radiological, and nuclear threats.
Individualised Persuasion: Examining the implications of AI-driven personalised persuasion techniques.
Cybersecurity: Analysing the risks and vulnerabilities associated with AI in the context of cybersecurity.
Autonomous Replication and Adaptation: Investigating the potential risks tied to AI systems that can autonomously replicate and adapt themselves.
Leadership and Key Questions
The Preparedness team, under the leadership of Aleksander Madry, will address critical questions, such as:
AI Misuse: Evaluating the dangers posed by advanced AI systems when they are misused.
Stolen AI Models: Exploring whether malicious actors can deploy stolen AI model weights for nefarious purposes.
In May 2023, the Center for AI Safety, a non-profit organisation, issued an open letter addressing the critical issue of AI-related risks. Their letter called upon the global community to prioritise the mitigation of AI-induced existential threats, positioning this effort on par with other major societal-scale concerns like pandemics and nuclear warfare.
Crypto are still used by terrorist groups like Hamas, however, their use is still limited compared to more traditional alternatives, said US Deputy Treasury Secretary Wally Adeyemo.
Digital asset exchange and brokerage platform Zodia Markets has received its registration as a virtual asset service provider by the Central Bank of Ireland.
Kraken names Bivu Das, a fintech entrepreneur and former Starling Bank exec, will oversee the exchange’s UK arm.
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