Fintech
1. Bankman-Fried’s ex-girlfriend Ellison gets two-year sentence over crypto fraud
Ellison accepted a plea deal to charges of conspiracy and financial fraud in December 2022, a month after FTX spiraled into bankruptcy. (NBC News)
2. Wall Street watchdog faces bipartisan ire in House over crypto
Lawmakers from both major parties in the House of Representatives on Tuesday renewed their attacks on Wall Street’s chief regulator over his agency’s policies on cryptocurrencies, accusing the U.S. Securities and Exchange Commission of hampering the industry’s growth. (Aol)
3. US bond ETF launches up 50% from year-ago levels
Launches of bond-focused exchange traded funds have nearly doubled over year-ago levels in 2024, boosted by expectations of interest rate cuts by the Federal Reserve, according to data from CFRA and Strategas. (the Print)
4. In Russia, some crypto miners go underground – literally
Dagestan’s local authorities are calling for stricter measures against cryptocurrency miners who are causing electricity outages by building underground mining installations. A recent substation fire in the capital, attributed to crypto miners, has heightened concerns. New legislation on cryptocurrency mining will come into effect from November 1, 2024. (Economic Times)
IT infrastructure
5. Israeli cyber startup Torq raises $70 million in latest funding round
Israeli cyber startup Torq said on Tuesday it raised $70 million in its second private funding round this year and targeted $100 million in annual recurring revenue by 2026. (US News)
6. US finalises $123 million chips award for Polar Semiconductor
The Biden administration has finalised its first binding award under the Chips and Science Act: a $123 million grant to Polar Semiconductor that officials say could double the company’s US manufacturing capacity within two years. (Bloomberg)
7. Exclusive: Bain-backed chipmaker Kioxia scraps October IPO plan, sources say
Bain-backed memory chipmaker Kioxia has scrapped its plan for an initial public offering (IPO) in October, three sources familiar with the matter said. (Yahoo Finance)
Tech trends
8. India payments authority eyes Africa, S. America for digital payment push, official says
India is in discussions with African and South American countries to help them develop digital payment systems based on its Unified Payments Interface (UPI). The National Payments Corporation of India expects two launches by early 2027. (Economic Times)
AI
9. US nuclear plants won’t power up Big Tech’s AI ambitions right away
Constellation Energy and Microsoft plan to restart the Three Mile Island nuclear plant, hoping they have scored a quick source of enough climate-friendly energy to power rapidly expanding data centers for artificial intelligence (AI). (Reuters)
10. Meta will not immediately join EU’s AI Pact ahead of new law
Meta Platforms will not immediately join the European Union’s AI Pact, a company spokesperson said on Tuesday. (Market Screener)
11. Microsoft to spend $1.3 bln in Mexico on cloud, AI tech
Tech giant Microsoft will invest $1.3 billion over the next three years to build up its infrastructure in Mexico for cloud computing and artificial intelligence, the company announced on Tuesday. (Reuters)
12. Spotify expands AI Playlist feature to new markets including US, Canada
Spotify is expanding its tool that helps create playlists using generative artificial intelligence for premium users to four new markets, including the United States and Canada, the Swedish streaming giant said on Tuesday. (US News)
13. Titanic’ director James Cameron joins Stability AI board
In a major coup for the artificial intelligence company, Stability AI says that Avatar, Terminator and Titanic director James Cameron will join its board of directors. (IMDB)
14. Google, Volkswagen partner on smartphone AI assistant
Volkswagen and Google worked together to create a smartphone app with an AI assistant for VW drivers. (TESLARATI)
