Issue #46

Bitcoin hits 100k, offices celebrate Christmas sober, AI comes up with new drugs, and more. 

News from December 5 - December 12, 2024

Bitcoin Hits 100k

Bitcoin has reached $100,000, achieving a $2 trillion market value and surpassing the national economies of Spain and Brazil. This milestone follows President-elect Trump’s crypto-friendly policies, including appointing pro-Bitcoin Paul Atkins to lead the SEC. 

Earlier this year, Bitcoin was recovering from the FTX collapse, where founder Sam Bankman-Fried’s fraud led to an 80% price drop. Trump plans to establish a federal Bitcoin reserve starting with seized assets, with his allies proposing expansion to $100 billion to back the US dollar. 

Wall Street already holds $100 billion in Bitcoin ETFs, highlighting growing mainstream acceptance and signaling potential shifts in global financial systems.

Source 

Amazon Building AI Supercomputer

Amazon Web Services (AWS) is accelerating its AI hardware ambitions with Project Rainier, a supercomputer featuring hundreds of thousands of Trainium chips, and Ultraserver, a server integrating 64 interconnected Trainium chips. 

These advancements aim to lower AI costs and reduce dependency on Nvidia, which dominates 99% of AI workloads. Apple, testing Trainium, anticipates 50% cost savings. 

AWS CEO Matt Garman: “Most will probably be Nvidia for a long time, because they’re 99% of the workloads today, and so that’s probably not going to change.” 

Source 

AI Predicts Weather Patterns 

DeepMind’s GenCast is advancing weather forecasting with accurate 15-day predictions, surpassing traditional limits of 10 days. Tested against Europe’s leading weather center, it outperformed in 97% of cases, including tracking hurricanes more effectively. 

Trained on 40 years of atmospheric data, GenCast delivers forecasts in minutes, compared to hours for traditional supercomputers, using AI to predict weather patterns with probabilistic models. 

DeepMind plans to share GenCast’s technology and forecasts publicly, enabling scientists to enhance storm prediction and disaster preparedness, potentially saving lives and reducing property damage worldwide. Professor at MIT: “It’s a big deal.”

Source 

Bulletin Board

• David Sacks Named Crypto Tsar. President-elect Donald Trump appointed venture capitalist David Sacks as AI and cryptocurrency tsar, marking another tech industry link to his administration. A former PayPal colleague of Elon Musk and early Trump supporter, Sacks will focus on creating regulatory clarity for crypto and strengthening US leadership in AI. His appointment follows pro-crypto moves, including Trump’s selection of Paul Atkins to lead the SEC. Bitcoin since surged past $100,000, reflecting optimism about the administration's stance on tech and digital assets. Source 
• Offices Celebrate Christmas Sober. Office Christmas parties are ditching booze for activities like laser clay shooting and wreath-making, reflecting a shift towards healthier, inclusive celebrations. Employers are also wary of misconduct risks tied to alcohol-fueled events, opting for team-building workshops and non-alcoholic options. The move signals a cultural reset for workplace festivities, blending fun with a focus on safety and inclusivity. Banker: “Gen Z doesn’t drink as much. Very different crowd to when I started in banking.” Source 
• OpenAI Ditches ‘AGI’ Clause with Microsoft. OpenAI is in talks to remove a clause excluding Microsoft from its advanced AI models upon achieving artificial general intelligence (AGI), defined as surpassing human performance in most economically valuable tasks. The provision, designed to prevent misuse, has raised concerns over its impact on Microsoft’s $13 billion investment. OpenAI, transitioning into a public benefit corporation, seeks to restructure for more funding amid high development costs. Discussions include ensuring its non-profit entity maintains its mission to benefit humanity. Source  
• ChatGPT Creator Builds AI Companion. Alexis Conneau, inspired by the AI in Her, has launched WaveForms AI to create human-like audio interaction while avoiding the dystopian scenarios of humans preferring machines over people. Backed by $40 million from Andreessen Horowitz, the startup plans to compete with OpenAI and Google with emotionally intelligent AI products by 2025. Conneau envisions AI enhancing communication, powering devices, and teaching, while steering clear of social media-style pitfalls. WaveForms focuses on smaller, faster models to make AI more engaging and practical for daily use. Source   
• AI Comes Up With New Drugs. Aqemia, a French startup using AI to develop new drugs, has raised $38 million, bringing its total funding past $100 million. Its technology combines “quantum-inspired physics” with machine learning to design drug candidates, focusing on cancer treatments. By generating synthetic data, Aqemia eliminates the need for costly experiments. Partnered with Sanofi in a $140 million deal, it’s expanding globally with a London office in 2025. Source 

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