MARKET RECAP → Stocks moved lower again on Friday as the interest-rate boogie man teeters closer and closer to the spooky 5% level. 👻 Bitcoin (BTC) continues to march to the beat of its own drum, closing up another ~3% and nearing the key $30K level. Lots of spooky numbers, how timely!
CRYPTO COURTROOM CHAOS → 🎥 FTX founder’s defense likened to “Dumb and Dumber” scene; billions allegedly siphoned, trial continues.
CHINA’S AI AMBITIONS → 🚀 Alibaba, Tencent backed Zhipu, China’s answer to OpenAI, secured $341M amid U.S.-China tech tensions.
Head of Investor Relations @ MoneyLion
🎬 Prosecutors likened FTX founder Sam Bankman-Fried’s defense to a “Dumb and Dumber” scene, where Jim Carrey claims IOUs are as valuable as money.
🔍 The government’s case focused on FTX allegedly diverting billions from customer accounts to cover losses at Alameda Research and other expenses, leaving customers unable to access their funds.
🏛 Bankman-Fried, facing seven fraud charges related to his crypto empire’s collapse, could face life imprisonment if convicted. The trial, marked by testimonies from former FTX and Alameda executives, continues into November.
🤖 Zhipu’s Rise: Chinese tech behemoths Alibaba and Tencent, along with other investors, backed Zhipu, an emerging artificial intelligence (AI) startup. Zhipu, seen as China’s response to the American AI firm OpenAI, announced a funding boost of over 2.5 billion Chinese yuan ($341 million) this year. Notable venture backers included Sequoia and Hillhouse, with corporate investors like Xiaomi joining the fray.
🗣️ Generative AI Chatbot: In its quest to rival OpenAI’s ChatGPT, Zhipu unveiled a generative AI chatbot in August. This technology enables the AI to craft answers in response to user prompts, marking a significant advancement in the AI chatbot domain.
🌍 Tech Tensions: Amid the escalating tech rivalry between the U.S. and China, with AI at the epicenter, Zhipu’s investor announcement is timely. While China is keen on advancing its AI capabilities, the U.S. has made moves to limit China’s access to pivotal AI technologies. For instance, last year, the U.S. imposed restrictions on Nvidia’s sales of its high-end graphics processing units to China, essential for training AI models.
MarketDesk Charts of the Week ― 10/20/2023 (MarketDesk)
Sam Bankman-Fried, FTX allies secretly poured $50 million into ‘dark money’ groups, evidence shows (CNBC)
Tesla stock ends the week down 15%, the worst performance of the year (CNBC)
Judge fines Trump $5,000 for gag order violation after threatening him with jail time (CNBC)
Israel-Hamas war live updates: Hamas releases two American hostages; Biden says Gaza aid is coming in 24 to 48 hours (CNBC)
China ship is focus of pipeline damage probe, Finland says (Reuters)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
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