Former PayPal COO David Sacks has been named as President-elect Donald Trump’s advisor on cryptocurrency and AI policy. Trump announced the appointment on Truth Social, stating Sacks would focus on creating a legal framework to support the US cryptocurrency industry and foster growth.
Sacks, a prominent venture capitalist and co-founder of Yammer, has been a longtime advocate for cryptocurrencies, describing them as aligning with PayPal’s original vision of a ‘database of money.’ His firm, Craft Ventures, has invested in major startups like SpaceX and Reddit.
While Sacks’ cryptocurrency stance is clear, his approach to AI policy remains less defined. However, his deregulatory leanings suggest a shift from the stricter policies of the outgoing Biden administration.
Anduril Industries and OpenAI have announced a partnership to advance AI applications for US national security. The collaboration will focus on enhancing counter-unmanned aircraft systems (CUAS), crucial for detecting and neutralising airborne drone threats.
By leveraging Anduril’s extensive CUAS data, AI models will be trained to respond to aerial threats in real time. OpenAI’s CEO, Sam Altman, highlighted the goal of safeguarding military personnel through these advanced AI solutions.
This partnership reflects the escalating global competition in AI-powered autonomous defence technologies, as nations like the United States and China race to innovate in automated military systems. Founded in 2017, Anduril specialises in autonomous systems, including drones and other tactical assets.
Cleerly, an AI-driven cardiovascular imaging startup, has raised $106 million in a Series C extension round led by Insight Partners. The company, founded by cardiologist James Min, uses advanced software to analyze CT scans and detect early-stage coronary artery disease before symptoms appear. This innovative approach aims to improve preventive care for heart conditions, which remain the leading cause of death in the US.
The technology has already received FDA clearance for diagnosing symptomatic patients and recently gained Medicare approval for its plaque analysis test. Cleerly’s software provides a less invasive and more accurate alternative to traditional diagnostics like stress tests or angiograms. With a compounded annual growth rate exceeding 100% over the past four years, the company is poised to expand further as health insurers increasingly cover its tests.
The latest funding will support Cleerly’s ongoing multi-site clinical trials and future growth. Insight Partners’ involvement highlights the growing confidence in AI-driven solutions for healthcare. While facing competition from companies like HeartFlow and Elucid, Cleerly’s goal of screening the global population for heart disease positions it as a potential leader in this emerging market.
Apple and Baidu are collaborating to bring AI features to iPhones in China, leveraging Baidu’s Ernie 4.0 language model. However, technical challenges, including the AI’s response accuracy and understanding of prompts, have slowed progress.
Sales pressures in China are mounting for Apple, with its market share slipping and Huawei reporting significant growth. Criticism of the iPhone 16‘s lack of AI features has further strained Apple’s competitive position in the region.
Privacy policies also pose hurdles, as Apple’s restrictions prevent Baidu from collecting data from AI interactions, potentially limiting the effectiveness of these features. Siri is expected to incorporate Baidu’s AI models.
The Federal Deposit Insurance Corporation (FDIC) has begun directly monitoring financial technology (fintech) companies partnering with banks across the United States. New system like this one aims to enhance oversight by identifying risks associated with these partnerships before they threaten banking stability. The monitoring system also allows regulators to maintain consistent supervision, even if fintech firms change their banking partners.
The move comes amid heightened scrutiny of bank-fintech collaborations, following the collapse of Synapse Financial Technologies in April. The startup, backed by Andreessen Horowitz, had provided critical services enabling fintech firms to offer financial products via FDIC-insured banks. Its failure left thousands of users without access to their funds and brought significant regulatory attention to the sector.
In response, the FDIC has proposed strengthening bank record-keeping requirements and expanding the definition of brokered deposits to include fintech-related funds. While these rules are not expected to take effect before 2025, the new monitoring framework provides examiners with an additional tool to safeguard financial stability without waiting for legislative approval.
FDIC Chairman Martin Gruenberg, who is stepping down in January, has played a central role in developing this regulatory approach. His leadership has been pivotal in navigating the challenges posed by the evolving relationship between traditional banking and fintech startups.
With organisations facing an average of 1,300 cyberattacks per week, Axiado is stepping up with a novel defence: a specialised security chip designed to protect digital infrastructure. Founded in 2017, the Silicon Valley-based startup recently secured $60M in Series C funding led by Maverick Silicon, with participation from Samsung Catalyst Fund and other investors. This brings Axiado’s total funding to $140M.
Axiado’s chip defends against boot-level and runtime security threats, ensuring the integrity of devices from data centres to 5G base stations. It uses root-of-trust technology to prevent hardware tampering and leverages AI-powered analytics to detect malicious data patterns. The company’s chip is positioned as a complement to existing software-based cybersecurity measures, acting as a last line of defence against sophisticated attacks.
The new funds will support Axiado’s go-to-market efforts and help transition its products into mass production by 2025. CEO Gopi Sirineni highlights the growing need for hardware-based security solutions, particularly as the stakes rise in the fight against cybercrime. With partnerships like the one with Jabil to develop server cybersecurity solutions, Axiado is set to expand its reach while competing with industry heavyweights and open-source projects such as Google’s OpenTitan.
French electrical firm Schneider Electric has teamed up with Nvidia to develop cutting-edge cooling systems for AI-focused data centres. These designs will cater to Nvidia’s powerful AI servers, which feature 72 advanced chips and are set to debut next year.
The energy-intensive servers, consuming up to 132 kilowatts per rack, necessitate liquid cooling technology. Schneider‘s scalable solutions will support various configurations for cloud computing firms and data centre customers, enhancing adaptability and efficiency in AI infrastructure.
Schneider’s push into AI data centres follows a $3 billion deal with Compass Datacenters in 2023, underlining its commitment to innovative technologies. Nvidia‘s switch to liquid cooling has spurred significant developments in data centre construction and upgrades, driving collaboration with industry leaders.
Meta Platforms has reported that generative AI had limited influence on misinformation campaigns across its platforms in 2023. According to Nick Clegg, Meta‘s president of global affairs, coordinated networks spreading propaganda struggled to gain traction on Facebook and Instagram, and AI-generated misinformation was promptly flagged or removed.
Clegg noted, however, that some of these operations have migrated to other platforms or standalone websites with fewer moderation systems. Meta dismantled around 20 covert influence campaigns this year. The company aims to refine content moderation while maintaining free expression.
Meta also reflected on its overly strict moderation during the COVID-19 pandemic, with CEO Mark Zuckerberg expressing regret over certain decisions influenced by external pressure. Looking forward, Zuckerberg intends to engage actively in policy debates on AI under President-elect Donald Trump‘s administration, underscoring AI’s critical role in US technological leadership.
Amazon Web Services (AWS) has revealed advanced data centre servers powered by its in-house Trainium2 AI chips, marking a significant step in its efforts to rival Nvidia in the AI hardware market. The servers will form the backbone of a vast supercomputer designed to handle complex AI workloads, incorporating hundreds of thousands of Trainium2 chips. AI startup Anthropic will be the first to utilise the new system, highlighting its capabilities for AI research and deployment.
Apple has also confirmed its adoption of Trainium2 chips, underscoring the growing appeal of Amazon’s AI hardware in the competitive tech landscape. AWS CEO Matt Garman added that the Trainium3 chip, the next evolution in the series, will debut in 2024. This aligns with Amazon’s broader strategy to dominate AI technology, offering cutting-edge solutions for both startups and major corporations.
The announcement comes as Amazon intensifies efforts to challenge Nvidia, currently a leader in AI chip manufacturing. AWS‘s growing presence in the sector aims to meet surging demand for AI processing power while providing alternatives to established providers. These advancements not only strengthen Amazon’s position in AI technology but also attract major industry players like Apple, which is leveraging the chips to enhance its data operations.
The UK Competition and Markets Authority (CMA) has approved the merger between Vodafone and Three, two of the country’s largest telecom operators, in a $19 billion deal. The merger, which has faced intense scrutiny, was initially investigated due to concerns over potential price hikes, reduced services, and lower investments in mobile networks. However, the CMA approved the deal with conditions to address these concerns, including commitments for significant investment in a nationwide 5G network.
The companies must also cap mobile tariffs for the next three years and maintain contractual terms for mobile virtual network operators (MVNOs) during that period. The CMA’s decision marks a shift from previous cases where “4-3” mergers in the telecom sector were allowed only with significant structural changes. This approval is seen as a pragmatic approach, with the CMA confident that competition will be strengthened by a well-resourced trio of mobile operators in the UK.
Vodafone’s CEO, Margherita Della Valle, welcomed the approval, emphasising the benefits for consumers and businesses, including wider coverage and faster mobile speeds. The merger is expected to accelerate the UK’s position in European telecommunications, with a combined investment in the sector. The CMA and Ofcom will oversee the implementation of the agreed measures to ensure competition is maintained.
