Florida’s Chief Financial Officer, Jimmy Patronis, has proposed a potential shift towards cryptocurrency by encouraging the state’s retirement funds to consider investing in Bitcoin. In a letter to the Florida State Board of Administration (SBA), Patronis highlighted Bitcoin as ‘digital gold’ and a secure hedge that could diversify the state’s portfolio. He has requested the SBA assess the feasibility, risks, and advantages of this investment strategy ahead of the legislative session scheduled for March 2025.
The Florida Retirement System Trust Fund, managed by the SBA and valued at approximately $205 billion, could benefit from such a shift. Patronis suggested that a portion of this fund could be allocated to a “Digital Currency Investment Pilot Program” through the Florida Growth Fund, which has already invested nearly $1 billion in high-growth areas over the past year.
Patronis noted that adding Bitcoin aligns with Florida’s broader opposition to central bank digital currencies (CBDCs) and could offer strong returns for public employees. Should Florida move forward, it would join other states, like Wisconsin and Michigan, which have already included Bitcoin in their retirement fund portfolios.
Meta Platforms exceeded third-quarter profit and revenue estimates, reporting a profit of $6.03 per share, compared to the projected $5.25. Revenue reached $40.59 billion, just ahead of analysts’ forecasts. However, the company warned of increased infrastructure expenses tied to its AI ambitions, prompting a 2.9% dip in after-hours trading.
The company is navigating heavy spending on AI infrastructure to support new technologies, setting it apart from cloud service providers who typically profit more directly from similar investments. Meta’s expenses for the quarter totalled $23.2 billion, with capital expenditure at $9.2 billion. While it adjusted its annual expense forecast to $96-98 billion, it foresees a rise in depreciation and operating costs due to its expanding data centre fleet.
Meta’s core ad business remains essential to covering its AI investments, and analysts believe holiday ad spending could bolster the company’s earnings further. In the third quarter, Meta’s daily active users across its app family grew 5% to 3.29 billion, while its Reality Labs division saw losses of $4.4 billion, slightly better than expected.
Toyota and Nippon Telegraph and Telephone (NTT) plan to invest 500 billion yen ($3.27 billion) by 2030 to create an AI-driven platform to reduce traffic accidents. Announced in a joint statement, the Japanese automaker and telecom giant aims to launch the platform by 2028, using extensive data to support driver-assistance technology. This project, initiated amid rising pressure on Japanese automakers to compete in the autonomous driving space, is expected to enhance safety features such as improved visibility in urban areas and smoother expressway merging.
The companies intend the platform to benefit not only their own operations but also government and industry partners, setting a long-term goal to minimise traffic accidents. Toyota and NTT, who first collaborated on 5G-connected car technology in 2017, see this project as part of a broader vision for zero-accident mobility, aiming for widespread adoption by 2030.
Toyota’s existing investments in autonomous technology include Woven by Toyota, a unit established in 2021 focused on AI mobility. Woven by Toyota is also developing the Arene automotive software platform and Woven City, a testing hub in Shizuoka. As part of these advancements, NTT and Toyota also plan to test self-driving technology as early as 2025.
Google Cloud has launched its first in-house Arm-based CPU, called the Axion chip, now available to all cloud customers, including streaming services like Spotify and Paramount. Designed with Arm Holdings technology, the Axion chip offers about 60% greater energy efficiency than traditional processors from Intel and AMD, allowing developers to save power for other intensive tasks, such as AI, according to Mark Lohmeyer, Google Cloud‘s vice president of compute and AI infrastructure.
Google joins Amazon, Microsoft, and Ampere Computing in offering Arm-based processors that provide high performance with lower electricity usage. The Axion chip, delivered via a service called an ‘instance,’ represents Google Cloud’s growing focus on energy-efficient computing solutions. Though Google Cloud has used Ampere’s Arm-based chips in the past, it intends to shift more focus to its own Axion chip as the primary option for cloud customers moving forward.
Google Cloud has already been using the Axion chip internally, powering various cloud services for some time. Lohmeyer stated the Axion chip’s enhanced efficiency and integration into Google’s infrastructure mark a significant milestone in Google’s cloud technology portfolio.
The Malaysia Digital Economy Corporation (MDEC) has signed two significant Memorandums of Understanding (MoUs) with Singapore’s Ascent and Indonesia’s Central Capital Ventura (CCV), aiming to attract up to RM200 million (approximately US$45 million) in capital investment. These strategic partnerships focus on fostering the growth of Malaysian startups in essential sectors such as fintech, healthcare, AI, and robotics while providing opportunities for access to international markets across Southeast Asia.
By emphasising development in key areas like AI, cybersecurity, blockchain, and digital finance, MDEC seeks to support local innovation and talent development, ultimately positioning Malaysia as a dynamic, digital-first nation. The commitment to nurturing local expertise and fostering entrepreneurship is crucial for enhancing Malaysia’s status as a leader in technological advancement within the region.
MDEC is dedicated to ensuring the effective implementation of these initiatives by working closely with Ascent and CCV. The collaboration will maximise the long-term benefits for Malaysia’s digital economy, addressing immediate investment needs while laying the groundwork for sustainable growth.
Cross-border payments platform Felix has partnered with Zero Hash, a crypto infrastructure provider, to streamline remittances for the 60 million Latinos residing in the US. By integrating with WhatsApp, Felix allows users to send funds instantly, with Zero Hash managing regulatory and technical aspects via stablecoins like USD Coin (USDC) to facilitate transfers. This approach helps users avoid the high fees and delays often associated with traditional money transfer services.
Each year, US-based Latinos send an estimated $150 billion abroad, and Felix’s service offers a quicker, more affordable alternative to standard remittance options. Zero Hash oversees the process by converting dollars to USDC, which recipients can easily exchange into local currency, providing a seamless and familiar experience for those sending funds to their families.
Since its launch, Felix has seen rapid growth, increasing its transaction volume by 500 times. Zero Hash, which supports major platforms and has processed over $20 billion in transactions, aims to make blockchain technology effective behind the scenes, fostering crypto adoption through accessible, real-world applications.
The Biden administration is investing $825 million in a new semiconductor research facility in Albany, New York, as part of a broader push to bolster US chip production and reduce reliance on foreign technology. The Albany facility will serve as a primary hub within the National Semiconductor Technology Center (NTSC), which aims to accelerate advancements in chip design and manufacturing, supporting initiatives laid out in the CHIPS and Science Act passed in 2022. Senator Chuck Schumer, a key advocate for the Albany location, said the facility will advance US leadership in semiconductor technology and support high-tech manufacturing jobs.
The Albany site, based at the Albany NanoTech Complex, will focus on developing cutting-edge machinery to enhance chip production. Additional hubs for chip design and packaging will be announced soon. The complex will also feature a state-of-the-art ‘High NA’ machine from ASML, allowing chip makers to create densely packed semiconductors capable of advanced computing. Schumer believes this investment could make New York a significant chip production centre, with companies like GlobalFoundries, Micron, and Wolfspeed also planning expansions in the state.
The CHIPS Act allocated $11 billion for semiconductor R&D and an additional $39 billion for manufacturing subsidies, though the rollout of these funds has faced criticism for delays. Despite challenges, the Biden administration views this program as essential to sustaining growth in high-tech manufacturing, especially in areas like AI, while also reducing design and production costs for American companies. With Albany set to lead the charge, federal officials are hopeful this investment will help the US regain its competitive edge in the global semiconductor industry.
Coventry University researchers are using AI to support teachers in northern Vietnam‘s rural communities, where access to technology and training is often limited. Led by Dr Petros Lameras, the GameAid project introduces educators to generative AI, an advanced form of AI that creates text, images, and other materials in response to prompts, helping teachers improve lesson development and classroom engagement.
The GameAid initiative uses a game-based approach to demonstrate AI’s practical benefits, providing tools and guidelines that enable teachers to integrate AI into their curriculum. Dr Lameras highlights the project’s importance in transforming educators’ technological skills, while Dr Nguyen Thi Thu Huyen from Hanoi University emphasises its potential to close the educational gap between Vietnam’s urban and rural areas.
The initiative is seen as a key step towards promoting equal learning opportunities, offering much-needed educational resources to under-represented groups. Researchers at Coventry hope that their work will support more positive learning outcomes across Vietnam’s diverse educational landscape.
Africa is experiencing a remarkable surge in cryptocurrency adoption, with Telegram-based communities expanding by an astounding 189% since early 2023, according to research from cryptocurrency exchange Bitget. This shift highlights a significant migration of digital asset interest from traditional Western markets to emerging economies. The study found that Africa’s crypto-focused Telegram groups now boast over 3 million users, primarily driven by a young demographic, with over 56% of users aged under 25.
Factors contributing to this growth include economic instability, limited access to banking services, and the tech-savvy nature of the youth. In addition to Africa, Eastern Europe, particularly Ukraine, is seeing a rise in cryptocurrency usage amid economic challenges. In contrast, Western Europe is growing more slowly due to regulatory constraints and market maturity, with Telegram groups seeing only an 11% increase during the study period.
The research indicates that mobile technology plays a crucial role in this trend, with Telegram becoming the primary platform for crypto communities in emerging markets. Projections suggest Africa’s crypto market could reach 54 million users by 2025, with Nigeria and South Africa leading the way. However, while Telegram fosters trading communities, it also hosts a concerning number of scams, underscoring the need for caution among users navigating this rapidly evolving landscape.
Big technology firms, including Microsoft and Meta, are significantly increasing their investments in AI data centres to meet soaring demand, but Wall Street is looking for quicker returns on these expenditures. Both companies reported rising capital expenses due to their AI initiatives, with Alphabet also indicating that its costs would remain elevated. Amazon is expected to follow suit in its upcoming earnings report.
This surge in capital spending could impact profit margins, causing concern among investors. Shares of major tech companies, including Meta and Microsoft, fell by around 4% in premarket trading, despite reporting better-than-expected profits for the July-September quarter. Analysts warn that while the race to build AI capacity is intensifying, it will take time for these investments to yield returns.
Microsoft’s capital expenditures for a single quarter now surpass its total annual spending from prior years. The company noted a 5.3% increase in spending, amounting to $20 billion, while also predicting further increases related to AI. However, they warned of potential slowdowns in growth for their Azure cloud business due to data centre capacity constraints. Similarly, Meta anticipates a “significant acceleration” in AI infrastructure costs next year.
The tech industry is experiencing bottlenecks, particularly as chipmakers like Nvidia struggle to keep up with the demand for AI chips. Advanced Micro Devices has also reported that AI chip demand is outpacing supply, limiting growth potential. Despite these challenges, both Microsoft and Meta maintain that it is still early in the AI cycle and emphasise the long-term benefits of their investments, echoing earlier experiences during the development of cloud technology.
