The US Commerce Department announced its plan to allocate $100 million to promote the use of AI in developing sustainable semiconductor materials. This funding initiative is part of a broader effort overseeing $52.7 billion designated for US chip manufacturing and research, aimed at strengthening the country’s position in the semiconductor industry.
The new funding will support universities, national laboratories, and private sector companies in creating AI-driven autonomous experimentation methods. By harnessing the capabilities of AI, the initiative seeks to streamline and expedite the development of innovative semiconductor materials that are less resource-intensive, ultimately contributing to a more sustainable manufacturing process.
With the semiconductor industry facing increasing pressure to reduce environmental impact, this investment represents a significant step towards integrating advanced technologies to foster sustainable practices. The Commerce Department’s focus on AI in this sector underscores the potential for transformative advancements that can meet both economic and environmental goals, helping to secure a more resilient supply chain for the future.
Global financial messaging service SWIFT will trial live transactions of tokenised assets and digital currencies in 2024, aiming to accelerate their integration into the financial system. Tokenisation, which transforms traditional assets like bonds into digital units, promises faster, cheaper, and more efficient trading by cutting out intermediaries.
Despite high expectations, tokenisation and digital currencies have yet to achieve widespread adoption. Around 90% of central banks are experimenting with digital currencies, hoping to modernise trade and payments in the evolving cryptocurrency landscape. SWIFT has already tested Central Bank Digital Currencies (CBDCs) and plans to connect them with existing financial infrastructure.
SWIFT’s head of innovation, Nick Kerigan, stated that demand is growing for real-world digital asset transactions where payment in real money happens simultaneously. However, market fragmentation has limited progress, with most initiatives still confined to banks’ internal systems.
The latest SWIFT trials will involve trading various digital assets across multiple platforms. Kerigan emphasised the need for both delivery and payment in tokenised transactions, highlighting the role of wholesale CBDCs and tokenised deposits in making this possible.
As global investors like Thrive Capital and Tiger Global invested $6.6 billion in OpenAI, the company is seeking more than just capital; it wants assurances that these investors will avoid funding five perceived competitors. The list includes rivals such as Anthropic, Elon Musk’s xAI, and Safe Superintelligence (SSI), co-founded by OpenAI’s Ilya Sutskever. These companies are in a race to develop large language models, which require substantial financial backing.
OpenAI is also focusing on AI applications, with firms like the search startup Perplexity and enterprise search company Glean highlighted as part of its strategy. This move reflects OpenAI’s intent to broaden its offerings for enterprises and end users. The company has ambitious revenue targets, aiming to increase its earnings from $3.7 billion this year to $11.6 billion by 2025, signalling a strong push for growth in the competitive AI landscape.
While OpenAI’s request for exclusive commitments from investors is not legally binding, it underscores the company’s strategy to capitalise on its strong market position in a highly competitive environment where securing funding is crucial. Typically, venture capitalists steer clear of investing in direct competitors, but OpenAI’s approach is somewhat atypical. The situation is further complicated by late-stage investors like SoftBank and Fidelity, which have invested in both xAI and OpenAI, blurring the lines in the competitive landscape. This dynamic highlights the challenges and complexities investors face in navigating the rapidly evolving AI sector.
OpenAI’s request does not affect its past investors or their existing investments but could influence future fundraising efforts for both OpenAI and its listed competitors. The Financial Times and Wall Street Journal were among the first to report on the names of the companies involved.
The Philippines has introduced a 12% value-added tax (VAT) on digital services from foreign companies like Amazon, Netflix, Disney, and Google. President Ferdinand Marcos Jr signed the new law, aiming to establish fair competition between global tech companies and local businesses. The measure will apply to streaming platforms and online search engines used in the country.
Bureau of Internal Revenue Commissioner Romeo Lumagui emphasised that levelling the playing field will push businesses to improve their products and services. Currently, only domestic providers are subject to the 12% VAT. Foreign tech giants have yet to comment, with Netflix offering no statement and other firms like Disney and Google remaining silent on the matter.
The government expects to raise 105 billion pesos ($1.9 billion) between 2025 and 2029 from the new tax. A portion of these funds will support Philippine creative industries. Educational and public interest services will be exempt from the VAT, according to the presidential office.
Since the pandemic, there has been a significant rise in the use of digital services across Philippines and Southeast Asia in general. However, these tech giants now face growing pressure from stricter tax regimes in the region.
Crypto analysts are sparking a frenzy around the ETFSwap ICO, with predictions that it could boost portfolios by up to 80 times during Shiba Inu’s anticipated ‘Uptober‘ rally. With veteran analysts backing ETFSwap as a must-have altcoin, investors are flocking to buy in, expecting significant returns once Shiba Inu begins its bullish run in October 2024.
ETFSwap has garnered attention due to its next-gen DeFi utility, designed to bridge the gap between centralised finance and blockchain. Built on the Ethereum network, ETFSwap allows users to tokenise real-world assets and trade them on-chain, offering a seamless experience with low transaction fees. In its beta phase, the platform also offers staking opportunities with up to 87% APR, making it an attractive prospect for savvy investors.
The platform’s user-friendly design ensures traders can swap ETFS for tokenised ETFs, including equities, bonds, commodities, and more, without the need for extensive KYC processes. With plans to publicly launch in 2025, and smart contracts audited by CyberScope, ETFSwap is positioning itself as a safe and promising DeFi platform, further bolstered by Shiba Inu’s forecasted growth this October.
Polish e-commerce platform Allegro has officially launched its operations in Hungary, marking a significant step in its Central European expansion strategy. This new site is expected to attract approximately 10 million new customers. Over the past year and a half, Allegro has expanded into the Czech Republic and Slovakia, increasing its potential client base by 16 million and accumulating over 2.5 million active buyers in those markets.
Matthias Frechen, Allegro’s Chief Commercial Officer, stated that entering Hungary brings the company closer to its goal of becoming Europe’s preferred shopping destination. He described Hungary as one of the most promising markets in Europe for the company’s growth.
Allegro exceeded second-quarter market forecasts with better-than-expected adjusted EBITDA, showcasing its financial strength. However, the company also reported a slowdown in growth for the third quarter in Poland, its largest market. This mixed performance highlights both the challenges and opportunities Allegro faces as it continues to expand into new regions. Balancing growth across multiple markets will be crucial as the company navigates these dynamics.
Microsoft has announced plans to invest €4.3 billion over the next two years to expand its artificial intelligence (AI) and cloud infrastructure in northern Italy. The tech giant’s investment will establish the ItalyNorth cloud region as one of Microsoft’s largest data hubs in Europe, serving both the Mediterranean and North Africa. The move marks Microsoft’s largest-ever investment in Italy and is expected to significantly strengthen the country’s digital presence in the region.
Microsoft’s Vice Chair and President, Brad Smith, discussed the investment with Italian Prime Minister Giorgia Meloni, who welcomed the project, seeing it as a key development for Italy’s role in the Mediterranean’s digital landscape. This initiative follows broader discussions between the Italian government and global investors, including BlackRock, which is also looking at potential investments in data and energy infrastructure.
The surge in demand for AI and cloud services across industries, from gaming to e-commerce, is driving Microsoft’s global expansion efforts. In partnership with BlackRock, Microsoft had already launched a $30 billion fund aimed at AI-focused data centers and related infrastructure, initially targeting the U.S. and its partner countries.
Shiba Inu, the second-largest meme coin, has seen a period of stability after a surge that raised its value by 26.4% over the past week, pushing its market cap above $10.8 billion. This rise coincided with a boost in whale activity and continued outflows from centralised exchanges, suggesting growing investor confidence in the coin.
Despite the positive trends, Shibarium’s network has seen a decline in transaction fees, dropping to 0.0025 BONE. New account additions have slowed, but the total number of Shibarium accounts has reached a record 126,750, showing sustained interest in the ecosystem. A portion of BONE generated within Shibarium is converted into SHIB and burned, impacting Shiba Inu’s value.
Shiba Inu’s price has pulled back slightly after hitting a multi-month high, crossing below key resistance levels. However, with the coin holding above its 50-day and 200-day moving averages, there is potential for further upside if it can turn the resistance at $0.000020 into support.
Equinix has announced a joint venture with Singapore’s GIC and the Canada Pension Plan Investment Board, aiming to raise over $15 billion to expand its hyperscale data centres in the US. This initiative comes at a time when the demand for data centres is surging due to the increasing deployment of AI technologies across various industries. Hyperscale data centres are crucial for major tech companies like Amazon, Microsoft, and Google, providing the extensive computing power and storage necessary for their operations.
The newly formed joint venture will greatly expand Equinix’s hyperscale data centre program by enabling the purchase of land for new facilities and adding more than 1.5 gigawatts of capacity. GIC and the Canada Pension Plan Investment Board will each hold a 37.5% equity stake in the venture, while Equinix will retain a 25% share. Additionally, the partnership plans to leverage debt to increase the total available investment capital.
Equinix has experienced robust growth recently, prompting the company to raise its annual core earnings forecast. With a keen eye on expansion, particularly in Southeast Asia, Equinix has already acquired three data centres in the Philippines this year and continues to explore opportunities in the high-growth region. The new partnership with GIC underscores Equinix’s commitment to scaling its operations in response to the rising demand for data centre services.
Solana’s native token, SOL, saw a 9% decline over two days after reaching a peak of $161.80 on 29 September, marking its highest level in seven weeks. The correction mirrored the broader altcoin market capitalisation (excluding stablecoins), which hit approximately $800 billion in late September before dropping to $739 billion on 1 October.
Despite this dip, Solana’s network activity surged in the past week, prompting traders to speculate on SOL’s potential to outperform competitors. Notably, SOL’s price has risen by 10.4% over the past 30 days, indicating positive overall market sentiment. The token remains the fourth-largest cryptocurrency by market capitalisation and ranks third in total value locked (TVL), which measures the amount deposited in the network’s smart contracts.
Solana’s network distinguishes itself with low transaction fees, averaging just $0.02, compared to Ethereum’s $2.50 and BNB Chain’s $0.08. The cost-efficiency, coupled with the network’s scalability, positions Solana as a strong competitor, particularly in gaming and mobile applications. Recent developments, such as the announcement of Gameshift and the upcoming Seeker smartphone, are seen as potential catalysts for increased network demand.
