Nasdaq is seeking regulatory approval to launch and trade options on a bitcoin index, offering institutional investors and traders a new way to hedge and amplify their exposure to the cryptocurrency. The United States Securities and Exchange Commission (SEC) has not approved options based on bitcoin-related exchange-traded funds (ETFs), including Nasdaq’s application to trade options on BlackRock’s $21.3 billion iShares Bitcoin Trust ETF.
The new bitcoin index options would provide a quicker and more affordable method for traders to gain access to the cryptocurrency market. Options are derivatives that allow the holder to buy or sell an asset at a set price by a predetermined date, making them a popular tool for traders and investors to manage risk and enhance liquidity.
Nasdaq’s proposed options would track the CME CF Bitcoin Real-Time Index, which monitors bitcoin futures and options contracts on the CME Group exchange. This development comes as institutional demand for bitcoin-based financial products grows despite the SEC’s slow approval process for options on newly launched spot bitcoin ETFs.
While awaiting regulatory decisions, traders have explored other products, such as leveraged ETFs tied to bitcoin. Exchanges initially applied for the spot bitcoin ETF options as soon as the SEC approved the underlying ETFs but have since adjusted their filings in response to the regulator’s comments.
BigCommerce is bolstering its AI capabilities through collaboration with Google, aiming to enhance online store performance and drive customer growth. The Austin-based company introduced a suite of new AI-focused solutions during its recent product launch, including tools for personalised product recommendations and AI-generated quote proposal emails, with plans for more features like semantic search and predictive analytics.
These enhancements build on BigCommerce’s partnership with GoogleCloud’s AI technology, which was formed about a year ago. The company is positioning itself against competitors like Shopify and Amazon, which have also integrated AI to improve their platforms. BigCommerce believes these updates will benefit merchants significantly, particularly in terms of efficiency and customer experience.
Despite a challenging journey since going public in 2020, BigCommerce is making substantial investments in AI, and it is already showing positive results. Recent earnings reports indicate an 11% increase in revenue, driven partly by the success of these AI tools, and a reduction in net losses compared to the previous year.
The company remains optimistic that its AI strategy will pay off, helping it compete more effectively in e-commerce. BigCommerce is committed to providing merchants with various AI-powered tools, enabling them to choose the best solutions for their unique needs.
Meta Platforms has partnered with Sage Geosystems to source geothermal energy for its US data centres. The agreement supports the company’s expanding AI infrastructure, which demands noteworthy power. However, the initial phase of the 150-megawatt project, expected to be operational by 2027, will significantly boost the use of geothermal energy in the United States. While the exact location remains undecided, it will be east of the Rocky Mountains.
The deal aligns with the Biden administration’s push for clean energy investments from tech giants as they face growing electricity demands driven by AI advancements. Adopting AI technologies, particularly generative AI, is fuelling a rapid increase in electricity consumption, potentially complicating efforts to decarbonise the power sector by 2035. The Sage project represents Meta’s largest foray into renewable energy, a strategic move to manage rising infrastructure costs.
Sage Geosystems, a Houston-based startup, is pioneering next-generation geothermal technology that can be deployed in more locations than traditional methods. The company, supported by oil and gas firms Chesapeake Energy and Nabors Industries, validated its technology just two years ago, marking a significant step forward in the renewable energy sector.
Meta has been aggressively upgrading and expanding its infrastructure to support AI developments, substantially increasing expenses. With capex projected to reach up to $40 billion in 2024, the company expects infrastructure costs to remain a major expense driver in the coming years.
Google has introduced a new AI-powered chat assistant to help YouTube creators recover hacked accounts. Currently, in testing, the tool is accessible to select users and aims to guide them through securing their accounts. The AI assistant will assist affected users by helping them regain control of their login details and reverse any changes made by hackers. Presently, the feature supports only the English language, but there are plans to expand its availability.
To use the new tool, users must visit the YouTube Help web page and log into their Google Account. They will then find the option to ‘Recover a hacked YouTube channel’ under the Help Centre menu. This new option opens a chat window with the AI assistant, who will guide them through securing their accounts.
Google’s latest innovation reflects its ongoing commitment to enhancing user security. Although the tool is in its early stages, efforts are being made to make it available to all YouTube creators.
As cyber threats evolve, Google’s AI assistant represents an important step forward in providing robust security solutions. The initiative shows the company’s dedication to protecting its users’ online presence.
Apple is reportedly exploring generative AI to develop a new ‘personality’ for future robotic devices, potentially replacing Siri. Innovation like this could introduce a more natural and capable conversational interface in forthcoming products, echoing Amazon’s Astro. Mark Gurman from Bloomberg suggests that Apple’s tabletop robot could be priced under $1,000, though it’s still in the early stages of development with no guarantee of a release.
One vital piece of Apple’s robotic work is the creation of a personality. While Siri is the digital assistant on Apple’s current devices, the company is working on another humanlike interface based on GenAI. It could run on the tabletop and other future Apple robotics devices.
Apple’s broader focus on generative AI is evident in its upcoming Apple Intelligence suite, which will soon bring advanced AI features like text creation, summaries, and image generation to iPhones, iPads, and Macs. The new direction underscores the company’s commitment to next-gen AI, positioning it to compete with other tech giants already invested in the space.
Despite the potential, Apple remains cautious, with Gurman noting uncertainty about the company’s dedication to launching a home robot. As the tech world awaits the iPhone 16 launch, Apple’s AI ambitions hint at a significant shift in its approach to consumer technology.
Apple’s work on generative AI is powered by ChatGPT, highlighting the challenges before it can independently launch its AI chatbot. Whether or not Apple’s robotic ambitions materialise, the development marks a significant evolution in its AI strategy.
Nvidia is revolutionising its chip design process by leveraging large language models (LLMs) and autonomous AI agents. These innovations are being used to speed up the development of GPUs, CPUs, and networking chips, significantly enhancing design quality and productivity. The models include prediction, optimisation, and automation tools, which help engineers improve designs, generate code, and debug issues more efficiently.
The company has trained an LLM specifically on Verilog, a hardware description language, to accelerate the creation of its systems. This model assists in speeding up the design and verification processes while automating manual tasks, supporting Nvidia’s goal of maintaining a yearly product release cycle. As Nvidia continues to develop increasingly complex architectures, such as the Blackwell architecture, these AI tools are vital in meeting the challenges of next-generation designs.
At the Hot Chips conference in the US, Mark Ren, Nvidia’s director of design automation research, will provide insights into these AI models. He will highlight their applications in chip design, focusing on how agent-based systems powered by LLMs transform the field by autonomously completing tasks, interacting with designers, and learning from experience.
The use of AI agents for tasks like timing report analysis and cell cluster optimisation has already gained recognition, with a recent project winning best paper at the IEEE International Workshop on LLM-Aided Design. Nvidia’s advancements demonstrate the critical role of AI in pushing the boundaries of chip design.
Thailand has given the green light to Western Digital’s $693 million project to expand hard disk production within the country. The investment, announced by Thailand’s Board of Investment (BOI), is set to enhance the nation’s economy, adding 200 billion baht in annual exports and creating 10,000 new jobs. Western Digital employs 28,000 people in Thailand, a key hub where 80% of the world’s hard disks are produced.
The approval is part of a broader trend in Thailand’s hard disk industry, which has seen 82.6 billion baht in investments over the past decade. Last year, Seagate, a rival in the industry, also expanded its operations with a 16 billion baht investment, highlighting the growing demand driven by cloud technology and data centres.
As Southeast Asia’s second-largest economy, Thailand aims to attract 800 billion baht in overall investment applications by 2024, reflecting its strategic push to remain one of the bigger leaders in hard disk manufacturing.
Despite its declining quarterly revenue, Baidu, in its statement, assured people that its leading position in AI in China will position it to navigate the increasingly competitive market. The comment comes from an AI price war in China, where companies are increasingly lowering the prices of large language models powering generative AI technologies.
Ernie, Baidu’s large language model, has been integrated into various applications to enhance user experience and is touted to be a competitor to OpenAI’s GPT. According to Baidu CEO Robin Li, the company’s Ernie platform processes over 600 million AI requests daily, the highest volume among Chinese firms. Li added, ‘Competition will be fierce over the next 2 to 3 years.’
As China’s dominant search engine, most revenue comes from ads. However, the company has strategically pivoted to AI by investing significantly in the sector to position itself as an ‘AI company’. The company has expanded its AI offerings by introducing a paid version of its Ernie-powered chatbot for public use and offering API services to developers via cloud computing. “Our advertising business is currently facing pressure caused by a combination of external factors and our proactive efforts to accelerate the AI-driven renovation of search,” Li said during a conference call with analysts.
Why does this matter?
The dipped revenue indicates Baidu’s difficulty in transitioning from search ads to AI as China faces an economic slump. Baidu’s news of prioritising AI as its search revenue stalls can be located as a part of the broader tech trend where, with the AI gold rush, companies increasingly look to increase their AI portfolios to ensure they retain their competitiveness and don’t fall behind in the AI market that is expected to accrue massive business value.
Chinese entities linked to the state are turning to cloud services from Amazon and its rivals to access advanced US chips and AI capabilities that are otherwise restricted. Over the past year, at least 11 Chinese organisations have sought cloud services to bypass US export restrictions on high-end AI chips, according to tender documents.
Amazon Web Services (AWS) was specifically mentioned as a provider in several cases, though Chinese intermediaries were used to access the services. US regulations focus on the export or transfer of physical technology, leaving a loophole for cloud-based access. This has allowed US companies to profit from China’s growing demand for computing power.
Efforts to close this loophole are ongoing. US legislators have expressed concerns, and the Commerce Department is considering new rules to tighten control over remote access to advanced technology. AWS has stated that it complies with all applicable laws, including trade regulations in the countries where it operates.
Microsoft’s cloud services have also been sought by Chinese universities for AI projects. These activities highlight the increasing demand for US technology in China and the challenges in enforcing export controls. Both Amazon and Microsoft declined to comment on specific deals, but the implications for US-China tech relations are significant.
Australia’s Federal Court has ruled that Bit Trade Pty, the operator of the Kraken cryptocurrency exchange in Australia, failed to meet design and distribution obligations for its margin trading product. The case, initiated by the Australian Securities and Investments Commission (ASIC) in September 2023, centred on Bit Trade’s failure to determine an appropriate target market before offering the product, despite prior warnings.
The court’s ruling highlights the legal requirement for financial products to be appropriately distributed to consumers. ASIC argued that the obligation to repay digital assets or national currency classified the margin trading product as a credit facility, which required stricter compliance. ASIC’s Deputy Chair, Sarah Court, emphasised the significance of this outcome as a reminder to the crypto industry about the importance of adhering to regulations.
Bit Trade, a subsidiary of US company Payward Incorporated, expressed disappointment with the decision but stated its readiness to comply with the court’s ruling. The company has seven days to negotiate declarations and injunctions with ASIC, which plans to pursue financial penalties against Bit Trade at a later date.
In addition to this case, Kraken’s parent company is also under scrutiny in the US, where the Securities and Exchange Commission filed a lawsuit in November 2023, accusing Kraken of operating as a securities exchange without proper registration.
