AI Chips to the Moon 🚀

August 22, 2023

Good morning. Today we're diving into the dynamic realm of technology, where market optimism, IPO buzz, AI's potential for developing drugs, and crypto investments are making waves.

In today’s edition:

  • Nvidia's Ark: Analysts' optimism fuels Nvidia's rally, projecting an 11% upside ahead of earnings.

  • Arm Files for Nasdaq IPO: UK-based chipmaker Arm, backed by SoftBank, sets sights on going public amid industry demand.

  • Coinbase takes a stake in stablecoin issuer Circle amid regulatory clarity shifts.

  • Snapchat enhances user engagement with 'Dreams,' using AI to transform photos into creative experiences.

Top Stories

Markets

Source: NVIDIA Corporation

Nvidia's Price Targets Surge Ahead of Earnings with AI-Fueled Optimism: Nvidia's shares surge as analysts raise their price targets, signaling increased optimism for the chipmaker's upcoming earnings report. The average target has risen to over $520 from $505 in a week, projecting an 11% potential upside. The stock's 8.5% gain marks its largest single-day increase since May. Nvidia's AI-driven success has propelled its shares up 221% this year, with upcoming second-quarter results anticipated to showcase strong demand for AI processing chips. Analysts from HSBC, KeyBanc Capital Markets, and BMO Capital Markets have all raised their targets, highlighting Nvidia's dominant position in the AI market. (Bloomberg)

Technology

Source: Wikimedia Commons

Arm's Nasdaq IPO Filing: SoftBank-Owned Chipmaker Seeks to Go Public: UK-based chipmaker Arm, owned by SoftBank, files for a Nasdaq IPO after its confidential preliminary IPO paperwork submission. With plans for the largest IPO of 2023, Arm's F-1 filing reveals financial details, including net income of $524 million on $2.68 billion in revenue for fiscal 2023. Arm, known for developing high-performance CPUs, counts Apple, Alphabet, and Qualcomm among its clients. The IPO aims to capitalize on the booming semiconductor industry's demand, but skepticism remains about its valuation. (TechCrunch)

AI

Source: Flickr

Snapchat Expands into Generative AI with Dreams: Snapchat is venturing deeper into generative AI with its new feature, Dreams. The expansion aims to enhance user engagement by allowing them to create personalized, AI-generated experiences. Dreams taps into AI to modify users' photos, enabling them to "dreamify" their images and add creative filters. As Snapchat embraces generative AI, it aims to offer a unique and engaging experience to its users, further leveraging the potential of artificial intelligence in the social media landscape. (TechCrunch)

Crypto

Source: Flickr | Ivan Radic

Coinbase Invests in Stablecoin Issuer Circle Amid Regulatory Clarity Shift: Coinbase, the largest US crypto exchange, acquires a stake in Circle, a stablecoin issuer, attributing the move to improved regulatory clarity for stablecoins. The two companies were co-founders of the Centre Consortium overseeing the USD Coin stablecoin. Centre Consortium will dissolve, and revenue sharing will continue based on USDC holdings, with added interest income sharing. The move comes amidst growing regulatory efforts and increased competition among stablecoins, following a market collapse. (Bloomberg)

Must-reads

  1. The human costs of the AI boom (TechCrunch)

  2. Wearable backpacks allow people to experience music as vibrations on their bodies (NYT)

  3. Beijing is coming for the metaverse (Politico EU)

  4. Why It’s Time to Take Augmented and Virtual Reality Seriously (Lifewire)

  5. Your mental health internet search may lead to malware (mashable)

  6. “Not a replacement of journalists in any way”: AP clarifies standards around generative AI (NiemanLab)

  7. Investing In Artificial Intelligence: Where Will Equity Values Surface? (ArkInvest)

  8. Real-world assets: Shaping the future of digital asset management with tokenization (Coin Telegraph)

  9. A 77-year-old talks to an AI-companion robot called ElliQ over a dozen times daily to combat her loneliness (Business Insider)

  10. Apple Vision Pro’s hand tracking: a big mistake, or the future of gaming? (FastCompany)

Startups & Venture Capital

Biotech

Source: RawPixel

Andreessen Horowitz Leads $200 Million Investment in AI-driven Biotech Startup Genesis Therapeutics: Genesis Therapeutics secures a $200 million investment co-led by venture firm Andreessen Horowitz to advance its biotechnology efforts fueled by artificial intelligence. The startup utilizes AI to discover medicines targeting challenging molecular structures that have stymied traditional drug discovery. With this funding, Genesis aims to transition its AI-discovered drugs into clinical trials. The company's approach involves in silico compound identification for synthesis and testing, overcoming hurdles in drug development. Industry veterans' involvement underscores the growing recognition of AI's potential in revolutionizing drug discovery. (WSJ)

Robotics

Source: Solinftec

Solinftec Expands US Capacity for Autonomous Farming Robots Amid Labor Shortage: Autonomous farming robot manufacturer Solinftec has increased its production capacity in Indiana, doubling its global output to 800 robots annually. The expansion addresses a labor shortage in agriculture, allowing the AI-powered robots, which analyze crops and apply treatments where needed, to provide precision agriculture. The company's solar-powered robots reduce herbicide use significantly and are set to proliferate in the US corn belt, potentially reaching 250 units by 2025. Partnerships with American cooperatives like Co-Alliance and Premier Ag also enhance the company's reach. (Bloomberg)

Music

Source: Flickr | Ars Electronica

Developers Embrace AI for Text-to-Music Apps: The intersection of AI and music widens as developers embrace artificial intelligence for creating text-to-music applications. This innovation allows users to transform written text into musical compositions. By leveraging AI algorithms, these apps offer a novel way to bridge language and music, enabling individuals to express themselves through musical arrangements generated from their text input. The trend showcases the versatility of AI in creative domains beyond traditional applications. (TechCrunch)

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