In February 2024, inflation decreased to 3.4%, a decline from January’s 4%, moving closer to the Bank of England’s self-imposed target of 2%
This reduction signifies that the cost of living is increasing at its least rapid rate since September 2021, when it was recorded at 3.1%.
Since reaching a peak of 11.1% in October 2022, the highest in 40 years, inflation has been on a steady decline. In the big inflation picture, that’s a pretty good result.
It has only taken around 16 months to move the rate from 11.1% (a 40-year high) down to just 1.4% above the BoE’s target of 2%.
The primary factor contributing to this decrease, as reported by the Office for National Statistics (ONS), is the deceleration of food price inflation.
Bitcoin extended its slide on Tuesday 19th March 2024, dropping more than $10,000 from its all-time high last week.
The cryptocurrency went below $63000. Last week it climbed to a record $73679.
The move helped drag other cryptocurrencies lower. Ether lost more than 5% and was recently trading at $3,287.58 after topping $4,000 last week for – a drop some analysts predicted following the network’s *Dencun upgrade. The token tied to Solana fell 8%, Dogecoin lost 7% and XRP slipped 2%.
*Dencun introduces a scaling technology called proto-danksharding. This feature aims to drastically reduce transaction fees on Layer 2 (L2) rollups like Pontem’s SuperLumio, Optimism, and Arbitrum. By efficiently managing large data chunks, *proto-danksharding streamlines transaction processing, particularly for L2 solutions.
*Proto-Danksharding, also known as EIP-4844, is an intermediate step toward achieving a truly scalable Ethereum blockchain. Proto-Danksharding aims to make transactions on Layer 2 as cheap as possible for users and ultimately scale Ethereum to handle over 100,000 transactions per second. It serves as a precursor to full Danksharding.
In summary, Proto-Danksharding paves the way for more efficient and cost-effective Layer 2 solutions, enhancing Ethereum’s scalability and usability.
Bitcoin volatile pullback – profit taking
Bitcoin’s decline started last week when traders began to capitalize on profits following its approximately 70% surge from the beginning of the year to its peak last Wednesday. Data from CryptoQuant indicates a significant increase in investors liquidating their Bitcoin holdings for profit on 12th March 2024.
CoinMarketCap chart demonstrating Bitcoin volatility over 7-day period dropping below $63000
CoinMarketCap chart demonstrating Bitcoin volatility over 7-day perioddropping below $63000
Moreover, the act of securing profits resulted in a surge of long position liquidations for leveraged Bitcoin investments. Centralised exchanges witnessed approximately $122 million in long position liquidations on Monday, as per analysis from Bitcoin exchanges.
The previous week saw nearly $372 million worth of long liquidations over the span of three days.
Bitcoin ETFs
The introduction of spot Bitcoin ETFs in the U.S. earlier this year has significantly contributed to the rally of Bitcoin. This surge began even before the ETFs were officially launched, spurred by the anticipation of their regulatory approval. Concurrently, growing interest from investors and a higher demand for Bitcoin have led to increased leverage and amplified volatility.
Investors and analysts caution that traders ought to proceed with care in March due to the anticipated volatile price movements and a surge in trading volumes, which could result in a deviation from Bitcoin’s sustained upward trend.
Tread with extreme care – or DON’T TREAD AT ALL! Bitcoin is an extremely volatile asset and too unpredictable to trade for my liking.
In a move that reverberated across global financial markets, the Bank of Japan (BOJ) recently bid farewell to its negative interest rate policy – the last of its kind in the world. This decision marks a pivotal moment in the realm of central banking and has far-reaching implications for economies and investors worldwide.
The Negative Interest Rate Saga
To understand the significance of this shift, let’s rewind the clock. Japan, grappling with deflation for years, embarked on an ambitious economic experiment known as ‘Abenomics’ in 2013. The strategy combined massive government spending with unconventional monetary measures. The BOJ, under the leadership of then-Prime Minister Shinzo Abe, injected liquidity into the system by purchasing bonds and other assets. The goal? Achieve a 2% inflation target and kickstart growth.
Among these measures was the adoption of negative interest rates. The idea was simple: discourage banks from hoarding excess reserves and encourage lending. However, the path to higher inflation proved elusive, and the BOJ found itself navigating uncharted waters.
The Change
Fast forward to 2024. Japan’s economy has experienced a moderate recovery, prompting policymakers to reassess their strategic options. The Bank of Japan (BOJ) has elevated its short-term interest rate from minus 0.1% to a range between zero and 0.1%. This adjustment marks the first increase in rates since 2007, representing a significant, even a ‘seismic’ policy shift.
The Effect
Policy Pivot: The BOJ acknowledges that negative rates have played their part. With improving wages and corporate profits, the time is ripe for a change. The new rate range signals a departure from the era of ultra-accommodative policies.
Global Implications: Japan now stands as the last central bank to exit negative rates. For years, central bankers worldwide wielded cheap money and unconventional tools. Now, the tide turns. The era of negative rates draws to a close, and other central banks take note.
Market Response: Tokyo’s Nikkei 225 index responded positively, gaining 0.7%. The Japanese yen weakened against the dollar. Investors recalibrate their strategies, adjusting to a world where negative rates are no longer the norm. The Nikkei is sitting close to or at its all-time high!
Nikkei 225 3 month chart at: 40003 – close to its recent new all-time high of 40109
Nikkei 225 3 month chart at: 40003 – close to its recent new all-time high of 40109
The future?
As the BOJ takes its first step toward policy normalization, questions abound. Will further rate adjustments follow? How will markets adapt? And what does this mean for global liquidity?
One thing is certain: The decision of the Bank of Japan resonates beyond the confines of the nation. It heralds the beginning of a new era in which central banks adjust their strategies, economies establish stability, and investors once more chart a course through unfamiliar territory.
Within the chronicles of monetary history, the cessation of negative rates at the Bank of Japan will be marked as a pivotal moment. As the final details of this policy transition are solidified, the global community observes, prepared for the forthcoming developments.
Disclaimer: The views expressed in this article do not constitute financial advice. Readers are encouraged to consult professional advisors before making any investment decisions.
Nvidia have announced a new generation of artificial intelligence chips and software for running AI models. It’s called: The Blackwell B200 GPU
Blackwell B200 GPU
The Blackwell B200 is the successor to Nvidia’s Hopper H100 and H200 GPUs.
It represents a massive generational leap in computational power.
AI Performance: The B200 GPU delivers 4 times the AI training performance and 30 times the inference performance compared to its predecessor.
Transistor Count: It packs an impressive 208 billion transistors, more than doubling the transistor count of the existing H100.
Memory: The B200 features 192GB of HBM3e memory with an impressive bandwidth of 8 TB/s.
Architecture: The Blackwell architecture takes over from H100/H200.
*Dual-Die Configuration: The B200 is not a single GPU in the traditional sense. Instead, it consists of two tightly coupled die, functioning as one unified CUDA GPU. These chips are linked via a 10 TB/s NV-HBI connection to ensure coherent operation.
*Dual-die packaging technology is used to pack two integrated circuit chips in one single package module. It doubles functionality levels.
Process Node: The B200 utilizes TSMC’s 4NP process node, a refined version of the 4N process used by Hopper H100 and Ada Lovelace architecture GPUs.
The Blackwell B200 is designed for data centres and AI workloads but will likely be available to expect consumer in the future, although these may differ significantly from the data centre model.
Grace Blackwell GB200 Superchip:
Nvidia’s GB200 Grace Blackwell Superchip, with two B200 graphics processors and one Arm-based central processor
This superchip pairs the Grace CPU architecture with the updated Blackwell GPU.
It’s another addition to Nvidia’s lineup, combining CPU and GPU power for advanced computing tasks.
Nvidia continues to push the boundaries of accelerated computing, and these new GPUs promise remarkable performance improvements for AI and other workloads.
Onwards and upwards for Nvidia and the advancement of AI.
Apple is reportedly engaged in negotiations to acquire a licence for Google’s Gemini, a generative AI platform, with the intention of integrating it into iPhones. These ongoing discussions may result in Gemini enhancing iPhone software with new features later this year.
The terms, branding, and implementation details have not been finalised. This potential partnership could significantly impact the AI capabilities of future iPhones.
Microsoft: Pioneering Supercomputing for the AI future
In the ever-evolving landscape of technology, Microsoft stands out as a global supercomputing firm that’s making significant strides in the field of artificial intelligence (AI). With a vision to empower developers and organizations, Microsoft has invested heavily in creating cutting-edge infrastructure that fuels AI research and development.
The Azure Supercomputer: A Game-Changer
At the heart of Microsoft’s commitment lies the Azure Supercomputer, a powerhouse designed specifically for training massive AI models. This supercomputer, one of the top five publicly disclosed supercomputers in the world, represents a collaborative effort between Microsoft and OpenAI.
Its mission is to unlock the potential of AI across various domains, from natural language processing to computer vision.
A Platform for Innovation
Microsoft’s commitment extends beyond narrow AI advancements. They aim to democratise access to large AI models and infrastructure. By providing a platform for developers, researchers, and organizations, they will foster innovation and accelerate breakthroughs.
Imagine personalised medicine, self-driving cars, and data-driven decision-making, all powered by supercomputing capabilities.
The Exascale Race
Supercomputing isn’t just about raw power; it’s about solving complex problems. Microsoft joins the global race toward exascale computing, where machines perform a quintillion (1018) calculations per second. Imagine simulating climate change, predicting earthquakes, curing serious illnesses, solving nuclear fusion energy all with remarkable speed and accuracy.
Isambard-AI: UK’s Ambitious Project
While Microsoft leads the charge, other players are also making waves. The UK’s Isambard-AI, named after the legendary engineer Isambard Kingdom Brunel, aims to be ten times faster than the country’s current fastest supercomputer. It’s a testament to the growing importance of supercomputing in AI research.
Conclusion
Microsoft’s commitment to supercomputing and AI isn’t just about numbers—it’s about shaping the future. As we stand on the cusp of technological revolutions, these giants pave the way for a smarter, more connected world.
In 2018, Byju Raveendran’s edtech company, Byju’s, was the darling of India’s start-up scene.
It was valued at a staggering $22 billion. However, recent times have seen its fortunes take a dramatic downturn.
Financial Crisis and Valuation Plunge
Once India’s leading privately-held company, Byju’s is now regarded as a cautionary tale. Investment company BlackRock recently slashed its valuation to a mere $1 billion.
The company faced mounting debt, unhappy investors, and lawsuits by lenders. Its valuation plummeted.
Leadership Turmoil
In February, many shareholders voted to remove Byju Raveendran as CEO during an extraordinary general meeting (EGM). Reportedly, allegations of ‘management failures’ led to this decision.
Raveendran and his family dispute the allegations, challenging the vote’s validity in court. The High Court temporarily halted the implementation of the resolutions passed in the EGM.
Legal and Financial Crises
Byju’s has been struggling with a growing number of legal and financial challenges. These include: investigations by India’s financial crimes agency, layoffs, delayed salaries, and a liquidity crisis.
Customers have reportedly accused the company of pressure selling, coercing parents into buying courses they couldn’t afford.
Missed Financial Deadlines
In January, Byju’s reported a consolidated loss of around 82 billion rupees ($1 billion) for 2022. The company is yet to present its audited accounts for 2023.
The company’s struggle to pay salaries due to a lack of funds has further exacerbated its woes.
Global Expansion and Acquisitions
Byju’s expanded globally, acquiring other edtech start-ups and firms. However, these ambitious moves came at a cost.
Initially focused on online tutoring for schoolchildren and competitive exam preparation in India, Byju’s later introduced learning apps in various Indian languages.
Rights Issue and Cash Crunch
The current standoff between Byju’s and its investors revolves around a rights issue. Byju’s proposed raising up to $200 million through this issue, inviting existing shareholders to purchase additional new shares in the company.
The pandemic darling became infected
Through the pandemic, as schools were forced to close, the business kept growing and expanding – until it all started to unravel.
It used to be India’s top private firm with a $22bn (£17.38bn) valuation, but now some see it as a warning for local start-ups, after investment firm BlackRock cut its worth to $1bn.
Byju’s, once a rising star, now faces a massive task and fight back to regain its former glory.
Walt Whitman was an influential American poet, essayist, and journalist. His work significantly impacted American literature, and he is often referred to as the father of free verse.
More than a fifth of working-age adults in the UK are currently not actively seeking employment, according to recent figures.
The economic inactivity rate during the period from November 2023 to January2024 stood at 21.8%, a slight increase compared to the previous year. This means that approximately 9.2 million people aged between 16 and 64 are neither employed nor actively searching for jobs. The total figure has risen by over 700,000 since before the onset of the coronavirus pandemic.
Several factors contribute to this problem
Long-Term Illness: Approximately one-third of the working-age population not participating in the labour force cite long-term illness as the primary reason for their inactivity. Health-related issues have kept a significant portion of the population away from work.
The pandemic: of 2020 caused work flight. 700,000 extra out of the workplace since the coronavirus pandemic Covid 19 hit the UK in 2020.
Students and Education: Students pursuing education are often classified as economically inactive. Their focus on studies and lack of job-seeking activity contribute to this category.
Care Responsibilities: Individuals who care for family members or manage household responsibilities fall into this bracket. Caring duties can be time-consuming and prevent active job hunting.
People with Disabilities: Those with disabilities may face barriers in accessing employment opportunities. Accommodations and inclusive policies are essential to address this issue.
Early Retirement: Some adults choose early retirement, and once retired, they rarely express a desire to return to work. This group contributes significantly to the inactive population.
Discouraged Workers: Individuals who have given up on job searches due to discouragement or lack of suitable opportunities are also part of this category.
Gender Gap: Historically, more women have been classified as economically inactive compared to men. However, this gap has narrowed over the years as more women have entered the workforce.
Age Trends: Recent data indicates that while the number of economically inactive individuals due to illness has decreased, there has been an increase among those aged 16 to 34. Mental health issues are believed to be a contributing factor in this age group.
Persistently high level
The persistently high level of economic inactivity poses challenges for the UK economy. As the country emerges from the pandemic, addressing workforce shortages becomes crucial. Measures such as reducing National Insurance Contributions and extending free childcare services aim to encourage people to seek employment or increase their working hours.
More effort is needed to further incentivise workforce participation, if not, the UK economy will suffer for many more years than would otherwise be necessary.
Elon Musk sparked intense debate on the trajectory of artificial intelligence (AI) after he shared a clip from the Joe Rogan Experience podcast via his X account.
In the video, futurist Raymond Kurzweil explored the future of artificial intelligence (AI), proposing that it might soon outstrip human intellect.
Elon Musk, noted for his candid opinions on AI, echoed Kurzweil’s forecast by stating, ‘AI will likely be more intelligent than any individual human by next year.’ Furthermore, he speculated that by 2029, AI could surpass the combined intelligence of all humanity.
Screen capture of Elon Musk’s post on X
Artificial General Intelligence
Artificial General Intelligence (AGI), capable of outperforming human intelligence, has recently drawn widespread attention from technology leaders worldwide, especially with the advent of sophisticated AI systems such as ChatGPT, Bing AI, and Gemini. Despite its increasing prominence, a unified definition of AGI remains elusive. Typically, AGI is understood to be a phase in AI evolution where the system can undertake any human task, potentially excelling beyond human expertise in certain domains.”
In the realm of technology leadership, a broad range of views exists on the feasibility and consequences of Artificial General Intelligence (AGI). While some leaders speculate about the timeline for AGI’s realization, others doubt its eventual occurrence. Opinions also differ on whether AGI will lead to beneficial progress or present risks to human society. Comprehending the varied stances of tech leaders sheds light on the active debate regarding AGI and its prospective influence on society.
Musk’s choice to disseminate the podcast excerpt has intensified the discourse on AI advancement’s ramifications. His use of his platform to broadcast Kurzweil’s insights has sparked additional discussion and contemplation about artificial intelligence’s revolutionary capabilities.
His tweet has ignited wider conversations concerning the swift advancement of technology and its significant consequences for the future of humanity.
Raymond Kurzweil
Raymond Kurzweil, born 1948, is an American computer scientist, author, inventor, and futurist renowned for his contributions to various fields, including optical character recognition (OCR), text-to-speech synthesis, speech recognition technology, and electronic keyboard instruments.
Through his comprehensive body of work, Kurzweil has researched a variety of subjects including health, artificial intelligence (AI), transhumanism, the technological singularity, and futurism.
The European Union (EU) has made history by approving the world’s first comprehensive regulatory framework for artificial intelligence (AI).
Artificial Intelligence Act
Known as the Artificial Intelligence Act, this groundbreaking legislation is expected to serve as a global signpost for other governments grappling with how to regulate this fast-developing technology.
The AI Act takes a risk-based approach, categorizing AI applications based on their risk levels. It prohibits certain high-risk uses, emphasizes transparency, and aims to keep AI development human centric. This landmark regulation should help set a precedent for responsible AI deployment worldwide.
The regulation is expected to become enforceable in May 2024, after passing final checks and receiving endorsement from the European Council.
Oxford University, founded in the 12th century, stands as a beacon of scholarship and tradition. Its roots trace back to 1096 during William II’s reign. The university is approximately 230 years older than the Aztec Empire.
Teaching would have likely existed in some form within its hallowed halls. Imagine those early scholars, their minds ablaze with curiosity, gathering under the ancient spires.
Now, let’s compare this age to another remarkable entity: the Aztec civilization. The Aztecs flourished around the 14th century. Their vibrant culture, intricate temples, and awe-inspiring pyramids came some 230 years after the university was established.
Imagine the scene: while Oxford’s dons debated philosophy, the Aztecs were constructing Tenochtitlan, their magnificent capital. As Oxford’s colleges took shape, the Aztecs were creating intricate codices and performing sacred rituals.
Oxford University, with its nine centuries of continuous existence, predates the Aztec Empire by several lifetimes: a testament to the enduring quest for knowledge across civilizations.
The U.S. Consumer Price Index, a comprehensive gauge of the cost of goods and services, rose by 0.4% for the month and increased by 3.2% compared to the previous year.
The annual rate was marginally higher than expected. The monthly rate was slightly above the forecast of 0.3%. This may likely direct the Federal Reserve to hold off on an interest rate reduction, at least until the summer of 2024. What will Wall Street make of it?
The core Consumer Price Index increased by 0.4% monthly and recorded an annual rise of 3.8%. Both figures exceeded forecasts by one-tenth of a percentage point.
An increase of 2.3% in energy costs contributed to the rise in the overall inflation figure. Food prices remained mostly unchanged for the month, while housing expenses saw a further increase of 0.4%.
U.S. consumer price index data for February 2024– Month on month
U.S. consumer price index data for February 2024 – Year on year
The World Wide Web (WWW), the invention attributed to Tim Berners-Lee while working at CERN, was conceived on 12th March 1989. This makes the World Wide Web 35 years old today.
It is important to recognise that the Web and the Internet are two different entities; the Web is a service that functions via the Internet, a worldwide network of interconnected computer networks. Whereas the Internet is the system.
The first successful communication between a Hypertext Transfer Protocol (HTTP) client and server through the Internet took place in mid-November 1989.
The Web has since evolved significantly, with the release of the first web browser and server, and the development of HTML, CSS, and JavaScript, which have shaped the modern digital experience.
First website
The inaugural website was launched at CERN and became accessible on 20th December 1990. Tim Berners-Lee developed this site to disseminate information about the World Wide Web project. In August 1991, it was made available to the public. Today, it is still possible visit this site, offering an intriguing look into the web’s nascent stages.
The internet
The internet, as we know it today, began to evolve in the mid-20th century. This era, known as the Information Age, Digital Age, or Computer Age, is characterised by a transition from traditional industry to an economy driven by information technology. This shift commenced in the 1940s and 1950s. The invention of the transistor in 1947 and the optical amplifier in 1957 were pivotal developments that propelled the advent of the internet.
The term ‘internet’ commonly denotes the worldwide system of interconnected computer networks that utilize the Internet protocol suite (TCP/IP) to connect devices globally. It is an extensive network comprising private, public, academic, business, and government networks of local to global systems.
ARPANET
Since the ARPANET’s inception, which is the internet’s precursor, the internet has been in existence for over 50 years. The ARPANET was conceived in the late 1960s and became operational in 1969. The internet is approximately 55 years old.
Art illustration depicting users on the World Wide Web – 35 years old today, 12th March 2024
The ARPANET, also known as the Advanced Research Projects Agency Network, represented the first wide-area packet-switched network featuring distributed control and was among the earliest to adopt the TCP/IP protocol suite.
These innovations laid the groundwork for what would become the Internet. Initiated by the U.S. Department of Defence’s Advanced Research Projects Agency (ARPA), the primary goal of ARPANET was to connect computers at Pentagon-funded research institutions via telephone lines, facilitating resource sharing and communication across distant computers.
The project commenced in 1966, with the initial computers being connected in 1969. By 1971, the network was operational and underwent rapid expansion. ARPANET was instrumental in introducing several protocols pivotal in today’s Internet communication, including the Network Control Protocol (NCP) and subsequently, TCP/IP.
Following the advent of the wider Internet, which ARPANET played a crucial role in catalyzing, the network was officially decommissioned in 1990.
Happy Birthday WWW and thank you Tim-Burners-Lee (I think)
Let’s see how far artificial intelligence (AI) becomes embedded in the next generation of the World Wide Web and of further internet development. Will the big tech companies of today still be running the AI projects of tomorrow?
Bitcoin has been on a remarkable ascent! It soared past the $72,000 mark on Monday 11th March 2024, setting a new all-time record.
This surge is attributed to a growing demand for new spot exchange-traded funds (ETFs), which have been approved for listing in the U.S. by some of the world’s largest financial firms.
The market for these ETFs is expected to reach $62 billion in the next two or three years. The cryptocurrency keeps surprising everyone with its value, which has grown to an amazing $1.42 trillion and is still rising… again!
Bitcoin moved off its all-time record shortly after achieving it.
UK chancellor Jeremy Hunt revealed the British ISA as part of the Spring Budget 2024.
The British ISA aims to boost demand for UK businesses and encourage investment in UK-focused assets.
Key Features
Additional Allowance
The British ISA provides a separate £5,000 annual allowance in addition to the existing £20,000 ISA allowance.
Tax Advantages
Like other ISAs, investors in the British ISA will not pay tax on capital gains or income.
Investment Focus
While it’s not yet clear whether the new ISA will be exclusively for UK shares, it is expected to support UK-focused funds and investment trusts.
Eligibility Uncertainty
The inclusion of UK gilts or UK corporate bonds remains uncertain.
Consultation Period
The consultation period for the British ISA runs until June 6, 2024.
Potential Impact – Reviving UK Stock Market
The British ISA aims to revive interest in the UK stock market, which has faced challenges since the Brexit vote in 2016.
Supporting UK Companies
By providing tax-free savings opportunities, the ISA encourages investment in UK businesses.
Fund Industry Support
Fund management firms, including Premier Miton, lobbied for the British ISA’s creation.
Historical Context
The British ISA draws parallels with its predecessor, the personal equity plan (PEP), which focused on UK shares and funds.
ISAs replaced PEPs in 1999.
Conclusion
In summary, the British ISA introduces an additional allowance for UK-focused investments, supporting savers and UK companies alike. Its impact on the stock market and investor sentiment remains to be seen, but it represents a step toward bolstering the UK’s economic landscape
By ensuring that companies are valued fairly, a stronger stock market will facilitate the capital raising process for companies that seek to grow and attract more listings. This will have a positive impact on the economy and employment and is ultimately in everyone’s interest.
According to the revised official data, the Japan’s gross domestic product (GDP) grew by 0.4% in the fourth quarter of 2023 compared to the same period in the previous year.
According to this revision, the economy avoided a technical recession, which is usually defined as two successive quarters of negative growth.
On Monday 11th March 2024, Japan’s Cabinet Office released figures that indicated a 0.3% decline in private consumption for the quarter. Private consumption accounts for about 60% of the economy.
Nevertheless, the updated figures fell short of expectations, as some economists had predicted a higher revision in Q4.
Julius Henry‘Groucho‘ Marx was an American comedian, actor, writer, and singer who performed in film and vaudeville and on television, radio, and stage. Considered one of the best comedians.
According to recent analysis, Apple’s iPhone sales in China dropped some 24% in the first six weeks of 2024 compared to the same period last year.
Apple faces stiff competition from local rivals in one of its biggest markets.
Meanwhile, Huawei, a Chinese company, saw its sales soar by 64% in its home market during the same period, the analysis demonstrated. But we do not have sales data of other countries for comparison.
The report also said that overall smartphone sales in China shrank by 7% in the same period.
Huawei, which suffered for years from US sanctions, boosted its sales after launching its Mate 60 series of 5G smartphones in August 2023.
Is this a worry for Apple, after all, the iPhone is Apple’s flagship product? Also, Apple recently junked its electric vehicle project and has been left behind in AI. Is the crown ever-so-slightly slipping?
Apple 3 month share price with 50 day moving average
Apple 3 month share price with 50 day moving average
Figure AI is a robotics company that aims to create the first commercially viable humanoid robot. The plan is for the robot to perform various tasks in different industries.
Brett Adcock, a former software engineer and entrepreneur, founded the company in 2023. He envisioned a way to enhance the quality of life by integrating artificial intelligence (AI) and humanoid engineering.
Figure AI, a startup that has created a humanoid robot for commercial use, has secured $675 million in funding. Some of the investors include Jeff Bezos, Nvidia, Microsoft and OpenAI.
The company plans to use the funds to speed up the development of its general-purpose robot, named Figure 01. This robot resembles and behaves like a human.
Figure AI was founded in 2022 and has been working on creating a versatile robot that can perform multiple tasks.
Flagship product
Figure AI’s flagship product is a human-like robot called Figure 01. This robot can mimic human appearance and motion. It uses sophisticated AI techniques to acquire new skills, adjust to changing situations, and communicate with its surroundings.
Figure 01 can perform tasks that require dexterity, mobility, and intelligence, such as manufacturing, logistics, warehousing, and retail. The humanoid robot is designed to work safely and efficiently alongside humans, complementing their skills and capabilities.
Figure 01
Investment
Some of the world’s leading technology companies, such as Microsoft, OpenAI, Nvidia, and Amazon, have invested in Figure AI.
The company also collaborates with BMW, a major global automaker, to use Figure 01 in its production facilities. Figure AI aims to transform the automotive industry by introducing more flexibility, productivity, and innovation to the manufacturing process.
Vision
The vision is for the company to build a future where humans and humanoids can coexist and cooperate to accomplish more than ever before.
Figure AI is to create humanoids that can help humans address the urgent challenges of the 21st century. These tasks will likely include climate change, population growth and social inequality. The company’s goal is to develop a versatile humanoid that can be marketed and accessible for everyone.
In his Capitol Hill testimony on 6th March 2024, Federal Reserve Chairman Jerome Powell reiterated that was not yet time to begin cutting interest rates.
To fight inflation, which reached a rate of 9% in the summer of 2022, the central bank has significantly increased interest rates in recent times. However, prices are still stubborn, especially for things like housing and groceries.
Due to the robust economic performance in early 2024, the expected reduction in interest rates has been postponed. Instead of taking place this month, the rate cuts are now more probable in May or June 2024.
Powell reportedly said: ‘The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.’
He reiterated the pledge to lower inflation to the 2% target and keep long-term inflation expectations stable.
UPDATE
On Thursday 7th March 2024 Powell also said: the Fed is ‘not far’ from the point of cutting interest rates
Benjamin Franklin, a ‘polymath‘ and one of the Founding Fathers of the United States, made significant contributions in various fields.
Here are some highlights of his life and achievements
Inventor and Scientist
Franklin is renowned for his experiments with electricity. His famous kite experiment demonstrated the connection between lightning and electricity.
He invented practical devices such as the lightning rod, bifocals, and the Franklin stove.
Statesman and Diplomat
Franklin played a crucial role in drafting the United States Constitution and the Declaration of Independence.
He served as the United States Ambassador to France during the American Revolutionary War, securing French support for the American cause.
Writer and Publisher
Franklin was a prolific writer and publisher. His “Poor Richard’s Almanack” contained witty proverbs and practical advice.
He founded the first public lending library in America and established the University of Pennsylvania.
Philanthropist and Civic Leader
Franklin was deeply committed to civic causes. He helped establish fire departments, hospitals, and educational institutions.
His philanthropic efforts extended to the creation of the Philadelphia Contributionship, one of the earliest insurance companies.
Legacy:
Benjamin Franklin’s legacy endures through his contributions to science, literature, and the foundation of the United States.
His wit, and wisdom continue to inspire generations.
What is a polymath?
A polymath is an individual whose knowledge spans over a substantial number of subjects. They are known to draw on complex bodies of knowledge to solve specific problems. The term comes from the Greek word ‘polymathēs,’ which means ‘having learned much.’
Polymaths excel in various fields, including science, technology, engineering, mathematics, and the arts. They embody the idea that humans are limitless in their capacity for development and should embrace all knowledge to develop their abilities fully.
The U.S. national debt has been growing more quickly in recent months, increasing about $1 trillion nearly every 100 days.
U.S. debt permanently crossed over $34 trillion on 4th January 2024 according to data from the U.S. Department of the Treasury.
It reached $33 trillion on 15th September 2023, and $32 trillion on 15th June 2023. Before that, the $1 trillion move higher from $31 trillion took about eight months.
The U.S. national debt is the total amount of money that the federal government owes to its creditors. That can include, individuals, other countries and corporation. It is composed of two main components: federal debt held by the public and federal governmental debt.
The national debt has grown over time due to various factors, such as recessions, defense spending, and tax cuts. The debt-to-GDP ratio gives insight into whether the US has the ability to cover all of its debt. It also shows how it affects economic growth.
U.S. national debt pile is growing
U.S. national debt is piling up
The national debt increased by 13.3% under President Biden. Up from $27.77 trillion as of 1st March 2020 to $31.46 trillion as of 1st March 2023. The debt also grew by $1.5 trillion, or 5.6%, between the end of 2020 and the end of 2021.
The gross domestic product (GDP) measures the annual economic output of the entire country. The national debt exceeds this amount, which is very high.
As of the end of February 2024, the U.S. debt is almost $34.4 billion. This is the money that the federal government has to borrow to pay for its operating expenses.
The World Bank found that if the debt-to-GDP ratio exceeded 77% for an extended period, it slowed economic growth.
The relentless volatile march of Bitcoin continues… again!
Bitcoin jumped gain, edging ever closer to its all-time high after the rally took a breather over the weekend. Last week, Bitcoin surged $10,000 in the space of a couple of days.
It looks very much like the ETFs are kicking in during normal weekly trading moving Bitcoin other than just at weekends. The market also has an eye on the halving event due in April.
Bitcoin 7 day chart showing it above $69000 on 5th March 2024 – CoinMarketCap
Bitcoin 7 day chart showing it above $69000 on 5th March 2024– from CoinMarketCap.
