Category: Observation

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Little know company Kneron launches latest AI chips – backed by Qualcomm

AI chip

Kneron, a startup specializing in artificial intelligence chips, unveiled its latest products on Wednesday 4th June 2024.

The company aims to exploit the growing world-wide interest in AI and provide an alternative to industry heavyweights such as Nvidia and AMD.

The company, headquartered in Taiwan and supported by American semiconductor leader Qualcomm and major iPhone assembler Foxconn, introduced the KNEO 330, its second-generation ‘edge GPT’ server.

GPT, short for generative pre-trained transformer, is an AI algorithm trained on vast datasets capable of generating text and images, with OpenAI’s ChatGPT being the world leader right now.

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Intel unveils new AI chips as it seeks to reclaim market share

Ai microchip

Intel announced its new Xeon 6 processors at the Computex tech conference in Taiwan on Tuesday 4th June 2024.

This announcement coincides with the recent launches of new artificial intelligence chips by rivals Nvidia and AMD on Sunday and Monday 2nd and 3rd June 2024 – as they compete for dominance in the rapidly growing industry.

Intel is making efforts to catch up with Nvidia and AMD, having been relatively absent from the AI surge that led tech giants such as Meta, Microsoft, and Google to purchase a significant number of Nvidia chips.

This comes half a year after Intel’s release of its 5th Gen Intel Xeon processors for data centre workloads and a couple of months following the announcement of the Gaudi 3 processor for AI model training and deployment.

Intel also disclosed that the Gaudi 2 and Gaudi 3 AI accelerators are priced lower than those of its competitors.

Furthermore, Intel shared architectural details of its forthcoming Lunar Lake processors, aimed at expanding the AI PC category. These processors, slated for release in the third quarter, are set to rival Nvidia’s and AMD’s offerings tailored for AI PCs.

While Nvidia and AMD focus on chip design, Intel stands out by both designing and manufacturing its chips. Nevertheless, Intel’s foundry business has faced challenges, with its operating loss widening to $7 billion in 2023 compared to the previous year.

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Cisco’s ThousandEyes has unveiled an AI product designed to predict and rectify internet outages

AI net

ThousandEyes, Cisco’s internet monitoring division, has introduced a new suite of AI-driven features known as Digital Experience Assurance, or DXA, on Tuesday 4th June 2024.

The firm asserts that this new AI technology will allow customers to not only monitor but also automatically address issues affecting network quality.

Describing itself as the ‘Google Maps’ of the internet, Cisco ThousandEyes offers a comprehensive, end-to-end perspective of every user and application across all networks.

Established 15 years prior, the company has been heavily investing in AI technology in recent years.

ThousandEyes is now implementing significant AI-centric modifications to its platform, which are designed to enhance its clients’ oversight of network quality and robustness.

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Bad economic news can be good for stocks

Bad news and good news

Bad economic news appears to have had an interesting impact on the stock market recently.

Traditionally, negative economic data might be anticipated to result in falling stock prices; however, recent trends have diverged from this norm.

News trend

In the past two months, negative economic news has had a paradoxically positive effect on equities. Investors have responded well to poor economic indicators, partly due to the belief that these could lead the Federal Reserve to begin reducing interest rates.

Dollar and the stock market

In recent times, the S&P 500, a large-cap equity index, and the U.S. dollar have exhibited a nearly perfect correlation. As the dollar has seen a gradual decline, the stock market has conversely experienced a rise. Typically, investors flock to the security of cash, and consequently the dollar, in times of uncertainty, yet they also channel investments into stocks upon the arrival of favourable news.

Economic data

Despite the upbeat trend in the stock market, real economic data has frequently fallen short of Wall Street’s predictions. The Citi Economic Surprise Index, a gauge that compares data to expectations, has been on a downward trajectory. This suggests that expectations have been surpassing the actual economic conditions, signalling that the economic situation may not be as favorable as previously thought.

Dilemma for the Fed

The Federal Reserve methodically reviews economic indicators to influence their interest rate decisions. Typically, unfavorable economic reports might prompt the Fed to reduce rates, unless there’s an uptick in inflation. Escalating inflation generally nudges the Fed towards a tighter monetary policy.

Monthly data roll-out

Data concerning the U.S. labour market presented to the Fed and markets may create that ‘pivotal’ moment – it often does – markets move of Fed comments and ‘awaited’ news. Reports detailing job openings, private sector job creation, and the Bureau of Labour Statistics’ nonfarm payrolls will shed light on the economy’s condition.

If job growth remains within the ‘Goldilocks range’ (neither too strong nor too weak), it may preserve the fragile equilibrium where unfavourable economic news has paradoxically favoured stock prices, while preventing excessive gloom.

Conclusion

To summarize, although adverse economic news has lately been advantageous for stock markets, monitoring this precarious balance is crucial. Excessive pessimism could be a harbinger of impending difficulties, despite its current benefits.

Note about Citigroup Economic Surprise Index

The Citigroup Economic Surprise Index is the sum of the difference between the actual value of various economic data and their consensus forecast. If the index is greater than zero, it means that the overall economic performance is generally better than expected, and the S&P 500 has a high probability of strengthening, and vice versa.

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Bitcoin miners rotate millions into AI – but why?

Bitcoin mining

Bitcoin miners have been diversifying operations into artificial intelligence (AI) due to several key factors.

Since Bitcoin halving, miners have been searching for more lucrative income streams as AI and crypto industries collide.

Revenue shift

The revenue from crypto mining, especially Bitcoin, has significantly decreased in recent months. After the ‘Bitcoin halving’ event in April 2024, rewards earned by Bitcoin miners were cut by 50%. As a result, miners have been seeking alternative revenue streams.

AI boom

Following the unveiling of ChatGPT by OpenAI in November 2022, there has been a significant increase in the demand for AI computation and infrastructure. This surge has led to a flurry of investments in AI models and startups, presenting miners with new opportunities to transition into the AI sector.

Energy access

Bitcoin miners are progressively turning to ‘stranded energy site’s – these are locations with surplus or untapped energy for mining operations. At the same time, they are channelling investments into AI at more stable sites. This strategic move enables them to leverage the potentially higher returns from AI.

Core Scientific

Core Scientific, a Bitcoin mining company, has recently entered into a 12-year agreement with cloud provider CoreWeave to supply infrastructure for AI applications. This partnership is anticipated to generate in excess of $3.5 billion in revenue over the duration of the contract. CoreWeave, supported by Nvidia, offers rental of graphics processing units (GPUs) essential for AI model training.

In conclusion, Bitcoin miners are increasingly adopting AI to adjust to the evolving market dynamics and to uncover new revenue streams beyond conventional mining. The merging of AI and the cryptocurrency industry offers promising prospects for both fields.

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AMD announces new chips amid intensifying AI competition

Artificial Intelligence chips

AMD announced new artificial intelligence chips on Monday 3rd June 2024, aiming to position itself as a leader in the market alongside competitors such as Nvidia and Intel.

“AI is our number one priority and we’re at the beginning of an incredibly exciting time for the industry as AI transforms virtually every business, improves our quality of life, and reshapes every part of the computing market,” chair and CEO Lisa Su reportedly commented during the Computex tech conference.

The company unveiled the Ryzen AI 300 series for next-generation AI laptops. The line is anticipated to compete directly with Intel’s upcoming Lunar Lake and Qualcomm’s Snapdragon X. And in partnership with Microsoft, these new AI chips will power laptops equipped with the tech giant’s AI chatbot Copilot.

AMD has unveiled the new Ryzen 9000 series for desktops, inferred as ‘the world’s fastest consumer PC processors’ for gaming and content creation.

The series is due for release in July 2024, following closely on the heels of AMD’s April announcement of new processors capable of running AI workloads – the Ryzen Pro 8040 for laptops and the Ryzen Pro 8000 for desktops.

AMD one year chart

AMD one year chart
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Nvidia announces new AI chips

AI

Nvidia has revealed its latest generation of AI chips, coming just months after the release of its preceding model.

This rapid succession underscores the intense competition within the AI chip market and Nvidia’s relentless effort to maintain its leading position.

CEO Jensen Huang has now committed to unveiling new AI chip technology annually, accelerating the company’s prior biannual pace. The latest AI chip architecture, named ‘Rubin,’ is set to follow the ‘Blackwell’ model announced in March 2024, which is currently in production and anticipated to be delivered to customers the latter part of 2024.

Huang’s unveiling of the Rubin has seemingly hastened Nvidia’s already rapid AI chip development.

Nvidia has committed to launching new AI chip designs annually, a cadence Huang reportedly referred to as a ‘one-year rhythm‘ during his Sunday 2nd June 2024 announcement. Previously, the company was committed to updating its chips every two years. But such is the speed and fierce competition of AI development, that original decision has become quickly out-dated.

The swift transition from Blackwell to Rubin, taking less than three months, highlights the intense competition in the AI chip market and Nvidia’s race to maintain its leading position.

AMD and Intel are two major competitors playing catch-up in the AI race.

Nvidia one year share chart

Nvidia one year share chart
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AI power hungry data centres go green in Singapore

AI thirst for power

Singapore is actively addressing the dual challenges of the increasing demand for artificial intelligence (AI) and the pressure on energy resources. The nation recently unveiled a green data centre roadmap to bolster its digital economy aspirations.

Growing AI Demand and Energy Strain

With the increasing demand for digital and AI computation, the requirement for data centre capacity has grown. This heightened demand is exerting pressure on national energy networks, calling for urgent attention.

Goals

The Green Data Centre plan is designed to deliver a minimum of 300 megawatts of extra capacity. Singapore’s strategy includes improving energy efficiency in all data centres, implementing energy-efficient IT equipment, and providing incentives or grants to promote resource efficiency.

Sustainability

Singapore acknowledges the substantial contribution of data centres to its ICT sector’s emissions, accounting for 82% of the sector’s emissions and 7% of the nation’s total electricity consumption. By prioritizing energy efficiency, renewable energy, and sustainability, Singapore strives to maintain its position as a premier digital hub while reducing its environmental impact.

International status

Singapore’s data centers capitalize on the nation’s global standing as a commercial and digital centre. The city-state ranks as the second-largest data center market in Southeast Asia and holds the sixth position in the Asia-Pacific region.

In conclusion, Singapore’s focus on green data centres demonstrates its pledge to sustainable development amidst increasing energy needs driven by AI. With an emphasis on energy efficiency and renewable energy, Singapore seeks to harmonize technological progress with ecological stewardship.

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What is the Hindenburg Omen? A recent report suggests it has been triggered…

Red Stock market

The Hindenburg Omen is a technical indicator that signals a higher likelihood of a stock market crash.

It measures the percentage of new 52-week highs and lows against a set reference percentage. The simultaneous occurrence of new highs and lows suggests a statistical anomaly from the norm, potentially foreshadowing a stock market downturn.

The four main criteria for a Hindenburg Omen signal

  • The daily number of new 52-week highs and 52-week lows in a stock market index must be greater than a threshold amount (typically around 2.2%).
  • The ratio of 52-week highs to 52-week lows cannot be more than two times.
  • The stock market index must still be in an uptrend (determined using a 10-week moving average or the 50-day rate of change indicator).
  • The McClellan Oscillator (MCO), which measures the shift in market sentiment, must be negative.

Once the criteria are satisfied, the Hindenburg Omen remains active for 30 trading days, and any subsequent signals within this time frame should be disregarded.

Confirmation of the Hindenburg Omen occurs if the McClellan Oscillator (MCO) stays negative throughout this period, while a positive MCO invalidates it.

Traders typically employ this indicator alongside other technical analysis methods to determine optimal selling times. However, it’s crucial to remember that the Hindenburg Omen is not infallible and should be used in conjunction with other market factors.

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Microsoft’s AI system Recall can take screenshots

Copilot

The UK’s data protection authority, the Information Commissioner’s Office (ICO), is reportedly making inquiries into a new screenshot feature available from Microsoft.

This feature, known as Recall, is a component of the Copilot+ suite and aims to take encrypted snapshots of a user’s laptop screen at intervals, storing them on the device. The ICO is examining the feature to determine the privacy protections in place.

Recall is designed to enable users to search their computer usage history using natural language, effectively creating a type of photographic memory of their activity. Concerns have been voiced about the feature’s potential to become a ‘privacy nightmare’ due to its ability to capture sensitive information. Microsoft has clarified that Recall is a voluntary feature, giving users the choice over the snapshots it collects. The data is kept on the local device and is inaccessible to Microsoft or others without access to the device.

The ICO’s investigation aims to ensure that companies thoroughly evaluate and address any risks to individual rights and freedoms prior to launching new technologies. Microsoft has reiterated its dedication to privacy and security, noting that these principles were integral to the development of Recall. The company has also indicated that users can specify the snapshots collected by Recall and that Microsoft Edge’s private browsing mode is not included.

Awareness of software features and privacy settings is crucial for users, particularly regarding personal data handling. The ICO’s inquiries represent a move towards addressing privacy concerns and safeguarding user data.

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IMF upgrades China’s growth forecast to 5%

China GDP

On Wednesday 29th May 2024, the International Monetary Fund increased its projection for China’s economic growth this year to 5% from the previous 4.6%, citing robust first-quarter figures and recent policy actions.

This revision reportedly came after the IMF’s routine evaluation visit to China. The institution now predicts that China’s economy will expand by 4.5% in 2025, an increase from the earlier estimate of 4.1%.

However, by 2029, the IMF expects China’s growth to slow to 3.3%, influenced by an aging demographic and a decline in productivity growth. This is a decrease from the previous medium-term growth forecast of 3.5%.

China’s economy experienced a stronger-than-anticipated growth of 5.3% in the Q1, bolstered by robust exports. Meanwhile, April’s data indicated that consumer spending continued to be weak, although there was a resurgence in industrial activity.

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Chinese EV makers continue their BIG push into European markets

EV

This expansion occurs as the European Union investigates subsidies provided to Chinese electric vehicle manufacturers, a situation that may lead to the imposition of tariffs.

In May 2024 Nio opened a new EV showroom in Amsterdam, while Xpeng introduced its G9 and G6 sports utility vehicles in France.

Over the years, China’s electric vehicle industry has flourished due to the government’s incentives and support, raising concerns among politicians in Europe and the U.S.

Public marketing campaigns are unfolding against the backdrop of a European Commission investigation into subsidies provided to Chinese electric vehicle manufacturers. The outcome of this inquiry may result in EU tariffs being imposed on Chinese EV imports.

The United States has preempted such measures, with the Biden administration enacting a 100% tariff on Chinese EV imports.

Meanwhile, Chinese EV producers are intensifying their international expansion efforts, aiming to compete with Elon Musk’s Tesla on a global scale and secure an early advantage over traditional car manufacturers.

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IMF recommends UK interest rates should be cut to 3.5% by end of 2025

UK Charts

The International Monetary Fund (IMF) advises that the Bank of England should contemplate reducing its interest rates to 3.5% by the end of 2025.

This suggestion is made as the UK’s economy steadily recovers from the recession caused by the pandemic, while policymakers are dealing with inflationary challenges.

The ‘thinking’ behind the recommendation

Economic Recovery and Inflation Outlook

The IMF’s recommendation is grounded in its assessment of the UK’s economic trajectory.

Growth Forecast

The International Monetary Fund has upgraded its growth forecast for the UK in 2024, signaling a positive outlook. It anticipates growth of 0.7% this year and 1.5% in 2025.

Inflation

The IMF anticipates that UK inflation will decline to near the Bank of England’s target of 2% and stabilise at this rate in early 2025, indicating that inflationary pressures are within manageable limits.

Soft Landing

The UK economy is said to be approaching a ‘soft landing‘ following the mild recession of the previous year. Policymakers are focused on finding a balance between fostering growth and managing inflation.

Monetary Policy Considerations

The Bank of England’s Monetary Policy Committee (MPC) has been closely monitoring economic indicators and inflation trends. Here’s why the IMF’s recommendation matters:

Interest Rate Peaks

The Monetary Policy Committee has indicated that interest rates might have reached their peak. The current restrictive monetary policy is having an impact on the actual economy and the dynamics of inflation.

Market Expectations

Analysts anticipate the first interest rate cut by September 2024 at the latest. Market expectations align with this projection, with the base interest rate likely to be lowered to 4% by the end of 2025.

Balancing Act

Policymakers face the delicate task of supporting economic recovery while preventing runaway inflation. The IMF’s suggestion aims to strike this balance.

Implications for Borrowers and Savers

Mortgage Holders

Variable Rate Mortgages

If you have a variable rate mortgage, a rate cut could reduce your monthly payments. However, keep an eye on your lender’s response to any rate changes.

Fixed Rate Mortgages

Fixed-rate borrowers won’t immediately benefit from rate cuts, but they should still monitor the situation. If rates continue to fall, refinancing might become attractive.

Savers

Savings Accounts

Lower interest rates typically lead to diminished returns on savings accounts. It may be wise to diversify your investments to seek potentially higher yields in other areas.

Fixed-Term Deposit

Current fixed-term deposits will remain unaffected; however, new deposits might generate lower yields. It is advisable to carefully assess your alternatives.

Conclusion

The IMF’s recommendation highlights the intricate balance between fostering economic recovery and managing inflation. As the Bank of England considers its next steps, it is crucial for borrowers and savers to remain informed and adjust their financial strategies as needed.

For homeowners, investors, and savers alike, grasping the potential consequences of rate cuts is key to making well-informed choices in an ever-changing economic environment.

Disclaimer: The information provided here is based on current projections and should not be considered financial advice. It is not given as financial advice – it is for discussion and analysis only!

Consult a professional advisor for personalised recommendations.

Remember – always do your careful research first!

RESEARCH! RESEARCH! RESEARCH!

Update

The Bank of England has given its strongest hint yet that interest rates could be cut this summer. This comment was observed in a recent speech given by the deputy governor of the Bank of England.

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SEC approves rule change to allow creation of ether ETFs

Ethereum crypto

On Thursday 23rd May 2024, the SEC sanctioned a rule amendment that clears the path for ETFs investing in ether, one of the largest cryptocurrencies globally.

This move occurs less than half a year after the Securities and Exchange Commission greenlit Bitcoin ETFs. These funds have been a significant triumph for the industry, with net inflows reportedly exceeding $12 billion.

May was widely anticipated as a likely verdict time for the ether funds, aligning with the SEC’s deadline to determine the fate of the VanEck Ethereum ETF.

Numerous firms that back Bitcoin ETFs – such as Bitwise, BlackRock and Galaxy Digital – have been reported to have initiated the process to launch their own ether ETF.

Ether’s value saw a modest increase following a 20% climb earlier in the week in anticipation of the SEC’s ruling. However, some investors might be holding back, considering the SEC’s approval of the rule change doesn’t ensure the launch of all proposed funds.

Ethereum one year chart (CoinMarketCap)

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Amazon plans to give Alexa an AI make-over

Smart speaker

Amazon is reportedly set to launch an enhanced version of its long-standing voice assistant this year, which will be available for a monthly fee, according to sources.

This new service reportedly will not be part of the Amazon Prime subscription. The news emerges as OpenAI introduced a chatbot capable of engaging in two-way conversations, contrasting with Alexa’s current common uses such as setting kitchen timers and providing weather updates.

Now what’s wrong with that – that’s how I use my Alexa!

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UK Prime Minister announces snap general election for 4th July 2024

UK election

On 22nd May 2024, UK Prime Minister Rishi Sunak announced a snap general election for 4th July 2024 This decision caught many by surprise, as the election was called more than around six months earlier than legally required.

Election Date: 4th July 2024 – let the fireworks begin

The Conservative Party, led by Rishi Sunak, is facing significant challenges in opinion polls, trailing behind the opposition Labour Party.

The economy, immigration, health services, and cost of living have been identified as key issues for voters.

Labour, led by Sir Keir Starmer, is considered the clear frontrunner, with a substantial lead in recent polls.

Since 2010, the Conservatives have seen five prime ministers: David Cameron, Theresa May, Boris Johnson, Liz Truss, and now Rishi Sunak.

Sir Keir described the past 14 years as “Tory chaos” and emphasised that it’s time for change.

So, the UK is gearing up for an early election, and the outcome will be closely watched both domestically and internationally

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Big tech companies pledge AI safety commitments

AI Kill Switch!

Leading technology companies, such as Microsoft, Amazon, and OpenAI, have united under a significant international accord for artificial intelligence (AI) safety measures, established at the Seoul AI Safety Summit on Tuesday 21st May 2024.

Following the agreement, firms from various nations, including the UK, China, Canada, the U.S., France, South Korea, and the United Arab Emirates, have pledged to voluntarily commit to the secure development of their cutting-edge AI models.

Framework

AI model developers who have not already done so agreed to issue safety frameworks that detail how they will address the challenges posed by their advanced models, including the prevention of technology misuse by malicious entities.

These frameworks will feature ‘red lines’ that tech companies will establish to delineate the types of risks associated with advanced AI systems that are deemed ‘unacceptable.’ These risks encompass, but are not limited to, automated cyberattacks and the potential for bioweapons.

Kill switch

In the event of such dire scenarios, companies have declared their intention to introduce a ‘kill switch’ that would halt the development of their AI models should they be unable to ensure the mitigation of these risks.

“It is unprecedented for so many prominent AI firms from diverse regions of the world to concur on identical commitments regarding AI safety,” Rishi Sunak, the UK Prime Minister reportedly said on Tuesday 21st May 2024.

He further noted that these commitments would guarantee that the world’s foremost AI companies will maintain transparency and accountability concerning their safe AI development strategies.

This agreement builds upon a prior set of pledges made in November 2023 by entities engaged in the creation of generative AI software.

The involved companies have consented to seek feedback on these standards from ‘trusted actors,’ which include their respective national governments when suitable, prior to their publication in anticipation of the forthcoming AI summit – the AI Action Summit scheduled to take place in France in early 2025.

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EU gives greenlight to the world’s first significant law on artificial intelligence

Human and humanoid

On Tuesday 21st May 2024, European Union member states reached a consensus on the world’s first significant law to regulate artificial intelligence, a move echoed by institutions globally to implement controls on the technology.

The EU Council announced it has granted final approval for the AI Act, a pioneering regulation designed to establish the first extensive framework for artificial intelligence.

The EU Commission is authorized to impose fines on companies violating the AI Act, up to 35 million euros ($38 million) or 7% of their annual worldwide turnover, whichever is greater.

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OpenAI and Reddit strike a deal

Reddit

Reddit’s shares have surged following the announcement of a partnership with AI start-up OpenAI

Through this deal, OpenAI, the creator of the ChatGPT chatbot, will gain access to Reddit’s content and introduce AI-driven features to the platform.

OpenAI has also secured agreements with various publishers, reports suggest, including the Associated Press and the Financial Times, in the past few months.

This move underscores Reddit’s strategy to diversify its revenue streams beyond advertising.

Additionally, the partnership emerges amidst increasing legal actions by copyright holders against AI companies for utilizing their content.

Sony, the world’s largest music publisher, reportedly issued letters to Google, Microsoft, and OpenAI inquiring about the potential use of its songs in AI system development.

Furthermore, Google formed a partnership in February, granting the tech behemoth access to Reddit’s data for AI model training.

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U.S. debt and deficits are generating concerns about potential threats to the economy and financial markets

Debt burden

The federal debt reportedly reached $34.5 trillion, marking an increase of approximately $11 trillion since March 2020.

This surge has sparked discussions among government and financial leaders, with a notable Wall Street firm questioning whether the associated costs could threaten the stock market’s upward trend. The Congressional Budget Office projects that the public debt will soon surpass any previously recorded levels relative to GDP.

Federal Reserve Chair Jerome Powell has emphasized the urgency for elected officials to address this issue promptly.

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China is a major and critical world supplier and full decoupling may be impossible

Cargo shipping containers

Chinese firms are becoming increasingly optimistic about a rise in trade exports, as there is little evidence of global companies completely decoupling from China, Allianz Trade reports.

More than one in ten Chinese exporters, ranking as the second-largest exporter of goods to the U.S. following Mexico, anticipate an increase in exports.

While a total decoupling of supply chains from China may not occur, the option for diversification remains open.

The global economy is so interlinked it is virtually impossible to decouple China

See report here.

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China’s Baidu has exceeded revenue expectations, thanks to a resurgence in advertising and the expansion of its cloud services

Baidu

Baidu, one of China’s leading search engine firms, surpassed analysts’ revenue forecasts for the Q1 on Thursday 16th May 2024.

This was predominately due to a recovery in advertising revenue and a surge in demand for its AI-driven cloud products.

The company announced a revenue of 31.51 billion yuan ($4.37 billion) for the quarter ending 31st March 2024, exceeding the average analyst projection of 31.21 billion yuan, according to a latest dataset.

Shares of Baidu listed in the U.S. saw an approximate 3% increase in premarket trading.

The tech giant has been actively enhancing its sales efforts focused on AI-centric products and services.

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Does the recent precious metal rally in gold, silver and platinum have further to go? Some analysts think so

Precious metal rally

Precious metal prices received a significant uplift on Thursday 16th May 2024 following the release of better-than-expected U.S. inflation data, which increased the likelihood of rate cuts by the Federal Reserve, again.

Gold prices reached their highest point in over three weeks on Thursday too, while silver achieved its highest price in over three years, and platinum ascended to a peak close to its one-year high.

According to strategists in a recent comment, gold prices might soon approach the $2,400 again, silver could rise to as much as $30 per ounce, and platinum has the potential to hit $1,130 per ounce.

Silver price per ounce 16th May 2024 – chart snapshot

Gold price per ounce 17th May 2024 – chart snapshot

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Google Unveils AI Chatbot Gemini 1.5 Flash as competition from OpenAI heats up

AI Chatbot Gemini

Google is advancing the frontiers of artificial intelligence (AI) with its new release, Gemini 1.5 Flash, which is set to transform our online information interactions.

Unveiled at Google I/O 2024, this latest model enhances sophisticated features with rapid performance and efficiency. The new AI Chatbot was unveiled on 15th May 2024.

The unveiling comes a day after OpenAI announced its newest artificial intelligence (AI) model, GPT-4o.

Google Gemini 1.5 Flash

The Gemini 1.5 Flash is engineered for exceptional speed, processing queries with reduced latency, which makes it perfectly suited for real-time applications.

Context Understanding

Similar to its forerunner, Gemini 1.5 Pro, Flash is adept at contextual understanding. It is capable of interpreting user prompts through multiple modalities such as text, images, video, and speech.

Smaller Scaled Version

Google also introduced a scaled-down version called Gemini 1.5 Nano, which runs locally on devices.

AI quick answers

A prominent feature of Gemini 1.5 Flash is the AI Overviews integration. These ‘precis’ summaries deliver rapid responses to intricate inquiries. Users are presented with a topical overview and pertinent links for additional research. The AI Overviews feature is currently being introduced to U.S. users, with worldwide availability anticipated by the end of the year.

Future of Google search

Gemini 1.5 Flash is Google’s latest endeavour to improve search experiences. Whether it’s for research, planning, or brainstorming, this AI model simplifies the process. With the advent of generative AI, Google Search is becoming increasingly potent, enabling users to effortlessly access reliable information.

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Meme stock craze is back and creates volatile behaviour again!

Memes

Shares of GameStop and AMC surged by approximately 60% in premarket trading on Tuesday 14th May 2024, signalling a potential continuation of gains as the meme stock crazes makes an unwelcome comeback.

Shares of the video game retailer GameStop surged 59% higher in late trade while the movie theatre chain AMC’s shares rose over 64%. Other so-called ‘meme stocks’ were also set to open significantly higher on Tuesday.

GameStop’s shares soared more than 100% and experienced multiple halts due to volatility after Roaring Kitty made a comeback on X. His tweet, a simple image of a man leaning forward in a chair, marked his first post in three years and was enough to spur the ‘wild traders’ into blind action.

Although GME had already begun rallying before, the surge yesterday was extreme and reminiscent of the original meme stock frenzy involving WallStreetBets and Melvin Capital. Ultimately, it closed up 74%. With GME’s short interest at 24% prior to the surge, it’s likely that a significant portion of the movement was due to short-covering, as well as some hedge funds having calls on their shorts.

Trend-following and momentum strategies may have contributed to the rise. Retail investors appear to be growing more bullish and willing to take on greater risks. The surge seems to lack a fundamental basis, as GME’s last earnings report was notably very poor. N

However, not all meme stock involvement is blindly speculative.

But it is just a game to some!

What is a meme stock?

A meme stock refers to the shares of a company that have gained viral popularity due to heightened social following. This social ‘following’ is usually due to activity online, particularly on social media platforms

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OpenAI launches new AI model – and it talks, sees and hears!

Chatbot GPT-4o

OpenAI has just unveiled its latest flagship model, GPT-4o. This remarkable model can reason across audio, vision, and text in real time.

Multimodal interaction

GPT-4o accepts any combination of text, audio, and image as input and generates corresponding outputs in any of these modalities. It’s a step toward more natural human-computer interaction.

Fast response time

GPT-4o can respond to audio inputs in as little as 232 milliseconds, with an average of 320 milliseconds – similar to human conversation speed.

Improved language understanding

It matches GPT-4 Turbo performance on English text and code, with significant improvements in non-English languages. Plus, it’s 50% cheaper in the API.

Vision and audio understanding

GPT-4o excels in understanding images and audio compared to existing models.

Training

Unlike previous Voice Mode (which used separate models), GPT-4o is trained end-to-end across text, vision, and audio. This means it processes all inputs and outputs using the same neural network.

Exploring capabilities

OpenAI is still exploring what GPT-4o can do and its limitations. It’s a promising step toward more versatile AI interactions.

More here on the OpenAI website