Neuralink's Breakthrough: Patient Plays Chess Using Brain Signals 🔗 Astera Labs' IPO Surges 72% on Debut💰️

Good morning. It's Thursday, Mar. 21, and we're covering, Cohere, AI Startup, Eyes $500 Million Funding Round at $5 Billion Valuation, Saudi Arabia Sets Sights on AI Domination with $40 Billion Investment Fund, India's Bid for Sovereignty: Modi Government Pursues Homegrown Democracy Index, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• Today's global cryptocurrency market cap is $2.53 Trillion, a 8.67% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $156.75B, which makes a 14.09% decrease.

• The total volume in Defi is currently $13.05B, 8.33% of the total crypto market 24-hours.

• The volume of all stablecoins is now $140.84B, which is 89.85% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.11%, a decrease of0.16% over the day.

Bitcoin and altcoins, including Ethereum, Ripple, and other cryptocurrencies, have experienced a significant surge in value in recent days. The cryptocurrency market has seen a resurgence in investor interest, driving prices higher across the board. ( Read Deeper )

BUSINESS & FINANCE

Cohere, AI Startup, Eyes $500 Million Funding Round at $5 Billion Valuation

AI startup Cohere is in advanced discussions to raise $500 million at a valuation of approximately $5 billion. Cohere has differentiated itself by focusing on enterprise-oriented AI models and has already established a partnership with Oracle. In June of the previous year, Cohere was valued at $2.2 billion following a fundraising round that raised $270 million from investors like Inovia Capital, Nvidia, and Oracle.

Takeaway: Cohere, along with other foundation model companies like OpenAI and Anthropic, is investing heavily in the development of AI models that require substantial computing power and top-tier talent. ( Read Deeper )

Astera Labs' IPO Surges 72% on Debut, Signaling High Investor Demand for Tech with an AI Focus

In a resounding debut on Wall Street, Astera Labs, a company specializing in connectivity hardware for cloud computing data centers, saw its shares soar by 72% on its first day of trading. The company commenced public trading at $52.56 per share, marking a 46% increase from its IPO price of $36 per share, which was already above its raised price range.

Why It Matters: The substantial increase in Astera's market capitalization post-IPO provides a benchmark for the valuation of similar companies in the AI hardware space. This valuation metric can serve as a reference point for investors and companies alike, influencing future investment decisions and IPO pricing strategies. ( Read Deeper )

TECHNOLOGY & SCIENCE

Saudi Arabia Sets Sights on AI Domination with $40 Billion Investment Fund

Saudi Arabia, known for its ambitious pursuits, is preparing to reshape the technological landscape with a colossal $40 billion investment fund aimed squarely at artificial intelligence (AI) innovation. Saudi Arabia is teaming up with industry titan Andreessen Horowitz, renowned for its track record of backing tech titans, the kingdom is forging formidable alliances to fuel its AI ambitions.

Why it matters: At its core, the $40 billion AI fund represents a bold vision for the future—a future where Saudi Arabia stands at the vanguard of AI innovation, driving progress, and shaping the course of technological advancement. ( Read Deeper )

Neuralink's Breakthrough: Patient Plays Chess Using Brain Signals

Elon Musk's Neuralink showcased a live video on Wednesday, featuring a patient seamlessly maneuvering a chess game using signals from the brain implant. Noland Arbaugh, 29, marked a historic milestone as the inaugural human recipient of Neuralink's device, demonstrating its transformative potential in aiding those with severe paralysis. Arbaugh's journey began eight years ago, following a tragic diving accident that left him quadriplegic.

Takeaway: Through the firsthand demonstration of a patient playing chess using signals from the brain implant, Neuralink showcases its ability to translate neural signals into actionable commands, offering hope for a future where individuals can interact with the world using only their thoughts. ( Read Deeper )

AROUND DE WORLD & POLITICS

Centre-Right Leader Luís Montenegro Invited to Form Minority Government in Portugal

Portuguese politics, center-right politician Luís Montenegro has been invited by President Marcelo Rebelo de Sousa to form a minority government following the recent snap elections. This decision comes after the Democratic Alliance (AD) emerged victorious in the polls but fell short of securing an outright majority in parliament. With the AD securing 80 seats, Montenegro faces the challenge of mustering support to pass legislation, as the party's seat count falls below the required 116 for a parliamentary majority.

Why it Matters: Montenegro's ascent to the position of prime minister marks a departure from the leadership of Antonio Costa and the centre-left Socialist party, which has governed Portugal since 2015. With the AD falling short of a parliamentary majority, Montenegro faces the challenge of coalition-building to effectively govern. ( Read Deeper )

India's Bid for Sovereignty: Modi Government Pursues Homegrown Democracy Index

Prime Minister Narendra Modi's government is spearheading an initiative to develop an indigenous democracy ratings index. This move comes amid concerns that international assessments could negatively impact India's credit rating and sovereign standing on the world stage. The Observer Research Foundation (ORF), a prominent Indian think tank with close ties to the government, has been tasked with crafting the framework for the proposed index.

Takeaway: As India navigates the complexities of democratic governance and international scrutiny, the development of a homegrown democracy index reflects the Modi government's determination to shape its narrative and safeguard its sovereignty amidst evolving geopolitical dynamics. ( Read Deeper )

ENTERTAINMENT & SPORTS

Megan Fox Opens Up About Plastic Surgery Journey

After years of speculation and scrutiny, Megan Fox has decided to set the record straight about her experiences with plastic surgery. In a candid interview on the Call Her Daddy podcast with Alex Cooper, the actress discussed in detail the cosmetic procedures she has undergone and those she hasn't. ( Read Deeper )

Winners and Losers of UFC's $335M Class Action Settlement

The dust has settled on the long-standing antitrust lawsuit against the Ultimate Fighting Championship (UFC), with TKO Group Holdings, the UFC's parent company, agreeing to a hefty settlement of $335 million. While this news may have pleased shareholders and investors, it leaves various stakeholders in the world of mixed martial arts (MMA) pondering its implications. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• What’s the one tool that Omar considers the most important for his business? Ever wonder what it could be? ( Listen )

EXTRA BREVITI

• Reddit, the popular online discussion platform, has set its initial public offering (IPO) price at $34 per share, marking the top end of the expected price range. ( Read More )

• Humane, the innovative technology company known for its AI-powered products, has recently shared exciting updates regarding its AI Pin shipping and features. ( Read More )

• The Los Angeles Dodgers have made headlines with the decision to fire Shohei Ohtani's interpreter amid allegations of the theft of funds belonging to the star player. ( Read More )