💰️xAI Raises $6 Billion

☀️Good morning. It's Friday, Dec. 6, and we're covering, Elon Musk’s xAI Raises $6 Billion, Reaching $40 Billion Valuation, NASA Delays Crewed Moon Mission To 2027, Citing Orion Capsule Issues, Donald Trump Appoints David Sacks As AI And Crypto Czar, and much more. First time reading? Sign up to get this newsletter: Sign up here.  

We always Listen and respond to questions and feedback, email us at [email protected]

MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $3.61 Trillion, a 2.09% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $321.53B, which makes a 5.06% decrease.

• The total volume in Defi is currently $22.5B, 7.00% of the total crypto market 24-hours.

• The volume of all stablecoins is now $298.37B, which is 92.80% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.85%, a decrease of 1.69% over the day.

Semler Scientific Buys Another 303 Bitcoin For $29.3m

Semler Scientific has purchased an additional 303 bitcoins for $29.3 million, bringing its total bitcoin holdings to 1,873 BTC, which were acquired for a total of $147.1 million. The latest acquisition was funded through the company's at-the-market (ATM) offering, with an average purchase price of $96,779 per bitcoin, including fees and expenses. This follows a broader capital strategy where Semler has been raising funds through its ATM offering, generating approximately $79.8 million in gross proceeds. (Read Deeper)

BUSINESS & FINANCE

Elon Musk’s xAI Raises $6 Billion, Reaching $40 Billion Valuation

Elon Musk’s artificial intelligence startup, xAI, has secured $6 billion in a new funding round, bringing the company’s valuation to over $40 billion. The financing involved 97 investors, with contributions ranging from $77,593 upwards. While the filing did not disclose specific investors or valuation details, major backers like Sequoia Capital and Andreessen Horowitz, who are also invested in Musk’s other ventures, are believed to be involved.

Takeaway: This marks the second $6 billion funding round for xAI in 2024, with the first in May valuing the company at $24 billion, excluding cash raised. The funds have been directed toward projects like a supercomputer facility in Memphis, which local officials hailed as the city’s largest-ever multibillion-dollar investment. xAI’s flagship product is Grok, a chatbot integrated into Musk’s social network X (formerly Twitter), available to paying users. (Read Deeper)

Chevron To Take Up $1.5 Billion Charges In Fourth Quarter Amid Cost-Cutting Measures

Chevron announced it will incur up to $1.5 billion in fourth-quarter charges for restructuring, asset impairments, and property sales costs. The charges include job cuts and relocations planned over the next two years, though the exact number of job losses has not been disclosed. This move comes amid a year-long profit decline that required borrowing to maintain shareholder payouts. Chevron is also aiming to cut $3 billion in costs by 2026.

Takeaway: The company plans to reduce 2025 project spending by $2 billion, from about $19 billion this year. This reduction reflects the end of significant investments in its Kazakhstan operations and the recent sale of various oil and gas assets. new expenditures on oil and gas output will fall by about $1 billion, and refining will decrease by $300 million compared to this year. Severance and relocations are expected to account for up to $900 million of the charges, while asset impairments and property sales will add another $600 million. (Read Deeper)

TECHNOLOGY & SCIENCE

NASA Delays Crewed Moon Mission To 2027, Citing Orion Capsule Issues

NASA has delayed its crewed moon mission under the Artemis program. The planned lunar landing in 2026 is now scheduled for no earlier than mid-2027. The delay is due to issues with the Orion crew capsule’s heat shield, which experienced unexpected wear during its uncrewed test flight in 2022. The problem occurred during the "skip reentry" maneuver used to slow the spacecraft’s descent, causing heat buildup in the shield. To address this, Artemis II will have a modified flight trajectory.

Takeaway: The delays push the timeline for Artemis III, which aims to land astronauts on the moon, closer to the original target of 2028. This postponement also comes amid growing competition from China, which aims to land astronauts on the moon by 2030. NASA is focused on landing at the moon's south pole, where valuable water ice resources are believed to be located. The delay comes as the Trump administration prepares for a leadership change at NASA, with Jared Isaacman nominated as the new administrator. (Read Deeper)

OpenAI Unveils $200 ChatGPT Pro Subscription With Advanced o1 Reasoning Model

OpenAI has launched ChatGPT Pro, a $200-per-month subscription tier aimed at power users. This plan includes access to the o1 reasoning model, which offers advanced problem-solving abilities, including better accuracy for complex tasks like math, programming, and data science. The model checks its work during processing, leading to more reliable results but slower response times. o1 Pro mode, exclusive to ChatGPT Pro users, performs better using more computational resources.

Why It Matters: ChatGPT Pro offers unlimited GPT-4o and Advanced Voice Mode access for human-like conversations. While the subscription is the most expensive option OpenAI offers, it aims to serve professionals in fields such as law, data science, and coding. The company also plans to provide free access to researchers in various disciplines. OpenAI faces financial challenges, with the platform costing $700,000 a day to operate and the company projecting a $5 billion loss for the year. (Read Deeper)

AROUND DE WORLD & POLITICS

Donald Trump Appoints David Sacks As AI And Crypto Czar

President-elect Donald Trump has appointed David Sacks, a prominent venture capitalist and member of the "PayPal Mafia" as his AI and Cryptocurrency Czar. This new role emphasizes Trump's goal of positioning the U.S. as a global leader in artificial intelligence and digital assets. Sacks will oversee policy in these sectors and lead the Presidential Council of Advisors for Science and Technology. Sacks, who founded venture capital firm Craft Ventures, is known for his support of Trump and his pro-crypto stance.

Takeaway: Sacks will work on creating clearer regulations for the crypto industry, focusing on providing clarity on whether digital assets are commodities or securities. Additionally, he will play a key role in guiding federal AI policy and addressing issues related to national security, privacy, and ethical concerns. Trump aims to repeal Biden's recent AI executive orders, which focus on safeguards, and instead prioritize innovation. (Read Deeper)

Argentina Cuts Interest Rate To 32% In Continued Effort To Tackle Inflation

Argentina's central bank has reduced its benchmark interest rate to 32% from 35%, marking the eighth cut since President Javier Milei took office in December 2023. The decision reflects the country’s ongoing efforts to combat triple-digit inflation, which has been a persistent issue in recent years. This reduction is part of a broader trend of interest rate cuts following a high of 133% in October 2023.

Why It Matters: The central bank justified the rate cut by pointing to the "consolidation of expectations for a lower inflation rate". This comes as inflation has shown signs of slowing, with analysts now forecasting an inflation rate of 118.8% by the end of 2024, slightly lower than the previous prediction of 120%. The rate cut follows a period of austerity measures under Milei’s government, which has included significant spending cuts. (Read Deeper)

ENTERTAINMENT & SPORTS

FIFA Announces Free-to-View Broadcasting Deal For 2025 Club World Cup

FIFA has secured a broadcasting deal with DAZN for the 2025 Club World Cup, valued at around $1 billion. The agreement ensures that all 63 matches will be available to watch for free on DAZN's platform, with the option to sublicense to local broadcasters. FIFA President Gianni Infantino called the deal the most accessible in the tournament's history, providing global fans with free access to the competition. The expanded tournament, featuring 32 teams like Manchester City, Real Madrid, and Bayern Munich, will run from June 15 to July 13, 2025. Despite concerns from FIFPRO over player workload, the tournament is set to proceed as planned. (Read Deeper)

Cori Broadus Opens Up About Struggles With Depression And Lupus

Cori Broadus, daughter of Snoop Dogg, shared her emotional journey battling depression and lupus in an interview during the premiere of Snoop's Fatherhood: Cori & Wayne's Story. She spoke about struggling with depression since childhood and how the COVID-19 pandemic deepened her mental health challenges. Cori revealed that she attempted suicide in 2021 and sought help in a mental health facility, crediting her fiancé, Wayne Duece, for his support. Despite the hardships, she found strength in starting her cosmetics brand, Choc Factory, which empowers women and shares their stories. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• 3 Stories of Crazy Geniuses: Fenn’s Treasure, Michael Saylor’s Infinite Money Glitch. (Listen)

EXTRA BREVITI

• Social Media Erupts After Murder of UnitedHealthcare CEO Brian Thompsons. (Read More)

• A senior Russian official has stated that the BRICS group will continue developing its payment system despite threats from U.S. President-elect Donald Trump to impose 100% import duties. (Read More)

• Waymo has entered into a partnership with Moove, an African mobility fintech, to handle fleet management operations for its robotaxi service in Phoenix and, soon, Miami. (Read More)