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SK Hynix Reports Q4 Profit and Plans for AI GPU Chips
SK Hynix reported a Q4 2023 operating profit of 346 billion won, marking its first profit since Q3 2022, driven by high-end AI chip demand. However, profit-taking led to a 2.6% share drop.
Mining Valuations in Focus: Bitdeer and Sphere 3D Lead November's Stock Insights
The November valuation analysis of Bitcoin mining stocks reveals significant disparities, with Bitdeer undervalued and Marathon overvalued, while Sphere 3D offers a bargain despite limited growth prospects.
Biden-Harris Administration Secures AI Commitments from Major Tech Companies
The Biden-Harris Administration has secured voluntary commitments from eight more artificial intelligence (AI) companies to manage AI risks. The commitments emphasize safety, security, and trust, requiring AI products to undergo security testing, share information on risk management, prioritize cybersecurity, and develop mechanisms to inform users. The administration is developing an Executive Order on AI and pursuing bipartisan legislation to position America as a responsible AI developer.
SEC Charges Impact Theory for Unregistered NFT Sales
Impact Theory, a Los Angeles-based company, has been charged by the SEC with violating federal securities laws by offering unregistered NFTs as investment contracts.
Former SEC Officer Analyzes Ripple's Momentary Celebration in SEC Lawsuit
Former SEC Officer, John Reed Stark, analyzes Ripple's legal victory against the SEC, describing it as a momentary celebration and predicting a likely appeal.
Avalanche Launches Avaissance to Boost NFT Ecosystem
The Avalanche Foundation has announced the launch of Avaissance, an initiative aimed at supporting digital artists and growing the Avalanche NFT ecosystem. The program includes an Artist in Resident program for over 50 artists and the Mona Lisa Initiative to curate digital art and expand the collections of art-focused DAOs. In other news, Ticketmaster has announced a new feature, token-gated ticket sales, allowing artists to reward NFT holders with exclusive benefits. Popular NFT artist Patrick Amadon withdrew his work from a major auction house to protest a lack of female representation. Sony Interactive Entertainment filed a patent for a framework allowing users to transfer and utilize NFTs across multiple game platforms.
Nissan Expands Web3 Efforts with Trademarks and Metaverse Auto Sales
Nissan has filed four new Web3-related trademarks in the US and is experimenting with auto sales in the metaverse in Japan. The trademarks cover its Infiniti, Nismo, and Nissan brands and include plans for virtual goods and a nonfungible token (NFT) marketplace. Nissan Japan is conducting a three-month "demonstration experiment" of its virtual store "Nissan Hype Lab," allowing customers to "study, consult, test drive and purchase Nissan vehicles" while in the metaverse. The company's moves are in line with other car manufacturers, including General Motors and Ford, who have also been actively filing trademark applications for Web3, crypto, NFTs, and the metaverse.
Biden's Budget Proposal Includes Crackdown on Crypto Wash Sales and Doubling of Capital Gains Tax for Certain Investors
U.S. President Joe Biden's fiscal 2024 budget plan proposes a crackdown on crypto wash sales and a doubling of the capital gains tax for certain investors, which could raise $24 billion. The proposed changes to crypto tax treatment aim to reduce the deficit by nearly $3 trillion over the next decade. The budget proposal seeks to eliminate the tax-loss harvesting strategy used by crypto traders, which allows them to sell assets at a loss for tax purposes before immediately repurchasing them. The proposal also aims to raise the capital gains tax rate for investors making at least $1 million to 39.6%.
Luxury Car Purchases by Crypto Doubled to $12m in 2021, Says AutoCoinCars Executive
The number of customers worldwide using cryptocurrencies to buy vehicles has significantly increased. An executive of AutoCoinCars has seen sales on its platform double to $12 million in 2021.
Total NFT Sales Hit $25B in 2021
The explosion in popularity of non-fungible tokens (NFTs) topped its sales to some $25 billion in 2021, data from market tracker DappRadar shows.