Alphabet, Google’s parent company, has announced plans to seek external investment for its GFiber internet service business. GFiber provides high-speed internet and Wi-Fi connectivity in select markets across the United States. 

Securing outside funding will enable GFiber to significantly accelerate its expansion efforts to additional cities.

Steady Customer Growth, But Big Metro Areas Untapped

Despite Alphabet’s goal in 2008 to boost internet speeds 100-fold through advanced fiber-optic technology, GFiber has faced an uphill battle in gaining market share. It has operated in only 15 states since launching in Kansas City in 2012. 

GFiber competes against telecommunications giants like Comcast, Verizon, and AT&T, which have long-established national networks. Over the past six years, GFiber has achieved an impressive milestone by tripling its customer base, indicating steady growth. 

However, Alphabet declined to disclose the total number of subscribers. In 2023 alone, GFiber secured agreements to bring services to over 25 additional cities nationwide.

Despite its progress, GFiber has yet to penetrate some of the largest metropolitan areas in the country.

It does not currently provide internet access in six of the ten most populous U.S. cities, including New York. Expanding into these densely populated regions represents a massive opportunity for GFiber to significantly increase its market share and customer base.

In a report by Reuters, alphabet’s president and chief financial officer, Ruth Porat, emphasized the company’s strategic vision. He stated that this next step of raising external capital will enable GFiber to scale its technical leadership, expand its reach, and provide better internet access to more communities.

However, Alphabet has not disclosed the specific amount of funding it seeks to raise for GFiber or its target valuation.

Part of Alphabet’s Broader “Other Bets” Growth Strategy

GFiber is part of Alphabet’s “Other Bets” portfolio, encompassing its businesses outside of Google. These ventures are typically in earlier research, development, and commercialization stages.

Other Bets include companies like Verily (healthcare technology) and Waymo (self-driving cars), which have successfully secured investments from external partners.

According to Alphabet’s 2023 annual report, its Other Bets division collectively generated $1.5 billion in revenue, primarily from internet and healthcare services, but incurred a net loss of $4.1 billion as it invests heavily in growth and innovation.

Ruth Porat recently stated that Alphabet aims to “sharpen its investment focus” and capitalize on compelling technological breakthroughs across its Other Bets portfolio. 

The company’s “moonshot factory” division, X, also seeks external capital to spin off more projects.

Alphabet has recently joined other major tech firms in implementing job cuts to streamline operations and reduce costs. However, the company has not confirmed whether GFiber’s capital raise is directly linked to its broader restructuring and cost optimization efforts.

The post Alphabet Seeks External Capital to Accelerate GFiber Growth appeared first on The Tech Report.

The notable Bitcoin analyst Michael van de Poppe has predicted an explosive run for altcoins in the coming days. According to the market watcher, Altcoin has the potential to generate more than $600 million inflow in the future.

With such a massive drive, he expects the global crypto market to hit a $2.2 trillion capitalization in no time.

Meanwhile, today, February 6, the market cap is around $1.66 trillion. 

Bitcoin Analyst Shows Optimism In The Growth Of The Crypto Market Cap

The Bitcoin analyst took to the X platform to lay out his thoughts on an upcoming trend in the market. He based his forecast on the prevailing market dynamics and the cumulative circulating funds.

In his analysis, van de Poppe pointed out that the crypto market is currently undergoing a consolidation stage. 

This reflects when the market is retracing its trend and preparing to launch a more considerable momentum. Further, the analyst indicated his optimism for a better performance.

He believed the market was currently at its lowest cycle and could only move upward.

In line with his expectations, van de Popped mentioned that the global crypto market will reach the $2.2 trillion mark.

He stated:

Very likely that we’ll see a continuation from here; the momentum and trend are extremely strong. Continuation towards $2.2T coming from Altcoins.

Total market capitalization of #Crypto is consolidating.

Very likely that we'll see a continuation from here, the momentum and trend are extremely strong.

Continuation towards $2.2T coming from #Altcoins. pic.twitter.com/99CDW1qAKm

— Michaël van de Poppe (@CryptoMichNL) February 5, 2024

As of today, February 6, the market cap is $1.66 trillion. As such, it will record a growth increase of 32.53% to reach the prediction. Additionally, the analyst included a chart to show an expected trajectory that befits the growth.

According to the chart, weekly patterns specify the market’s opening and closing points. 

Also, the graph highlights the pivotal points in trends after the last recorded market peak. Further, the chart showed that a successful entry into the $1.87 trillion region of the market would represent a confirmation of its potential movement to the $2.2 trillion threshold.

Recall that the crypto market last grew to $2.2 trillion by the end of 2021. This period aligned with the highest point of the previous bull season before the bears became dominant.

Altcoins Expected To Pioneer The $2.2T Crypto Market Cap

Alternative cryptocurrencies, known as altcoins, have gained more attention recently. Due to the higher value of Bitcoin, many investors have been adopting altcoins as their preference.

So analyst van de Poppe believed that altcoins have a significant role in his forecast.

He mentioned that they will champion the growth of the global market cap to reach $2.2 million. He predicted that altcoins would garner at least $600 billion to boost the market influx very soon.

Surprisingly, other prominent crypto personalities have shared similar posts on the role of altcoins in bull runs. 

Recently, stock investor Jelle mentioned that altcoins would be the most significant investment opportunity in the crypto space. He noted that they kick off a massive increase within the next few weeks.

A few more weeks of sideways, before the real #altcoins fun starts.

My bags are packed. Let's go. pic.twitter.com/SmPhljXFBY

— Jelle (@CryptoJelleNL) February 5, 2024

The post Bitcoin Analyst Predicts A $600 Billion Altcoin Drive, Pushing Global Market Cap To $2.2T appeared first on The Tech Report.

XRP has recorded a spike in its transactions on exchanges after the exploit on the Ripple Chairman’s account. The net sales of the token on exchanges rose to almost the 100 million XRP threshold.

Moreover, data indicated that funds withdrawn from exchanges amounted to more than $73 million.

XRP Sales Increase On Exchanges 

The prominent market analytics platform Kaiko recently posted the changes in XRP-related transactions on X. The data provider added a chart revealing the cumulative volume delta (CVD) of XRP.

The CVD metric indicates the overall number of investors and participants within the XRP market. 

It captures all activities relating to the buying and selling of the token on exchanges within a given period. The chart revealed that XRP had a positive CVD as of January 30.

This means users purchased more XRP coins than were sold on prominent exchanges. Just on Binance and OKX, purchases amounted to over 20 million XRP coins.

Ripple’s #XRP Cumulative Volume Delta (CVD) – a measure of net buying and selling – showed a net sell off of nearly 100mn XRP, primarily on Binance and OKX after last week’s hack of Ripple’s co-founder. pic.twitter.com/xxk9uvG6lc

— Kaiko (@KaikoData) February 5, 2024

Also, the data showed that amid the increased buying pressure, XRP declined by 4.58% on the same day due to the impact of the broader market. Subsequently, XRP’s CVD dropped drastically following the increased purchases.

Moreover, the higher transactions on Binance and OKX exchanges contributed to the decline as users massively sold off their XRP holdings on these platforms. The decrease gradually extended to January 31 until ZachXBT discovered the XRP exploit.

Hackers Diverted Stolen XRP Make Massive BTC Withdrawals

After hacking about 213 million XRP tokens, ZachXBT was the first to call out for public attention. As a result, Binance froze $4.2 million worth of XRP related to the exploit on Ripple Chairman’s accounts.

However, some highlighted exchanges were not fast enough to make similar moves. 

In another post on the X platform, the on-chain sleuth ZachXBT reported massive BTC withdrawals connected to the hackers. Based on timing analysis, the attackers sold off most of the stolen XRP coins.

He said the hackers have withdrawn $73.3 million worth of BTC.

Further, ZachXBT mentioned some exchanges used for the withdrawals, which include HTX, Gate.io, and Kraken. 

ZachXBT stated:

Due to the amount and volume of XRP deposits made to centralized exchanges from the addresses above, you can trace $73.3M+ of BTC withdrawals from HTC Gate and Kraken, which likely came from the Chris Larsen hack (Ripple Co-Founder) using timing analysis.

Due to the amounts and volume of XRP deposits made to centralized exchanges from the addresses above you can trace $73.3M+ of BTC withdrawals from HTX, Gate, and Kraken which likely came from the Chris Larsen hack (Ripple Co-Founder) using timing analysis.

Some of the Kraken…

— ZachXBT (@zachxbt) February 5, 2024

Also, he noted that the exploiters deposited some withdrawals from the Kraken exchange on Jambler, a BTC mixing service platform. In detail, HTX has the most considerable withdrawal amount by the hackers, accounting for a whopping $63.7 million.

While Gate.io recorded up to $6.60 million, Kraken saw $2.9 million.

In response to ZachXBT’s earlier post, Ripple co-founder Chris Larsen indicated that he owned the hacked accounts. However, XRP still suffered close to a 5% drop after the incident.

According to data from CoinMarketCap, XRP hit a daily low of $0.4903 on February 1.

XRP trades at $0.5026, indicating a drop of 0.64% over the past 24 hours. The negligible percentage loss suggests that the selling frenzy has waned. 

The post XRP Sales On Exchanges Rise Following Hack On Ripple Chairman’s Account appeared first on The Tech Report.

Samsung Electronics Chairman Jay Y. Lee was recently acquitted of charges related to accounting fraud and stock manipulation by a Seoul court. Released on Monday, February 5, the unexpected verdict came contrary to the expectations of legal analysts who had anticipated a suspended sentence.

The ruling may grant Lee more flexibility in steering the affairs of South Korea’s largest conglomerate.

Details of the 2015 Merger Case and Latest Ruling

In 2015, Lee Jae-Yong., and 13 other former Samsung executives allegedly pushed through the merger of two affiliates—Samsung C&T and Cheil Industries— without consulting the shareholders. 

Before the merger, Cheil was under the Lee family and other related entities, not Samsung C&T, a prominent Samsung Electronics stakeholder (Samsung’s flagship unit). 

In the lawsuit, filed in the Seoul District Court, prosecutors demanded a five-year jail term, while Lee pleaded not guilty to the charges. The Samsung chief argued that he and the concerned executives engineered the merger, believing it would benefit the shareholders.

After their review, the three judges presiding over the case said the two companies’ boards agreed to push through with the merger.

One of the judges, Park Jeong-je, told the court that there was no basis to conclude that Lee Jae-yong engineered the merger to strengthen his management rights or aid his succession within Samsung.

In the end, the court acquitted all 14 defendants in the case. This ruling will ensure that Lee, who was convicted and slammed a 30-month jail sentence for bribery in 2017, does not return to jail after serving 18 months.

In a related case, the Permanent Court of Arbitration (PCA) tribunal ordered the South Korean government to pay U.S. hedge fund Elliott $108.5 million for the National Pension Service’s approval of the 2015 $8 billion merger. 

Implications of Lee Jae-Yong’s Acquittal on Samsung

Commenting on the development, Kim Ki-chan, a business professor at the Catholic University of Korea, said the legal issues had hindered Samsung’s innovation and job creation for nearly a decade.

Lee’s legal problems had contributed to an administrative and risk-averse culture at Samsung Electronics.

The latest verdict prevents Lee from returning to jail and marks the resolution of legal issues dating back to 2016. Lee’s lawyer, Kim You-jin, expressed gratitude for the court’s “wise decision.”

While the ruling represents a win for Samsung, it faced criticism from Park Yong-jin, a lawmaker for the main opposition Democratic Party, who deemed Lee’s succession unfair.

Park Yong-jin argued against protecting conglomerate heads in the interest of a fair market economy. Notably, big South Korean firms such as Samsung are still under the control of their founding families, who are responsible for most of the nation’s economic success.

The Lee family and related partners possessed a 20.7% stake in Samsung Electronics as of September 2023. Meanwhile, following the latest court ruling, Samsung C&T stock rose by 5% before leveling off.

The post Soel Court Discharges 2015 Merger Case Fraud Charges Against Samsung Chief Lee Jae-Yong appeared first on The Tech Report.

As the US tightens semiconductor restrictions, China bets on open-source RISC-V chips to reduce Western tech dependence. A patent published in September 2023 by a military institute under the People’s Liberation Army (PLA) sheds light on the intensity of this move.  

The patent filing revealed that the Chinese military institute utilized RISC-V, an open-source standard, to enhance the performance of chips for smart cars and cloud computing.

China Emerges as Global Leader in RISC-V Development

Notably, the US and UK export controls ban the sales of the most cutting-edge x86 and Arm designs, which produce the highest-performance chips, to clients in China.

However, the RISC-V, which is open-sourced, contrasts sharply with the currently dominant standards x86 and Arm, which are proprietary and closed systems controlled by American and British companies, respectively. 

While RISC-V chips still lag behind Arm and x86 in complex computing capabilities, the gap has steadily closed as RISC-V startups proliferate globally and more technology giants invest R&D into the open standard. 

For China, RISC-V offers a potential long-term path to end reliance on Western intellectual property and develop a homegrown alternative that can one day challenge the x86-Arm duopoly. 

The open-source nature of RISC-V makes it an ideal choice as Chinese companies and research institutions seek to withstand American sanctions and build next-generation chips.

China has heavily invested in RISC-V, with estimates of over $50 million going into related projects between 2018-2023.

By 2022, half of the over 10 billion RISC-V chips shipped globally will have already been manufactured in China. Chinese RISC-V startups have received around $1.18 billion in funding in recent years. 

In 2021, China accounted for 1061 out of the global total of 2508 RISC-V patents filed internationally.

Significant contributors include Chinese tech giants like Alibaba and Huawei, alongside universities and research institutes linked to Beijing. Advanced RISC-V chips designed and produced in China can power everything from self-driving cars, artificial intelligence models, and data centers to networked devices. 

Critical Role of Military Research in Advancing RISC-V

China’s military has demonstrated a vital strategic interest in harnessing RISC-V to achieve self-sufficiency in defense electronics and computing. Chinese universities and laboratories closely linked to the defense establishment, like the PLA’s National University of Defense Technology, are among the top patent filers. 

At academic conferences, researchers from defense partners like Beihang University have presented RISC-V chip designs for radar and other signal-processing roles. 

The state-run Chinese Academy of Sciences, a think tank that serves as a critical military supplier, has developed RISC-V processors for cybersecurity and unveiled high-performance supercomputing designs. 

For China’s military, achieving self-reliance in semiconductor technology through RISC-V is a strategic priority.

Although RISC-V still commands just around 1.9% of the global market share in chips, its customization, efficiency, and cost advantages have attracted significant international chipmakers. 

Qualcomm, a leader in smartphone processors, calls RISC-V ideal for designing highly customized AI acceleration cores. As demand for specialized AI and machine learning chips grows across industries, RISC-V provides flexibility to tailor solutions without the overheads of licensing and royalties. 

While it will take time for RISC-V to challenge the dominance of x86 and Arm truly, China is making a long-term bet on the standard’s potential amidst an increasingly tense geopolitical climate. 

The post China Bets on Open-Source RISC-V Chips Amid US Export Controls appeared first on The Tech Report.

Ripple has taken a gallant step to expand its payment services within the US market. Following its three years of quietness and low performance due to the SEC lawsuit, Ripple is revolutionizing its cross-border payments in the US using XRP. 

As disclosed by Oliver Segovia, Ripple’s Senior Director and Head of Product Marketing for Payment, the company is introducing new products using its money transmitter license in the US.

Plans to Reinforce Its Domestic Payment Services with XRP in the US Market

In the announcement, Segovia admitted that Ripple has maintained minimal engagements within the US crypto market over the past three years. He noted that up to 90% of the company’s businesses focused on entities outside the country. 

Notably, Ripple’s subdued presence in the US market followed its multi-year-long legal battle with the Securities and Exchanges Commission (SEC), which kicked off in late 2020. However, with the recent plan, Ripple is about to end the long period of silence.

The cross-border payment firm has determined to roll out product innovations relying on its local money transmitter licenses (MTLs). Notably, Ripple holds more than 31 MTLs with the US after it acquired Fortress Blockchain to earn a Nevada license.

Moreover, the firm noted that MTLs form a powerful backing for Ripple in its services. Ripple Payments, which is pioneering the expansion, leverages XRP as the bridge asset in its services. 

With such an innovative payment solution, Ripple can provide speedy transition settlements in just a few seconds.

Also, the transaction fee is relatively lower than the costs of traditional methods. Ripple aspires to leverage its global experience (with a majority of its businesses conducted outside America) to promote its presence locally and enhance its payment services within the US market. 

Measures to Enhance Its Domestic Engagement

The blockchain firm has started laying out steps to support and enhance its plan for domestic services. As part of its strategy, the company is looking to hire personnel from different regions, including locals within San Francisco.

Some of the positions include senior blockchain engineer, senior software engineer, principal software engineer, staff data engineer, and more. Also, Segovia disclosed that Ripple is kicking off its plan with an upcoming fintech meetup.

There will be a casual panel discussion as part of the event, focusing on Ripple’s 2024 outlook for blockchain and payments. The event will take place on Wednesday, February 7, between 5:00 PM and 7:30 PM PST. The venue is at the recently inaugurated Ripple Headquarters in San Francisco.

Today is the first day for Ripple's new SF global headquarters! pic.twitter.com/w0PiDbWKUq

— David "JoelKatz" Schwartz (@JoelKatz) December 11, 2023

Some of Ripple’s product heads, like Brendan Berry and Pegah Soltani, will lead the session. The moderator will be Ripple’s US Managing Director, Joanie Xie. Also, David Schwartz, Ripple’s Chief Technology Officer, will be part of the meeting.

While extending an invitation to the public, Segovia noted that representatives from prominent companies like Adyen, Plaid, Marqeta, and more will attend the event.

The post Ripple to Introduce Novel XRP Powered Payment Solutions to the US Market appeared first on The Tech Report.

The global leading crypto exchange, Binance, froze about $4.2 million worth of XRP tokens on its platform. The frozen funds were part of the massive exploit on the personal wallet of Ripple co-founder Chris Larsen.

The Ripple executive lost 213 million XRP worth almost $112 million through a hack on January 30. Currently, the attack stands as the biggest hack of 2024.

Binance CEP Reports The Freezing Of The XRP Tokens

Binance CEO Richard Teng took to the X platform to disclose that the crypto exchange has frozen the tracked address of the hacker. According to Teng, Binance always maintains a quick response in fighting against hacks in the industry. 

Notably, the exploiter planned to use the Binance exchange to launder the stolen tokens but didn’t succeed as the exchange had frozen them. Further, the Binance CEO appreciated the role of the community in drawing the attention of exchanges to the attack.

Also, he acknowledged the roles and cooperation of the Ripple team and on-chain sleuth ZachXBT in managing the situation. Notably, ZackXBT was the first to discover the exploit and called out the public’s attention. 

After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.

We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…

— Richard Teng (@_RichardTeng) February 1, 2024

Additionally, the Binance CEO pledged the exchange’s support to Ripple in the investigation of the exploit and possible recovery.

Teng stated:

We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance.

Teng had thought the hack to be on Ripple wallets. However, Thomas Silkjær, Head of Analytics and Compliance at the XRPL Foundation, pointed out the ambiguity to him. 

Quickly, Teng owned up to the error and corrected his assertions that the exploit was on Chris Larsen’s wallet. On his part, ZackXBT thanked Teng and commended the Binance security team on its proactiveness on security challenges.

The Exploit on Ripple Chairman’s Wallet

Ripple Chairman and co-founder Chris Larsen recorded a hack on his personal wallet during the late hours of January 30. The blockchain sleuth, ZachXBT, discovered the exploit at the dawn of January 31. Initially, he mistook the attack to be on a Ripple wallet.

According to ZackXBT’s disclosure, a mislabeling on the address from XRPL explorers XRPScan and Bithomp caused the confusion, making it seem like a Ripple wallet.

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

Also, ZachXBT mentioned that the hacker has started moving the stolen funds through some exchanges. 

He said:

So far, the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc.

However, while confirming the exploit, Larsen clarified that he owns the affected accounts, not Ripple.

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg

— Chris Larsen (@chrislarsensf) January 31, 2024

Moreover, Larsen mentioned that they have already notified law enforcement as they intensify their investigation of the attack. While Larsen acknowledged the breach of his personal wallets, he failed to include specifics on the entire incident.

The trend that the hacker has used in the funds transfers seems odd. Before now, attackers used crypto mixers such as the prominent Tornado Cash to drain and conceal stolen funds’ movements.

But the latest incident shows a shift in paradigm, making the entire incident more confusing.  

The post Binance Freezes $4.2 Million In XRP Coins Linked To Exploit On Ripple’s Co-Founder’s Wallet appeared first on The Tech Report.

XRP is in the green today as the crypto market posts a more improved outlook. A top analyst, XRP_SHARK, is optimistic about XRP’s price performance in the long term. 

However, the analyst believes that the sellers in the market could force a decline for XRP before a major rally is recorded. 

Crypto Analyst XRP_SHARK Believes XRP Will Rally To $1.40

1/2 This chart measures the liquidity area from the top we had close to 2$ until today (all the same move as it was downwards). Most liquidity sits at .35-.40 cents. And that liquidity is needed to make price move in the opposite direction. That's why I believe chances are good pic.twitter.com/ND40yRfLme

— XRP_Shark (@XRP_Shark) February 1, 2024

According to crypto analyst XRP_SHARK, Ripple’s native token will first decline to the $0.45-$0.47 range, then rebound to $0.53-$0.57. 

1/2 This chart measures the liquidity area from the top we had close to 2$ until today (all the same move as it was downwards). Most liquidity sits at .35-.40 cents. And that liquidity is needed to make price move in the opposite direction. That's why I believe chances are good pic.twitter.com/ND40yRfLme

— XRP_Shark (@XRP_Shark) February 1, 2024

Also, XRP_SHARK posted a chart that measures the liquidity area for XRP. He noted that most liquidity is at the $0.35-$0.40 price zone. 

So, XRP_SHARK noted that liquidity in this zone is crucial for the price to move in the opposite direction, which is the reason he is bullish on XRP long-term. Overall, XRP has improved from a price dip late in January. 

What is influencing XRP’s Price?

XRP’s recovery is likely due to a positive trend in the general crypto market. However, the dip suffered earlier was due to an alleged hack of Ripple for 213 million tokens valued at $112.5 million. 

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

Although Ripple’s Chairman, Chris Larsen, confirmed the hack, he claimed that the affected accounts belonged to him and not Ripple. Larsen stated that security measures were taken, which involved notifying exchanges to freeze the affected addresses.

Additionally, he claimed that the attack was an isolated incident and that Ripple wallets were secure and were never compromised. According to him, nearly all the stolen funds were converted out of XRP, and a significant portion has been frozen by law enforcement. 

But despite Larsen’s efforts at damage control, some investors, such as TheCrypticWolf1, claimed that Ripple was hacked based on on-chain data. These negative events sparked panic in the market as some traders decided to short their XRP tokens, leading to a price decline. 

How is XRP’s Performance Today?

XRP entered a downtrend on January 30, as selling pressure forced it to re-test the $0.49 support level. Currently, XRP is moving in a sideways trend as the buyers attempt to force a rally and overcome resistance at $0.51. 

However, XRP is in a sideways trend and lacks sufficient pressure from the buyers to begin a rally. 

Also, XRP is in the lower region of the Donchian Channel (DC), which is a bearish signal hinting at a possible drop in its price. 

Additionally, the Relative Strength Index (RSI) indicator is close to the oversold region with a value of 34.10 and moving sideways. This confirms traders’ indecision for the asset. 

Therefore, XRP will likely decline further if the $0.49 support fails to hold. As such, traders should look out for the close of today’s candle for confirmation. 

The post Top Crypto Analyst Predicts XRP Surge to $1.40 After a Decline appeared first on The Tech Report.

In January, NVIDIA Corp achieved a historic milestone as it recorded a remarkable surge in market value, setting a new monthly record. The chipmaker’s market cap saw an extraordinary increase of $296.52 billion, reaching approximately $1.52 trillion. 

This surge surpassed its monthly high of $248.23 billion, recorded in May 2023.

Tech Market Values Soar in January

The surge in Nvidia’s stock was fueled by heightened optimism surrounding artificial intelligence (AI), favorable analyst predictions, and the company’s announcement of expanded AI offerings.

Introducing new desktop graphics processors and AI-related components and software advancements further contributed to the stock’s growth.

In a similar trend, Microsoft, the world’s most valuable company, experienced a substantial rise in market value, adding $159.36 billion. This increase was primarily attributed to the growing demand for its Azure cloud service.

The company reported higher-than-estimated quarterly profit and revenue, although investor caution surfaced due to concerns about rising costs.

As of Wednesday, 31 January, Microsoft’s market value exceeded $2.95 trillion, surpassing Apple Inc’s $2.85 trillion market capitalization. Meta Platforms also saw more growth in its market value, crossing the $1 trillion mark for the first time since September 2021.

The surge in Meta’s stock, driven by a 14% increase to a record high of $451, resulted in a market capitalization increase from $148 billion to $1.16 trillion.

This followed Meta’s announcement of a 25% jump in revenue to $40.1 billion for the December quarter and the declaration of its inaugural dividend.

Furthermore, Tesla Inc. emerged as the weakest performer among the top 20 global companies by market cap, witnessing a decline of approximately 24.5% in its value over the last month. 

Concerns over slowing growth led CEO Elon Musk to caution that sales growth would be “notably lower” this year despite recent price reductions. 

Additionally, Saudi Arabian Oil Co experienced a 7.3% fall in its market value during the same period.

Nvidia’s Recent Market Performance

Besides the growth in market value, Nvidia has maintained a good streak of achievements in recent months. A notable example is the recognition at the NVIDIA Partner Awards EMEA 2024.

The company’s market performance is also seen in its stock growth as of last year, with prices surging by over 238%.

Moreover, Nvidia has been pivotal in pushing technological progress within the retail sector. This is exemplified by their yearly State of AI in Retail and CPG survey, which sheds light on new trends and showcases how AI can boost operational effectiveness and foster expansion.

Nvidia also positions itself as a critical player in the tech industry through its gaming and artificial intelligence offerings. The company is known for its graphics processing units (GPUs), which are essential to gaming and AI applications.

The importance of these GPUs is also seen in workflows, as they enable data-driven decision-making and aid cost reduction in various industries, including gaming, AI, and autonomous vehicles.

The post Nvidia Records Remarkable Surge in Market Value in January appeared first on The Tech Report.

Earnings reports from Big Tech companies Amazon, Meta, Apple, and Microsoft sparked major stock moves late Thursday as investors reacted to the latest financial results. 

Meta Platforms and Amazon saw their market values surge, while Apple declined after mixed results in China. 

The shifts highlighted both opportunities and challenges facing tech giants in areas like artificial intelligence and international markets.

Meta Jumps on Strong Ad Revenue

Meta’s stock skyrocketed over 14% to an all-time high of $451 after markets closed Thursday. The stunning rally added $148 billion to Meta’s market capitalization, elevating it to $1.16 trillion. 

The surge came after Meta reported a 25% increase in quarterly revenue to $40.1 billion, driven by resilient advertising sales and device revenue. 

The company also announced its first-ever stock dividend, appealing to investors seeking mature, dividend-paying stocks. The dividend signals Meta’s evolution beyond its high-growth Facebook roots. But revenue gains showed Meta continues growing strongly as well.

Meta appears to be having its cake and eating it, blending maturity with momentum. Amazon’s shares jumped 8% in extended trading Thursday, boosting its market capitalization to $1.78 trillion.

The e-commerce and cloud computing leader exceeded expectations for quarterly revenue thanks to robust holiday online spending.

Amazon has been a prime beneficiary of consumers’ shifting to digital shopping and preference for online retailers. The latest results confirmed Amazon’s dominance in e-commerce, especially during the critical holiday season.

The company seems poised to continue riding secular shifts to online spending.

Its leading position in cloud computing with AWS provides another engine for growth in 2023 and beyond. In contrast to Meta and Amazon, Apple saw its market value dip by $70 billion to $2.2 trillion after delivering mixed quarterly results Thursday afternoon. 

While Apple’s overall revenue and profits beat analyst estimates, sales, specifically in China, fell short. That stoked worries that Apple is losing ground in the competitive Chinese smartphone market.

Investors are also concerned Apple may be falling behind in artificial intelligence, as companies like Microsoft and Google plow money into AI development. 

However, Apple teased new “exciting” AI products later this year.

Tech Giant Microsoft Leads The AI Race 

Looking ahead, analysts see Microsoft as having the early lead over Apple in AI, thanks to swift investments in artificial intelligence AI research from the Windows maker. 

Microsoft displaced Apple as the world’s largest company by market capitalization in January, reflecting this perceived edge in AI and strength in cloud computing.

Given Microsoft’s head start in generative AI, analysts believe its advantage over Apple will likely widen over the next five years. For Apple to bridge the gap, it may need hugely successful AI products or a transformation of the iPhone.

The post Big Tech Stocks Trend Sideways After as Financial Results Come To Light appeared first on The Tech Report.

Binance crypto exchange recently claimed that a code leak on GitHub was negligible. Also, Binance claimed that the code was outdated; therefore, the threat was minimal. However, the GitHub takedown request posted labeled the code leak a significant risk. 

404 Media Reveals Binance Code and Internal Password Leak 

According to news outlet 404,  a sensitive cache of code, diagrams, internal passwords, and technical information from Binance was exposed to the public. 404404 also stated that this sensitive information has been on a publicly accessible GitHub repository for several months. 

Binance succeeded in convincing GitHub to remove the data through a copyright takedown request last week. However, some members of the public already had access to the information. 

Also, Binance, in the takedown request, stated that the account is using their client’s internal code, posing a significant risk to it. One diagram in a folder detailed scripts and codes on Binance and how it implements passwords. 

These leaks were posted on GitHub by an account named Termf. However, it remains uncertain if the information was uploaded accidentally to GitHub by a Binance employee or if a hacker accessed the information. 

While Binance claims that the information was negligible, the takedown request makes it obvious that some sensitive data was exposed. 

Other Significant Issues Surrounding Binance and Its Operations

In another development, three families of American victims affected by the October 7, 2023, Hamas attack on Israel sued Binance and ex-CEO Changpeng Zhao. The complainants sued the respondents on the grounds of providing tangible assistance to terrorists. 

The affected families are represented by Seiden Law LLP. Also, Iran and Syria are labeled as state sponsors of terrorism and are also on the lawsuit. According to the filing, BNB and its co-founder Changpeng Zhao allowed Hamas to use its crypto platform for transactions. 

However, BNB arrived at a $4.3 billion settlement with the US Treasury Department in 2023. Also, Binance acknowledged that Hamas and other terrorists illegally used the exchange, leading to the resignation of Zhao as CRO. 

Consequently, analytical platform Kaiko noted that its market share is recovering its market share is recovering two months after the BNB settlement. Also, the volumes increased to 49%, recovering from multi-year lows. 

Two months post-settlement, Binance's market share is recovering.

Volumes rose to 49%, up from multi-year lows. pic.twitter.com/Xuo4JQxpY9

— Kaiko (@KaikoData) January 29, 2024

Another event unfolding in Binance’s turf is that the judge, in its ongoing case with the SEC, Amy Berman Jackson, has ordered a court review to find out if digital assets are securities. Judge Jackson stated that she would hear arguments on the SEC’s treatment of cryptocurrencies under the present regulations. 

So, lawyers representing Binance.US will be permitted to respond to whether a digital asset remains a security or not. Additionally, Judge Jackson stated that the court intends to hear the argument that an investment contract must involve a contractual undertaking. 

Amid the legal tussles, the BNB native token (BNB) has dropped below $300  as the crypto market sheds some gains. 

The post Binance Downplays Code Leak on GitHub as Outdated and Low Risk appeared first on The Tech Report.

A Delaware judge voided Elon Musk’s Tesla pay package of $56 billion on Tuesday, January 30. The decision is seen as a threat to Tesla’s CEO Musk and the company, throwing them to a starting point.

Moreover, the decision has set a landmark that could influence the approach to CEO compensation in entities across America. 

Musk and his Tesla board will enter into another negotiating section to devise a suitable contract for replacement. 

Court Ruling Voids Musk’s Pay Package

According to the court’s ruling, Judge Kathleen McCormick regarded the pay package as an “unfathomable sum.” She noted that while the pay reflects injustice to shareholders, it also questions the independence of the board.

The trend in the court proceeding indicated the situation is a hard nut to crack.

Notably, many view the case as the first overturn of a board’s decision on compensation. So, the decision serves as an encouragement for investors who have shown concern over the years regarding Tesla’s board independence. 

Also, Elon Musk may see a different dimension change to the entire setting in his company.

According to a previous report from Reuters, the billionaire planned to lay out 25% voting control at Tesla before bringing his AI goals to the company. A Tesla shareholder, Ross Gerber, reacted to the situation as disclosed by Reuters.

He noted that the decision has thrown Tesla out of control from an executive perspective. 

Gerber mentioned that the court’s decision needs new independent board members to provide guidelines for the CEO. Carving out a replacement package would be a difficult process.

Moreover, there is no certainty on who will advocate for Tesla on the issue. Meanwhile, Musk is yet to react to the situation, though he may opt for an appeal.

However, if the ruling stands, Musk will return all he received. Based on the company’s contract terms since 2018, the CEO got twelve tranches of options worth almost $51 billion.

Also, the court ruling indicated that the options grant sits unexercised and undisturbed. This means it may not be complicated for Musk to give up his earnings.

Tesla Shareholder Tornetta Position In The Filing

The recent court’s ruling voiding Musk’s pay package has raised several reactions in different sectors. A report from Forbes revealed the argument of Tesla shareholder Richard Tornetta in the filing.

Tornetta highlighted that the company’s board breached its fiduciary duties by giving Musk the performance-based plan.

The shareholder noted that the plan stands as

the largest potential compensation opportunity ever observed in public markets.

Meanwhile, in her ruling, Judge McCormick stated that both Tornetta and Tesla would negotiate on a form of final order that would implement the decision. Also, they need to submit a joint letter pointing out all the issues to be addressed to resolve the matter completely during the trial level.

The post Judge’s Voiding Of Musk’s $56 Billion Tesla Pay Package Throws Board Off Balance appeared first on The Tech Report.

After releasing the ‘JUP’ token worth $700 million yesterday, January 31, many traders made huge profits. However, due to the rate of selling pressure, the token entered a bearish trend, causing others to lose. 

According to the report, some traders bet on the wrong Jupiter token’s price before releasing the primary token. 

Traders Pumped Wrong JUP While Other Profits from Real Solana JUP Airdrop

On January 31, hours before the Solana-based Jupiter’s JUP airdrop launch, an Ethereum token with the same ticker was introduced. The confusion occurred because they both had a similar ticker symbol. This fake Ethereum-based Jupiter spiked over 350% within a few hours of launch.

Unfortunately, it plummeted just hours later. Data from CoinMarketCap shows the Ethereum-based JUP went from $0.005 on January 30 to $0.026 on January 31. It then fell back to its current $0.007 price after the pump.

The Ethereum Jupiter was launched in 2017 and used for decentralized apps.

But its website says it is “no longer active.” So, it was surprising to see price action. Meanwhile, the Solana Jupiter is a DEX aggregator for swapping and limiting orders of Solana tokens. This was the actual project doing the airdrop.

Unfortunately, the 350% Ethereum JUP price pump came just hours before the $700 million airdrop for Solana’s Jupiter opened claims.

This shows traders likely bought the wrong token. This was further proven when a 17-year-old trader said he made $1 million from the real Jupiter token airdrops and shared his profit data publicly online.

A 17-year-old @notxavierj earned over $1 million from the Jupiter airdrop as part of a careful strategy requiring time and capital investment.

His success highlights both opportunities in crypto for outsized gains but also the need for a nuanced understanding of DeFi.

— Benzinga (@Benzinga) January 31, 2024

Solana Processed Millions of Transactions Quickly

On January 31, Jupiter Exchange shared its progress on the X platform. According to the exchange, it can now handle a whopping 80% organic trading volume. 

Also, it holds the title of the most used program in the Solana ecosystem.

Further, the platform stated it has become “One of the top prep platforms recording $1.4B volume last week,” In another post, Solana Foundation executive Austin also revealed that Jupiter’s massive airdrop went smoothly on Solana without any significant technical issues.

In the first 2.5 hours, Solana handled 2.5 million non-vote transactions for the airdrop claims. This influx of activity did not disrupt the network.

According to the Flipside dashboard, over 20% of the 1 billion JUP reserved was claimed immediately after launching the token. Still, nothing happened to the network.

An X user, Zaheer, posted that the airdrop “was a huge stress test on the network.” “Yet Solana, like all chains, still has a lot of work to do to improve things,” the X user added. This user made this tweet highlighting Austin Federa’s (Solana Foundation’s head) post.

Well, that was boring pic.twitter.com/erKTtWZa79

— Austin Federa | (@Austin_Federa) January 31, 2024

Notably, in the post, the head of Solana Foundation, Austin, shared a chart and mentioned that it represents 102,229 claims, implying the network is resilient despite the pressure. 

In response to the post, Zaheer pointed out that the Solana network still has room for improvement, meaning it could do better. 

The post Crypto Market Turmoil: Traders Manipulate ‘JUP’ Token After $700 Million Jupiter Airdrop appeared first on The Tech Report.

The European Union has set ambitious targets to transform society and the economy by 2030 digitally. A new report shows adoption of artificial intelligence (AI) is rapidly accelerating across European businesses, helping put the EU closer to achieving its digital objectives. 

According to the survey conducted by Strand Partners across over 16,000 citizens and 14,000 businesses, more than one-third (38%) of European companies embraced AI technology in some form in 2023. 

This represents a significant jump from just a quarter of firms utilizing AI tools as recently as 2022. 

Generative AI Drives Widespread Experimentation

Driving this surge is the expanding accessibility and capabilities of generative AI models that can produce original text, images, and other content.

Last year was a pivotal moment across Europe; from Malmo to Milan, the increasing availability of generative artificial intelligence created a strong appetite for experimentation among both consumers and businesses. 

This was explained by Tanuja Randery, Managing Director at Amazon Web Services, which commissioned the research. The poll found companies across major industries like retail, finance, healthcare, and manufacturing rapidly adopting artificial intelligence systems to enhance operations. 

This also included systems to understand customers better, provide personalized recommendations, automate processes, and more. Unveiled in early 2021, the EU Digital Decade established lofty targets for the region to meet by 2030, including having 80% of the population possess basic digital skills and 75% of companies utilizing cloud computing services.

However, by 2022, progress remained slow, with only 26% of firms implementing AI tools. Experts worried Europe risked falling 10 years behind schedule in achieving its digital objectives without concerted efforts to improve digital literacy and artificial intelligence adoption.

However, the strong embrace of AI observed in the report over the past year has helped accelerate the EU towards its aims.

On Track to Achieve Digital Goals

“The speed of AI uptake we saw in 2023 has put Europe firmly back on track to realize, if not exceed, its Digital Decade goals for digitalizing society and the economy,” noted Randery. 

Beyond businesses, the report found over 50% of EU citizens now interact with some form of AI daily, ensuring the growth of broader digital skills.

Their availability through easy-to-use apps and websites made artificial intelligence experimentation accessible to the average consumer. Companies quickly realized they could also utilize these technologies to create content, automate workflows, and enhance customer experiences.

The Strand Partners report predicts this rapid growth of generative AI will continue disrupting industries and changing the nature of work over the next decade. 

Further technological leaps in areas like speech artificial intelligence and computer vision will drive even wider adoption.

Researchers estimate that expanded European adoption of AI could positively impact the economy by an additional €600 billion through 2030, supplementing previous forecasts of a €2.7 trillion boost. But fully realizing these gains requires addressing AI skill gaps.

The report emphasized that while adoption is accelerating, further investment into digital skills and AI training is still needed. Students must receive education on core technologies like machine learning and data science. Also, workers should have access to AI certifications and professional development programs.

If businesses, governments, and schools partner together to expand access to AI resources and training, Europe can smooth the transition for workers into new digitally-powered roles. This will ensure no groups are left behind by technological change.

The post Over one-third of EU Firms Adopt AI, Accelerating Progress on Digital Transformation Goals appeared first on The Tech Report.

There is a suspicion that the recently approved Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) will be risky to the broader financial system.

This move has become the topic of discussion amongst experts who are concerned about the future of the financial sector.

The U.S. SEC reportedly approved 11 spot Bitcoin ETFs from key issuers, which include BlackRock and Invesco/Galaxy Digital. This marks a departure from the SEC’s previous rejections, citing concerns about investor protection. 

Warning on Bitcoin ETF Risks

Before now, the SEC had rejected such products due to concerns about investor protection. However, a court challenge by Grayscale Investments prompted the regulator to reconsider its stance. 

Despite excitement from crypto enthusiasts about these ETFs providing easier and safer access to bitcoin, SEC Chair Gary Gensler has cautioned investors about the continued volatility of bitcoin as an asset.

The combined assets of these ETFs currently stand at around $21 billion, with some analysts predicting potential inflows of up to $100 billion this year from both retail and institutional investors.

Meanwhile, since their launch, Bitcoin has recorded a decline of over 6%.

While supporters argue that these products offer increased exposure to bitcoin, skeptics, including Better Markets CEO Dennis Kelleher, express concerns about heightened interconnectedness between the traditional financial system and the crypto ecosystem.

Also, experts highlight potential risks, such as worsening bitcoin price volatility during market stress or creating dislocations between ETF prices and actual bitcoin values.

They point to the experiences of previous financial disturbances, like the U.S. banking crisis in the past year, as evidence that risks can be transmitted between financial and crypto markets.

For instance, the collapse of a crypto exchange triggered withdrawals from a crypto lender, leading to a cumulative effect that affected traditional banks.

Further, an economist at the European Systemic Risk Board, Antonio Sánchez Serrano, warns that bitcoin ETFs could intensify market volatility, especially during stressful periods. He noted the complexity of these products compared to traditional stock ETFs, emphasizing potential risks like decoupling from underlying assets.

The debate extends to the potential systemic risks posed by complex, less liquid, and highly leveraged exchange-traded products. Notably, the ETF industry generally denies claims of systemic risks.

However, issuers of bitcoin ETFs acknowledge various market, policy, and operational risks, citing the immaturity of bitcoin as a factor that may introduce unforeseeable hazards.

Bitcoin ETF Impact on Crypto Assets

The advent of Bitcoin ETFs is poised to have weighty impacts on the acceptance of cryptocurrencies by institutional investors and traditional financial entities. These funds serve as a regulated and well-known avenue for mainstream investors to participate in the cryptocurrency market. 

They reduce entry barriers, particularly for institutional investors wary of direct involvement due to regulatory uncertainties, security issues, and custody concerns. 

The familiarity of ETF structures, coupled with regulatory oversight, instills confidence and trust among these investors. Spot Bitcoin ETFs represent a crucial stride toward widespread cryptocurrency adoption.

They provide a convenient means for asset managers to establish positions in Bitcoin, lending credibility to the asset class.

So, these ETFs are anticipated to find favor among institutions due to their resemblance to traditional investment vehicles, potentially driving greater institutional adoption and fostering the maturity of the crypto industry.

Moreover, Bitcoin ETFs, subject to SEC regulations and rigorous reporting protocols, bring essential transparency and oversight to the crypto landscape.

This addresses apprehensions about market manipulation and investor protection, key obstacles to institutional adoption. The introduction of these ETFs also signals the emergence of new institutional custody solutions, mitigating the risk of Bitcoin theft or loss.

The post Experts Envision Broader Financial Risks Following US Bitcoin ETFs Launch appeared first on The Tech Report.

An American-based crypto exchange, Uphold, has demanded more detail about Shiba Inu’s partner, Bad Idea AI (BAD). The exchange laid out its demand on the X platform. 

A crypto enthusiast and X user, SpecialK, sparked up the trend through a recent tweet asking Uphold when it would list BAD.

X User Provides Details About Bad Idea AI (BAD)

In its post, SpecialK asked when the exchange plans on listing BAD on its platform. He highlighted that the AI-based project is an official partner with Shibarium, the Shiba Inu layer-2 scaling solution network. 

Following the request, Uphold demanded more information about the project, stating;

Tell us more about it.

Tell us more about it

— Uphold (@UpholdInc) January 30, 2024

SpecialK reacted to the post from the exchange, pointing out that the Bad Idea project parades a strong team with progressive initiatives for its growth. 

We are planning on Having a Validator set up for Badideaai which we are currently working to set up our own Layer 2 Node on Shibarium. What does this mean to our Holders. Badideaai community will be able to Delegate with $Bad and earn Bone which are the current rewards on…

— SpecialK  (@SpecialShib) January 30, 2024

According to the post, the team is working toward building a Layer-2 node for the BAD ecosystem on Shibarium, the Shiba Inu blockchain. The move is to set a validator for Badideaai.

On this note, BAD holders can delegate their tokens to earn rewards in the Shibarium’s official gas asset, BONE. 

Also, the user narrated the commitment of the BAD community to the ecosystem. Members of the community generated funds on three different occasions to facilitate BAD’s listing on exchanges.

Additionally, SpecialK mentioned some exchanges and DeFi applications (DApps) that support BAD on their platforms.

These include Crypto.com, OKX, IvendPay, NOWPayments, and others. Currently, Uphold has not responded to the user’s post with information about the BAD. However, its inquiry regarding the project could suggest a certain amount of interest and may result in a possible listing of BAD.

If Uphold lists BAD in the future, it will make the token available to over 1.7 million of its users. The exchange’s customer base has completed more than $6 billion worth of crypto trades from 2015 till date.

Uphold Attraction To Shiba Inu

The Uphold crypto exchange has always indicated an intense attraction to Shiba Inu and its related projects. Usually, Uphold’s official X account responds to most comments involving BONE, Shibarium’s gas token. 

The exchange responds with a GIF having an exclamation of “BONE” to posts that mention the coin.

Further, Uphold extended its support for BONE by positioning the coin in its list of Tier 3 tokens. Recently, the exchange’s subsidiary in Canada relisted Shiba Inu along with other prominent assets.

It had delisted the crypto tokens following some regulatory issues within the region.

Alert for our Topper users in Canada. The following tokens have been relisted on Topper and are available via our widget or with any of our Topper partners.

$ADA, $CSPR, $DOGE, $HBAR, $INJ, $KAS, $SHIB, $XDC and $XLM

Head to Topper https://t.co/rkSQQYvoRF pic.twitter.com/GXbboobvB7

— Uphold (@UpholdInc) January 25, 2024

However, the relisting came forth after resolving the challenges, bringing SHIB and other coins like ADA and DOGE to its platform.

Besides listing the token, Uphold owns a reasonable amount of BONE, worth over $778,000 at the time of writing on January 31. So there’s a possibility of also paying attention to  Shiba Inu’s partner, Bad Idea AI (BAD)

The post Uphold Seeks Information Regarding Shiba Inu Partner, Bad Idea AI appeared first on The Tech Report.

The price fluctuations in the broader crypto market (Binance) have continued today, January 31, as the bears retain dominance. Subsequently, several assets remained in the red, with XRP following the current trend to drop some of its gains.

Amid the low price pattern, the leading crypto exchange, Binance, shuffled over 120 million XRP tokens. The company completed its movement in two different transactions within a fifteen-minute timeframe.

Binance Shuffles Millions Of XRP Coins Across Its Associated Wallets

Data from the on-chain whale tracking site Whale Alert revealed that Binance moved more than 120 million XRP within its accounts. The two separate transactions are worth over $61.8 million and took place at XRP’s price below $0.5100. 

According to Whale Alert, the first transaction involved the transfer of 100 million XRP coins.

The tokens are worth over $51.28 million based on the crypto market prices. 

100,000,000 #XRP (51,281,714 USD) transferred from unknown wallet to #Binancehttps://t.co/HUgnszN9o7

— Whale Alert (@whale_alert) January 31, 2024

The transaction occurred on January 31 at 07:25 UTC, and both the sending and receiving. According to reports, the sending wallet is a new account Binance activated last month.

The records of the address indicated that Binance had moved about 300 million into the new account as of December 26, 2023.

Also, the exchange has been using the wallet to transfer millions of XRP coins to different Binance wallets. For instance, Binance moved 139 million XRP from the new account within an hour of the 300 million XRP receipt. Currently, the address now has about 64 million XRP in its holding.

Notably, the receiving address of the 100 million XRP is a known Binance wallet. Usually, the exchange uses the address to complete several small XRP transfers to other entities like banks, Upbit, Coinbase, and Bithumb. Such transactions are part of the exchange’s withdrawal redemptions.

The second transaction, as noted by Whale Alert, came in less than 15 minutes after the first. It involved the transfer of 20.62 million XRP worth over $10.57 million.

20,620,032 #XRP (10,572,279 USD) transferred from #Binance to unknown wallethttps://t.co/PoVVjUt5KO

— Whale Alert (@whale_alert) January 31, 2024

Data from Bithomp also revealed that the receipt account is Binance-related.

Recent XRP Transactions Could Correspond With Binance Periodic Movements

The entire motive for the XRP has attracted the attention of crypto enthusiasts. However, given that all the wallets involved in the transactions are associated with Binance, the movements could reflect in-house transfers.

They could be part of the exchange’s account balancing exercises or redemption of withdrawal requests. 

So, there’s no reason to panic for now, given that Binance maintains periodic transfers of large volumes of XRP that don’t affect the token’s price. For instance, on January 16, the exchange moved more than 94 million XRP coins to an anonymous wallet. 

Also, over 300 million XRP have changed hands between Binance accounts and other whale wallets since last December. None of these movements of coins have pulled XRP below the $0.5 level. 

Notably, as of 07:40 AM EST on January 31, XRP hovers around $0.5063, indicating a 4.63% decline over the past 24 hours.

The post Binance Moves More Than 120 Million XRP Amid The Token’s Price Drop appeared first on The Tech Report.

The top executives of major social media giants will be in the Congressional hot seat on Wednesday. They will face intense grilling from lawmakers over their efforts to combat online child sexual exploitation. 

The high-profile Senate Judiciary Committee hearing comes amid mounting bipartisan frustration on Capitol Hill. This is over the perceived failure of the tech industry to prioritize child safety on their immensely popular platforms.

Lawmakers Blast Tech Industry’s “Half-Measures” on Safety

Committee Chairman Senator Dick Durbin declared that voluntary initiatives by social media companies have fallen woefully short when it comes to protecting children online. “It’s clear that we need legislation because the tech industry has failed on its own to protect our kids.

They’re protecting their profits, but they’re not protecting our children,” Durbin asserted on Tuesday. The Illinois Democrat argued that despite some recent changes, tech giants continue to drag their feet rather than implementing robust safeguards to prevent child predators from leveraging their services.

Durbin and other exasperated lawmakers are threatening regulatory crackdowns if Silicon Valley does not take far more aggressive action to enforce child safety standards. The high-stakes hearing will mark the first time TikTok CEO Shou Zi Chew has faced Congressional interrogation since March.

On that occasion, the Chinese-owned video app weathered scathing criticism over concerns about its impact on children’s mental health and addictive nature. Chew will be joined in the hot seat by Meta CEO Mark Zuckerberg, X CEO Linda Yaccarino, Snap CEO Evan Spiegel, and Discord CEO Jason Citron.

The tech leaders will likely highlight their companies’ intensified efforts to root out exploitative content and beef up safeguards for young users. 

However, they should expect to field searing questions over continued lapses.

Momentum Builds for Tougher Federal Action 

Last year, the Judiciary Committee voted to advance several hard-hitting bills that would impose new mandates and strip tech firms’ liability protections regarding child sexual exploitation.

Even though the measures have stalled due to tech industry pushback. Now, lawmakers are ramping up pressure for passage.

Senator Amy Klobuchar accused social media platforms of “turning a blind eye when young children joined” and failing to curb volumes of abusive material. Support appears to be consolidating for reforms that would compel companies to follow strict new protocols focused on minor safety or face daunting criminal and civil penalties.

In written testimony, Meta Zuckerberg stated that his company is “committed to protecting young people from abuse,” but that vigilance against constantly evolving risks is needed. Similarly, Snap’s Spiegel touted parental controls Snap has implemented while acknowledging social networks must remain proactive against those seeking to exploit minors. 

The execs will likely talk up their child safety improvements while conceding that predators still misuse their services and pledging strengthened safeguards.

However, many in Congress argue voluntary initiatives are insufficient without enforceable requirements, potent accountability measures, and government oversight of platforms’ practices regarding children.

The tense hearing could lay the groundwork for renewed legislative attempts to compel social media to overhaul policies, features, and algorithms in the name of youth protection.

The post Tech Titans Face Senate Scrutiny Over Online Child Safety appeared first on The Tech Report.

Wall Street Analyst Linda Jones believes that Ripple might set an unmatched IPO valuation if XRP returns to its all-time high of $3.84. However, Jones’s predictions rest on different imaginary scenarios.

The main factor is the ongoing legal battle between Ripple and the SEC. 

Jones believes a favorable resolution could push XRP above its ATH of $3.84. 

Linda Jones Shares Projection For XRP’s Price 

Will we see a record setting #iPO for #Ripple after the Judges decision?
Listen to 25yr Wall St veteran discuss what a @Ripple iPO could look like,a 20x Valuation=$600+ Ripple share price? #RETWEET #XRPArmy
Credit: @LindaPJones pic.twitter.com/Ph7vdoeR0e

— Digital PerspectivesPermaBull (@DigPerspectives) May 31, 2023

Currently, XRP has an escrow balance of 40.5 billion tokens. According to Jones, if XRP reclaims its ATH, the tokens in the escrow account will increase in value to around $150 billion. 

Also, Jones stated that if this scenario plays out, then there must be a commensurate rise in the value of Ripple stocks. 

Jones stated that Ripple stocks might hit a value of $350 billion or even rise to 500 trillion dollars. However, she noted that Ripple’s current revenue figures will be vital in determining its valuation. 

Nevertheless, Jones admits that her forecasts are largely speculative but remains optimistic about Ripple’s potential. 

Bill Morgan Raises Doubts On Ripple Going Public 

Pro-XRP lawyer Bill Morgan, in reaction to Linda Jones’s predictions, raised questions about the possibility of such an event. In the video, Jones also stated that Ripple could go public in 2024, and mid-May would be the ideal time for such an event. 

However, Bill Morgan asked how Ripple would go public amidst its legal battles with the US SEC. 

According to the court order he attached on X, the last motion in the case is the remedies stage of the lawsuit. This motion will be filed on April 29, 2024. 

Therefore, the final judgment on the case may occur weeks after the last motion of the case has been filed. This could extend the timeframe for the judgment to May 2024 or beyond. 

To support Jones’s speculations, a CNBC report revealed that Ripple explored markets outside the U.S. for an initial public offering (IPO). However, the CEO revealed that the company has currently put plans for an IPO on hold.

The executives will likely explore the public listing option after the lawsuit with the SEC ends. 

Also, Garlinghouse noted that the SEC actions have contributed to the delay in Ripple going public, citing Coinbase as an example. According to the executive, Coinbase has their S-1 approved, and the SEC is suing them for complying with terms in their S-1.

Notably, the SEC sued Coinbase in 2023, claiming they acted as an unregistered broker and exchange. Regarding how XRP is faring in the market, the token price remains at $0.5.

Even when Ripple moved 80 million XRP tokens from the total of 200 million unlocked in January, the effect of this movement on XRP’s price was not pronounced. 

So, for now, predictions from analysts such as Jones rest on the positive resolution of the SEC vs Ripple lawsuit in favor of XRP as it will likely affect XRP’s price and prospects.

The post Wall Street Analyst Forecasts New IPO Valuation Record of $500 Billion for XRP at $3.84 ATH appeared first on The Tech Report.

The San Francisco-based blockchain company Ripple Labs has awakened the attention of many within the crypto space through its recent activities. The firm engaged in what appears to be a sell-off of millions of XRP tokens as it transferred the coins from its associated account.

The transactions occurred as XRP’s value moved upward, suggesting a potential asset dumping.

Ripple Completes Two Huge XRP Movements Within 24 Hours

According to data from the crypto on-chain tracking platform for massive transactions, Whale Alert, Ripple made two transactions within this week. The first transaction involved the transfer of $46.34 million XRP tokens.

46,340,000 #XRP (24,746,250 USD) transferred from #Ripple to unknown wallethttps://t.co/5Tr5MjBt2m

— Whale Alert (@whale_alert) January 30, 2024

The transaction took place on January 30 at 00:15 UTC. The coins were worth over $24.74 million, in line with market prices. Moreover, Ripple moved the assets between two wallets associated with it. The activity log of the Bithumb Explorer indicated Ripple often uses the sending account in its transactions.

Also, the receiving wallet is under the control of the blockchain firm, dispersing any possible fears over the transaction. The second transaction involved the transfer of 27.1 million XRP coins, worth about $14.57 million. The funds originated from an account that Ripple created on January 2023.

Moreover, the wallet has been active and now holds about 20.18 million XRP after the transfer. The receiver’s account for the second transfer is on the Bitstamp crypto exchange, a different flow from what is noted in the former transaction. 

27,100,000 #XRP (14,572,197 USD) transferred from unknown wallet to #Bitstamphttps://t.co/j9jjY43sxE

— Whale Alert (@whale_alert) January 29, 2024

Notably, Ripple initiated the transactions following a slight positive change in XRP value. The token recorded a 1.7% increase over the past 24 hours, taking the price to around $0.5339.

Are there Implications For The Transfers On the XRP Market?

Ripple’s massive fund transfers seem to be generating some concerns within the crypto community. Fund movements to crypto exchanges and trading platforms are common, as they could be for potential liquidation. In the case of Ripple, such a trend is quite familiar.

For instance, Ripple transferred 27.7 million XRP coins to a wallet on Bitstamp on January 28. The tokens were worth more than $14.48 million.

27,700,000 #XRP (14,482,315 USD) transferred from unknown wallet to #Bitstamphttps://t.co/JmHPN5e6CS

— Whale Alert (@whale_alert) January 28, 2024

Ripple has been using Bitstamp as one of its major exchanges to liquidate its holdings. However, it’s still unknown if such liquidations are coming. Moreover, the massive flow of XRP could also trigger fears among holders and traders.

Also, the blockchain company will soon release more XRP coins from its escrow, which could dilute its value and impact the token’s outlook.

For now, there’s a mixed reaction over the transfers. However, some believed that Ripple was dumping the coins. A growing sentiment of sell-off will affect the XRP’s value and expected growth within its community.

As of 06:40 AM EST on January 30, XRP trades at $0.5333, reflecting a surge of 0.94% over the past 24 hours. 

Its daily trade volume increased by 33.12%, taking the value to $908.24 million. Also, the market cap sits at $29 billion. There’s no certainty on how XRP prices will move due to the massive transfer of tokens to exchange.

But it finally becomes a sell-off, and the token price will likely drop.  

The post Ripple Transfers Millions Of XRP Tokens, What Could Be The Market Effect? appeared first on The Tech Report.

The CEO and co-founder of Tencent Holdings, Pony Ma, recently expressed the challenges faced by the company’s video games business due to intense competition but highlighted progress in its AI development.

During Tencent’s annual meeting in Shenzhen, Ma acknowledged that the gaming sector, contributing over 30% to Tencent’s revenue, had encountered stiff competition. 

Tencent Holdings Deals with Competitor Challenges

The concerns revolved around Tencent’s ability to maintain its position as China’s top tech company amidst growing competition and emerging disruptive technologies. Ma emphasized that despite facing challenges in the gaming sector, Tencent has made strides in AI development, catching up with leading companies. 

He mentioned that while Tencent may not consider itself at the forefront, it is not significantly behind its peers. Regarding AI, Ma outlined Tencent’s focus on integrating its Hunyuan AI model into various business scenarios to enhance efficiency rather than rushing to transform AI into products.

As such, he suggested that massive AI-native applications might not materialize within the next one or two years.

Ma also addressed Tencent’s exploration of live-streaming e-commerce as a strategy to evolve WeChat, the company’s robust platform, which, despite being 12 years old, boasts a substantial user base and ecosystem.

As highlighted by Ma, the challenge is finding innovative approaches to rejuvenate WeChat’s established platform and compete with successful models like Douyin’s live-streaming e-commerce.

Tencent Holdings’ Commitment to Artificial Intelligence

Tencent Holdings’ business objectives center around improving the experience of its users through continuous dedication to artificial intelligence. 

Located in Shenzhen, the firm operates in a cutting-edge AI lab where in-depth research on speech recognition, machine learning, and computer vision is done continually.

It leverages the strength of AI to integrate this technology across different areas to improve how users communicate, even as it aids business growth. The importance of this technology is also seen in how Tencent addresses regular complications found in various organizations.

Notably, the idea to introduce the AI model aligns with the company’s proactive stance in adhering to new Chinese regulations concerning generative artificial intelligence, which came into effect on August 15 last year. This model serves as a testament to Tencent’s technological prowess, striving to democratize AI accessibility for people worldwide.

The company also noted the significance of using open-source models and enterprise data for targeted industrial use cases. This dual approach enhances the efficiency of AI solutions and plays a pivotal role in fortifying data protection measures.

The collaborative utilization of open-source models and industry-specific data is seen as a strategic move to unlock the full value of AI across various domains.

With thousands of researchers dispersed across its global offices, Tencent’s dedicated teams focus on pivotal research areas such as machine learning, natural language processing, computer vision, and speech recognition.

Meanwhile, the competitive landscape of Tencent’s AI endeavors in China is intensifying, solidifying the company’s position as a frontrunner in the ongoing AI race.

The post Tencent Holdings Faces Competitor Threat but Thrives in AI Development appeared first on The Tech Report.

Many people in the crypto industry have condemned the United States’ strict crypto regulatory approach. However, Ripple CEO Brad Garlinghouse believes that the regulatory clarity in the United States would favor XRP’s position in attracting more investors in the US market.

Before this ongoing meeting, the CEO was interviewed by Fox Business, where he first opined that the court’s decision on July 2023 gave Ripple a landmark position in the industry.

According to Garlinghouse, XRP was declared as a non-security that will enable the company to achieve its goals even in the US.  

Garlinghouse Relates How XRP Will Attract More Investors Within The US Market With Regulatory Clarity

During his speech at the World Economic Forum (WEF) meeting in Davos, Switzerland, Garlinghouse related Ripple’s market opportunities in the US and its implications for XRP. 

Further, Garlinghouse revealed Ripple’s solutions in the financial industry as a whole. Also, he elaborated on the role of XRP in the entire process. In his explanation, the CEO pointed out the underlying blockchain and digital assets as an intriguing technology and asset class that would last.

Moreover, he called on individuals and businesses worldwide to understand and accept it. Additionally, Garlinghouse talked about the US regulatory stance on cryptocurrency.

He believed that the US would set the regulation right, though it could take more time to achieve it. 

With optimism, the CEO noted that Ripple’s legal win laid out a new era for the company within the US market. Also, he pointed out that XRP’s categorization as non-security will promote its market appeal within the country. 

Garlinghouse stated:

My hope is that now that there is at least clarity for Ripple that XRP is not a security, that that opens up the US market a little bit.

Ripple Creates Solutions To Cross-World Payments 

Further, Garlinghouse reflected on the need for financial institutions to embrace the services of blockchain technology-related firms like Ripple. The CEO recapped how Ripple solutions have bridged the slower and more expensive cross-world payments. 

He said:

Cross-world payments have been slow; they have been expensive. Using these technologies [including Ripple’s], we can dramatically reduce the costs and increase the speed and efficiency.

Additionally, Garlinghouse cited how new technologies receive a slower adoption rate globally. He also enumerated the potential steps that blockchain systems could apply to attract more clients and extend the users’ population. 

According to Ripple CEO, closed and narrow-minded networks can’t promote mainstream blockchain adoption.

Instead, there’s a need for expansion and innovative inclusions to foster faster growth. Further, he stressed that financial institutions ought to embrace crypto and the beneficial operations that come along.

He noted that crypto offers interoperability across many banks for users’ seamless transactions.

According to the Ripple boss,

We stand to receive a notable improvement in cash movement, at faster rates and cheaper costs compared to traditional means.

The post Ripple CEO Believes Regulatory Clarity Will Favor XRP in the US Market appeared first on The Tech Report.

The crypto community has seen different levels of expectation for XRP and its price growth after its certification as non-security. Notably, many predicted a potential XRP price rally, which ranges from $100 to $500 or even more.

A prominent banking expert, Shannon Thorp, who gave an earlier forecast, came back with more explanation.

Expert’s Massive Prediction of $100 to $500 Surge For XRP and Skeptical Challenge

Thorp, a former Operational Specialist at Citi, has indicated her optimistic position as she predicted a whopping 71,328% increase in XRP’s price. She stated that the rally would emerge within a period of two to seven months.

Thorp’s forecast came six months ago after the court declared XRP to be a non-security.

In her argument, Thorp mentioned that XRP’s price could rise between the $100 and $500 region in seven months. According to the forecast, the stated timeline corresponds to February 2024. However, the expected growth is still far from reality.

In January 2024, XRP still trades within the $0.5200 and $0.5300 thresholds, appearing quite impossible to reach the anticipated surge. Reacting to Thorp’s prediction, a notable technical analyst, “JD,” expressed skepticism about the $500 projection in a recent X post.

He called out Thorp, questioning the validity of her predictions.

JD said:

Saying charts don’t work? We are literally still within my orange box posted months ago. Charts win over nonsense.

So what's up w/this $100-500 in 7 months theory you posted last July 2023?

Saying charts dont work? We are literally still w/in my orange box posted months ago..

Charts WINS over these NONSENSE$XRP #XRParmy #XRPCommunity https://t.co/v9upVaYEtm

— JD (@jaydee_757) January 28, 2024

Thorp has always maintained a strong position regarding the relevance of historical charts in XRP’s price predictions. However, such a notion does sync with analyst JD’s views and principles.

Expert Argues The Injustice Of XRP Analysis Without Utility

Defensively, Thorp launched a counter-argument over JD’s skepticism. The banking expert’s argument challenges the traditional approaches to market analysis, especially those that focus only on chart trends.

Further, Thorp argued that analyzing XRP’s value without utility charts would give inadequate results.

She views all predictions that are based on past trends as an injustice to the community members. 

Thorp stated:

Current charts for XRP utility do not exist. The premise of your argument is based solely on what ‘was’ the speculative nature of XRP founded on market sentiment and buy/sell pressure. Do you know how nonsensical it is for you to dismiss utility in your quantifiable approach?

Current charts for XRP UTILITY do not exist! In fact, what you are doing is a true injustice to the #XRPCommunity.

The premise of your argument is based solely on what “was” the speculative nature of XRP founded from market sentiment and buy/sell pressure. Do you know how… https://t.co/YjBvmWuvO8 pic.twitter.com/Ge1Gk2hsrk

— Shannon Thorp (@thorpshannon87) January 28, 2024

Additionally, Thorp maintained that charts no longer solely represent the XRP trajectory following its US classification as a non-security. Instead, she believes the overall XRP outlook depends on its utility in different business sectors.

Moreover, the banking expert emphasized the need for XRP to witness a change from speculation to utility-focused valuation.

She noted that charting is mainly suitable for crypto protocols such as Bitcoin. Finally, Thorp ended her explanation with a rhetorical question to analyst JD. She asked: “How do you solve a multi-trillion dollar problem with a $0.50 XRP?” She pointed out that the use of XRP in the payment systems reflects it can’t remain a low-cost asset.

With time, the token would grow and become quite expensive. Also, she noted that her prediction of $500 for XRP is an undervaluation for such a high utility token.

Thorp’s assertion revolves around the expectation that the XRP cross-border payment market would hit $250 trillion in the next three years.

The post Banking Expert Addresses Previous Prediction of $100 to $500 Rally for XRP appeared first on The Tech Report.

In a significant move to advance its artificial intelligence (AI) capabilities, China has endorsed more than 40 AI models for public use in the last six months. This move highlights China’s commitment to catching up with the United States in the field of AI development.

China Approves Over Forty AI Models

According to reports from Chinese media, regulators in China recently approved a total of 14 large language models (LLMs), marking the fourth round of approvals in the country. Among the recipients are prominent entities like 4Paradigm, Xiaomi Corp, and 01. AI.

The regulatory framework for AI in China was initiated in August last year. The guidelines required tech companies to seek approval before making their LLMs accessible to the public.

This approach reflects China’s strategy of fostering AI technology while maintaining strict oversight and control.

Notably, this process began in August when the first batch of artificial intelligence models received approval, with major players like Baidu, Alibaba, and ByteDance leading the way.

Subsequent batches were approved in November and December 2023, with the latest approvals reported this month.

Although the exact list of approved companies remains undisclosed, reports suggest that over 40 AI models have been approved for public use. China’s push for artificial intelligence development gained momentum following the global impact of OpenAI’s ChatGPT in 2022.

China boasted 130 LLMs at that time, representing 40% of the global total and closely trailing the United States with a 50% share, according to brokerage CLSA cited by Reuters on September 22, 2023.

Notably, by December, Baidu’s Ernie Bot, a prominent ChatGPT-like chatbot, amassed over 100 million users, highlighting China’s rapid strides in AI technology.

China Envisions Better Position in the AI Sector

Anticipated to persist in its advancements despite obstacles like US export controls on semiconductors, China is poised to sustain growth and investment in the artificial intelligence sector throughout 2024.

The nation has solidified its global standing by heavily investing in AI infrastructure, nurturing talent, fostering innovation, and deploying artificial intelligence across diverse sectors like health, education, business, and security.

The Chinese government has implemented supportive policies to bolster artificial intelligence development, directing financial resources toward AI research, development, and commercialization.

These initiatives also involve encouraging data sharing, fostering collaboration between academia and industry, and attracting foreign talent and investment.

Projections indicate that China’s AI industry spending is expected to reach $14.75 billion by 2026, constituting approximately 10% of the global total. The sector is expected to maintain a compound annual growth rate exceeding 20% from 2021 to 2026.

While China has the potential to lead in data integration and industrial intelligence across various industries, it may trail the US in multilingual global applications. Notably, the dynamic competition between China and the US in the artificial intelligence industry encompasses technological, economic, military, and political dimensions, ensuring an ongoing and evolving landscape.

The post China Approves Over 40 AI Models in the Past Six Months appeared first on The Tech Report.

Microsoft’s stock has surged 7% so far in 2024, propelling its market capitalization above $3 trillion. It has now outpaced Apple as the world’s most valuable company.

Investments strategists and portfolio managers unanimously expect Microsoft to remain more valuable than Apple over the next five years due to its early lead in artificial intelligence.

Microsoft Leveraging AI Across Business Lines

Microsoft made key early investments in AI leaders like OpenAI, the developer of ChatGPT. It is now rapidly incorporating generative AI across its offerings. One such integration is Outlook’s AI-powered email composition.

This gives Microsoft an edge as AI transforms cloud computing and enterprise software markets, where it competes with Amazon and Alphabet. Apple has quietly added AI to iPhone features but lacks a clear AI strategy. With iPhone sales slowing, especially in China, Apple’s stock is flat this year.

Its new mixed-reality headset, while innovative, serves a niche market. Unless Apple unveils more ambitious AI plans, Microsoft’s focus and investments in this critical technology appear set to push it ahead of Apple in valuation.

Microsoft’s Azure cloud business, enterprise software, gaming, and new offerings like Outlook’s AI-powered email composition all stand to benefit enormously from artificial intelligence. The company’s early and large investments in OpenAI granted it exclusive access to powerful generative AI models like GPT-3.5.

This enables Microsoft to rapidly integrate AI across its products and services, from Office 365’s automated meeting summaries to Azure’s machine learning offerings. 

As AI transforms major industries, Microsoft’s strategic focus and early mover advantage in AI gives it an edge over rivals.

Meanwhile, Apple has not articulated a vision for AI across its business. While it uses AI to improve iPhone photography and other capabilities, Apple risks falling behind Microsoft and other tech giants in key growth areas if it does not have a more ambitious AI strategy.

Analysts Overwhelmingly Bullish on Microsoft

Among major financial institutions surveyed, analysts unanimously predict Microsoft’s valuation will exceed Apple’s in 5 years. Fifty analysts recommend buying Microsoft stock, while only four are neutral, and none advise selling. 

In contrast, 26 analysts recommend buying Apple while 12 are neutral, and two recommend selling, including a recent downgrade to “underweight,” citing slowing iPhone sales. 

Microsoft’s early lead in AI gives analysts confidence in its ability to drive revenue growth through new capabilities and enterprise cloud market share gains.

Its share price reflects confidence its AI focus will unlock growth opportunities and competitive advantages. With a 33X increase since inception and a valuation of over $3 trillion, Microsoft stocks are expected to grow even more as more investors come in. With AI poised to transform major industries, Microsoft is appealing as a long-term AI investment. 

Its strategic vision, focused investments, and aggressive product rollout allow it to monetize advances in generative AI across the cloud, enterprise software, and other businesses. 

While Apple and Nvidia may compete for the top valuation in the long term, Microsoft’s execution and positioning in AI give it a pole position for now.

The post Microsoft Poised to Overtake Apple as Most Valuable Company appeared first on The Tech Report.

Solana has made an impressive recovery in the past week, attracting positive reviews from top crypto analysts who are highly bullish on its potential. Ali Martinez and Raoul Pal believe that SOL’s price will remain positive after its recovery from a drop to $79 on January 23.

SOL is currently trading in an uptrend and approaching the $100 price level. SOL has recorded a nearly 2% gain in the last 24 hours as more buyers join the market, raising the trading volume by over 53%. 

Top Crypto Analysts Reveal Bullish Chart Patterns and Uptrend for Solana

Renowned crypto analyst Ali Martinez noted that Solana is breaking out of a descending parallel channel. This breakout signals a price recovery for SOL from a price slump on December 25, 2023. 

#Solana appears to be breaking out from a descending parallel channel. If $SOL can hold above $94, it has a great chance of advancing toward $113! pic.twitter.com/cNdS6GeXXK

— Ali (@ali_charts) January 28, 2024

According to Ali, if SOL remains above the $94 price level, its value will likely increase to $113. But if it eventually rises to $113, it will reclaim its one-year high of $125.19. 

Analyst Raoul Pal also shares a similar sentiment. According to Pal, SOL snapped out of a descending pattern channel, which is a strong bullish signal.

Therefore, he advised investors to continue to believe in SOL, stick with it, and remain positive.  

Stick with the program… The Sun Also Rises $SOL

Log chart perfection? Maybe, just maybe… pic.twitter.com/S9Ctcs15pl

— Raoul Pal (@RaoulGMI) January 27, 2024

Solana’s ecosystem growth is one of the key drivers of its price gains with the launch of Solana mobile, DeFi growth, and NFT development. A close look at the daily chart confirms the sentiment expressed by these analysts and the possible price moves for SOL in the short term. 

How Is SOL Faring Today?

SOL is trading at $97 after forming a bullish engulfing pattern on January 26. It has formed four consecutive green candles on the daily chart, flipping the $95.66 resistance to support today. 

Currently, SOL faces resistance at $99.59, and a break above this level will send it above $100 for the first time in 2024. 

Remarkably, SOL has broken out from the descending chart pattern formed between January 18 and 22. Its recovery began on January 23 after a bullish recovery pattern was observed. 

Meanwhile, SOL is trading in the upper region of the Donchian Channel (DC), which implies that the price might increase even further.

The Relative Strength Index (RSI) is rising from the neutral zone with a value of 54.65; a move to 60 will confirm buyers’ dominance. Therefore, Ali’s prediction of $113 for SOL could likely happen if it breaks above the $99.59 resistance level.

However, a break above $100 will likely usher in a retracement phase for price consolidation. Therefore, SOL will likely break above $100 in the coming days as the buyers continue to support its rally.

Solana (SOL) is currently outperforming most of the other altcoins as Bitcoin rallies to trade above $42,000 today.

The post Crypto Analysts Bullish On Solana (SOL), Predict a Rise to $113 Soon appeared first on The Tech Report.

The world’s richest entrepreneur, Elon Musk, has set a high target in the latest fundraising round for his fledgling artificial intelligence company.

According to a new Financial Times report, Musk is looking to secure $6 billion in fresh funding for his startup XAI. 

This enormous target reflects Musk’s ambitions to aggressively scale up XAI and compete at the top levels of the red-hot AI sector. It also shows his determination to challenge leading players like OpenAI, which recently hit a $29 billion valuation thanks to its popular ChatGPT chatbot.

Sky-High Valuation as Investors Chase AI

At a proposed $20 billion valuation, XAI would still be dwarfed by OpenAI’s size. But it indicates investors’ appetite to pay premium prices to back AI leaders in this space.

For a startup less than a year old, a possible $20 billion price tag illustrates the heady growth predictions being placed on artificial intelligence companies. 

Principal backers are betting these AI firms will one day generate immense revenues from transformative technologies. To pull off this massive fundraising round, Musk has been meeting with deep-pocketed Asian investors. 

His team reportedly approached influential family offices in Hong Kong, hoping they would bankroll XAI’s growth. 

They also targeted cash-rich sovereign wealth funds in the Middle East as potential backers. Along with this, XAI has Morgan Stanley coordinating its fundraising push. The investment bank assisted Musk in financing his blockbuster Twitter acquisition last year.

Compared to the $1 billion XAI originally sought to raise, this new $6 billion goal is an exponential increase. It reflects Musk’s pressing need to scale operations to compete with OpenAI’s meteoric rise. After co-founding OpenAI in 2015, Musk had a falling out and exited the firm by 2018.

He launched XAI years later when AI capabilities like chatbots captivated Silicon Valley. XAI made waves last year with the release of its ChatGPT rival dubbed Grok.

With OpenAI dominating headlines, Musk is keen to expand his startup’s talent, computing power, and reach. 

A massive new funding infusion can help turbocharge XAI’s capabilities in natural language processing and machine learning algorithms. With OpenAI advancing rapidly thanks to Microsoft’s backing, Musk can’t afford to lag far behind.

Battling OpenAI Amid Market Instability

Seeking over $6 billion in an uncertain startup funding environment is an aggressive move. But it highlights Musk’s confidence that demand for elite AI players remains white-hot.

This is because, despite instability in public markets, venture investing in top AI startups continues to break records.

The promise of artificial general intelligence has overcome broader economic jitters. In recent months, major AI firms like Anthropic have raised hundreds of millions in new capital.

Microsoft also continues pouring money into OpenAI, leading a $10 billion investment round last year.

As AI capabilities advance blisteringly, we inch closer to technologies once confined to science fiction. Leading companies are jockeying to monetize AI through revolutionary real-world applications.

Musk aims to cement XAI as a titan in artificial intelligence research and commercialization. 

With his prolific fundraising abilities, we can expect XAI to aggressively expand its reach across industries in the coming years.

The post Elon Musk Aims for $6 Billion Fundraise to Fuel His AI Startup’s Growth appeared first on The Tech Report.

The Athey and Mitchnick fair value calculator has estimated XRP’s value at a trading volume of $50 billion. The calculator estimates that XRP will be worth above $5 when it hits a $50 billion trading volume milestone. 

Why is This Calculation Important?

The Athey and Mitchnick calculator was introduced in 2018 and has garnered commendable recognition. It was created based on a research paper by former Stanford professor Susan Athey and Stanford MBA candidate Robert Mitchnick. 

The research focused on establishing XRP’s actual value because the researchers believe the cryptocurrency is undervalued. So, developers created this calculator that summed up XRP’s potential value if its volume increases massively in the next two years. 

The calculation was done with an estimated daily transaction volume of XRP at $50 billion.

Also, the assumption is that XRP will reach a market cap of $80 billion in two years. These parameters and others led to an estimate of $5.38. But despite the positive estimate, XRP has remained below $1 since December 2021.

Although it ranks as the fifth largest cryptocurrency, it has remained between $0.3 and $0.9 for the last two years.  

Legal Problems Likely Influencing XRP’s Price 

The ongoing legal battle between Ripple Labs and the US Security and Exchange Commission (SEC) significantly contributes to the XRP slump. Despite Ripple getting a favorable summary judgment in 2023, the case is still ongoing.

On January 11, the SEC requested the US District Court in New York to issue an order mandating Ripple to produce financial statements from 2022 to 2023. 

Unpacking the SEC's reply to #Ripple
(#5 will be discussed!)
The SEC wants 3 things:
1) Audited financial statements for '22 & '23
2) All post-complaint contracts for #XRP sales
3) The XRP Institutional Sales proceeds received after the complaint
1/7https://t.co/A6Qoj7pruZ

— WrathofKahneman (@WKahneman) January 24, 2024

According to an XRP analyst Kahneman on X, the SEC wants three things. These are audited financial statements for 2022 and 2033 and all post-complaint contracts for XRP sales.

Also, they want access to the XRP Institutional Sales proceeds received after the complaint. 

Kahneman stated that the SEC claims it is proper to discover these things and attempted to get these records in 2021. However, Ripple filed a response opposing the SEC’s motion, compelling them to release these documents. 

According to Kahneman, Ripple opposed the motion, stating that it is untimely as the discovery of the facts for their case ended months ago. Also, Ripple Labs’ legal team believes such information is irrelevant as it won’t affect potential penalties or court injunctions. 

Additionally, Ripple notes that violating the standard procedure will set a dangerous pattern where people ignore discovery deadlines. Furthermore, it will cause a compromise in fair trial procedures. 

However, while Ripple argues that finances are irrelevant to assessing penalty size, the SEC believes that the courts must consider wealth in making decisions.

According to attorney Bill Morgan, much is at stake with this issue. Unfortunately, the Ripple vs. SEC lawsuit has affected XRP’s price over the years, and a conclusion in Ripple’s favor will aid XRP’s price recovery. 

Such a recovery might enable XRP to hit the price estimates projected by the Fair Value Calculator. 

The post Fair Value Calculator Estimates XRP Value Increase to $5.38 at $50 Billion Trading Volume appeared first on The Tech Report.

Apple’s iPhone was the best-selling smartphone in China for the first time in 2023. This is according to new data from market research firm IDC. The iPhone ranked number one in shipments during Q4 and for the full year, defying expectations amid slow demand in China’s smartphone market.

Notably, China’s smartphone shipments declined 5% in 2022, marking the lowest volume in a decade. Slow economic recovery, weak consumer sentiment, and rising domestic competition all contributed to the slumping sales. 

This sales slowdown created an opening for Apple to claim the top spot despite facing its struggles in China.

Huawei Resurgence Adds to Competitive Pressures  

While Apple’s iPhone sales still dropped 2.1% in the first quarter of 2023, this was less severe than the double-digit declines experienced by rivals like Honor and Vivo. Through timely discounts and promotions, Apple was able to stimulate enough demand to edge out the competition. 

The company’s relative resilience points to the enduring popularity of the iPhone even as nationalistic sentiment grows in China. Apple’s rise to number one in China comes despite mounting competitive threats, especially from a resurgent Huawei. 

The embattled Chinese brand saw its smartphone shipments jump 36% in Q4 2022, thanks to the successful launch of its newest Mate 60 series. Huawei’s strong comeback propelled it back into the top five smartphone makers in China during the holiday quarter. 

With its China sales crippled in recent years by U.S. sanctions, Huawei doubled down on its domestic market. The brand is positioned to be Apple’s chief rival again in 2024 if it can sustain momentum.

Apple also faces pressure from ambitious Chinese Android brands like Honor, Xiaomi, and Oppo. 

With consumers tightening budgets, Apple will have to closely monitor pricing and promotions to defend its newfound top spot this year.

iPhone 15 Faces More Headwinds in Sustaining China Sales

Looking ahead, analysts predict Apple will struggle to grow iPhone sales in China in 2024. Though the iPhone 14 series initially saw strong demand, interest faded fast, according to most estimates. 

According to a Reuters report, research firm Jefferies expects iPhone sales in China to drop by double digits this year. 

The new iPhone 15 models will need compelling upgrades and aggressive pricing to reinvigorate sales. But nationalism and geopolitical tensions pose ongoing risks. For instance, Chinese state-owned companies have banned employees from bringing iPhones and other foreign devices to work. 

These prohibitions against Apple technology appear to be expanding across China’s public sector. Deteriorating U.S.-China relations could fuel more anti-Apple policies that hamper performance.

Despite the many challenges it faces, Apple has started 2024 in pole position in China’s smartphone market. 

To defend this top spot through 2024, Apple will likely need to continue strategically using discounts and promotions to remain competitive. Maintaining strong sales and connections with Chinese consumers also depends on Apple avoiding any missteps around sensitive political issues. 

While its hole is narrowing, Apple still has an opportunity to thrive in this essential market by providing desired innovations and responding to economic conditions. Also, the company will have to overcome nationalistic rivalry to sustain its newfound sales leadership in China’s slumping market.

The post iPhone Tops China Smartphone Sales Despite Setbacks appeared first on The Tech Report.

The international organization that oversees the global financial system, the Financial Stability Board (FSB), has published its work program for 2024.

According to the Work Programme for 2024, the FSB plans to set all necessary measures and frameworks for cryptocurrency-related activities. 

The move is to cover the implementation and regulation of crypto assets and monitor AI’s impact on the financial system.

The FSB Work Program For 2024 Focuses on Crypto Oversights

The FSB released the plan for the year, tagged Work Programme for 2024, on January 24. As per the publication, the organization set its major focus on global crypto regulatory approaches.

The FSB noted that it would ensure effective crypto oversight and all related activities, markets, and stablecoin engagements worldwide.

We have published our 2024 work programme, which outlines our priorities and provides a timeline for our planned reports. Find out more:https://t.co/Mca17lj94A pic.twitter.com/PAfkx5b50a

— The FSB (@FinStbBoard) January 24, 2024

In July 2023, the FSB created a global regulatory framework for cryptocurrency. Notably, the directives inculcated the 20 leading economies across the world called the G20.

It mentioned that crypto platforms must separate customers’ funds from the companies’ assets and other functions.

 The aim was to ensure that there was clarity with no conflict of interest in the ownership and use of digital assets. Moreover, the regulators are expected to maintain strict cross-border cooperation and regulations.

Additionally, the FSB disclosed its attention to activities related to tokenization.

In its last year’s programs, the organization mentioned it was investigating both present and upcoming asset tokenization projects. The move was to discover all associated implications of the process on financial stability.

Key Outlines In The FSB’s Program For 2024

In line with its objectives, the FSB revealed its key plans for 2024. One of its focuses is to ensure effective resolution processes in the financial system. The organization noted that it drew lessons from the bank crises in March on its improvement path. 

An extract of the publication states:

One focus of FSB work in 2024 will be to promote the full implementation of the Key Attributes of Effective Regimes for Financial Institutions across all sectors work on resolution, including addressing the lessons learned from the March 2023 banking turmoil.

Further, the organization aims to complete all pending work from last year’s focus on the impacts of tokenization on financial stability. Also, discoveries through the 2024 program will help the organization develop a report for the G20.

Notably, the new report will cover the new AI innovations and their possible impact on financial stability. Also, the organization’s input is expected to dig out measures that would enhance cyber resilience against AI threats.

According to the publication, the FSB set November 2024 as the deadline for its report on AI’s impact on financial stability. Secondly, the report on the implications of tokenization on financial stability will be in October this year.

Additionally, the FSB’s work program for 2024 includes creating a format for incident reporting exchange (FIRE). 

The new development will ensure more convergence in financial institutions’ records of incidents to financial regulators. Also, the reporting format, FIRE, aims to promote consistency in cyber incident reporting.

In line with the FSB’s discoveries in April 2023, FIRE will enable monetary authorities to share financial information daily.

The post FSB Sets Its 2024 Program Tackling Global Crypto Regulation And AI’s Financial Impact appeared first on The Tech Report.

A prominent player in the advertising industry, Publicis, has taken a bullish stance on artificial intelligence (AI) development.

In a January 25 presentation, the company revealed plans to invest €300 million (~$326.94 million) in AI technology over the next three years.

Publicis intends to claim a position among the list of top artificial intelligence operators in the advertising industry through this move.

Details of Publicis’ AI Plan 

While discussing the plans during a pre-annual result presentation, the company stated that it will allocate €100 million for 2024 alone, which it plans to drive through its internal efficiencies.

This step will ensure no reduction impact on its operating margin. 

Meanwhile, the presentation from the maker of the Heineken and Barilla pasta campaigns revealed an organic growth of 6.3% for last year. This improvement surpassed the 5.5% to 6% surge in October.

Publicis CEO Arthur Sadoun, in his statement, emphasized the significance of showcasing the company’s financial strength as a strategic move. The group aims to integrate AI more deeply into its existing platform model by connecting every individual in the company to an entity named CoreAI. 

This initiative, which began in the second half of 2023, is set to be implemented in the first half of 2024, using acquired and internally developed data from the past decade.

Arthur Sadoun even explained that CoreAI is built on the foundation of accumulated data, emphasizing its importance. 

As such, the 2024 investment plan is split, with half dedicated to upskilling, training, and recruitment and the other half focused on technology, licenses, software, and cloud infrastructure.

When questioned about potential acquisitions, Sadoun stated that the company’s transformation phase is complete. 

Going forward, the emphasis will be on smaller investments in technology, intellectual property, and talent. Importantly, Publicis’ exceptional performance in the face of a broader slowdown in the advertising industry highlights its resilience and strategic positioning in the market.

Publicis Groupe’s Commitment to Developments

During 2023, Publicis Groupe took substantial steps forward in its business operations. The company secured complete ownership of Publicis Sapient AI Labs, marking a strategic move to enhance its artificial intelligence research.

This acquisition mirrors the firm’s unwavering dedication to maintaining a leading position in technological advancements. Financially, Publicis Groupe demonstrated resilience, recording a net revenue of 3,241 million euros in Q3 2023, showcasing stability compared to the previous year.

It also registered an impressive +5.3% in the third quarter of 2023 compared to the corresponding period in 2022. This growth attests to Publicis Groupe’s agility in adapting to market changes and consistently delivering value to its customers. 

Moreover, its robust performance in acquiring a new business accentuated the company’s triumph.

In 2022, Publicis Groupe secured new media business contracts valued at $331 million, a figure double that of its closest competitor, WPP.

This accomplishment shows Publicis Groupe’s competitive prowess and highlights its capability to attract and retain clients in the industry’s unstable environment.

The post Publicis Plans to Pump 300 Million Euros Into AI Development Over the Next Three Years appeared first on The Tech Report.

Netflix exceeded Wall Street expectations for fourth-quarter subscriber growth. It reported an impressive addition of 13.1 million subscribers, a record for the December quarter. 

This surge, well above the anticipated 8.97 million, pushed the streaming giant’s total subscribers to 260 million. Consequently, Netflix shares rose by 8.3% in after-hours trading, contributing to a 65% increase in stock value throughout 2023.

Netflix Beats Q4 Subscriber Record

Based on a Reuters report, Bank of America media analyst Jessica Reif Ehrlich noted Netflix’s triumph in the ‘streaming wars’ and attributed its success to the two recently added movies, The Crown and The Killer.

Although the company fell short of per-share earnings estimates at $2.11, citing a $239 million noncash loss related to currency exchange rates, its revenue of $8.8 billion surpassed both forecasts and its own guidance.

Looking ahead to 2024, Netflix anticipates double-digit revenue growth driven by continuous subscriber additions and investments in its advertising business. While advertising currently plays a secondary role in revenue, Netflix aims to make it a primary driver by 2025.

The company credited its growth to a compelling intellectual property portfolio, including hits like Squid Game: The Challenge, new series such as All the Light We Cannot See, feature films like Zack Snyder’s Rebel Moon: A Child of Fire, and successful non-English-language programming like the third season of Lupin from France.

More so, Netflix highlighted the demand for licensed titles such as Young Sheldon and expressed enthusiasm for licensing agreements with studios.

Co-CEO Ted Sarandos emphasized the company’s openness to licensing, presenting it as a mutually beneficial arrangement that allows Netflix to reduce investment in riskier original productions while providing revenue to other media companies.

The changing market dynamics, according to Bank of America’s Ehrlich, position Netflix as a beneficiary, prompting media companies to reconsider exclusive retention of content for their streaming services.

This shift, characterized as a win-win proposition, enables Netflix to navigate original production risks while supporting other media companies with vital revenue.

Netflix Commits to Further Improvements

Netflix is undergoing a series of transformations and enhancements this year. This is reflected in a notable shift to retire its $11.99 per month basic, ad-free plan, starting with Canada and the UK in the second quarter. 

Subscribers are now left with the $15.49 per month option, representing Netflix’s most affordable ad-free plan.

Over the years, the streaming service has introduced various features, including 4K streams and a foray into gaming. However, users should be aware that occasional additional charges may be implemented to account for these improvements.

Furthermore, Netflix secured a 10-year deal to stream WWE’s Monday Night Raw for a staggering $5 billion, marking a historic shift for the live weekly show after over three decades of traditional airing.

Interestingly, the platform is producing fewer movies in 2024, signaling a change in its content strategy for the year.

Investors and users are also being prepared for the likelihood of more price hikes throughout 2024. These developments reflect Netflix’s commitment to evolving its services and content offerings in the ever-changing entertainment sector.

The post Netflix Subscribers Exceed Fourth-Quarter Estimates appeared first on The Tech Report.

The US Securities and Exchange Commission (SEC) has taken another worrisome step in its legal battle with Ripple Labs. In line with the proceeding of the SEC vs. Ripple case, the securities regulator has filed a reply supporting its motion to compel.

The SEC released the letter on January 23 as its brief reply.

SEC Files Brief Reply to Support its Motion Over Ripple

SEC demanded that Ripple should produce its audited financial statements for two years, between 2022 and 2023. Moreover, the expects the blockchain firm to release its post-complaint contracts regarding institutional sales. 

Also, the regulator demands a response from Ripple on an interrogatory regarding its earnings from institutional sales of XRP. However, the proceeds details will cover from December 2020, when the SEC filed the complaint.

A prominent attorney, James Filan, took to the X platform to relate the progress of the case.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its Reply in Further Support of its Motion to Compel.https://t.co/XsJkh6H6g8

— James K. Filan (@FilanLaw) January 24, 2024

According to the post, the SEC cited some reasons for the court to grant its motion to compel against Ripple in its letter. Notably, the blockchain company had opposed its previous demand.

According to the regulator, Ripple’s argument on time constraint is “spurious.”

The SEC countered the notion supporting the irrelevance of post-complaint facts in deciding the remedies litigation. The SEC mentioned that courts usually apply post-complaints facts when resolving matters related to violation of securities laws.

Again, the regulator pointed out some counter-actions the commission could take if the court approves Ripple’s withholding of post-complaint contracts. It mentioned that the commission would also fail to provide relevant evidence in the remedies’ litigation.

Part of the letter read:

Judge Torres is permitted to consider the full deterrent effect of any penalty and whether to ‘send as strong a message as possible to the investment community’ that securities violations will not go unpunished.

The Remedies Phase Of The SEC Vs. Ripple Case

Currently, the SEC vs. Ripple case is in the remedies-based discovery stage. The court has set the conclusion on February 12, 2024. According to the legal schedule, a filing phase is to commence from March 13 to April 29.

Also, the two parties would move on and file their remedies-related briefs.

During the next stage, the parties would debate for and against a corrective measure of penalty for the defendant. The entire argument focuses on Ripple’s potential violation of the securities laws via its institutional sales of XRP. 

The amount of institutional sales on debate hovers around $770 million. There’s the possibility of a declaration that will mandate Ripple to pay a fine worth the amount. 

Before now, some prominent legal experts such as Attorney John Deaton thought the fine against the firm could be lower than $200 million.

However, another prominent XRP YouTuber, Zach Rector, cited different conditions in the lawsuit. He projected that Ripple could pay over $3 billion as a fine if the SEC wins the case.

The post SEC Files New Motion Seeking Ripple’s Financial And Sales Records appeared first on The Tech Report.

The German enterprise software giant SAP unveiled plans for a significant restructuring involving around 8,000 positions. The revamp aims to reshape SAP’s workforce to align with strategic growth priorities like cloud offerings and artificial intelligence capabilities. 

Specifically, SAP will spend €2 billion ($2.2 billion) on retraining employees in AI skills or offering voluntary redundancy packages. 

While the total headcount is expected to remain around 108,000 by the end of 2024, the reshuffling will concentrate roles on high-growth cloud and AI areas. 

Strong 2023 Results, Upbeat 2024 Outlook

The restructuring comes amid a wave of job cuts in the tech sector as firms like Google, Microsoft, and Amazon look to prioritize investments in AI. SAP has been an early mover in experimenting with the AI chatbot ChatGPT for enterprise applications. 

The company pledged over $1 billion to back AI startups through its VC arm, Sapphire Ventures. Alongside the restructuring news, SAP reported financial results that beat expectations and provided an optimistic forecast for 2024. 

In 2023, cloud revenue grew 23% adjusted for currency to €13.66 billion, meeting consensus estimates.

Total revenue rose 11% to €31.7 billion. Operating profit increased 13% to €8.7 billion in 2023, surpassing analyst predictions. For 2024, SAP expects operating profit to jump 17-21% and cloud revenue to grow 24-27%. 

We kept our promise and achieved double-digit non-IFRS operating profit growth despite an adverse macro environment,

said CFO Dominik Asam.

SAP adjusted its medium-term financial targets for 2025 to account for a change in accounting practices. The company now expects €10 billion in operating profit by 2025, lowered from approximately €11.5 billion previously.

The cloud revenue goal of doubling between 2020 and 2025 remains unchanged.  

Despite the forecast revision, SAP noted its 2025 goals still represent robust growth given the uncertain macroeconomic climate. The company aims to drive higher margins through efficiency improvements from the restructuring program. Cloud offerings and AI adoption are the main drivers of top-line expansion.

Market Enthusiasm for AI Focus

Investors welcomed the restructuring and strong near-term guidance, sending SAP shares up 7% to a record high of €109.48. Analysts viewed the revamp as strategically crucial for accelerating SAP’s transition towards cloud and AI. 

While restructuring costs are expected to dampen profitability in 2023 temporarily, benefits from workforce reshaping could boost margins starting in 2025. The program is positioning SAP at the forefront of enterprise artificial intelligence transformation.

The right adjustments are being made, and the company is being reorganized to prepare it for the age of artificial intelligence,

Said RoboMarkets investment strategist Jürgen Molnar. He added that even as some roles are cut, new AI opportunities will also emerge for SAP’s workforce.

The post SAP Announces Major Restructuring to Accelerate Cloud and AI Focus appeared first on The Tech Report.

XRP price dropped sharply in the last few days as traders began shortening the tokens. Its value has declined from $0.60 to $0.5, confirming pressure from the sellers. XRP trades at $0.51 as the sellers continue to dominate the market.

It has lost around 16% of its gains this month due to various factors.

What Factors Support XRP’s Downtrend?

The leading factor is the general drop in prices of crypto assets due to Bitcoin’s decline. Also, selling pressure reduced the global crypto market cap by over $130 billion this week. 

Notably, the approval of Spot ETF products led to a temporary rally that saw a massive inflow from investors. However, the initial excitement faded, leading to a sharp decline in price.

BTC selloff from whales hoping to cash in on the ETF rally caused this downtrend. 

The absence of a spot XRP ETF is another issue likely leading to this decline. Rumors on an XRP ETF spread widely close to the Bitcoin ETF approval decision.

SCOOP: @BlackRock has no plans for a spot $XRP ETF, according to people with direct knowledge of the matter story developing

— Charles Gasparino (@CGasparino) January 18, 2024

This was because some experts believe that XRP has legal backing to apply for an ETF after proving that it is not a security. These rumors began in November 2023, when a fake BlackRock iShare XRP ETF filing appeared. 

However, it was labeled as false since no official filing regarding such ETFs has been made to date. Consequently, the delay in applying for an XRP ETF might have contributed to a drop in investor interest, leading to a slump in XRP’s value. 

XRP Whales Selloff, Developments, and Market Sentiments Also Aiding Price Slump

XRP whales dumping the asset contributed to the decline. These whales sold off their assets, causing price volatility for XRP. 

One of the most significant selloff events for XRP in 2024 occurred on January 22 after a whale transferred 29.1 million XRP to the Bitstamp exchange. Often, traders transfer assets to exchanges to sell them. So, this action was likely a short trade from the whale.

Also, Santiment data revealed that balances of wallet addresses holding between 10 million and 100 million XRP declined. Furthermore, the current market sentiment and underdevelopment of the XRP ledger also influence XRP’s price action.

According to lawyer Bill Morgan, the XRP ledger issue should not be ignored anymore. 

I think this is one of @MoonLamboio’s most important YouTube segments. It is a must listen. The issue of the extent of development on the XRP ledger is a critical issue. The XRP community needs to move on from explaining its disappointment with XRP price action with facile…

— bill morgan (@Belisarius2020) January 21, 2024

As such, Morgan urged the XRP community to stop blaming XRP’s price dip on their legal issues over the years. Based on that, another X user, Anders, suggested that the best thing to attract developers to the XRPL is boosting its capacity to build different applications. 

Also, Anders stated that proposals such as an Automated Market Maker (AMM) are vital to XRP’s progress. Overall, these factors contribute to the current price decline of XRP.

The post Four Factors Likely Contributing to XRP Price Decline appeared first on The Tech Report.

The U.S. Securities and Exchange Commission (SEC) recently revealed that its official X account was hacked using a technique known as SIM swapping. The agency admitted its security lapses enabled the hackers to gain access and post fabricated information, causing temporary market turmoil.

Hackers Posted Fake Approval of Bitcoin Investments

Earlier this month, on January 9, hackers briefly broke into the SEC’s verified social media account on X (formerly Twitter). The hackers tweeted that the SEC had approved new investment products tied to the digital currency bitcoin. 

This bogus information caused a surge in Bitcoin’s price, followed by a quick dump after the SEC raised the alarm on the fake post. The next day, the SEC approved Bitcoin investment products called futures ETFs after the leaders voted 3-2 in favor. 

So, the hackers’ false posts briefly looked authentic and accurate to investors. Some traders likely profited from the fake news by buying Bitcoin before the actual approval happened. The SEC revealed that the hackers did a SIM swap to sneak into the account.

For clarity, a SIM swap is when scammers convince your cell phone company to transfer your phone number to a new device that the bad actors control.

Once they had the SEC’s phone number moved over, the hackers could use it to reset the agency’s social media password and get around security protections.

However, the SEC did not name which cell carrier enabled the hackers’ SIM swap scam. But the agency also admitted it had made security mistakes that helped the hackers succeed.

Six months before the breach, in June 2022, SEC employees had asked for multi-factor authentication (MFA) to be turned off.

MFA requires a special login code from your phone, making accounts more secure. With MFA disabled, the hackers likely found it simple to reset the password using the swapped phone number.

The SEC has now turned MFA back on for all of its social media accounts to prevent future attacks.

Investigations Look into Breakdown of Security Measures

Numerous government agencies are now probing how the hackers were able to access the SEC’s account and post false data. The SEC’s own internal watchdog and investigation unit have started inquiries. 

Other groups looking into the troubling security lapses include the FBI, the Justice Department, and a specialized cybersecurity agency.

Lawmakers have also demanded the SEC explain why it let its guard down online. The sophisticated attack has raised worries that phone number scams could be used to steal even more vital financial information from the SEC or significant companies. 

The apparent vulnerability shown by the hackers gaining easy entry via the SIM swap suggests stronger protections may be needed. The SEC and other organizations handling sensitive data should keep strong multi-layered security measures active.

Phone companies may also need better identity checks before number swaps to avoid assisting fraudsters.

In its statement, the SEC pledged to study how the attack succeeded and fix any gaps. The agency says turning the MFA back on will bolster defenses to prevent such embarrassing breaches.

While this hack only impacted a public social media presence, it demonstrates holes that could allow access to far more private data. 

The post SEC Blames Phone Number Hack for Social Media Security Breach appeared first on The Tech Report.

XRP has recorded significant price declines over the past few weeks. The Ripple coin has lost 11.3% of its price in the last seven days, now trading at $0.51 with a 4.9% 24-hour decline.

Amid this bearish outlook, crypto analyst and chartist Ali Martinez has identified a buy signal on the XRP 3-day Chart using the TD sequential indicator.

Despite the increased sell-off, Martinez sees the ongoing price decline as an accumulation phase, believing Ripple will rebound soon. 

Ali Martinez Remains Bullish on XRP

#Ripple Market Insight: The TD Sequential has proven its accuracy in forecasting $XRP's movements on the 3-day chart. Currently, it's showing a buy signal, suggesting that #XRP could be gearing up for a rebound. pic.twitter.com/IqfjM0LksJ

— Ali (@ali_charts) January 22, 2024

Ali Martinez remains optimistic about XRP’s chances to recover from its slump. He noted that the TD sequential indicator has proven accurate in predicting XRP’s movements on the 3-day chart. 

Also, the TDZ sequential indicator identifies possible trend reversals and continuation patterns dependent on the sequence of candlesticks. According to Martinez, the indicator now displays a buy signal, which implies that Ripple could be close to a price recovery. 

This prediction tallies with a previous forecast by the same analyst earlier this month. In the forecast, Martinez said XRP’s price action since June 2022 appears to be in an ascending parallel channel. 

He said Ripple could rise to the channel’s middle or upper boundaries, $0.0 and $1.10, respectively, if this pattern persists.

From this perspective, the governing pattern behind #XRP price action since June 2022 appears to be an ascending parallel channel.

If this pattern continues, $XRP could make its way toward the channel's middle or upper boundaries, which currently sit at $0.80 and $1.10,… pic.twitter.com/kCKHEFZQWe

— Ali (@ali_charts) January 8, 2024

The analyst identifies a buy market for XRP based on its possible rise in the coming weeks. However, the retracement in the broader crypto market could create mixed signals for XRP investors, but investor sentiment remains neutral today. 

But there’s still some good news for the XRP community. Crypto exchange Gemini announced plans to offer XRP perpetual contracts to the public soon. This perpetual contract will allow traders to speculate on the future price of XRP without concerns about an expiration date.

If this comes to fruition, XRP could witness a surge in demand, resulting in a price uptrend. Interestingly, large investors have already started bagging XRP. Whale Alert noted the movement of some XRP tokens by some whales as they enter an accumulation phase. 

XRP Under Bearish Pressure; Will the $0.50 Support Hold?

XRP has formed three consecutive red candles on the daily chart between January 21 and 23. It faces stiff resistance at the $0.53 price level today, with the bears attempting to force a decline below $0.50.

Ripple remains below the median band of the Donchian Channel (DC), a bearish signal hinting at a further decline. 

Additionally, the Relative Strength Index (RSI), now in the oversold region, with a value of 29.66, confirms that sellers are dominant. Despite the bearish signals, Ripple is poised for a reversal in the coming days.

Moreover, the long lower wick on today’s candle suggests that the buyers are still active and trying to force a rally at $0.50. Since Ripple is already in the oversold region, it will likely rebound at the $0.50 support to rally in the coming days.

However, if the $0.50 support level fails to hold, further price decline is possible. 

The post Analyst Identifies Buy Signal with Indicator On XRP 3-Day Chart appeared first on The Tech Report.

The gaming regulator in China, the National Press and Publication Administration (NPPA), has taken down the draft rules for video games from its website.

Reports revealed the rules no longer exist on the regulator’s website as of Tuesday, January 23, spreading optimism across the gaming industry, which led to a surge in stock prices. 

The rules, aimed at restricting spending and rewards related to video games, were proposed last month by the NPPA, causing market turmoil upon announcement.

China Revises Gaming Rules

The NPPA’s website no longer provides access to the draft rules as of Tuesday morning, following its availability on Monday. This unexpected move has been described by analysts as unusual, sparking speculation about a potential revision.

The consultation period for the rules, which had initially rattled investors and wiped off nearly $80 billion in market value from China’s top gaming companies, concluded on Monday.

Following this event, Tencent Holdings, the world’s largest gaming company, and its closest rival recorded a significant boost in their shares, rising by as much as 6% and 7%, respectively, in morning trading.

Even at noon, both companies’ shares remained up more than 4%, surpassing the 2.4% increase in Hong Kong’s Hang Seng Index. Notably, the draft rules proposed measures such as spending limits for online games.

This raised concerns about potential regulatory changes, which impacted investor confidence during a time when the government sought to stimulate the economy through private-sector investment.

Meanwhile, analysts had noted the risk associated with the proposed rules, particularly highlighting Articles 17 and 18. Article 17 aimed to ban video games from forcing players into combat, confusing an industry where combat is a fundamental aspect of many multiplayer games. Article 18 required games to set spending limits for players and prohibited features encouraging in-game spending.

Following the initial market reaction and concerns, the NPPA adopted a more conciliatory tone, expressing a commitment to improving the rules based on public feedback.

Importantly, the removal of the draft rules from the website is seen as a significant development, and analysts suggest it may signal further changes in the regulatory approach.

China Gaming Rules Extend to Minors

Over the years, Chinese officials have been working to regulate the amount of time youngsters devote to online gaming in their efforts to combat “internet addiction.” While they note success in addressing the issue, they remain watchful.

As far back as 2019, the government imposed some restrictions that limited minors to a daily 90-minute gaming window on weekdays and prohibited gameplay between 10 pm and 8 am.

In 2021, more stringent measures were introduced, which permitted minors to just one hour of online gaming per day, exclusively on Fridays, weekends, and public holidays.

Meanwhile, the recent move comes in the context of China’s ongoing efforts to balance regulatory measures in the gaming industry. The industry earnestly awaits official statements or clarifications from the authorities regarding the future direction of video game regulations.

The post China Regulator Erases Draft Video Game Rules, Raising Company Shares appeared first on The Tech Report.

The crypto market is still battling with bearish pressure as most assets record significant price declines. Among these, Shiba Inu has slipped off the $0.0000090 level while struggling to prevent further dips from $0.0000089. 

Amid the market tension, the European crypto exchange, Bitvavo, moves 4.2 trillion SHIB tokens. Subsequently, the massive volume has raised eyebrows among market participants as it coincides with SHIB’s drop to $0.0000089.

Bitvavo Tranfers 4.2 Trillion SHIB Tokens

Data from the on-chain transaction tracker, Whale Alert, revealed the recent transfer on Bitvavo. The transaction involves the movement of a whopping 4.2 trillion SHIB coins worth $37.95 million between two anonymous wallet addresses on Bitvavo at 16:15 UTC on January 22.

4,276,568,835,013 #SHIB (37,950,271 USD) transferred from unknown wallet to unknown wallethttps://t.co/Bw1yGOBvGw

— Whale Alert (@whale_alert) January 22, 2024

This substantial SHIB transfer emerged among the top Shiba Inu transactions of the day. There are no clues depicting the motive behind the huge SHIB movement. However, some believed that it could relate to satisfying withdrawal requests from whale investors.

On the other hand, there’s a probability that the fund movement is just between two big Bitvavo clients holding such a large amount of Shiba Inu.

While reacting to the situation, an X user, known as Crypto Signals, threw in a different opinion. He thinks that the transfer reflects significant engagement for the Shiba Inu ecosystem.

The user stated:

Interesting transaction indeed, signifying significant movement within the SHIB ecosystem. It demonstrates the intricate web of anonymous wallet transfers, highlighting the complexities of crypto networks.

Interesting transaction indeed, signifying significant movement within the SHIB ecosystem. It demonstrates the intricate web of anonymous wallet transfers, highlighting the complexities of crypto networks. Exciting times for those immersed in the world of decentralized finance.…

— Crypto Signals (@CryptoSignalsU) January 22, 2024

Despite the revolving opinions regarding the recent SHIB transaction, it’s not a total surprise on Bitvavo. Notably, the exchange has completed a similar massive volume before now. Moreover, Bitvavo has earned its place as a prominent crypto exchange with the highest EUR trade volume in 2023, according to KaikoData.

With a total of over €34 billion, Bitvavo surpassed Kraken (at €25 billion) and Binance (at €20 billion). Also, the trading volume of the SHIB/EUR pair on Bitvavo represents 0.56% of the exchange’s total trade volume within the past day.

Shiba Inu Struggles As Prices Move South

Shiba Inu moves in tune with the prevailing bearish momentum in the broader crypto market. Though SHIB struggled to defend the $0.0000089 critical mark, the rising pressure from the bears is pushing against its anchor.

As of 05:20 AM EST on January 23, the price of SHIB trades at $0.000008605, indicating a price drop of 5.51% over the past 24 hours. Moreover, its market cap is currently at $5.07 billion, with Shiba Inu slipping to the 17th position, according to CoinMarketCap’s crypto ranking.

The downward movement has lingered for some days as the token saw a 10.92% decrease over the past seven days. Conversely, SHIB has recorded a surge of 30.93% in its trading volume, taking the value to $155.8 million.

This confirms the recent increase in whale activities within the meme coin’s ecosystem.

The post Crypto Exchange Bitvavo Moves About 4.2 Trillion SHIB ss Price Falls to $0.0000089 appeared first on The Tech Report.

A prominent artificial intelligence (AI) developer, OpenAI, has joined forces with ASU, a leading research university in the United States. The collaboration, announced on January 18, makes ASU the first higher education institution to partner with OpenAI.

Details of AI Partnership Between OpenAI and ASU

Starting in February, university faculty and staff can submit proposals outlining innovative applications for ChatGPT Enterprise.

ASU’s focus areas include enhancing student success, finding new avenues for innovative research, and improving organizational processes. 

ASU’s Chief Information Officer, Lev Gonick, noted that nearly two-thirds of organizations actively explore AI integration. The objective is to harness ASU’s knowledge base to develop AI-driven projects that can revolutionize educational methods, support scholarly research, and develop administrative efficiency.

Gonick emphasized that providing access to advanced AI tools levels the playing field, enabling individuals and organizations to use AI for creative and innovative practices.

ASU, committed to exploring AI in various forms, previously announced the establishment of its AI Acceleration team in 2023.

This team of technologists is dedicated to creating the next generation of AI tools. The collaboration with OpenAI is expected to contribute to developing new solutions within the framework of this team’s initiatives.

According to Gonick, if last year was considered the breakout year for generative AI, 2024 is poised to be a period of meaningful practice and exploration, harnessing the true power of this technology.

Simultaneously, OpenAI is actively pursuing new partnerships in 2024. Potential collaborations with media giants CNN, Fox, and Time are already underway, aiming to secure news content licensing. 

Further details on ASU’s collaboration with OpenAI are yet to be disclosed.

Recent AI Partnerships

Apart from the collaboration between OpenAI and ASU, several other artificial intelligence partnerships already occurred this year.

According to a January 9 report from Amazon, the annual Consumer Electronics Show (CES) that began in Las Vegas offered companies a platform to unveil their latest products and innovations to a global audience.

The event signifies significant developments for Amazon, including a newly revealed global partnership with Panasonic. Additionally, the event features a live demonstration showcasing in-vehicle generative artificial intelligence (AI) capabilities in collaboration with BMW.

Other highlights include support for Matter Casting for Fire TV and Echo Show 15 devices, the presentation of the latest generation of the Zoox robotaxi, and Siemens’ integration of AWS generative AI technology known as Amazon Bedrock.

On the same day, at CES 2024, Samsung Electronics unfolded its vision for transforming people’s interactions with their devices through artificial intelligence technology.

Collaborating with key partners, Samsung showcased this vision and delved into the underlying technology powering it. The focus was on how AI capabilities in new products and services aim to enhance user experiences, making them more intuitive and convenient.

During the press conference, Vice Chairman, CEO, and Head of Samsung’s Device eXperience (DX) Division, Jong-Hee (JH) Han, highlighted the pivotal role of AI in seamlessly integrating connected technologies into people’s daily lives, serving as an enhancer rather than a disruptor.

The post OpenAI and Arizona State University Agree to Implement ChatGPT appeared first on The Tech Report.

French gaming firm Francaise des Jeux (FDJ) has announced a blockbuster $2.8 billion takeover bid for Swedish online gaming company Kindred Group. The deal would unite two major players to create a new leader in Europe’s rapidly consolidating gaming industry.

Generous Offer at Significant Premium

FDJ is offering 130 Swedish crowns ($12.43) in cash for each share of Kindred, valuing the company at an enterprise value of 2.6 billion euros ($2.83 billion). This represents a premium of around 24% over Kindred’s closing share price on January 19.

Kindred’s board has unanimously recommended that shareholders accept the attractive offer, which follows a strategic review that examined options, including mergers and an outright sale. 

The sizable premium reflects Kindred’s future growth potential while providing shareholders with a compelling exit price.

Kindred shares surged nearly 17% on news of the deal, while FDJ’s stock rose 4% as investors welcomed the move. FDJ highlighted that acquiring Kindred would establish the combined entity as the second-largest gaming operator in Europe. 

The union of FDJ, which mainly offers lottery products and scratch cards through its retail network in France, and Kindred, a specialist in online casinos and sports betting, would create a more diversified gaming powerhouse.

The merged company would boast strength across the high-growth online segment where Kindred excels, as well as FDJ’s extensive offline retail footprint. 

This diversity across distribution channels and product verticals should drive revenue growth and provide resilience. FDJ CEO Stephane Pallez stated the deal will enable “significant value creation” for the shareholders and stakeholders of both organizations. 

FDJ estimates Kindred’s contribution will boost its earnings per share by over 10% and lead to higher dividends. The transaction is expected to be immediately accretive, generating attractive returns exceeding FDJ’s cost of capital within just a few years post-acquisition. 

Cost and revenue synergies from integration should also enhance long-term profit growth. Kindred’s board also cited recognizing the company’s future growth potential as a factor in supporting the deal.

The acquisition will allow Kindred to benefit from FDJ’s scale and capabilities to accelerate expansion.

Accelerating FDJ’s Global Expansion Strategy

Acquiring Kindred aligns squarely with FDJ’s strategic priority of driving international expansion, especially in online gaming. FDJ recently acquired a stake in US sports betting platform FanDuel to gain a foothold in the fast-growing American market.

Obtaining Kindred will provide FDJ with an established platform, expertise, and brand recognition in core online casino and sportsbook verticals. This will allow FDJ to rapidly build its presence across Europe and beyond in high-potential regulated online gaming markets.

The deal signals FDJ’s appetite for transformative deals to hasten its evolution into a leading global Omni-channel gaming operator. Kindred will provide the ideal springboard to complement FDJ’s strong French retail network as it pursues ambitious overseas growth plans.

The post FDJ Makes $2.8 Billion Offer for Kindred to Form New Gaming Powerhouse appeared first on The Tech Report.

Shiba Inu has recently recorded an increased buying spree through the activities of some crypto whales. An Ethereum address has scaled up its portfolio by purchasing over 606 billion SHIB tokens in a series of transactions. 

The whale’s accumulation is coming amid the downtrend in the broader crypto market.

Ethereum Whale Makes A Massive Move On Shiba Inu

According to data from Etherscan, an Ethereum address purchased a staggering 606.36 billion SHIB coins recently. The Ethereum whale resurfaced after being dormant for a long time.

Notably, the address’s first purchase of Shiba Inu dates back to two years ago, when it acquired 200 billion SHIB coins.

By reappearing now with a massive accumulation, the whale has attracted the attention of both SHIB fans and traders. The whale’s data revealed it completed the purchases through multiple transactions.

In line with the current prices in the market, the SHIB tokens were worth almost $5.9 million.

Following its latest accumulation, the Ethereum address currently holds 733.2 billion SHIB tokens in its portfolio. The total Shiba Inu holding is worth about $6.79 million based on the market price.

Further, the recent purchase has placed SHIB as the second-largest holding in the whale’s address.

Meanwhile, Ethereum (ETH) maintains the top position in the total holdings.

The surprising aspect is that the whale has engaged in minimal sales of the meme coin over the past two years. To date, the address remains anonymous without any clue to show the identity of the entity running it.

However, in-depth investigations show some unique patterns in its portfolio. The whale transferred a certain amount of its SHIB holdings to another address.

The second account now has over 1 trillion SHIB coins worth about $9.2 million. Some speculations indicate a possible connection with a retail investor or high-profile fund focusing on SHIB investment.

In its early record, the address got 36 billion Shiba Inu coins from a top crypto exchange, Coinbase.

Price Decline Sparked The Rising SHIB Whale Activity

Data from the on-chain data tracking firm IntoThe Block revealed a recent growth in SHIB whale activity. The data highlighted that whales seemed to accumulate the token as the price dropped within the past few days.

Further, the data indicated that whales transferred over $158 million worth of SHIB within the past seven days.

The rising whale accumulation could suggest that prices declined to a region they considered favorable for increasing their holdings. For instance, as of 06:05 AM EST today, January 22, SHIB trades at $0.0000091, indicating a 4.28% drop over the past 24 hours. 

Also, its seven-day price action showed it plummeted by 6.35%. Moreover, the trade volume dropped by 13.57% to hit $123.15 million. From all indications, the whales buy the dip to accumulate many tokens before another price increase. 

The post Ethereum Whale Accumulates Shiba Inu In Billions – What Does it Mean For the Token? appeared first on The Tech Report.

According to an insider, an artificial intelligence (AI) startup, ElevenLabs, recently achieved unicorn status following a successful round of fundraising. 

The company, founded two years ago, announced securing $80 million in Series B funding led by notable investors such as Andreessen Horowitz, Nat Friedman, and Daniel Gross.

While the official valuation was not disclosed, sources suggest that the latest funding round valued ElevenLabs at $1.1 billion, raising it to the coveted status of a billion-dollar startup or unicorn.

ElevenLabs Valuation Skyrockets Following the Increased Interest in AI Technology 

The recent valuation represents a substantial increase from the $100 million in its previous funding round, 2023, indicating the growing investor optimism surrounding AI voice generation technology.

This rise in valuation aligns with the anticipation of increased adoption of AI-generated voices in various industries, ranging from gaming giants to movie studios.

ElevenLabs, headquartered in London, specializes in developing AI models and tools for creating voices with diverse languages, accents, and emotions.

The startup, boasting 40 remote workers globally, has plans to expand its workforce to 100 by the end of the year, according to CEO Mati Staniszewski.

Despite the valuation increase, Staniszewski declined to comment on specific details. The company’s AI tools, such as the AI Speech Classifier, play a crucial role in identifying AI-generated audio content. 

ElevenLabs caters to a growing customer base, including individual content creators and enterprises like Paradox Interactive, Storytel, and The Washington Post.

Notably, political campaign staff in the United States are leveraging ElevenLabs to connect with voters who speak foreign languages. Looking ahead, Staniszewski envisions increased AI content in social media campaigns, emphasizing the importance of transparency in identifying AI-generated content.

Meanwhile, ElevenLabs is actively developing a marketplace where users can generate AI voices and monetize them through licensing.

In a competitive landscape that includes industry players like OpenAI, Staniszewski sees ElevenLabs as a different entity focusing on research and the workflow layer, positioning it for continued growth in the AI space.

Artificial Intelligence’s Impact on Startups

The impact of artificial intelligence (AI) on startups within the tech industry is glaring. Through the integration of AI and machine learning (ML), these emerging companies are experiencing a transformative effect, allowing them to introduce novel products and services to the market.

This doesn’t just provide a competitive advantage but also opens new business opportunities.

Notably, as of 2022, the global artificial intelligence market reached a substantial valuation of $454 billion. Projections indicate further growth, with expectations to surge to $638 billion by 2024. This highlights the significant financial impact that AI has on the industry.

The transformative power of AI is evident in how businesses operate, enabling them to achieve more with fewer resources and at an accelerated pace. This acceleration is particularly advantageous for startups seeking to scale rapidly and significantly impact the market.

The influence of AI and ML extends beyond individual startups, as it also transforms the entire industry.

Nevertheless, early-stage tech firms gain more efficiency from these technologies, fostering rapid growth by generating valuable data insights, unlocking growth potential, and enhancing customer engagement.

The post ElevenLabs Achieves Unicorn Status After Successful Fundraising – Report appeared first on The Tech Report.

The XRP price growth has become a topic of debate within the crypto community. The court’s ruling on July 13, 2023, awarded the token a distinct classification as a non-security. Notably, XRP’s price gained massively after the partial win, as its community expected, but soon retraced. 

Instead of continuing the uptrend, the token resumed the sluggish trend that has characterized its market for some years. Unfortunately, XRP’s prolonged poor performance has become a concern for many people. 

As a result, some crypto experts have explored the factors limiting the token from a substantial rise, as investors expect.

Experts Analyze XRP’s Price Trajectory And Its Dull Performance

Moon Lambo posted a video demanding a straightforward assessment of XRP and the present state of its ecosystem. Morgan gave his opinion in response to the video.

Looking at XRP’s five-year dull price trend, some crypto personalities analyzed factors that could be causing it.

The leads in this investigation include YouTuber Moon Lambo and pro-XRP Bill Morgan. According to Morgan, the XRP community must put aside some crude explanations regarding XRP’s underperformance.

These include pointing accusing fingers on the Ripple vs. SEC lawsuit or the Ripple Escrow token release.

The attorney stated:

The XRP community needs to move on from explaining its disappointment with XRP price action with facile arguments blaming the SEC v Ripple lawsuit or the Ripple escrow.

Further, Morgan called the army to become more open-minded to the situation. He maintained that it is time for everyone to be honest about XRP and its price movement.

In his video, Moon Lambo explored XRP’s journey and adoption rate by comparing the trends in other prominent blockchains.

The YouTuber focused on the development activities in his analysis. Moon Lambo referred to data from Developerreport.com in his comparison. As of ending of 2023, the crypto space has 22,411 monthly active developers. From the figure, 12,363 are part-time developers, while 6,889 are full-time.

Moreover, there are about 3,159 one-time developers in the industry. The statistics revealed that Ethereum is the top performer in development activities.

The blockchain boasts 7,864 active developers, consisting of 2,392 full-time. Impressively, Ethereum developers completed 58,117,360 commits as of December 31, 2023.

Polkadot (DOT) and Polygon (MATIC) developer ecosystems came after Ethereum. Their number of developers ranges in thousands, respectively.

However, the story differs for XRP as it stayed at the bottom of the list, having 45 blockchains ahead of it.

According to the data, the XRP Ledger (XRPL) had only 45 full-time developers, while its monthly active developers were 136. Based on Lambo’s analysis, XRP is lagging in development activities compared to other blockchains in the industry. This could also be affecting its price movements. 

The post Experts Highlight Striking Reasons That Limit XRP Price Growth appeared first on The Tech Report.

Verizon, the prominent U.S. telecom company, is set to face a substantial financial impact in the fourth quarter with a $5.8 billion value reduction. In a strategic move, the telecom giant decided to devalue its declining wireline business, leading to a significant write-down.

Verizon’s Financial Alteration in the Fourth Quarter

The latest decision follows a comprehensive five-year review, during which the company adjusted its financial projections for the Business unit to benefit businesses and government clients. This segment constitutes over 20% of Verizon’s total revenue.

Meanwhile, the wireline business, encompassing traditional voice and data services, has been grappling with challenges such as fierce competition, economic uncertainties, and a widespread transition to wireless services.

After the write-down, the goodwill balance for the unit as of December 31 was $1.7 billion, according to Verizon’s report.

This move has already impacted the company’s shares, causing a decline of more than 1%. Notably, the third quarter results for Verizon Business indicated a 4% reduction in revenue, primarily attributed to lower wireline and wireless equipment revenue.

Investors and industry watchers are keenly awaiting Verizon’s fourth-quarter results, which are scheduled to be disclosed on January 23.

The results will be supportive in gaining insights into the overall financial implications and the company’s strategic adjustments in response to the developing areas of the market.

Verizon to Cut Down Capital Spending by 23%

Besides the plans to take a $5.8 billion write-down in Q4, Verizon is also shaping up to reduce its capital spending by 23% in 2024. This achievement is significant as it marks a strategic shift following the completion of its 5G network buildout.

With a focus on driving sales growth and cash generation, the company’s Chief Executive Officer, Hans Vestberg, revealed plans for a $17 billion spending budget in 2024, down from the previous year’s estimated $22 billion that was primarily allocated to the accelerated 5G expansion.

Vestberg, speaking at a Citigroup Inc. investor conference, emphasized that by 2024, Verizon aims to achieve “the lowest capital intensity in the industry, in the world,” relative to revenue. 

Notably, the reduction in capital spending comes as the company concludes its 5G buildout, during which expenses for network upgrades had surged as a percentage of revenue.

While Verizon has faced challenges in subscriber growth compared to competitors, the company closed the fourth quarter with a net gain in wireless customers, according to Vestberg.

Primarily, Verizon’s key priorities include enhancing cash generation, increasing average revenue per user, and cost reduction in the coming year.

Notably, the company is concentrating on the sales of wireless home internet service, a burgeoning segment that has impacted traditional cable companies’ broadband business.

This strategic move suggests that Verizon could be a good investment in 2024, particularly because of its resilience, strategic position, and financial stability in a developing mobile market.

The post Verizon Plans to Take $5.8 Billion Write Down in Fourth Quarter appeared first on The Tech Report.

The tides seem to have turned for Bitcoin miners as they witness the highest Bitcoin sales. Bitcoin miners have moved into selling mode as they offload over 10,000 BTC tokens in a single day on January 17.

Subsequently, the miner reserves hit the largest daily decline, accounting for a new yearly low.

Bitcoin Miners Initiate The Selling Stage

Data from the on-chain analytics site CryptoQuant revealed that Bitcoin miner reserves plummeted by 10,233 BTC on January 17. The decline came through massive sales from the miners, which amounted to more than $450 million.

Notably, miners often undergo stages of accumulation and sales of mined tokens.

The 2023 Bitfinex report indicated that miners started accumulating BTC from the middle of last year. During this period, Bitcoin prices and profitability were quite low. Historically, miners often swing into the selling phase once there is a considerable increase in prices and profitability, as seen in recent months.

Miners want to sell off coins to furnish cash flow or partake in price hikes. Prominent crypto personality Ali called attention to the recent changes in a January 17 X post. He noted that Bitcoin miners scaled up their selling activity significantly within 24 hours on January 17.

#Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by #BTC miners. In just the last 24 hours, they've offloaded nearly 10,600 $BTC, valued at approximately $455.8 million! pic.twitter.com/JEtasWfR6N

— Ali (@ali_charts) January 17, 2024

Within the past few days, the price of Bitcoin has been hovering between $42,000 and $43,000. Interestingly, Bitcoin miner reserves have reached 1.83 million tokens,  the lowest since July 2021. The value still proves to be quite substantial, worth nearly $78 billion, according to current market prices.

Other Related Details About Bitcoin Miner Reserves

Within the past twelve months, Bitcoin miner reserves dropped by 22,800 BTC. However, the overall reserve value has maintained relative stability since the beginning of 2021.

The Bitcoin Miners’ Position Index (MPI) initiated a gradual spike on January 15, with data from CryptoQuant showing a potential selling phase could kick off soon.

Notably, the MPI is a factor that measures the ratio of total miner outflow to its 12-month moving average of cumulative miner outflow. Recently, the CoinShares Mining Report highlighted that some Bitcoin mining companies like Riot, Cleanspark, and TeraWulf have stepped up their games.

They are viewed as the best-positioned to tackle the remarkable cost rise and implications that could emerge after BTC halving events in April or May.

Further, data from Bitinfocharts showed a decline in the average hash rates that hit the lowest points since October to approximately 400 exahashes per second. 

Moreover, many of the big mining sites in Texas have taken steps to secure energy for the state. Recently, they shut down some of their operations, considering the prevailing winter.

Reacting to the situation, an X user, Dennis Porter, noted that the BTC hash rate has dropped below the 30-day average. 

Porter stated:

Bitcoin hash rate plummets below 30-day average as #Bitcoin miners across the USA give back energy to balance the grid.

HUGE: #Bitcoin hashrate plummets below 30 day average as #Bitcoin miners across the USA give back energy to balance the grid. pic.twitter.com/TFvoZpkYfX

— Dennis Porter (@Dennis_Porter_) January 18, 2024

The post Bitcoin Miners Swing Into Selling Mode, Disposing $450M Worth of BTC Within A Day appeared first on The Tech Report.

Google has announced plans to slash jobs in 2024 in an internal memo on January 17th. In the memo titled “2024 Priorities and the Year Ahead,” Google CEO Sundar Pichai stated the need to eliminate roles to free up resources for artificial intelligence and other key priorities. 

AI and Machine Learning Key Focus Areas

Pichai acknowledged that hitting the company’s “ambitious goals” in areas like AI will require making tough choices. This includes removing layers in the organization to “simplify execution and drive velocity.”

According to the CEO, the cuts won’t be as extensive as in 2023.

However, he noted that some teams will continue making “resource allocation decisions.” This means more jobs are on the chopping block. Artificial intelligence is one of the main targets for Google’s 2024 investments.

In line with this, Pichai said the company will announce specific AI goals later this week.  

Google released its powerful Gemini AI model in December 2023, positioning it as a “GPT-4 killer” that could compete with OpenAI’s dominant ChatGPT-4. However, Gemini received mixed reviews, with many critics saying its promotional material exaggerated its capabilities. 

Google responded to these concerns by acknowledging that certain promotional materials were manipulated for brevity. In response to the criticisms, Google slashed Gemini pricing and announced plans to make its AI tools more accessible to developers.

This allows third parties to build customized versions, similar to ChatGPT’s feature for premium users to create personalized AI models. The proposed job cuts will allow Google to channel more resources into AI development.

In the latest memo, Pichai portrayed the move as a necessary step to scale back less critical areas, allowing Google to pursue ambitious innovations in priority fields like AI.

Pichai described the layoffs as “removing layers to simplify execution and drive velocity.” However, he assured that the reductions “will not touch every team.”

This approach suggests Google’s commitment to channeling resources towards emerging technologies to stay nimble and competitive in the evolving tech landscape.

Workforce Cuts Part of Broader Realignment 

The planned workforce reductions reflect a realignment towards high-potential sectors like artificial intelligence and machine learning. But it also follows economic challenges facing the broader tech industry.

Recall Alphabet, Google’s parent company, laid off 12,000 employees globally last year, representing 6% of its workforce.

The tech giant reported slower revenue growth and shrinking profits in its Q4 2022 earnings. This likely factored into its decision to cut jobs in 2023. Other tech giants like Amazon and Microsoft also announced large layoffs.

While Pichai singled out AI as a key area for investment, the cuts seem part of a broader effort to trim costs and weather difficult economic conditions.

The layoffs provide funds to redirect toward Google’s most promising initiatives.

The post Google Plans Job Cuts to Fuel AI Ambitions – What’s Next in the Tech Sector? appeared first on The Tech Report.

Grayscale’s Bitcoin exchange-traded fund (ETF), GBTC, has seen an estimated $1.1 billion in outflows over the past three days of trading. This trend comes as the fund’s long-standing discount to net asset value has narrowed to its lowest level in nearly three years. 

From Premium to Discount

An estimated $594 million exited the fund on January 16 alone, according to Bloomberg ETF analyst James Seyffart. He noted that other recently launched Bitcoin ETFs saw inflows, but likely not enough to offset the sizable outflows from GBTC. 

For years, GBTC offered an arbitrage opportunity for investors who borrowed money to buy shares and profit off the premium, which reached over 40% in 2019. 

However, when the premium flipped to a discount in early 2021, many investors became trapped, unwilling to sell at a loss. GBTC’s discount bottomed out at around -49% in December 2022.

Following GBTC’s conversion to a spot Bitcoin ETF in December, the discount narrowed to just -1.55%. This has triggered a rush of pent-up selling from investors looking to exit positions. The estimated $1.17 billion outflow from GBTC equals about 27,000 Bitcoin at current prices.

ARK Invest Begins Stacking Bitcoin in its ETF

While GBTC sees outflows, Cathie Wood’s ARK Invest has started accumulating Bitcoin in its recently approved ARK 21Shares Bitcoin ETF (ARKB). The fund currently holds 2,535 Bitcoin worth over $109 million, making it the 5th largest Bitcoin holder among ETF issuers.

ARKB is buying Bitcoin as ARK sold shares of the ProShares Bitcoin ETF (BITO) and other tech names in its Next Generation Internet ETF. Apart from Grayscale and ARK, several other major financial institutions have launched spot Bitcoin ETFs following regulators’ approval in 2022.

These include fund giants BlackRock and Fidelity. BlackRock’s spot Bitcoin ETF has accumulated 11,439 Bitcoins so far. Fidelity’s ETF holds 9,750 Bitcoin. Altogether, the nine approved spot Bitcoin ETFs besides Grayscale hold around 36,000 Bitcoin worth over $1.5 billion.

However, their exact holdings may vary from reported figures. Unfortunately, the outflows from GBTC and other sellers have put downward pressure on Bitcoin’s price. 

Bitcoin has held critical support around $42,000-$43,000 over the past week. This suggests underlying solid demand even amid the current selling activity.

Bitcoin’s ability to maintain support levels confirms its technical strength as it continues to find its bottom following last year’s crypto market crash.

With relatively bullish futures markets and long-term holders keeping their convictions, the market appears to be setting the stage for Bitcoin to break its malaise in 2023.

But amid the ETF shakeup, increased volatility is expected. If Bitcoin can successfully establish a price floor here, it could stabilize and begin to regain its bullish momentum as macroeconomic uncertainties ease.

The post Massive Outflows from Grayscale’s Bitcoin ETF As Discount Narrows appeared first on The Tech Report.

Among the prominent crypto assets in the industry, XRP has been peculiar in its start-up records. The missing genesis block of the XRP Ledger has been a mystery to many. Recently, Ripple CTO David Schwartz addressed some growing concerns regarding the XRPL’s missing genesis block. 

In his defense of cryptocurrency, the CTO pointed out that such a similarity also exists in the history of Ethereum.

Schwartz Draws A Parallel To Ethereum Defending XRPL’s Missing Genesis Block

The entire drama started when an XRP community member, known as MetaMan, queried the beginning block of XRP Ledger. Notably, the XRPL unusually started at block #32,570.

In his post on the X Platform, MetaMan portrayed skepticism and mentioned that XRP holders deserve transparency from the blockchain. 

While questioning Schwartz, MetaMan stated:

Tell me, is there any blockchain that lost its genesis block?

You guys believe this story?

How does a block chain start at #32,569?

I’m Still holding #XRP and buying dips… but I think most people want the truth? @JoelKatz @Vet_X0 @bgarlinghouse @Ripple @msvadari pic.twitter.com/A4YwWd9lEy

— 𝐌𝐞𝐭𝐚𝐌𝐚𝐧 𝐗 (@MetaMan_X) January 15, 2024

Following the post, Schwartz shared a response, citing a similar case on the Ethereum blockchain and its ambiguous genesis block. He mentioned that Ethereum has transactions that precede its genesis block but no public record.

This transaction moved over $6 million worth of ETH. Where did that ETH come from? Where's the transaction that explains it?https://t.co/qLtZSTYZKg

— David "JoelKatz" Schwartz (@JoelKatz) January 16, 2024

Further, the CTO highlighted a particular ETH transaction on August 3, 2016, which involved the movement of over $6 million but lacked any concrete source for the funds.

Schwartz queried the details of the transaction;

Where did that ETH come from? Where’s the transaction that explains it?

Additionally, another XRP community member pointed out certain transactions indicating the transfer of 40,000 ETH during Ethereum’s genesis block. On his part, Schwartz acknowledged the 40,000 ETH transactions.

However, he noted that the anonymity of the source was a deliberate plan in defining Ethereum’s genesis block.

Further, the Ripple CTO maintained that such decisions as the missing genesis block of XRPL were arbitrary. In his argument, similar choices, as applicable to Ethereum’s case, were targeted to conceal the sources of the funds.

Faced with the question of whether the 40,000 ETH appeared out of thin air, Schwartz replied they did based on the public blockchain perspective.

However, he believed that Ethereum insiders had more details regarding the situation. As one of the founders of XRPL, Schwartz revealed that the ledger’s genesis chain contains no transactions. 

According to him, the first 32,570 ledgers possess 534 transactions, which are believed to be lost.

The Mystery Of XRP Ledger’s Genesis Block

The missing genesis block of the XRP Ledger has been an intriguing part of the ledger’s history. According to the earlier explanation from Ripple’s core developers and insiders, XRPL lost blocks #1 to #32,560 to a bug attack.

Though the developers tried to collect data for possible ledger reconstruction, they couldn’t due to insufficient information. 

While Ripple’s starting days and XRP token creation details remained obscure, investors have remained confident in XRPL’s robustness. Apart from Schwartz, a Senior Software Developer at RippleX, Mayukha Vadari also responded to MetaMan’s question.

She explained the technicalities behind the XRPL lost genesis block. According to Vadari, XRPL’s earlier servers had a uniform configuration and encountered simultaneous memory depletion. This experience triggered the ledger issues and subsequent loss of the blocks.

The post XRP Ledger Missing Genesis Block, Ripple CTO Handles Growing Concerns, Citing Ethereum’s Similarity appeared first on The Tech Report.

The Cybersecurity and Infrastructure Security Agency (CISA) has issued a stark warning, revealing potential security risks associated with the widely-used Google Chrome browser and Microsoft Excel spreadsheets.

The alert urges users, especially federal agencies, to fortify their systems against potential cyber threats. It also emphasizes the dynamic nature of cyber threats and the importance of a proactive approach to safeguarding sensitive information.

CISA Warns of Potential Exploits

CISA identified a critical vulnerability in Microsoft Excel, specifically within the Spreadsheet::ParseExcel library responsible for parsing Excel files. To exploit this flaw, hackers can remotely execute malware by manipulating a specific string in the library.

This alarming exploit has already been observed, with Chinese hackers employing custom Excel attachments to take advantage of the vulnerability.

While security firm Barracuda has released a patch addressing the issue, a cautionary note has been sounded, particularly for users relying on open-source libraries, urging a thorough review of potential risks.

In the case of the widely used web browser, Google Chrome, there is an eighth zero-day attack that puts users at risk. The exploit targets an open-source project called WebRTC, which facilitates real-time communication for web browsers and mobile applications.

Hackers leverage WebRTC to overload browsers, leading to crashes or gaining unauthorized access. While Google has responded with an emergency fix, additional protective measures are recommended to mitigate potential risks.

With the increasing sophistication of cyber threats, these recent exploits serve as a stark reminder of the vulnerabilities present in everyday software. CISA advises users to remain vigilant and take proactive steps to secure their systems. Meanwhile, federal agencies have a few days’ window to strengthen their defenses.

The suggested protective measures include applying patches, reviewing open-source libraries for potential vulnerabilities, and staying informed about emerging threats. As the digital landscape evolves, users are encouraged to prioritize cybersecurity measures to stay one step ahead of potential risks.

Safety Information from CISA

As the issue of cyber threats grows, several firms and tech enthusiasts seek ways to stay afloat the potential risks. This fact also applies to an Israeli company, Commun. It is seeking to protect its system from possible threats by employing an engineer who leverages his expertise in social media commercial analysis to spot networks of fake users.

While this approach may be farfetched for some companies, CISA highlights some tips that could help federal agencies and business owners protect their digital activities.

Some of the recommendations noted were the exclusive use of trusted open-ended applications, the installation of antivirus protection, and vigilance when dealing with attachments and links that appear strange.

More so, keeping software up to date is crucial for maintaining a secure digital environment. As for federal agencies, they can leverage various safety measures to strengthen their defense against hackers. Vital tips involve the regular updating of installed software and applications on PCs.

Choosing reputable and secure antivirus protection is also essential, and investment in cybersecurity software is encouraged where possible. CISA strongly advises agencies to refrain from opening links and attachments from unknown senders to minimize the risk of theft.

The post CISA Issues Warning of Hackers Targeting Google Chrome And Excel Spreadsheets appeared first on The Tech Report.