AI Accelerators, AI PCs and GameStop's Surge | Bloomberg Technology

Technology News

• NVIDIA announced plans for annual accelerator upgrades, while AMD aims to accelerate new process rollouts.
• Qualcomm discussed the potential of AI PCs, their advantages over traditional platforms, and their collaboration with Microsoft to drive AI adoption in the enterprise sector.
• The discussion shifted to cryptocurrency lobbying efforts, with Ripple's significant donation to a pro-crypto PAC and the industry's desire for constructive engagement with regulators.
• The SEC's Staff Accounting Bulletin 121 (SAB 121) hindered banks from offering crypto investments, leading to bipartisan support in Congress to repeal it. However, President Biden's veto disappointed the crypto community.

Business News

• GameStop shares surged after Ryan Cohen revealed a long position in the company, and again when Keith Gill, also known as Roaring Kitty or Deep Value, disclosed his significant investment, making him one of the company's top five investors.
• Paramount stock rose amid rumors of a potential deal for Skydance, but some investors expressed concerns about the deal's terms and potential dilution.
• Spotify stock increased following the announcement of a price hike, indicating support for future revenue growth.
• Apple's new iPad Pro is seen as a potential laptop replacement due to its improved features and capabilities.
• Markets performed well with optimism surrounding U.S. economic data, led by big tech companies, while the 10-year yield decreased.
• Tesla CEO Elon Musk faces opposition from ISS regarding his excessive compensation package, and Tesla is actively campaigning for support from retail shareholders.
• Ford CEO Jim Farley announced progress in developing technology for hands-free driving, but cost-effectiveness remains a challenge.

New York Tech Week

• New York Tech Week commenced in New York City, focusing on equity and equality in companies and the economy.
• The city is experiencing a surge in net migration, with many tech workers choosing to settle there, contributing to the growth of its tech sector.
• New York City has a higher percentage of underrepresented groups in its tech workforce compared to other major cities, and efforts are being made to increase diversity through partnerships and initiatives.
• The city offers a diverse talent pool, proximity to clients, and a strategic location for companies like Fireblocks, which provides digital asset protection services.
• Recent regulatory approvals and the city's successful state regulator have provided tailwinds for the industry and Fireblocks.