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Today’s Menu

• Ilya Sutskever's New AI Venture

• Bitcoin ETF Debuts and AI Tokens Surge

• Elon Musk Envisions Over 1,000 Optimus Robots Working at Tesla

TODAY IN AI

Ilya Sutskever's New AI Venture

Ilya Sutskever, a renowned AI researcher, has launched a new venture, Safe Superintelligence (SSI), focused solely on developing safe and powerful superintelligent AI. This comes just a month after his departure from OpenAI.

SSI is co-founded by Sutskever, former Y Combinator partner Daniel Gross, and ex-OpenAI engineer Daniel Levy. Their mission is to create beneficial superintelligent AI, which Sutskever predicts could emerge within a decade. Unlike OpenAI's shift toward commercial products, SSI will remain a pure research organization, fully insulated from short-term business pressures. While funding details are undisclosed, Gross assures that raising capital will not be a challenge.

Why did Ilya Sutskever leave OpenAI? Perhaps he envisioned a safer path to superintelligence. Following months of speculation and his fallout with OpenAI, SSI marks a new direction for Sutskever. This venture promises to focus on the safety of AI development without commercial distractions, and with no issues attracting funding or talent, SSI is poised to make significant strides in AI research.

^{TODAY IN CRYPTO}

Bitcoin ETF Debuts and AI Tokens Surge

Crypto assets enjoyed a rally during the European morning. Bitcoin rose around 1.5% over 24 hours to $66,300, and ETH climbed 2% to $3,600. The broader digital asset market, measured by the CoinDesk 20 Index (CD20), increased by about 1%. Avalanche's AVAX was the biggest gainer at just under 3.9%, while XRP and Solana's SOL also saw gains of 1.5% and 1.3% respectively. SOL may face downside pressure as traders anticipate the listing of spot ETH ETFs in the U.S. in the coming months.

The VanEck Bitcoin ETF (VBTC) started trading on the Australian Securities Exchange (ASX), marking the first exchange-traded fund to list on the country's largest stock exchange. VBTC rose 1% from its opening price to end the day at A$20.06 ($13.4) after trading 99,791 shares. This ETF provides exposure to Bitcoin by investing in the company's Bitcoin Trust (HODL), a U.S. ETF listed on Cboe. Earlier this month, the first Australian spot Bitcoin ETF, Monochrome Asset Management’s IBTC, debuted on Cboe Australia.

Tokens utilizing AI technology have surged as much as 35% in the last 24 hours. Leading the advance were Fetch.ai’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN. The sector added 15% on average, following gains in Nvidia (NVDA)'s stock, which has risen 5% since Monday, making it the most valuable company in the world. According to Edward Wilson, an analyst at Nansen.ai, the rise of AI tokens is linked to the broader enthusiasm for AI in traditional markets, spurred by Nvidia's recent success.

^{TODAY IN VR}

Meta’s Reality Labs Undergoes Restructuring

Meta's Reality Labs is undergoing significant restructuring to better focus on its Ray-Ban smart glasses and other wearable technology. This reorganization comes alongside a broader strategic shift within Meta’s AR/VR division, which includes scaling back on some ambitious projects to streamline efforts and improve operational efficiency.

Meta's latest Ray-Ban smart glasses are set to become more advanced with new AI-powered object recognition capabilities. These updates, which are currently available to U.S. users via an opt-in beta, integrate the glasses' camera with Microsoft’s Bing to identify objects and provide contextual information such as translating foreign signs or identifying plant species. This feature represents a significant leap in functionality, aiming to enhance user interaction with their environment through the glasses.

In parallel, Meta is pivoting its AR hardware strategy. The AR glasses initially codenamed Nazare will be repositioned as a developer-only device rather than a consumer product. This move aligns with the overall downsizing of Reality Labs, which includes shelving other projects like a smartwatch with a detachable display. These changes are intended to consolidate Meta’s efforts on products that align closely with their long-term vision for AR and VR technology

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Thanks for reading!

Until next time,

Damon