xAI’s Supercomputer Sparks Controversy

Author

Damon James
July 24, 2024

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July 24th, 2024

One of the biggest areas that will be impacted by AI over the coming years is investing. I’ve been using AI-driven trading bots for the last several years to invest my money. I typically make around 10% monthly returns from it.

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Read Time: 10 Minutes

Today’s Menu

  • xAI’s Supercomputer Sparks Controversy

  • Is the Crypto Market Ready for a Surge?

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TODAY IN AI

xAI’s Supercomputer Sparks Controversy

In the span of a season, xAI claims to have built the world's largest AI supercomputer. Elon Musk announced that the Memphis site is operational and aims to produce the most powerful AI by December.

The supercluster uses 100,000 Nvidia H100 chips, potentially delivering 2.5 exaflops, over twice the speed of the current record-holder, Frontier. This facility spans 785,000 square feet and represents a $6 billion investment, but it faces criticism for its massive energy consumption, requiring up to 150 megawatts.

Musk plans to train a new xAI model, develop AI products for Tesla and SpaceX, and conduct advanced AI experiments. This development stirs the debate: Will larger computers lead to significantly more capable models, or are we nearing a performance plateau? The xAI gigafactory might soon provide the answer.

Today In Crypto

Is the Crypto Market Ready for a Surge?

ETH remained steady after the SEC approved ETH ETFs in the U.S., trading around $3,500, up just 0.2% in the last 24 hours. It outperformed the broader digital asset market, which is down 1.3% according to the CoinDesk 20 Index. Analysts predict that ETF listings could drive ether prices to $6,500, with expected inflows of $15-$20 billion in the first year, mirroring Bitcoin ETFs' performance.

Bitcoin fell to near $66,000 in the early European morning after reaching $68,000 on Monday. The dip followed Mt. Gox's latest BTC transfer to Bitstamp as part of its creditor repayments. At the time of writing, Bitcoin is just below $66,700, down 1.1% in 24 hours. Over $9 billion worth of BTC and $73 million in Bitcoin Cash will be distributed in the coming months.

Citi upgraded Coinbase shares to a buy rating from neutral, raising the price target to $345 from $260. The bank highlighted a more favorable regulatory environment post-November elections and improved confidence in Coinbase's legal strategy following the Supreme Court's overturning of the Chevron Deference Doctrine. Citi believes the improved regulatory outlook could unlock significant institutional capital and foster greater collaboration between crypto-native and traditional finance sectors.

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