JAMIE DIMON: Unimpressed by Crypto

During a Senate Banking Committee hearing, JPMorgan Chase CEO Jamie Dimon strongly criticized cryptocurrencies, particularly bitcoin. Speaking with Senator Elizabeth Warren, Dimon stated, "I’ve always been deeply opposed to crypto, bitcoin, etc." He emphasized his belief that the primary applications of these digital currencies are for illicit activities, saying, "The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance."

Furthermore, Dimon suggested a drastic approach to dealing with cryptocurrencies. "If I were the government, I’d close it down," he remarked, indicating his view on the need for stringent regulatory measures against cryptocurrencies.

He previously labeled them "Ponzi schemes" and "fraud." His newest remarks come amid controversies and security breaches in the cryptocurrency sector. This period of turmoil, highlighted by the collapse of FTX, Sam Bankman-Fried's crypto platform, has drawn increased attention and regulatory scrutiny from U.S. authorities and legislators.

These latest comments from Jamie Dimon represent another critical stance he has taken against cryptocurrencies despite JPMorgan Chase's significant involvement in blockchain technology, which underpins the $1.6 trillion cryptocurrency industry.

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AMD: Revolutionizing AI Hardware

During an AMD investor event on Wednesday, Meta, OpenAI, and Microsoft announced their plans to utilize AMD's latest AI chip, the Instinct MI300X. This development marks a significant shift in the tech industry's approach to AI hardware, highlighting a growing trend of companies seeking alternatives to Nvidia's high-cost graphics processors, which have been pivotal in developing and deploying AI programs, including OpenAI's ChatGPT.

The adoption of AMD’s new high-performance chip by these major technology and cloud service providers could be a game-changer. Suppose the Instinct MI300X delivers on its promise when it becomes available early next year. In that case, it might reduce the costs associated with developing AI models and pose a challenge to Nvidia's rapidly growing AI chip sales. This potential shift indicates a more competitive landscape in the AI hardware sector.

AMD has unveiled the MI300X, incorporating a novel architecture that typically results in substantial performance improvements. A vital feature of this new chip is its inclusion of 192GB of advanced HBM3 memory. This high-performance memory variant stands out for its rapid data transfer capabilities and the ability to accommodate larger AI models, enhancing overall efficiency and performance.

SPACEX: Chatter of Sky-High Valuation

Under Elon Musk's leadership, SpaceX is currently in talks to offer private shares, potentially valuing the company at more than $175 billion. SpaceX is projected to achieve approximately $9 billion in revenue this year, stemming from its operations in rocket launches and its Starlink satellite internet business.​

As the most highly valued startup in the United States, SpaceX is exploring the possibility of a tender offer ranging from $500 million to $750 million. According to these sources, the company is considering setting the share price at around $95.

However, the specifics of the tender offer, including its size and terms, may be adjusted based on the interest levels of potential sellers and buyers within the organization.

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Supernotes: Kim's Dark Wealth

This man is worth billions of dollars because of counterfeit bills.

North Korea doesn’t have very many trading partners, nor do they have many natural resources to mine and sell. However, Kim Jung Un has created his own gold mine that has made him hundreds of millions of dollars. North Korea is the leading expert in counterfeit bills. These bills are called “supernotes” because they are so good that even the U.S. government has trouble detecting them.

Kim Jung Un sells them on the black market, and his process is kept very secret. This gig is so successful for North Korea that the CIA and Pentagon have considered this a priority for stopping Kim Jung Un.

Chart of the Day

📊 The chart below shows the Federal Deposit Insurance Corp.’s (FDIC) insured deposits, filtered by available-for-sale security, and those held for security.

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Sources:

1. CNBC (www.cnbc.com)

2. Bloomberg (www.bloomberg.com)

3. CNBC (www.cnbc.com)