GM everybody! Looks like AI is still the talk of the town. We have some juicy news about NVIDIA today as they just presented some new tech at a conference.

Here is the outline of the newsletter today🔥

• ⚖️ Sam Bankman Fried charges does not warrant dismissal.

• 🤖 NVIDIA’s bet on AI

• 🎨 Ethereum NFTs now transferrable to Bitcoin!

Sam Bankman Fried charges does not warrant dismissal.

Prosecutors have presented arguments opposing the dismissal of criminal charges against Sam Bankman-Fried, former executive of FTX.

Bankman-Fried's defence filed pre-trial motions in May seeking to dismiss most of the charges on technicalities and procedural grounds.

Prosecutors have refuted the defence's arguments concerning extradition, U.S. laws, and the approval of charges by the Bahamas.

They assert that the charges against Bankman-Fried, which include campaign finance violations and violations of the Foreign Corrupt Practices Act (FCPA), are valid and should stand.

One of the arguments put forth by U.S. prosecutors is that charges of commodity fraud should be maintained due to FTX's trades impacting crypto markets within the United States.

They contend that Bankman-Fried's actions had an influence on the market, warranting the charges.

Regarding the allegations of campaign finance law violations, prosecutors reject Bankman-Fried's claims and assert that the indictment provides evidence of how he obscured the source of funds for donations.

The defense has requested additional discovery documents, taking into account the cooperation of the FTX estate with the U.S. Department of Justice.

These documents may play a crucial role in the ongoing legal proceedings.

Sam Bankman-Fried is scheduled to appear in a New York court in October to address the charges brought against him. The court proceedings will further examine the validity of the charges and the arguments presented by both the prosecution and the defense.

NVIDIA’s bet on AI paid off🤑

Nvidia, the graphics processing giant, has achieved a remarkable milestone by surpassing the market capitalisation of industry giants Berkshire Hathaway, Meta (formerly Facebook), and Tesla.

With a market cap of $963.18 billion, Nvidia has cemented its position as one of the most valuable companies in the tech industry.

Demonstrating its continued innovation, Nvidia recently showcased AI-infused technologies at events like Computex 2023.

One notable advancement is the Nvidia Avatar Cloud Engine (ACE), which employs AI to create lifelike non-player characters in video games, enhancing the gaming experience.

Nvidia is not the only tech company benefiting from investments in artificial intelligence. Other tech giants like Meta, Microsoft, and Alphabet have also capitalised on AI advancements, leveraging them in various applications.

AI has also demonstrated its potential in the field of medicine. Scientists have successfully utilised AI to discover a new antibiotic capable of combating drug-resistant superbugs, presenting a promising solution to a critical healthcare challenge.

The growth of the tech industry, driven by AI advancements and generative AI tools, has been unprecedented.

These technologies have not only aided the industry's recovery but also fuelled its expansion, leading to new possibilities and opportunities.

In the financial sector, JP Morgan Chase has shown interest in incorporating AI into its services. The company recently filed a patent application for a finance-themed chatbot named IndexGPT, highlighting the increasing adoption of AI in various domains.

Nvidia's market capitalisation milestone, coupled with the remarkable advancements in AI-infused technologies across industries, reflects the transformative power and growing influence of artificial intelligence.

Ethereum NFTs now transferrable to Bitcoin

Exciting developments have emerged in the world of non-fungible tokens (NFTs) as Ethereum NFTs can now be transferred to the Bitcoin network using the newly introduced Ordinals' BRC-721E token standard.

This collaboration between Ordinals.market, the Bitcoin Miladys NFT collection, and the Xverse Bitcoin wallet opens up new possibilities for cross-chain NFT transfers.

The BRC-721E standard involves a burn and claim process, whereby ERC-721 NFTs on the Ethereum network are permanently burned, and users can then claim the recreated versions on the Bitcoin network.

This innovative approach enables the migration of NFT ownership and expands the interoperability between the two prominent blockchain networks.

Ordinals.market, a leading player in the NFT ecosystem, celebrated a significant milestone as it reached its 10 millionth inscription on the same day as the launch of the BRC-721E standard on Bitcoin.

This achievement further underscores the growing popularity and adoption of NFTs across various platforms.

The introduction of the BRC-721E standard and the ability to transfer Ethereum NFTs to Bitcoin represent significant advancements in the NFT ecosystem.

This development enhances decentralisation, expands the utility of NFTs, and allows collectors to explore new opportunities across multiple blockchain networks.

✨Bonus News✨

• NVIDIA says that you gotta keep up with the times. AI might replace your jobs, but not by the tech; by another person knowing how to use it.

• Ongoing war between Ukraine and Russia. Looks like things are not slowing down.

• Companies push prices higher, but does not help inflation. Looks like these prices might be the new norm.

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.