FEATURED IN TODAYS NEWSLETTER

• After a Global Outage, Finance Leaders Urge Caution in Relying on Technology and AI

• Tech Mogul Makes Bold Prediction on Nvidia's Future Stock Performance

• Asia Rises to Dominance in Crypto Development as U.S. Market Share Declines

Business

After a Global Outage, Finance Leaders Urge Caution in Relying on Technology and AI

Recent incidents, such as the mass computer outage linked to Microsoft’s third-party provider CrowdStrike, have prompted central bankers and executives to reevaluate the growing reliance on artificial intelligence (AI) and cloud computing within the financial sector, as discussed at a conference in Hong Kong. These large-scale outages have served as a wake-up call for the financial services industry, highlighting the need for improved operational resilience and risk management. Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA), emphasized that a significant risk stems from dependence on third-party service providers, as firms rely heavily on major tech companies for computing power and AI data management. He warned that if these providers encounter IT failures or cyberattacks, the consequences could be catastrophic, potentially magnified tenfold compared to the recent CrowdStrike incident.

LATEST IN CRYPTO

Asia Rises to Dominance in Crypto Development as U.S. Market Share Declines

A recent report reveals that Asia has surpassed North America as the leader in cryptocurrency and blockchain development talent. In 2024, Asia's share of cryptocurrency developers rose to 32%, up from just 13% in 2015, making it the leading region for developer talent in the field. Meanwhile, North America's share of developers has halved, dropping to 24% from 44% over the same period. Electric Capital general partner Maria Shen noted in an October 30 X post, “Asia is now #1 for crypto devs. The US is losing market share. Crypto impacts every state in the US – crypto should be non-partisan.” The geographic distribution of crypto developers is an important indicator of future blockchain innovation, as a growing developer base suggests increased adoption of blockchain technology and consumer applications.

TECH

Tech Mogul Makes Bold Prediction on Nvidia's Future Stock Performance

The relationship between Nvidia (NVDA) and SoftBank began in 2017 when Masayoshi Son, the founder of SoftBank, acquired a $4 billion stake in the chipmaker. At that time, Nvidia was already gaining recognition for its advanced graphics processing units, which were proving vital in areas beyond gaming, such as artificial intelligence and data centers. This investment followed SoftBank's $32 billion acquisition of Arm in 2016, part of its broader strategy to invest in AI. Son expressed his belief in 2017 that machines would achieve IQs of 10,000 within the next 80 years, asserting, “There is no more debate, no more doubt” about this eventuality, though he acknowledged it could happen within a margin of 25 to 35 years.