Current Events by John R. Patrick – 05/05/2023
I changed the name of this section from What’s new? to Current Events by John R. Patrick. Feedback told me there was some confusion about “news”. The In The News section contains news about a new publication by me or a news story which mentions me or is about me.The Current Events by John R. Patrick blog posts contain snippets of current events I am following. Some of the topical areas change from time to time. The following are the current topics. Please send feedback on this new section to j[email protected].
Axios had some good thoughts on AI today. They quoted the White House has said, “AI is one of the most powerful technologies of our time, but in order to seize the opportunities it presents, we must first mitigate its risks.” This is so true but do White House leaders know enough about AI to develop meaningful regulation remains to be seen. Axios further quoted, “Importantly, this means that companies have a fundamental responsibility to make sure their products are safe before they are deployed or made public.” Also true but the race to win may cause dangerous compromises. Another interesting quote was the Pentagon’s AI chief said he is “scared to death” of the impact from generative AI tools.
President Zelenskyy continuously meets with global leaders from around the world. He has gained great respect and not just politically but also economically. The details of the creation of an investment fund to restore Ukraine’s economy were discussed at a meeting with the management of the largest asset management company in the world, BlackRock. Estimates range above a trillion $ to do the reconstruction.
The main goal of the fund’s creation is to attract private and public capital for implementing large-scale business projects in Ukraine. This will be a strong signal of strengthening the investment climate. It is important not only for our people, our society, but also for business, entrepreneurs abroad. Today is a historic moment because, since the very first days of independence, we have not had such huge investment cases in Ukraine. We are proud that we can initiate such a process.
Brady Dale at Axios wrote a book on the now-infamous crypto exchange FTX and its founder, boy-wonder Sam Bankman-Fried. I think we all expected books and movies to emerge about SBF. SBF told Brady in December, “It won’t matter what really happened” when it comes time for the trial.
Reflecting on the interview, Brady said it’s entirely possible SBF really does have a story in his head where he and his company could be seen as innocent on all charges. He might believe the story is true, but nobody can deny there is a lot of money gone.
The more important news to me is Coinbase Global reported its Q1 earnings last night.
Net revenue was $736 million, up 22% quarter-over-quarter. The company also brought expenses down by 24%. Coinbase ended the quarter with a loss of $79 million. Its loss over all of 2022 was $557 million.The stock was up 18% on Friday. I remain bullish.
Total market cap of all crypto is $1.2 trillion with 47% of it being Bitcoin. The main reason is the emergence of Lightning which I have previously written about.
Really great to see almost everything up. Still a long way to go. Looking at the week, it was nothing like Friday. GAMMAT stocks up to $8.5 trillion with Apple being $2.7 trillion of it. Apple is growing in many third world countries. Used iPhones are expanding the market for the ecosystem which generates terrific services revenue. The big guys are all under political attack but continuing to outsmart them.