Wealt Roundup #46

Good morning ??

Welcome to the new edition of Wealt Weekly Roundup and the final day of Olimpics Games Paris 2024. ??

This week's highlights include SpaceX’s latest Starlink launch, the UK investigating Amazon's Anthropic deal, Groq raised $640M, Musk’s xAI faces legal issues over ex-Tesla employees, OpenAI introduced new initiatives, and Google faces an antitrust ruling. Our blog section will also explore the 4% rule from the F.I.R.E. movement for early retirement.

Stay informed with Roundup – your guide to finance and tech trends!

Highlights from Wealt

Exciting News! Join Us for an Exclusive Wealt Club Retreat in Portugal ????

We are thrilled to announce our upcoming 1st Wealt Club Retreat, set against the stunning backdrop of Lisbon, Portugal.?This exclusive 3-day unconference-style event will gather our Club members and sophisticated investors from around the globe for an unparalleled experience of high-level discussions, elite networking, and cultural immersion.

Dates:?To-be-announced soon

Location:?Lisbon, Portugal

What to Expect:

• Participant-Led Discussions and Workshops?focused on the latest innovations and strategies in alternative assets and wealth management.
• Exclusive Networking Opportunities?aboard luxury yachts as we sail along the Tagus River, with breathtaking views of Lisbon’s iconic waterfront.
• Cultural Experiences?immerse yourself in the rich heritage of Lisbon with exquisite local fine dining at spectacular venues, music that captures the soul of Portugal, and guided tours through the city’s historic sites, offering a deep dive into its vibrant history and culture.
• Personalised Sessions and Case Studies?designed to provide actionable insights for managing, growing and enjoying your wealth.

Stay tuned for more!

Given the exclusive nature of this event, spaces are limited. Don’t miss out on this unique opportunity to connect with like-minded investors in one of Europe’s most vibrant cities.

Portfolio news

SpaceX successfully launched 23 Starlink satellites into orbit on August 4, 2024, from California’s Vandenberg Space Force Base. The Falcon 9 rocket, which has now completed six flights, landed back on the droneship Of Course I Still Love You after liftoff. This launch was part of a busy stretch for SpaceX, marking their fifth launch in just over a week.

Read more.

NASA is considering using SpaceX’s Crew Dragon for astronaut returns due to issues with Boeing's Starliner. This could extend the astronauts' stay on the International Space Station and adjust crew schedules. Boeing faces scrutiny over Starliner's performance problems.

Read more.

The UK's Competition and Markets Authority (CMA) has launched a formal antitrust investigation into Amazon's $4 billion investment in AI startup Anthropic. This follows similar probes into Big Tech's AI partnerships, including Google's ties with Anthropic and Microsoft's relationship with OpenAI.

Read more.

John Schulman, an open AI co-founder, has left to join Anthropic, which focuses on AI alignment research. Greg Brockman, OpenAI’s president, is taking an extended leave. Schulman, instrumental in developing ChatGPT and OpenAI's alignment efforts, expressed confidence in the company’s future without him.

Read more.

Anthropic is expanding its bug bounty program to focus on detecting universal jailbreak attacks in AI systems. Starting as an invite-only initiative with HackerOne, it offers rewards up to $15,000 for finding vulnerabilities in our new safety system and can be applied until August 16, 2024. This effort aims to enhance AI safety and aligns with responsible AI development commitments.

Read more.

Groq, an AI chip startup, has raised $640 million, valuing it at $2.8 billion. The company develops language processing units (LPUs) for faster AI model processing and offers various models on its GroqCloud platform. Despite facing competition from Nvidia and other tech giants, Groq is expanding its enterprise and government partnerships while developing next-generation chips to compete in the growing AI hardware market.

Read more.

Market updates

• This was a big week for OpenAI, with 4 main topics on their side:

Zico Kolter joins OpenAI’s board of directors and safety and security committee.

Open AI published a GPT-4o system card outlining safety evaluations, risk assessments, and mitigation strategies before its release for GPT-4o, an AI model with advanced audio, text, and vision capabilities.

Rakuten uses OpenAI's AI to maximize data value, enhance services, and prioritize security.

OpenAI's Structured Outputs make AI answers follow exact patterns, helping developers build better apps.

• X is adding a payments button to become an "everything app" for users' financial needs by 2025.
• Techstars is laying off 17% of its staff and ending its J.P. Morgan-backed Advancing Cities program as it shifts focus from scaling to better supporting founders.
• Intel missed a critical opportunity to invest in OpenAI, contributing to its decline in the AI era as rivals like Nvidia and AMD surged ahead with AI-focused products.
• A U.S. judge ruled that Google had built an illegal monopoly in online search and advertising, a decision that Google had planned to appeal.
• X has agreed to stop using EU user data to train its Grok AI chatbot following legal action by Ireland's Data Protection Commission to ensure GDPR compliance.
• Elon Musk’s xAI has hired over a dozen ex-Tesla employees, leading to a shareholder lawsuit alleging conflicts of interest and misuse of Tesla resources.
• Perplexity’s popularity surges as AI search start-up takes on Google.
• JPMorgan Chase & Co. now sees a 35% chance that the US economy will tip into a recession by the end of this year.
• Investors rapidly unwind yen carry trades amid global market volatility, sparking concerns about this popular strategy's future.

Wealt blog spotlight

This week’s selected blog is The FIRE Path to Retirement Freedom.

The F.I.R.E. (Financial Independence, Retire Early) movement centres on achieving financial freedom by saving aggressively and investing wisely, allowing early retirement. A key principle is the 4% rule, which suggests that saving 25 times your annual expenses can safely withdraw 4% annually to fund your retirement. This approach enables retirement well before the traditional age, though it requires strict financial discipline and careful management of market risks.

Read more.

Stay ahead of the curve…

We will continue to be here every week. Stay tuned for more in your inbox or on LinkedIn. To learn more about wealth management and Wealt, join our community and drop us a ??.

With warm regards and enthusiastic spirits,

Wealt Team ???