"fortune"

Fortune magazine recently published a commentary article pointing out that with the rapid rise of China's open-source AI models, the competitive landscape of the global AI field is changing. The real contest has shifted from U.S.-China rivalry to the battle between open-source and closed-source models. The article cites data from the independent evaluation platform Artificial Analysis, stating that the intelligence index of DeepSeek V4 Flash is only 1 point lower than that of GPT-5.6 Luna. Even though OpenAI has reduced prices by 80%, the former's single-task cost is still 60% lower.The author notes that while U.S. export control policies aim to limit China's AI development, they have objectively stimulated innovation at the architectural level among Chinese companies, forcing them to shift towards open-source and low-cost routes. Chinese models attract global developers to participate in improvements by opening weights, while transferring inference costs to overseas cloud service providers, achieving a low-cost global layout. Regarding the viewpoint that open-source models "cannot be profitable," the article argues that their profit model is similar to that of open-source software: users pay for hosting services, and most companies are not inclined to self-deploy.The article also points out that recently, several figures in the U.S. tech community, including former White House AI official David Sacks, have begun to support open-source, and NVIDIA CEO Jensen Huang has also called for the industry to embrace open-source. The author urges both China and the U.S. to cooperate in the field of AI security, viewing open-source AI as a "global public good," rather than falling into a zero-sum competition that costs trillions of dollars.

ChainCatcher news, Fortune magazine disclosed that a total of 37 donors provided funding for the construction of the White House ballroom, including tech giants from Silicon Valley and cryptocurrency companies, among which:Corporate donors include Meta, Apple, Amazon, Google, Lockheed Martin, Microsoft, Comcast, Altria, Hard Rock International, Micron Technology, Caterpillar, Booz Allen Hamilton, HP, Booz Allen Hamilton, NextEra Energy, Reynolds American, T-Mobile, Palantir Technologies, cryptocurrency companies include Tether America, Ripple;Private and family donors include: the Adelson Family Foundation, Stefan E. Brodie, Betty Wold Johnson Foundation, Charles and Marissa Cascarilla, Edward and Shari Glazer, Harold Hamm, Benjamín Leon Jr., the Lutnick family led by U.S. Secretary of Commerce Howard Lutnick, Gemini co-founders Cameron Winklevoss and Tyler Winklevoss, etc.

ChainCatcher news, according to cryptoslate, Thailand's listed company DV8 Public Company Limited announced the appointment of Chatchaval Jiaravanon, the owner of Fortune magazine and a member of Charoen Pokphand Group, as chairman, officially entering the Bitcoin and DeFi banking business.Jiaravanon previously founded the blockchain company Lightnet, providing low-cost remittance services for Southeast Asian migrants. He will lead DV8 in building a crypto-integrated digital bank, advancing Bitcoin-centric financial practices, and investing in DeFi, digital infrastructure, and corporate governance innovations.This leadership reshuffle comes after DV8 was acquired by a crypto investment consortium, which includes Sora Ventures, UTXO Management, Kliff Capital, among others, with all investors accepting a 12-month lock-up period.

ChainCatcher news, according to Fortune, Zhao Changpeng will be released early this Friday local time, two days ahead of his official release date, because if the release date falls on a weekend, prisoners are released early from detention. Zhao Changpeng's lawyer stated that Zhao does not wish to give interviews on the day of his release. However, the media has made some speculations about his next steps.Zhao Changpeng's first stop is likely to be Dubai or Paris, where his children live with their mother, He Yi. Additionally, the media expects that as Zhao Changpeng is released, more details about the Giggle Academy project he initiated before his imprisonment may emerge in the coming months. Besides family and charitable endeavors, the now-freed Zhao Changpeng may turn his attention to a third pursuit: the cryptocurrency industry, which has made him extremely wealthy and dominated the past decade.The "Giggle Academy" project aims to create free, fun, and easily accessible learning tools for impoverished children worldwide. However, to date, Giggle Academy only has a website that has posted a few job openings, but detailed information regarding the project's timeline, funding sources, and scale has not been disclosed. This may be related to Zhao Changpeng's recent legal troubles, and more specific details about Giggle Academy are expected to surface in the coming months.

ChainCatcher news, according to a report by Fortune magazine citing informed sources, Kamala Harris's team has actually given serious consideration to an invitation to speak at the Bitcoin 2024 conference. This in itself is news. As a Democratic candidate, her leadership has consistently held a hostile attitude towards cryptocurrency, and her "negotiations" to address 30,000 Bitcoin enthusiasts reflect how much policy might change under Harris's leadership.Gary DeWaal, a former senior trial attorney at the U.S. Commodity Futures Trading Commission (CFTC), told Fortune magazine that he does not expect Harris to comment on cryptocurrency before August 7, when she will announce her vice presidential pick. "That's her priority right now," he said.First, when Biden became president, many of his economic advisors were former colleagues of Senator Elizabeth Warren (D-Mass.), who is a staunch critic of cryptocurrency. Harris does not have that connection. The cryptocurrency lobbyist indicated that Harris's tech advisors are considered pro-cryptocurrency, and her husband Douglas Emhoff is a "crypto enthusiast." He added, "I expect her to shift her stance."A possible positive signal is that this week billionaire and Bitcoin enthusiast Mark Cuban told Decrypt that he received multiple inquiries about cryptocurrency from Harris's team.

ChainCatcher news, according to Fortune magazine, Bloomberg's previous report that Terraform Labs will pay $4.47 billion to the SEC is "shoddy," as the SEC may ultimately only receive a small portion of the fines, or may not receive the full amount at all.It is reported that Terraform Labs has gone bankrupt, with almost no money left, and it is currently unclear whether Do Kwon still has the $204 million judgment amount he owes.

ChainCatcher news, according to Fortune magazine, last Friday, the compliant digital asset company Prometheum launched Ethereum custody services. This move is noteworthy because Prometheum operates by classifying the token as a security and accepting oversight from the U.S. Securities and Exchange Commission (SEC). The launch of this custody service seems to validate SEC Chairman Gary Gensler's stance, who has countered the broader crypto industry's view that the existing regulatory framework is sufficient and effective."This eliminates a lot of the debate about being unable to operate under current laws," said Aaron Kaplan, co-CEO of Prometheum Inc., the parent company of the entity launching the Ethereum custody service.Prometheum's subsidiary, Prometheum Inc., which holds a broker-dealer license, has soft-launched the product with a small number of companies and plans to fully roll out the custody service in early June.

ChainCatcher news, Fortune magazine reported that according to new court documents submitted on Tuesday from last December, Binance.US Chief Operating Officer Christopher Blodgett revealed that the company has been forced to lay off over 200 employees since June of last year, accounting for two-thirds of its total workforce.In addition, Binance.US's trading volume and overall business have seen a significant decline, with the platform's revenue dropping by approximately 75% after the SEC sought a freeze on assets in June of last year.

According to ChainCatcher, as reported by Fortune, FTX has devised a new plan that could return up to 90% of the debts to creditors. In addition to claims on their respective exchange assets, approximately $8.9 billion has been allocated for repaying FTX customers, with another $166 million to be provided to FTX US customers. The debtor group overseeing the FTX bankruptcy process has warned that customers of both exchanges will not receive full compensation, and the loss ratio for FTX.com customers will be higher.According to a statement from the company, whether customers who filed bankruptcy claims against FTX will receive any compensation in the future will depend on variables such as the resolution of tax and government claims, the FTX team's asset recovery efforts, and fluctuations in digital asset prices. The debtor group, led by FTX's new CEO and bankruptcy expert John J. Ray III, stated that they plan to submit a new proposal by December 16.

ChainCatcher news, according to a report by Fortune, stated that FTX's stakeholders have contacted over 75 bidders to assess the possibility of its reboot, as mentioned in a briefing released on Monday. The documents show that the deadline for bidders for FTX 2.0 is September 24, and this process aims to consider various potential structures, including acquisitions, mergers, capital restructuring, or other transactions to restart the FTX.com or FTX US exchanges.The specific bidders have not yet been disclosed, but a related list previously revealed that entities interested in the reboot of FTX 2.0 include Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin, among others.

ChainCatcher news, according to a report by Fortune magazine, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated during a 2018 event for institutional investors focused on cryptocurrency hosted by Bloomberg and Fidelity that "Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) are not securities." (source link)

ChainCatcher news, according to a report by Fortune Crypto, SBF is one of President Biden's largest donors, and his parents are Stanford law professors closely connected to the Democratic Party. His mother, Barbara Fried, leads a group called "Mind the Gap," which helps raise funds for the Democrats in Silicon Valley, while his father, Joseph Bankman, drafted tax legislation for Senator Elizabeth Warren (D-Mass). Therefore, SBF may leverage these connections for his own benefit and not be subject to oversight by SEC Chairman Gary Gensler. (source link)