Digital Currents ABCD Roundup: 2024’s Defining Moments: From Bitcoin ETFs to AI Breakthroughs
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Dec 20, 2024 Reflecting on 2024’s defining moments, the discussion revolves around the SEC’s historic Bitcoin ETF approval and Ethereum’s Dencun upgrade. The impact of Sam Bankman-Fried’s trial on both crypto and college football is examined. Insights into AI advancements and market shifts reveal how corporate data utilization is transforming investments. The Bitcoin halving event surprises with muted price reactions, while significant record-breaking acquisitions highlight the shifting financial landscape. Overall, it’s a captivating look at the interplay between technology and finance.
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Data Companies as AI Players
- Databricks, despite not previously identifying as an AI company, has achieved a $62 billion valuation due to its data management capabilities.
- This highlights how data companies are repositioning themselves within the burgeoning AI landscape.
Snowflake's AI Pivot
- Mark Yusko's son worked at Snowflake, a competitor of Databricks, and observed their transition into the AI space.
- He notes that neither company would have identified as AI-focused just a few years prior.
Institutional Interest in AI
- Ontario Teachers' Fund and GIC's investment in Databricks signifies growing institutional interest in AI.
- This suggests AI's increasing legitimacy as an asset class.