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July Wrap-Up: Microsoft’s Chatbot Drama, AI Protein Detection Breakthrough, and more

July has been eventful for various markets, with several significant breakthroughs in artificial intelligence (AI), crypto, fin-tech, etc.

Google’s AI Becomes Capable of Mapping Protein Structures

Google announced this month that its AI system has made a significant breakthrough in solving and decoding complex protein structures. The platform, called AlphaFold, can synthesize virtual 3D structures of any protein it encounters by solving the persistent issue of “protein folding” and analyzing amino acid sequences.

It’s suggested that this new technology will help create novel drug discovery and delivery systems, boosting the application of AI in the field of applied sciences.

Twitter Reshuffles Branding, Takes over ‘X Handle’

Twitter CEO Elon Musk recently revealed that the firm would henceforth be known as X. However, the rebranding resulted in the company taking over the @x handle from its previous owner without any permission or prior warning.

According to sources, Twitter provided no compensation to the owner of the handle, who had been using it to share live details about the tech market with his followers.

Stability AI Releases Latest Version of Image Generation Tool

Stability AI recently unveiled the latest version of its image generation model called Stable Diffusion XL1.0. The system can devise super high-resolution images that can be used across several sectors, including digital marketing, social media, and advertising.

Flywire and Tencent Enter Into a Long-term Agreement

Next-gen payments provider Flywire has partnered with Chinese behemoth Tencent to streamline its WeChat Payment ecosystem, especially for Chinese students living abroad.

The partnership will seek to move money across borders more affordable and accessible to students pursuing higher education in Europe, North America, or elsewhere.

Survey Reveals SMBs are Still Struggling With AR-Related Processes

While the global fintech landscape has evolved remarkably over the last decade, a recent study has shown that a whopping 47% of small and medium businesses today still struggle with accounts receivable operations due to a lack of transparency and operational clarity.

India Keeps Pioneering Digital Payments

Over the last five years, India has seen a significant rise in the use of digital payment platforms. Since 2014, the number of digital transactions in the country has increased by a startling 10,000%.

This change has been driven by the government’s inclination towards greater financial responsibility, improved internet connectivity in rural areas, and a growing acceptance of digital payment solutions by retailers and consumers.

Tech Giants Nvidia, ServiceNow, and Accenture Announce New AI Initiative

American software giant ServiceNow announced its decision to partner with Nvidia and Accenture to release a new program called “AI Lighthouse.” The venture will spur the adoption of AI-enabled tech at an enterprise level.

AI Lighthouse will combine ServiceNow’s automation capabilities, Nvidia’s AI, and Accenture’s computing and consulting capabilities to create custom generative AI large language models and apps.

Security Protect Raises $35 Million of Funding

Security Protect, a company dealing with future-ready technologies such as AI and machine learning, has successfully raised $35 million as part of its fundraising efforts.

The funds will be put toward the development of novel machine learning and AI algorithms that can help users against emerging security vulnerabilities, data breaches, and emerging threats.

BlackRock’s Foray into the Crypto Market

The world’s largest asset management firm BlackRock, with nearly $9.5 trillion in assets under management, has taken a bullish stance toward crypto. Firm CIO Rick Reider said that Bitcoin is a worthy long-term store of value and one that could potentially replace gold as a collateral asset. Reider believes that over the coming years, BTC will continue to evolve into even broader financial markets.

Blackrock filed for an ETF application last month with the SEC: a move which, if approved, could result in the digital asset gaining much momentum over the coming months.

Celsius CEO Mashinsky Taken into Custody

Alex Mashinsky, the man behind the once-popular crypto lending app Celsius, was arrested on several criminal grounds in late July. He has been linked to a series of fraudulent schemes that leveraged initial coin offerings and other unregulated financial products.

Regarding Ripple’s Legal and Financial Status, SEC Questions Remain

The U.S. Securities and Exchange Commission is still going over a recent legal loss related to Ripple, even as they prepare to appeal the decision. In a recent hearing, the United States judiciary announced that XRP is not considered a security in most cases, barring when it was initially sold to institutional investors.

Altcoins Suffer, Bitcoin Fortifies Dominance

The second quarter of 2023 saw Bitcoin’s market dominance increase as altcoins suffered losses. Major cryptocurrencies like Binance Coin (BNB), XRP, and Cardano (ADA) experienced double-digit losses over the quarter, once again highlighting the volatile nature of the digital asset sector.

Robert F. Kennedy Jr. Proposes Bitcoin-Backed US Dollar

Democratic presidential candidate Robert F. Kennedy Jr. has proposed progressively backing the United States dollar with Bitcoin if elected. This move aims to stabilize the American economy and could mark a significant shift in the country’s monetary policy.