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On August 13th, SMM learned that the A100 series GPUs have entered the "leasing futures" trading format for the first time. The A series represents the first two generations of NVIDIA server GPUs, and previously, the market was primarily based on spot trading and long-term leasing agreements. Leasing futures allow buyers and sellers to lock in the supply and price of computing power at a future point in time, representing a new business model in the industry. SMM believes that the emergence of leasing futures signifies the evolution of computing power leasing towards commodity pricing, and that price discovery and risk hedging functions are expected to gradually improve.On August 13, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." The conference introduced that during the 15th Five-Year Plan period, the Ministry of Ecology and Environment will further strengthen ecological supervision and strive to build a more precise and efficient modern ecological supervision system. During the 15th Five-Year Plan period, efforts will focus on three aspects: "Systematization" of ecological status assessment: Systematically conduct multi-scale ecological status assessments at the national, key regional, nature reserve, and ecological protection red line levels to comprehensively grasp the ecological baseline and changing trends, and verify the effectiveness of ecological protection and restoration work. "Precision" in the discovery and handling of ecological damage: Continuously optimize satellite imagery monitoring to improve the accuracy of discovering ecological damage. Launch the "Green Shield" campaign to severely punish all kinds of illegal and irregular ecological damage. Improve the graded judgment system for ecological damage incidents, clarify the standards, work processes, and handling requirements for judgment, and achieve standardized management throughout the entire process. "Digitalization" of ecological monitoring and supervision: Deepen the application of new technologies such as satellite remote sensing, AI image interpretation, environmental DNA, voiceprint recognition, large-scale models, and intelligent agents, and promote the iterative upgrading of the national ecological protection and restoration supervision platform. We will continue to optimize the layout of comprehensive ecological quality monitoring stations and sample plots to enhance our monitoring capabilities for ecological quality and biodiversity. We will leverage technology to empower ecological supervision, making it more precise, efficient, and intelligent.August 13th - This week, the performance of major Australian banks reflected the extent of the sluggish Australian property market, leading to a decline in bank share prices and highlighting pressure on profitability. Since the governments May budget paved the way for the removal of tax breaks for property investors, mortgage applications at Commonwealth Bank of Australia, Westpac, and ANZ Group have fallen by at least 12%. This followed earlier this years rise in borrowing costs, which dampened demand, and house prices in major cities like Sydney and Melbourne began to decline. Matt Comyn, CEO of Commonwealth Bank, Australias largest bank, stated that the bank has not yet seen this deteriorating sentiment spread further to household spending and overall economic activity. However, with the Middle East conflict pushing up inflation and some businesses remaining cautious, housing credit growth is expected to slow further next year.August 13th - The Pinglu Canal is nearing full navigation. A key project of the Western Land-Sea New Corridor, the Pinglu Canal is the first canal project connecting the Yangtze River and the sea built since the founding of the Peoples Republic of China. The Guangxi Zhuang Autonomous Region has consistently prioritized ensuring the timely, safe, and high-quality completion and opening of the canal by September, coordinating efforts at a high level and pushing forward with all its might. A special working group has been established to implement a list-based, meticulous, and closed-loop management system for tasks such as project completion and operational preparations, with weekly scheduling to ensure that all tasks are carried out in a coordinated manner and achieve tangible results. Systematic measures have been deployed to achieve the goal of "water in the canal, boats on the water, goods on the boats, and goods flowing in all directions."On August 13th, Shanghai issued the "Shanghai Action Plan for Implementing the Several Measures on Further Promoting the Development of Private Investment". The plan mentions providing computing power subsidies in accordance with laws and regulations to support private enterprises in renting intelligent computing resources for large-scale model research, training, and application. It also encourages universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various business entities, including private enterprises. The plan includes publishing and dynamically updating a public data open list to support private enterprises in the in-depth development and scenario-based utilization of specific public data. It promotes the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers" to reduce the cost of using digital elements such as public data, computing power, models, and corpora. The plan also aims to cultivate benchmark enterprises and platform enterprises for urban digital transformation and guide private enterprises to participate in the construction and scenario operation of digital transformation projects in transportation, logistics, and public services. Finally, it encourages private enterprises to build demonstration projects for new infrastructure such as blockchain applications and large-scale robot applications.

Binance plans to buy rival FTX in bailout as crypto market crumbles

Skylar Shaw

Nov 09, 2022 16:47

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To aid with a "liquidity bottleneck" at the rival exchange, cryptocurrency giant Binance reached a non-binding deal on Tuesday to purchase FTX's non-U.S. unit. This surprising bailout has renewed investor fears about cryptocurrencies.


Sam Bankman-Fried, the CEO of FTX, and Changpeng Zhao, the CEO of Binance, reached an agreement despite their high-profile rivalry when withdrawals totaling $6 billion were made from FTX in the 72 hours leading up to Tuesday morning.


Zhao, who had tweeted on Sunday that Binance would liquidate its holdings of the rival's token owing to vague "recent developments," played a part in the pressure put on FTX.


Dan Raju, CEO of financial services company Tradier, a brokerage, said: "It's frightening to think that FTX, one of the top cryptocurrency exchanges in the world, got bitten by liquidity worries and Binance, their greatest competition, is coming to their rescue."


The 30-year-old billionaire Bankman-spectacular Fried's turnaround in fortunes is the third emergency cryptocurrency rescue this year as investors fled riskier assets due to increasing interest rates. From its peak, the cryptocurrency market has decreased by around two-thirds, reaching $1.07 trillion.


On hearing of the agreement on Tuesday, major cryptocurrencies initially rose, but those gains were swiftly lost.


The price of FTX token, which grants owners discounts on FTX trading fees, was recently $5.33 after falling by more than three-quarters. The largest digital token, bitcoin, was down 11%.


After FTX's shares dropped more than 10%, Coinbase Global Inc. reassured investors in a blog post that it had no exposure to the stock.


Forbes estimates Bankman-net Fried's worth at $16.6 billion; he has claimed to have billions on hand to support faltering digital asset firms. He disclosed a 7.6% ownership holding in Robinhood Markets Inc. in May, taking advantage of the trading app's declining share price.


According to those familiar with the situation, Tuesday's developments left FTX investors rushing to understand what the arrangement with Binance implies for their investment in FTX.


Bankman-Fried attempted to reassure FTX investors in a note to investors shared on Twitter and verified by a source with knowledge of the situation late on Tuesday. In the note, Bankman-Fried stated that "protecting shareholders is our highest priority," but added that specifics of the deal were "still being worked out." A request for comment from FTX was not immediately complied with.