On The Wire: Today's Top Stories In Finance & Tech

Your daily briefing of some of the most important stories from the crypto, finance, and tech space.

The daily news roundup from REX Wire

Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.

In today's roundup, Bitcoin comes to Boomers, and Gary Gensler is missing, presumed lost under a big pile of salt. US office space vacancies have hit a four-decade high, the eurozone is looking at recession, and China is finding creative ways of circumventing an export ban on the most powerful AI chips.


Bitcoin Spot ETFs Receive Green Light

Following a ten-year wait, no fewer than 11 bitcoin spot ETFs finally went live today, offering institutional and retail investors an easy way to gain exposure to BTC.

Bitcoin Spot ETFs Receive Green Light
The SEC has finally approved spot bitcoin ETFs, opening the doors to many billions of dollars of new investment.

Global Minimum Tax: A Windfall For Tax Havens

The OECD's study indicates that the global minimum tax, effective since January 2024, may unexpectedly benefit tax havens, with potential increases in corporate tax revenues up to 34%. This contrasts with the 7-10% rise expected in high-income countries. Revised estimates suggest the global tax could generate between $155-$192 billion annually.

Global Minimum Tax: A Windfall For Tax Havens
OECD research reveals tax havens like Ireland and the Netherlands could see major gains from the new global minimum tax.

US Office Space Vacancies Hit 40-Year High

Vacancy rates are close to 20%, as employees are spending part or all of their working days at home, and businesses are seeking to slash costs.

US Office Space Vacancies Hit 40-Year High
While the pandemic is partly to blame, the US office market has never recovered from the excesses of the 1980s.

Eurozone Braces For Economic Downturn, ECB Vice-President Signals

ECB Vice-President Luis de Guindos warns of a possible Eurozone downturn in 2024, citing slowing disinflation and a recent inflation increase. Faced with a weak economic outlook and inflation above 2%, the ECB deliberates on interest rate policies amidst concerns of a technical recession and sector-wide slowdown.

Eurozone Braces For Economic Downturn, ECB Vice-President Signals
ECB Vice-President signals potential Eurozone downturn in 2024 amid rising inflation and economic challenges.

SEC Staff Search For Gary Gensler Under Huge Pile Of Salt

Gensler has published a message stating that the SEC was forced to approve the ETFs, and that this in no way constitutes and endorsement of Bitcoin, which is a asset that has only speculative and criminal use cases.

SEC Staff Search For Gary Gensler Under Huge Pile Of Salt
While the regulator’s Chair has not been seen, Peter Schiff has now been recovered from the mound of sodium chloride.

Hewlett Packard Enterprise Acquires Juniper Networks In $14 Billion AI-Focused Deal

Hewlett Packard Enterprise's acquisition of Juniper Networks for $14 billion highlights the tech sector's growing focus on artificial intelligence. The deal, showcasing AI's influence, comes with mixed market reactions and raises questions about long-term profitability in the AI-driven tech landscape.

Hewlett Packard Enterprise Acquires Juniper Networks In $14 Billion AI-Focused Deal
HPE acquires Juniper Networks for $14 billion, signaling a major shift in tech towards AI-focused infrastructure.

Chinese Firms Turn To Nvidia Chips for AI Amid US Export Controls

In response to US export controls, Chinese firms are repurposing Nvidia gaming graphics cards for AI applications. Over 4,000 cards were modified in December alone. This move, driven by a shortage of high-end processors, faces challenges including potential intellectual property issues and performance limitations.

Chinese Firms Turn To Nvidia Chips for AI Amid US Export Controls
Chinese companies adapt Nvidia gaming chips for AI development, countering US export controls on AI technology.

Accelerating Drug Discovery: Isomorphic Labs' Ambitious AI Goal

Isomorphic Labs, a Google DeepMind spin-off, plans to cut drug discovery time from five years to two using AI, following $3 billion in deals with Eli Lilly and Novartis. This move could revolutionize the costly and lengthy drug development process, marking a significant advance in AI-powered healthcare.

Accelerating Drug Discovery: Isomorphic Labs’ Ambitious AI Goal
Isomorphic Labs aims to halve drug discovery time using AI, with Eli Lilly and Novartis in a $3 billion partnership.

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