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On May 7th, AMD shares surged to a record high as a strong outlook boosted investor confidence in continued demand for artificial intelligence infrastructure, driving a general rise in global semiconductor stocks. Analysts and investors believe AMD is a leader challenging Nvidias dominance in the AI chip field, and that the company is also benefiting from its focus on the CPU business. CPUs have become increasingly important as companies move towards agent-based AI—systems capable of performing autonomous functions—which expands demand beyond GPUs used to train large models. "Nvidia held a monopoly in the AI chip market for two years, but other companies are now catching up. Meanwhile, the expanding market size leaves room for future growth," said Michael ORourke, chief market strategist at Jones Trading. Matt Blitzman, senior equity analyst at Hargravesson Lansdowne, said, "AMDs story is no longer just about competing with Nvidia on GPUs…its increasingly moving towards a broader computing landscape, as both CPUs and GPUs will play their respective roles as demand for AI workloads increases."On May 7th, the China Trustee Association issued an initiative entitled "Initiative on Optimizing Trust Services and Promoting the Healthy and Sustainable Development of the Trust Industry." The initiative emphasizes adhering to the principle of "quality and price matching" and resisting "involutionary" competition. It calls for scientifically assessing core elements such as business service costs, risk premiums, and reasonable profits to establish a pricing mechanism that matches actual business needs. The initiative resolutely opposes competing for projects at prices below cost, preventing issues such as declining service quality and weakened risk management due to low-price competition, and upholding the fundamental principle of "quality and price matching" in business operations.Shell CFO: We are seeing rising crude oil and refined product prices in Asia to attract U.S. shipments from Europe to Asia.Switzerlands seasonally adjusted unemployment rate for April will be released in ten minutes.On May 7th, XS.com analyst Linh Tran commented that gold prices may need a clear breakout above the $4730-$4750 per ounce range to maintain a strong upward trend. With the dollar and US Treasury yields weakening, gold looks poised for short-term gains. However, if gold fails to break through this resistance level, it may return to a range-bound trading pattern. The upcoming US non-farm payroll report could be a key catalyst; weaker-than-expected data could support a more dovish stance from the Federal Reserve, thereby boosting gold prices.

Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft

Jimmy Khan

Aug 24, 2022 15:25

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Before the cryptocurrency lender went bankrupt last month, Celsius Network LLC, according to a lawsuit filed on Tuesday by the company against a former investment manager, lost or stole assets worth tens of millions of dollars.


After Stone misrepresented himself as a pioneer in the industry, Celsius filed a case in Manhattan bankruptcy court accusing Stone and his business KeyFi Inc of "gross carelessness" and "extraordinarily poor" crypto investment.


Stone was "unable" to use cryptocurrencies profitably, according to Celsius, leading to losses of "several tens of millions of dollars."


He allegedly used stolen money to purchase hundreds of non-fungible tokens ("NFTs"), which he kept out of sight, and then hid his activities by using Tornado Cash, a cryptocurrency "mixer" that the U.S. Treasury Department banned on August 8 due to concerns that it could be used to launder the proceeds of cybercrime.


Six weeks after KeyFi sued Celsius in a Manhattan-based New York state court, the current case was filed on Tuesday.


It alleged that Celsius operated a Ponzi scheme, improperly handled client deposits, neglected to hedge investments, and defrauded Stone of possible compensation worth hundreds of millions of dollars.


According to court documents, Stone worked with Celsius for roughly seven months, concluding in March 2021.


Stone's attorney Kyle Roche said via email that Celsius CEO Alex Mashinsky had approved KeyFi's remuneration, which included NFTs.


The most recent filing by Celsius, according to Roche, "is an effort to rewrite history and make KeyFi and Mr. Stone the scapegoat for their organizational failure."


Each party feels the other is owed money, and both lawsuits aim to recover it as well as compensatory and punitive damages.


After halting withdrawals and transfers for its 1.7 million clients because to "extreme" market circumstances on July 13, Celsius, located in Hoboken, New Jersey, filed for Chapter 11 protection from creditors.


The cases are KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, No. 652367/2022; and Celsius Network Ltd. et al. v. Stone et al., U.S. Bankruptcy Court, Southern District of New York, No. 22-ap-01139.

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