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On August 27th, according to the Wall Street Journal, Barret Zoph, co-founder of Thinking Machines Lab, has changed employers again after his abrupt departure earlier this year due to disagreements with CEO Mira Murati to join OpenAI. Google stated that Zoph will join Google as Vice President of Research. Zoph previously served as Chief Technology Officer of Thinking Machines before returning to OpenAI to drive the sale of AI products to enterprises. A Google spokesperson said, "We look forward to Barrets return to Google and bringing his expertise in reinforcement learning and post-training to Gemini." Zoph left Thinking Machines in January of this year, along with co-founder Luke Metz and another employee, Sam Schoenholz.On August 27, the Hengzhou Meteorological Observatory in Guangxi continued to issue a red rainstorm warning signal at 8:10 a.m.: Since 3:00 a.m. on the 27th, Pingma, Luancheng, Liujing and other towns in Hengzhou City have experienced heavy rainfall of 50-90 mm, with some areas reaching 130 mm. It is expected that in the next 3 hours, Shitang, Taowei, Liujing, Xiaoyi, Zhenlong, Maling and Yunbiao towns in Hengzhou City will still experience heavy rainfall of 30-50 mm, with some areas exceeding 60 mm. Other areas will experience rainfall of 15-25 mm, accompanied by thunderstorms and short-term strong winds. The meteorological risk of flash floods and geological disasters is very high.On August 27th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.2030%, and the lowest was 0.7060%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0110%, and the lowest was 0.8720%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0410%, and the lowest was 0.9000%.Hong Kong-listed AI stocks rallied, with Zhipu (02513.HK) rising nearly 5%, Biren Technology (06082.HK) up 4.86%, and Tianshu Zhixin (09903.HK) and MINIMAX-W (00100.HK) rising nearly 4%.The Bank of Korea: Uncertainties remain regarding the extent of expansion in the chip industry, the situation in the Middle East, and changes in the trade environment.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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