🚀 Musk to open source Grok

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. Elon Musk's AI startup, xAI, plans to open-source Grok, its ChatGPT rival, showcasing real-time information access and unconstrained by "politically correct" norms. Available through X's $16/month subscription, Grok's open-sourcing follows Musk's lawsuit against OpenAI, accusing it of deviating from its original open-source commitment and becoming a closed-source entity focused on profit for Microsoft. The move ignites debates on open-source AI's merits, with industry figures like Vinod Khosla and Marc Andreessen weighing in. Musk's commitment to open-source aligns with his past actions with Tesla and X (formerly Twitter), contrasting OpenAI's current trajectory.

2. Bitcoin's value surged to a new record high above $72,000 after the British Financial Conduct Authority (FCA) announced it would permit exchanges to list cryptocurrency-linked exchange-traded products (ETPs) for the first time. The FCA's decision enables the creation of a U.K.-listed market segment for crypto-backed exchange-traded notes (ETNs), subject to exchanges ensuring proper trading controls and protection for professional investors. Following this announcement, Bitcoin's price experienced a 3% increase, reaching an all-time high of $72,211.51, while Ether also saw a rise of more than 2%. The London Stock Exchange confirmed it would start accepting applications for Bitcoin and Ether ETNs from the second quarter of this year. The FCA emphasized that only professional investors could purchase ETNs, maintaining a ban on crypto-linked ETNs and derivatives for retail consumers due to the associated risks. This move is seen as a significant step for cryptocurrency, potentially leading to increased institutional investment and influencing market prices positively.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment industry, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. Gold is at its highest point since 1979 as a record-breaking rally for alternative assets continues.

   2. The average five-year inflation outlook from major US banks has increased to 2.9%

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