FXOpen Has Lost Its Australian License
This week’s top highlights start on Australia’s tough regulatory terrain, where FXOpen became the latest target of the Australian Securities and Investments Commission (ASIC). The regulator canceled the license of the forex and contracts for differences (CFDs) broker held by the local entity FXOpen AU Pty Ltd.
Announced this week, the regulator detailed that the action against the retail broker came after an investigation identified serious concerns about the “inadequacy of its human resources to provide financial services and to carry out supervisory arrangements.” ASIC elaborated that the broker failed to meet three key AFS licensing requirements, which include maintaining competence to provide financial services, complying with the “key person” condition on its license, and adhering to financial services laws.
IC Markets Gets Hit Again with €50K Fine from CySEC after €200K Penalty
The Cyprus Securities and Exchange Commission (CySEC) imposed a €50,000 fine on IC Markets (EU) Ltd for violations of the Investment Services and Activities and Regulated Markets Law. The decision was made during a board meeting on July 1, 2024.
The company has been fined €30,000 for failing to ensure the best possible outcomes for its clients when executing orders. According to the regulator, IC Markets (EU) Ltd did not adequately consider factors such as price and size in its execution process. IC Markets also faces a €10,000 fine for not establishing and implementing effective measures to comply with its obligations regarding client order execution.
Forex4you Exits Belarus as Forex Market Shrinks in the Region
In our exclusive coverage, Forex4you closed its representative office in Minsk, shrinking the number of licensed forex firms in Belarus to just six. This closure was also accompanied by the suspension of forex4you.by website, amid challenges in the forex market. According to an exclusive report by FinanceMagnates RU, the Belarusian forex scene has experienced a substantial decline over the past year.
Forex4you, part of the E-Global Trade & Finance Group, was among the 32 firms initially licensed when the market became regulated. The reasons behind Forex4you’s exit remain unexplained. Earlier this year, the company underwent a rebranding to Markets4you, which included removing the Russian-language site and updating its brand identity.
IG Group Redirects Daily FX Website, Launches “Trade Live with IG” Morning Show
Daily FX, IG Group’s trading news, and forex analysis website appeared to have been closed down. The website now redirects to IG Group’s official website. The platform’s social media channels were also rebranded. The YouTube and X (formerly Twitter) accounts now feature Trade Live with IG branding. However, the Daily FX Facebook page has remained largely unchanged and inactive since early August.
According to a YouTube update, Trade Live with IG is a morning show that will air from 7:30 am to 10:00 am UK time on weekdays. IG Group acquired Daily FX from FXCM in 2016. The transition to Trade Live with IG is reportedly part of IG Group’s broader effort to leverage media as a strategic asset, similar to its successful model with the US-based options broker tastytrade, which IG acquired in 2021.
CFI Expands UAE Operations: New Abu Dhabi Office under SCA License
At the same time, CFI Financial Markets expanded its operations to Abu Dhabi, which is a key step in its growth strategy in the UAE. The move aims to increase accessibility to CFI’s trading services in the region. Abu Dhabi is a major financial center. The city’s importance in the financial sector and its role in innovation and economic growth make it a strategic choice for CFI.
According to the firm, this expansion will bring CFI’s services closer to clients in Abu Dhabi, offering better accessibility and support. The company will operate under a Category One license from the UAE’s Securities and Commodities Authority, which aims to ensure compliance with local regulations and enhance security and transparency.
New FX Trading Platform BlueX Launches, Backed by BlueCrest Capital
BlueX, a new foreign exchange trading technology platform, officially went live with its first production trades. The platform’s launch followed its recent licensing by the Jersey Financial Services Commission (JFSC). Developed by a hedge fund, BlueCrest Capital Management, BlueX aims to change the rules of FX trading by integrating advanced tools and workflow automation directly into the trading process.
“By combining advanced core platform features with third-party trading tools directly into the end-user workflows, BlueX delivers a unique value proposition that sets it apart from other Execution Management Systems,” Graham MacGregor, CEO of BlueX, commented.
Capital.com’s H1 2024 Revenue Hits “Triple-Digit Million”: New COO Joined
Capital.com revealed that the group’s net revenue between January and June jumped by 35 percent, while the total number of registered accounts grew by 63 percent. Although the broker did not provide any absolute figures for these two performance metrics, it told Finance Magnates that “revenue growth is in the triple-digit million range and registered accounts are in the millions range.”
The official press release of the broker further highlighted that the total client trading volume on its platforms for the first six months of 2024 reached $725 billion. The figure is 6 percent higher than the $683 billion in trading volume during the previous six months.
LandFX Boosts Net Profit by 20% despite Sharp Decline in 2023 Turnover
The UK-registered and FCA-licensed broker LandFX published its 2023 financial results, showing a decline in turnover and gross profit of nearly 30%. Thanks to significantly lower administrative costs and reduced sales expenses, the company managed to register an operating profit of £57,000, 16% higher than the previous year.
Capital Index (UK)’s Revenue Drops 29%, Company Blames Cost of Living Crisis
Capital Index (UK), a London-based online forex and CFD brokerage firm, disclosed its financial report for 2023, highlighting a decline in revenue and deepening losses. The company’s 2023 trading revenue was £1,035,073, a 29% drop from £1,463,501 in the previous year.
The trading profit margin for the period was 93% compared to 77% in 2022. Besides that, the company noted that the cash and cash equivalents as of December 31, 2023, were £240,305. This figure compares to £315,471 in the previous year.
NAGA Strikes a Sponsorship Goal with Germany’s Borussia Dortmund
In the sports sponsorship space, NAGA Group partnered with the German iconic football club Borussia Dortmund (BVB). The sponsorship deal will give NAGA exclusive rights to the BVB Partner logo and position its brand in front of millions of football fans at Signal Iduna Park, Borussia Dortmund’s home ground.
According to a company statement, the deal covers the current and upcoming Bundesliga seasons. Naga will display its brand on LED advertising boards during the club’s home matches, aiming to capture the attention of football fans.
XTB Establishes Sponsorships in UAE Boxing and Greek Economics Olympiad
XTB MENA entered into a partnership with the UAE Boxing Federation to support the UAE National Boxing team, coaches, and events. Additionally, XTB has obtained a sponsorship deal with the Polish young economists’ team participating in the Economics Olympiad in Greece.
The event is taking place at the historic Olympic Stadium in Olympia. The competition will be evaluated by a jury composed of respected economics professors. Participants will be assessed on both theoretical knowledge and practical skills over several days of competition.
eToro Secures Two-Year Sponsorship Deal with Bayer 04 Leverkusen
Additionally, eToro, a trading and investing platform, entered into a new sponsorship agreement with German football club Bayer 04 Leverkusen. The partnership will begin with the upcoming football season. This two-year deal designates eToro as an official trading partner of Bayer 04 Leverkusen. The agreement comes after Bayer 04 Leverkusen’s successful 2023/24 season, during which the club won both the Bundesliga title and the DFB Pokal.
“This is such an exciting time to partner with Bayer 04 Leverkusen, following their incredible success last season,” said Stephanie Wilks-Wiffen, Director of Marketing, UK & DACH at eToro. “eToro exists to make investing accessible to everyone, just as football brings people together regardless of their background,” she continued. “Our partnership with Bayer 04 Leverkusen reflects our commitment to expanding our community and connecting with sports fans.”
Card Fraud Grips UK Residents: Victims Lost Almost £60 Million in Three Years
Residents of the United Kingdom lost more than £59.8 million to card fraud over the past three years, according to official data from the country’s authorities. On the positive side, losses dropped to £15.7 million in 2023, compared with £22.2 million the previous year.
The total loss was nearly £21.9 million in 2021. The figures were obtained through a Freedom of Information request sent to the National Fraud Intelligence Bureau, which is run by the City of London Police.
Prop Trading Industry Is Divided on “Gamification” amid Consob’s “Video Game” Remark
“I believe that ‘gamification’ can be actually beneficial if done with good intentions,” David Varga, Co-Founder of Fintokei and Purple Trading, told Finance Magnates, amid the “video game” remark on prop trading by the Italian financial markets regulator. BullRush’s CEO, Trent Hoerr, also added that “if done correctly, gamification can be a benefit for traders.”
Highlighting its educational value, giving the Duolingo app as an example, Varga explained that such practices, when used by modern prop trading firms, only follow a wider societal trend. Italy’s Consob first acknowledged its interest in prop trading firms last month by issuing a warning against them.
Nexo Aligns with FCA’s Guidelines: Resumes Onboarding UK Clients
Nexo, the platform that gained popularity by offering crypto lending products, resumed new client registration in the United Kingdom this week, the company announced. The crypto platform detailed that before resuming onboarding, it upgraded its platform to meet all FCA guidelines.
It has also partnered with Gateway 21 to ensure compliance with all financial promotion rules imposed by the UK’s Financial Conduct Authority (FCA). Nexo stopped taking new clients in the UK last October, days before the local regulator implemented new guidelines around financial promotions on October 8, 2023.
Binance Transfers South African Derivatives Operations to Bahrain Unit
Also, in the crypto space, Binance plans to transfer its South African derivatives operations to its Bahrain subsidiary. The crypto exchange mentioned in a statement today that this move will require users to adapt to new procedures and ensure compliance with South African and Bahraini regulations.
Binance Bahrain will now serve as the official entity handling derivatives products for South African residents. According to the exchange, this transition is important in maintaining the exchange’s operations within the regulatory frameworks of both South Africa and Bahrain.
Existing Rules Don’t “Describe Leveraged Tokens”: CFTC’s Pham after Uniswap Settlement
Elsewhere, the US Commodity Futures Trading Commission charged decentralized exchange (DEX) developer Uniswap Labs with offering illegal leveraged and margined commodities transactions. The two parties simultaneously settled the charges with a payment of $175,000. Meanwhile, CFTC Commissioner Caroline Pham dissented from the order, pointing out that the existing rules do not specify characteristics of “leveraged tokens.”
She also expressed concern over the regulator’s “ever-expanding jurisdictional overreach.” The regulator highlighted that Uniswap developed a protocol and interface allowing “Non-Eligible Contract Participants” and institutional users in the United States and abroad to trade digital assets through the Ethereum blockchain.
Nearly 9 in 10 Crypto Registration Applications Failed UK AML Standards: FCA
Amid growing regulatory scrutiny, the UK’s Financial Conduct Authority (FCA) rejected over 87% of cryptocurrency registration applications in its latest review. The high rejection rate highlights the challenges crypto firms face in meeting the UK’s stringent anti-money laundering (AML) requirements, which has forced some companies to leave the country.
In the fiscal year ending March 31, the FCA reviewed 35 applications from crypto companies seeking approval under the UK’s AML framework. Only four managed to clear the hurdle. The FCA named successful registrants, including BNXA (Binance’s payment partner), a PayPal UK unit, and Komainu, a joint venture involving Nomura for crypto custody services.
UK’s First Regulated Crypto Derivatives Platform GFO-X Set For 2024 Launch
The UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives, GFO-X, is set to launch by the end of this year. The project is collaborating with LCH, which will provide clearing for Bitcoin (BTC) index futures.
According to information obtained by Finance Magnates, the FCA-licensed Global Futures and Options Ltd plans to officially launch GFO-X services before the end of 2024. The GFO-X website has been operational for some time, currently offering only basic information about the project and the future offerings of the soon-to-launch trading venue.
Mastercard Expands Crypto Payment Solutions with Debit Card for Self-Custodial Wallets
Mastercard expanded its support for non-custodial wallets through a new partnership with Mercuryo, a European crypto payments provider. This collaboration introduces a euro-denominated crypto debit card that allows users to spend digital assets directly from their wallets at over 100 million merchants globally.
According to a statement by Mercuryo, this initiative is part of Mastercard’s broader push to bridge the gap between traditional finance and the crypto economy, enabling individuals to “be their own bank” while conducting everyday transactions with cryptocurrency.
Groundbreaking AI Treaty to be Signed by US, Britain, and European Union: Report
United States, Britain, and European Union member states will sign the world’s first legally binding international treaty on artificial intelligence, Reuters reported. The treaty, developed over years of negotiations, aims to address the risks posed by AI while promoting responsible innovation.
The AI Convention, adopted in May, is the result of discussions among 57 nations spearheaded by the Council of Europe, a human rights organization. This agreement is focused on protecting the human rights of those affected by AI systems and ensuring that technological progress does not come at the expense of fundamental values like human rights and the rule of law.
Nvidia Stock Dips Despite Earnings Surge
Lastly, Nvidia, the chip giant that has become synonymous with the AI boom, recently unveiled another spectacular earnings report. Although Nvidia’s stock took a dip, its earnings were nothing short of phenomenal. The company reported a 101% increase in revenue from the same quarter last year, raking in a cool $13.51 billion. Earnings per share (EPS) also soared, crushing Wall Street’s expectations.
Nvidia has become the poster child for the AI revolution, and with that comes a significant burden: insane expectations. Nvidia’s stock has already seen an enormous uptick this year, up by over 200%. Apparently, record profits and outpacing expectations no longer cut it in today’s market, especially when the company in question is leading the Artificial Intelligence (AI) charge.
Until next week!
FXOpen Has Lost Its Australian License
This week’s top highlights start on Australia’s tough regulatory terrain, where FXOpen became the latest target of the Australian Securities and Investments Commission (ASIC). The regulator canceled the license of the forex and contracts for differences (CFDs) broker held by the local entity FXOpen AU Pty Ltd.
Announced this week, the regulator detailed that the action against the retail broker came after an investigation identified serious concerns about the “inadequacy of its human resources to provide financial services and to carry out supervisory arrangements.” ASIC elaborated that the broker failed to meet three key AFS licensing requirements, which include maintaining competence to provide financial services, complying with the “key person” condition on its license, and adhering to financial services laws.
IC Markets Gets Hit Again with €50K Fine from CySEC after €200K Penalty
The Cyprus Securities and Exchange Commission (CySEC) imposed a €50,000 fine on IC Markets (EU) Ltd for violations of the Investment Services and Activities and Regulated Markets Law. The decision was made during a board meeting on July 1, 2024.
The company has been fined €30,000 for failing to ensure the best possible outcomes for its clients when executing orders. According to the regulator, IC Markets (EU) Ltd did not adequately consider factors such as price and size in its execution process. IC Markets also faces a €10,000 fine for not establishing and implementing effective measures to comply with its obligations regarding client order execution.
Forex4you Exits Belarus as Forex Market Shrinks in the Region
In our exclusive coverage, Forex4you closed its representative office in Minsk, shrinking the number of licensed forex firms in Belarus to just six. This closure was also accompanied by the suspension of forex4you.by website, amid challenges in the forex market. According to an exclusive report by FinanceMagnates RU, the Belarusian forex scene has experienced a substantial decline over the past year.
Forex4you, part of the E-Global Trade & Finance Group, was among the 32 firms initially licensed when the market became regulated. The reasons behind Forex4you’s exit remain unexplained. Earlier this year, the company underwent a rebranding to Markets4you, which included removing the Russian-language site and updating its brand identity.
IG Group Redirects Daily FX Website, Launches “Trade Live with IG” Morning Show
Daily FX, IG Group’s trading news, and forex analysis website appeared to have been closed down. The website now redirects to IG Group’s official website. The platform’s social media channels were also rebranded. The YouTube and X (formerly Twitter) accounts now feature Trade Live with IG branding. However, the Daily FX Facebook page has remained largely unchanged and inactive since early August.
According to a YouTube update, Trade Live with IG is a morning show that will air from 7:30 am to 10:00 am UK time on weekdays. IG Group acquired Daily FX from FXCM in 2016. The transition to Trade Live with IG is reportedly part of IG Group’s broader effort to leverage media as a strategic asset, similar to its successful model with the US-based options broker tastytrade, which IG acquired in 2021.
CFI Expands UAE Operations: New Abu Dhabi Office under SCA License
At the same time, CFI Financial Markets expanded its operations to Abu Dhabi, which is a key step in its growth strategy in the UAE. The move aims to increase accessibility to CFI’s trading services in the region. Abu Dhabi is a major financial center. The city’s importance in the financial sector and its role in innovation and economic growth make it a strategic choice for CFI.
According to the firm, this expansion will bring CFI’s services closer to clients in Abu Dhabi, offering better accessibility and support. The company will operate under a Category One license from the UAE’s Securities and Commodities Authority, which aims to ensure compliance with local regulations and enhance security and transparency.
New FX Trading Platform BlueX Launches, Backed by BlueCrest Capital
BlueX, a new foreign exchange trading technology platform, officially went live with its first production trades. The platform’s launch followed its recent licensing by the Jersey Financial Services Commission (JFSC). Developed by a hedge fund, BlueCrest Capital Management, BlueX aims to change the rules of FX trading by integrating advanced tools and workflow automation directly into the trading process.
“By combining advanced core platform features with third-party trading tools directly into the end-user workflows, BlueX delivers a unique value proposition that sets it apart from other Execution Management Systems,” Graham MacGregor, CEO of BlueX, commented.
Capital.com’s H1 2024 Revenue Hits “Triple-Digit Million”: New COO Joined
Capital.com revealed that the group’s net revenue between January and June jumped by 35 percent, while the total number of registered accounts grew by 63 percent. Although the broker did not provide any absolute figures for these two performance metrics, it told Finance Magnates that “revenue growth is in the triple-digit million range and registered accounts are in the millions range.”
The official press release of the broker further highlighted that the total client trading volume on its platforms for the first six months of 2024 reached $725 billion. The figure is 6 percent higher than the $683 billion in trading volume during the previous six months.
LandFX Boosts Net Profit by 20% despite Sharp Decline in 2023 Turnover
The UK-registered and FCA-licensed broker LandFX published its 2023 financial results, showing a decline in turnover and gross profit of nearly 30%. Thanks to significantly lower administrative costs and reduced sales expenses, the company managed to register an operating profit of £57,000, 16% higher than the previous year.
Capital Index (UK)’s Revenue Drops 29%, Company Blames Cost of Living Crisis
Capital Index (UK), a London-based online forex and CFD brokerage firm, disclosed its financial report for 2023, highlighting a decline in revenue and deepening losses. The company’s 2023 trading revenue was £1,035,073, a 29% drop from £1,463,501 in the previous year.
The trading profit margin for the period was 93% compared to 77% in 2022. Besides that, the company noted that the cash and cash equivalents as of December 31, 2023, were £240,305. This figure compares to £315,471 in the previous year.
NAGA Strikes a Sponsorship Goal with Germany’s Borussia Dortmund
In the sports sponsorship space, NAGA Group partnered with the German iconic football club Borussia Dortmund (BVB). The sponsorship deal will give NAGA exclusive rights to the BVB Partner logo and position its brand in front of millions of football fans at Signal Iduna Park, Borussia Dortmund’s home ground.
According to a company statement, the deal covers the current and upcoming Bundesliga seasons. Naga will display its brand on LED advertising boards during the club’s home matches, aiming to capture the attention of football fans.
XTB Establishes Sponsorships in UAE Boxing and Greek Economics Olympiad
XTB MENA entered into a partnership with the UAE Boxing Federation to support the UAE National Boxing team, coaches, and events. Additionally, XTB has obtained a sponsorship deal with the Polish young economists’ team participating in the Economics Olympiad in Greece.
The event is taking place at the historic Olympic Stadium in Olympia. The competition will be evaluated by a jury composed of respected economics professors. Participants will be assessed on both theoretical knowledge and practical skills over several days of competition.
eToro Secures Two-Year Sponsorship Deal with Bayer 04 Leverkusen
Additionally, eToro, a trading and investing platform, entered into a new sponsorship agreement with German football club Bayer 04 Leverkusen. The partnership will begin with the upcoming football season. This two-year deal designates eToro as an official trading partner of Bayer 04 Leverkusen. The agreement comes after Bayer 04 Leverkusen’s successful 2023/24 season, during which the club won both the Bundesliga title and the DFB Pokal.
“This is such an exciting time to partner with Bayer 04 Leverkusen, following their incredible success last season,” said Stephanie Wilks-Wiffen, Director of Marketing, UK & DACH at eToro. “eToro exists to make investing accessible to everyone, just as football brings people together regardless of their background,” she continued. “Our partnership with Bayer 04 Leverkusen reflects our commitment to expanding our community and connecting with sports fans.”
Card Fraud Grips UK Residents: Victims Lost Almost £60 Million in Three Years
Residents of the United Kingdom lost more than £59.8 million to card fraud over the past three years, according to official data from the country’s authorities. On the positive side, losses dropped to £15.7 million in 2023, compared with £22.2 million the previous year.
The total loss was nearly £21.9 million in 2021. The figures were obtained through a Freedom of Information request sent to the National Fraud Intelligence Bureau, which is run by the City of London Police.
Prop Trading Industry Is Divided on “Gamification” amid Consob’s “Video Game” Remark
“I believe that ‘gamification’ can be actually beneficial if done with good intentions,” David Varga, Co-Founder of Fintokei and Purple Trading, told Finance Magnates, amid the “video game” remark on prop trading by the Italian financial markets regulator. BullRush’s CEO, Trent Hoerr, also added that “if done correctly, gamification can be a benefit for traders.”
Highlighting its educational value, giving the Duolingo app as an example, Varga explained that such practices, when used by modern prop trading firms, only follow a wider societal trend. Italy’s Consob first acknowledged its interest in prop trading firms last month by issuing a warning against them.
Nexo Aligns with FCA’s Guidelines: Resumes Onboarding UK Clients
Nexo, the platform that gained popularity by offering crypto lending products, resumed new client registration in the United Kingdom this week, the company announced. The crypto platform detailed that before resuming onboarding, it upgraded its platform to meet all FCA guidelines.
It has also partnered with Gateway 21 to ensure compliance with all financial promotion rules imposed by the UK’s Financial Conduct Authority (FCA). Nexo stopped taking new clients in the UK last October, days before the local regulator implemented new guidelines around financial promotions on October 8, 2023.
Binance Transfers South African Derivatives Operations to Bahrain Unit
Also, in the crypto space, Binance plans to transfer its South African derivatives operations to its Bahrain subsidiary. The crypto exchange mentioned in a statement today that this move will require users to adapt to new procedures and ensure compliance with South African and Bahraini regulations.
Binance Bahrain will now serve as the official entity handling derivatives products for South African residents. According to the exchange, this transition is important in maintaining the exchange’s operations within the regulatory frameworks of both South Africa and Bahrain.
Existing Rules Don’t “Describe Leveraged Tokens”: CFTC’s Pham after Uniswap Settlement
Elsewhere, the US Commodity Futures Trading Commission charged decentralized exchange (DEX) developer Uniswap Labs with offering illegal leveraged and margined commodities transactions. The two parties simultaneously settled the charges with a payment of $175,000. Meanwhile, CFTC Commissioner Caroline Pham dissented from the order, pointing out that the existing rules do not specify characteristics of “leveraged tokens.”
She also expressed concern over the regulator’s “ever-expanding jurisdictional overreach.” The regulator highlighted that Uniswap developed a protocol and interface allowing “Non-Eligible Contract Participants” and institutional users in the United States and abroad to trade digital assets through the Ethereum blockchain.
Nearly 9 in 10 Crypto Registration Applications Failed UK AML Standards: FCA
Amid growing regulatory scrutiny, the UK’s Financial Conduct Authority (FCA) rejected over 87% of cryptocurrency registration applications in its latest review. The high rejection rate highlights the challenges crypto firms face in meeting the UK’s stringent anti-money laundering (AML) requirements, which has forced some companies to leave the country.
In the fiscal year ending March 31, the FCA reviewed 35 applications from crypto companies seeking approval under the UK’s AML framework. Only four managed to clear the hurdle. The FCA named successful registrants, including BNXA (Binance’s payment partner), a PayPal UK unit, and Komainu, a joint venture involving Nomura for crypto custody services.
UK’s First Regulated Crypto Derivatives Platform GFO-X Set For 2024 Launch
The UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives, GFO-X, is set to launch by the end of this year. The project is collaborating with LCH, which will provide clearing for Bitcoin (BTC) index futures.
According to information obtained by Finance Magnates, the FCA-licensed Global Futures and Options Ltd plans to officially launch GFO-X services before the end of 2024. The GFO-X website has been operational for some time, currently offering only basic information about the project and the future offerings of the soon-to-launch trading venue.
Mastercard Expands Crypto Payment Solutions with Debit Card for Self-Custodial Wallets
Mastercard expanded its support for non-custodial wallets through a new partnership with Mercuryo, a European crypto payments provider. This collaboration introduces a euro-denominated crypto debit card that allows users to spend digital assets directly from their wallets at over 100 million merchants globally.
According to a statement by Mercuryo, this initiative is part of Mastercard’s broader push to bridge the gap between traditional finance and the crypto economy, enabling individuals to “be their own bank” while conducting everyday transactions with cryptocurrency.
Groundbreaking AI Treaty to be Signed by US, Britain, and European Union: Report
United States, Britain, and European Union member states will sign the world’s first legally binding international treaty on artificial intelligence, Reuters reported. The treaty, developed over years of negotiations, aims to address the risks posed by AI while promoting responsible innovation.
The AI Convention, adopted in May, is the result of discussions among 57 nations spearheaded by the Council of Europe, a human rights organization. This agreement is focused on protecting the human rights of those affected by AI systems and ensuring that technological progress does not come at the expense of fundamental values like human rights and the rule of law.
Nvidia Stock Dips Despite Earnings Surge
Lastly, Nvidia, the chip giant that has become synonymous with the AI boom, recently unveiled another spectacular earnings report. Although Nvidia’s stock took a dip, its earnings were nothing short of phenomenal. The company reported a 101% increase in revenue from the same quarter last year, raking in a cool $13.51 billion. Earnings per share (EPS) also soared, crushing Wall Street’s expectations.
Nvidia has become the poster child for the AI revolution, and with that comes a significant burden: insane expectations. Nvidia’s stock has already seen an enormous uptick this year, up by over 200%. Apparently, record profits and outpacing expectations no longer cut it in today’s market, especially when the company in question is leading the Artificial Intelligence (AI) charge.
Until next week!
This post is originally published on FINANCEMAGNATES.
