xAI Supercomputer, SEC New Chair , Bitcoin $100k Flash Crash

1.) xAI Supercomputer

Elon Musk’s artificial intelligence startup, xAI, is set to significantly scale its Memphis-based supercomputer, Colossus, increasing its capacity from 100,000 to one million GPUs. This expansion, supported by partners Nvidia, Dell, and Super Micro, aims to enhance the training of xAI’s chatbot, Grok, as Musk intensifies his competition with OpenAI and Sam Altman.

Singular’s Take: While this move positions xAI as a major player in the AI race, it also raises environmental concerns over the energy consumption of such large-scale data centers. Activists have called for regulatory scrutiny, particularly around xAI’s use of gas turbines for power without proper permits, highlighting the broader implications of AI’s rapid growth on sustainability.

2.) SEC New Chair

President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner and fintech consultant, to lead the Securities and Exchange Commission. Known for his pro-business and crypto-friendly stance, Atkins is expected to prioritize corporate returns and deregulation over climate and social accountability measures championed by his predecessor, Gary Gensler. ESG experts fear this shift could roll back climate-risk disclosure rules and diminish the influence of sustainability considerations in corporate governance.

Atkins’ appointment signals a potential laissez-faire regulatory approach, with a focus on fostering innovation in digital assets and minimizing government intervention. Critics argue that this direction may undermine long-term ESG efforts and transparency, raising alarms among investors and environmental groups about the future of responsible investing under the new administration.

3.) Bitcoin Hits $100,000 Milestone

Bitcoin (BTC) reached a historic milestone on Thursday (05/12), breaking the $100,000 barrier per coin, equivalent to nearly Rp1.5 billion. However, the achievement was overshadowed by a sudden 10% flash crash just 43 seconds later, catching futures traders off guard and exposing market fragility.

The surge to $100K was fueled by institutional optimism, including expectations of crypto-friendly policies under newly appointed SEC Chair Paul Atkins. Yet, the crash was partly attributed to sell-offs by major players like Meitu, which took profits during the rally. This event highlights the risks posed by large Bitcoin holders, with investors increasingly wary of potential sell-offs from entities like MicroStrategy.

Despite the volatility, Bitcoin has seen a 133% rise year-to-date, reflecting strong momentum from ETF developments, a growing crypto ecosystem, and optimism surrounding the U.S. election. The milestone reaffirms Bitcoin’s global appeal but underscores the delicate balance of market dynamics.

Under the Radar

1. Trump Administration Considers Perianne Boring as CFTC Chair

President-elect Donald Trump is eyeing Perianne Boring, founder of The Digital Chamber, as a potential CFTC Chair, signaling a push toward crypto-friendly regulation.

2. UnitedHealth CEO Murdered

The shocking murder of UnitedHealthcare CEO Brian Thompson has sparked unprecedented public outrage, humor, and critique, exposing deep frustrations with the profit-driven American healthcare system.

3. Crypto Trading Volume Hits $10 Trillion in November

November’s crypto trading volume reached $10 trillion, driven by Bitcoin’s rally and increased market activity, bolstered by expectations of favorable regulatory reforms.

Meme of the Week

Bitcoin Pizza Day: Techie paid 10,000 Bitcoins for Pizza

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