Gm. It’s not featured in today’s newsletter, but I saw the absolute craziest story today. A janitor got annoyed by all the noise a freezer was making, so he turned it off. Turns out that freezer contained 20 years and $1M worth of research. As someone who has to fight back tears every time I pay $3 for street parking, I can’t imagine how that poor soul is feeling.

Anyway, happy hump day everyone!

— Stephen Flanders

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🏠 AI

Gemini > ChatGPT (Allegedly)

Google’s DeepMind AI lab spent many years atop the mountain. But then OpenAI came along, released ChatGPT, and turned Sam Altman into AI Jesus.

Well, they want the crown they once held back.

And they believe their Gemini chatbot is the key.

AlphaGo 2023

In 2016, DeepMind staked their claim to fame by designing an AI program that was able to defeat a champion of the board game Go. That program was called AlphaGo, and now techniques from AlphaGo are being used in DeepMind’s next big product: Gemini.

Gemini is DeepMind’s version of GPT-4. However, because of its AlphaGo buffs, Gemini can do stuff that GPT-4 can’t, such as planning and problem-solving.

If true it’d be a big AI win for Google, and they could really use one of those.

The Comeback Is Stronger Than The Setback

It’s well-known that Google has fallen behind OpenAI in the AI race. And Google’s worried enough about it to take some pretty drastic measures:

• Google merged their DeepMind and Brain research labs, despite the past beef between the two.

• Google CEO Sundar Pichai called a “Code Red” over ChatGPT.

• They rushed out their Bard chatbot.

• And now, Gemini.

They say the comeback is always stronger than the comeback. Let’s see if that turns out to be true for Google.

It’s Not Impossible: With the recent revelation that GPT-4 isn’t as revolutionary as previously believed, it’s not impossible that Gemini might actually be as good or better than ChatGPT.

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🏠 CRYPTO

Fidelity Files For A Spot ETF

A couple of weeks ago, we talked about BlackRock’s monumental Bitcoin spot ETF application. That move by the asset management giant spurred on a wave of fellow ETF hopefuls, including WisdomTree, Invesco, and Bitwise.

But they all pale in comparison to today’s applicant.

Fidelity, the 3rd-largest asset manager in the world with $4T in their coffers, is preparing to file for a spot Bitcoin ETF of their own.

It sounds random, but Fidelity actually has a storied history with our beloved magic internet money:

• In 2014, they began mining Bitcoin.

• In 2018, they launched Bitcoin trading for institutional investors and hedge funds.

• In 2020, they released their Canadian spot Bitcoin ETF.

• In 2022, they became the first retirement plan provider to add Bitcoin as a 401(k) plan investment option

• And in 2023, they added crypto trading into the Fidelity mobile app and launched their crypto exchange, EDX Markets.

A spot Bitcoin ETF is the natural next step.

And as is the case with the BlackRock filing, this is a potentially huge development for crypto:

• A wave of ETFs could finally be the thing that gets crypto out of this freezing-cold winter.

• But it might also turn crypto into something that closely resembles TradFi. This wouldn’t be so bad except for the fact that crypto was literally invented to replace TradFi.

If nothing else, at least crypto is finally getting exciting again.

The Big Picture: At this point, a spot Bitcoin ETF appears inevitable. Whether it turns out to be a good thing for the industry is still up in the air.

🏃‍♀️ QUICKIES

What else is going on?

• OpenAI is working on a “personalized assistant for work”. 

• Your local coffee shop could now deliver your Amazon packages.

• Pour one out for Google’s AR glasses.

• Shrooms have taken over Silicon Valley.

Stat: $40B: The funding for the White House’s new effort to bring high-speed broadband to the whole country. Has to be good for crypto, right?

Rabbit hole: Through A Glass Darkly (Asterisk Mag)

😂 WACKY AI WEDNESDAY

🤌🤌🤌

🤥 3 LIES & A HEADLINE

News is so weird these days. Three of these headlines are fake stories from The Onion while one is actually true. Can you spot the truth amongst the fakes?

A. MrBeast Claims He Narrowly Avoided Death Aboard Space Shuttle Challenger

B. Study Finds Most U.S. Students Can’t Name All 50 Numbers

C. Restaurant Hired Fake Priest To Get Sin Confessions From Workers

D. Department Of Transportation Announces $1B Investment In Horses

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😱 Fear isn’t always the best motivator.

💉 DOPAMINE HIT

What did I just watch?

@duolingo

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3 LIES ANSWER

C. The nerves on some people man.