Traders | April 1st, 2024

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GOOD MORNING

Here’s everything you need to know today. AT&T's recent cybersecurity stumble has thrust it into a harsh spotlight, exposing personal data of over 70 million users to the dark web's clutches and shaking investor confidence. Meanwhile, in a leap toward the future, Microsoft and OpenAI are joining forces to launch "Stargate," a supercomputing project poised to push AI boundaries, signaling a significant commitment to advancing technological frontiers.

On the financial front, the hedge fund landscape is undergoing a dramatic transformation, with new funds tiptoeing into a market bristling with economic uncertainties and seasoned players navigating through the volatility with cautious optimism. And in the crypto sphere, Coinbase's wallet got a hefty $1.4 billion boost in USDC stablecoins, igniting a surge in Bitcoin's value and rekindling institutional interest in digital currencies amidst a backdrop of gold's soaring prices.

Let’s dive into more detail below.

DIGITAL DRAMA
The cybersecurity debacle at AT&T, spilling the personal data of over 70 million users into the nefarious reaches of the dark web, presents more than a mere operational headache—it looms as a potential calamity for stockholders. With the company thrust into high alert to contain the breach, the market's response hangs in the balance, sparking speculation on the fate of investments tied to AT&T's stock.

INVESTOR ANGST
The public airing of AT&T's digital vulnerabilities hardly serves as an enticement for stock market optimism. The prospect of regulatory repercussions, financial liabilities, and the cost of bolstering cybersecurity infrastructure tends to drive investors toward the exits rather than the trading floor. Despite AT&T's reassurances of minimal operational disruption, the enduring concern for investors remains the potential erosion of consumer confidence and the subsequent impact on the company's financial health and stock value.

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BREAKING NEWS
Microsoft is set to revolutionize AI research by building a supercomputer called "Stargate," with millions of processors designed to assist OpenAI in their groundbreaking work. This ambitious project aims to advance artificial intelligence infrastructure by light-years, where the only limitations are those of imagination and computational power.

WHAT HAPPENED
Tech giant Microsoft Corp. is moving forward with plans to create a supercomputing behemoth to support OpenAI, the leading research organization in AI. Informally dubbed Stargate, the supercomputer will be capable of processing workloads far too large for smaller systems, enabling more powerful tests of AI models. The staggering $100 billion plan encompasses Stargate and a series of other AI clusters as part of an overarching program spanning the next decade.

This development follows a collaborative history between Microsoft and OpenAI dating back to 2020, when they deployed an Azure-hosted supercomputer with 10,000 graphics cards. At the time, the system emerged as one of the fastest globally and has since been deployed in over 175 countries, reaching tens of millions of learners.

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BREAKING NEWS
Against a one-in-a-lifetime test for global financial markets, the elite echelon of hedge funds has posted blockbuster results, weathering the storm and engaging in big-ticket buying and selling. Soaring market volatility benefits leading lights like TCI, Citadel, and Viking, who reap gains while their faltering peers help redefine 'success' in an ever-more dubious world economic order.

However, it could have been more rosy. New hedge fund launches have sagged noticeably, while liquidations have maintained a steady pace, reflective of a cautious yet strategically adaptive industry stance. The move, captured in the latest HFR Market Microstructure Report, neatly sums up a wider story of financial markets preparing for a slew of fresh economic data releases, most notably the fall in inflation and a supposedly brighter economic horizon.

WHAT HAPPENED
Hedge fund launches in the final quarter of 2023 fell to just 85, an ebb that has not been seen since last year's third quarter, bringing the year's total to 438. This fall feeds the cautionary mood that characterizes the sector in the face of shifting economic signals and geopolitical instability. In the meantime, fund liquidations slightly increased to 104 in the quarter from 100 in the preceding quarter, which capped the year at 415.

It is also visible that diversified approaches to investments were making their way predominantly through Multi-Strategy funds, giving evidence of growing interest in this landscape, and most of them were entering the cryptocurrency and AI sectors.

The performance of the HFRI Fund Weighted Composite Index (FWC), beginning with a gain of +8.1% in 2023 and a further +2.4% in the first two months of 2024, tends to underline cautious optimism.

Both healthcare and technology segment equity hedge strategies have shown excellent performance, leading the yearly performance metrics and pointing out the strong pace of 2024.

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BREAKING NEWS
The crypto market saw a massive this week as Coinbase received an influx of $1.4 billion in USDC stablecoins. This event sparked a notable buying spree, lifting Bitcoin from stagnation into an upward rally to above $70k yet again. Institutional investors, encouraged by recent approvals of spot Bitcoin ETFs, are increasingly engaging with the market, signaling a resurgence of investor confidence. This also happens to coincide with golds parabolic rise.

WHAT HAPPENED
The crypto market was energized by the arrival of $1.4 billion USD at Coinbase, highlighting the growing connection between traditional finance and digital currencies. USDC, central to this development, has seen its market cap rise to over $28 billion. This increase is part of a gradual upswing since late 2023, bolstered by a significant uptick in its use in trading. The launch of Coinbase International Exchange and a market maker incentive program have broadened USDC's global presence.

Tether (USDT), another major player in the stablecoin market, boasts a current market cap of $96,566,783,807, with a circulating supply of 104,454,161,511 USDT. The price of Tether remains stable at $1.00 USD, and its trading volume over the last 24 hours reached $716.79 million. Positioned as the 3rd largest cryptocurrency by market capitalization, Tether's growth trajectory suggests it may soon surpass a $100 billion market cap.

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