Good for Nvidia 🥳
Nvidia smashes records with an $18.12 billion Q3. Netflix's $40 million gamble on "Conquest" goes bust. KPMG teams up with Chainalysis and Coinbase challenges the SEC.
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Nvidia just blew the roof off with their third-quarter revenue of $18.12 billion.
That's right, a company record.
And if that wasn't jaw-dropping enough, their stock shot up to an all-time high of $499.60 per share.
Get the deets
$18.12 billion in revenue exceeded the expected $16.18 billion.
Revenue grew by 206% year over year, with net income reaching $9.24 billion.
Data centre revenue totalled $14.51 billion, a 279% increase, with half coming from cloud infrastructure providers.
The gaming segment contributed $2.86 billion - up 81%.
Nvidia's guidance for the fiscal fourth quarter projects $20 billion in revenue - nearly 231% revenue growth.
Powering the Future: Nvidia's AI Wizardry
What's the secret to Nvidia's success?
It's all about their AI hardware. According to Jensen Huang, the founder and CEO of Nvidia
“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI of NVIDIA.”
Nvidia is just getting started.
Huang hints at even more exciting developments on the horizon, teasing us with "the next waves are starting to build."
Once upon a time, NVIDIA was the go-to for gaming graphics (GPUs).
But they've pivoted, turning their gaze to AI and watching the revenue pour in from their data centres.
NVIDIA has been enhancing its AI solutions since 2020.
Despite a sub-100% growth in the early stages, NVIDIA experienced exponential growth that rocketed in the recent quarter.
The Tipping Point: OpenAI's ChatGPT
The AI landscape witnessed an unprecedented acceleration with the release of OpenAI's ChatGPT.
The world's biggest tech contenders are now diving headfirst into the AI race, pledging billions in investments.
Nvidia stands to be a principal benefactor, supplying the chips that underpin this burgeoning AI development.
China's Impact
The United States imposed a partial ban on chip exports, including to China, a significant market for Nvidia.
With around 20%-25% of their data centrw revenue coming from China, this could have thrown a wrench in their gears.
They've got it under control.
Nvidia's CFO, Colette Kress, assures everyone that while they might face some bumps in China during the fourth quarter, robust growth in other regions will more than make up for it.
With a market capitalisation of $1.22 trillion, Nvidia stands tall as a pioneer in the tech world.
TTD Numbers🔢
$11 million
Why is Netflix suing a filmmaker?
Carl Erik Rinsch has managed to turn Netflix's $11 million investment into a waste.
How? Instead of delivering an epic TV show, Rinsch decided to test his luck in the stock market and ended up burning through Netflix's hard-earned cash on risky trades and investments.
Lights, Camera, No Action 🚫🎬
Netflix gave Rinsch nearly unlimited creative control and around $40 million budget to bring his vision of the sci-fi series "Conquest" to life.
Not a single episode was ever completed.
Now, Rinsch and Netflix are locked in a confidential arbitration, with Rinsch claiming breach of contract and demanding $14 million in damages, while Netflix adamantly denies owing him anything.
Now what happened to the money?
During the pandemic, Rinsch transferred $10.5 million of Netflix's funds to his personal brokerage account. He engaged in high-risk stock trading using options, leading to substantial losses.
He used $4 million from the show's budget to bet on Dogecoin and ended up making a staggering $27 million.
Netflix spokesperson Thomas Cherian expressed the company's disappointment, stating:
"After a lot of time and effort, it became clear that Mr. Rinsch was never going to complete the project he agreed to make, and so we wrote the project off."
TTD Team Up 🫂
KPMG's Canadian arm has joined forces with Chainalysis to tackle the rise of shady crypto transactions.
They're on a mission to help crypto exchanges, financial institutions, and government agencies in Canada catch em criminals.
KPMG is becoming part of Chainalysis' "Solution Provider" crew, bringing their A-game in monitoring, support, and risk management.
KPMG's pros will become "Chainalysis Certified Investigators" to spot and stop all that illicit crypto-based mischief.
They'll also help clients navigate the ever-changing crypto regulations and beef up their anti-money laundering tactics.
Enzo Carlucci, forensic leader at KPMG in Canada, says:
"With Chainalysis' fancy blockchain data monitoring tech, we can spot potential criminal activities and act quicker than a speeding bullet."
The global volume of illicit crypto transactions hit a record-breaking $20.6 billion last year. And guess what? Even Canada isn't immune.
The Ontario Securities Commission Contact Centre has seen a whopping 200% increase in crypto-related complaints since 2020.
Where’s ETF? 🚨
Besides Grayscale, BlackRock has also met with the U.S. Securities and Exchange Commission (SEC) to discuss its Bitcoin ETF application👇🏻
TTD Coinbase🧿
Coinbase is once again knocking on the SEC's door, urging the regulator to address its petition for crypto rules.
The exchange filed a response, highlighting the SEC's recent action against Kraken as evidence of the need for regulatory clarity.
Pocket-Veto Drama: Coinbase's letter asserts that only a court order will force the SEC to act promptly.
It suggests that the SEC's promise of another "report" by December 15 is just another delay tactic, emphasizing that the court must step in to break the deadlock.
Kraken's Woes: Coinbase points to the SEC's recent enforcement action against Kraken, accusing the exchange of mishandling customer funds and operating without necessary registrations.
The letter argues that the SEC's approval of the Kraken action indicates a lack of urgency in providing regulatory clarity.
Silence Broken: Coinbase's initial petition in July 2022 sought rules for regulating digitally native securities.
The SEC's delayed response and recent enforcement actions have prompted Coinbase to escalate the situation, seeking court intervention to push the SEC into action.
TTD Exploits 🦹🏻
$87 million from HTX
The HTX exchange, previously known as Huobi, faced a security breach as its bridge to Ethereum lost around $87 million in crypto assets.
The exploit involved large amounts of ether, USDT, and wrapped bitcoin (HBTC) flowing to a previously unused Ethereum wallet.
Private Key Compromised: Initial analyses by blockchain security firms, including CertiK, Peckshield, and Cyvers, point to a compromised private key. CertiK revealed that the suspicious transactions were initiated by the compromised Huobi HECO Bridge operator wallet.
Two hot wallets of HTX Global were affected, and board member Justin Sun assures that HTX would fully compensate for the losses from HTX's hot wallet.
This incident follows a recent $100 million exploit at Poloniex, also associated with Justin Sun's projects.
KyberSwap's $47 million
KyberSwap, a decentralised exchange, faces a possible $47 million exploit. Funds drained from its Elastic Pools include $20.7M in Arbitrum, $15M in Optimism, $7M in Ethereum, $3M in Polygon, and $2M in Base.
Clues: Unexpected wallet movements triggered the alert. Exploited funds involve various tokens, including ether forms, stablecoins, and Arbitrum (ARB).
Response👇🏻
Attacker's Note
An attacker hinted at negotiations with KyberSwap developers, employees, DAO members, and LPs.
Apparently the exploit targeted Kyber liquidity provider pools👇🏻
Adam Cochran flagged flash loans and a math/rounding issue in transactions.
TTD Surfer 🏄
The Bank of Korea plans to invite 100,000 citizens to test its central bank digital currency (CBDC) in 2024.
U.S. prosecutors are seeking to keep Changpeng Zhao in the country until his sentencing in February 2024.
Austria's Raiffeisen Bank International will launch cryptocurrency trading services for retail customers in Vienna by the end of January 2024.
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