<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! It's been 52 years, but <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intuitive-machines-im-1-odysseus-moon-lunar-landing-mission-nasa-2024-2">we're back on the moon like we never left</a>.In today's big story, we're looking at <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-target-increase-wall-street-q4-earnings-nvda-2024-2">Wall Street's love affair with Nvidia</a> (and AI) while Big Tech <a target="_blank" href="https://www.businessinsider.com/leaked-amazon-documents-warn-employees-not-use-genai-for-work-2024-2">still grapples with how to use the tools</a>.What's on deck<ul><li>Markets: A new committee at Goldman <a target="_blank" rel="noopener" href="https://www.businessinsider.com/inside-the-latest-drama-goldman-sachs-mark-sorrell-stephan-feldgoise-2024-2">has caused some internal drama</a>.</li><li>Tech: Reddit aims to ride the AI wave by <a target="_blank" rel="noopener" href="https://www.businessinsider.com/reddit-ipo-shares-loyal-users-ai-steve-huffman-sam-altman-2024-2">going public</a>.</li><li>Business: Layoffs have helped Wayfair, <a target="_blank" href="https://www.businessinsider.com/wayfair-ceo-niraj-shah-worker-layoffs-earnings-shareholder-letter-2024-2">according to its execs</a>.</li></ul>But first, it's AI's world and we're all just living in it.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>AI over everything</h3><div type="image" title="nvidia stock bull chart jensen huang graphic" height="1500" width="2000" msid="107950104" hostid="261" sizebytes="162924"></div>AI hasn't taken over the world yet, but it's got a stranglehold on the markets.Nvidia's much-anticipated earnings didn't disappoint. The chipmaker stock skyrocketed, adding the equivalent of Netflix's entire market cap to its valuation <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-added-entire-netflix-market-cap-value-nvda-2024-2">in a single day</a>.And it might not stop there. Analysts across the Street <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-target-increase-wall-street-q4-earnings-nvda-2024-2">boosted their price targets for Nvidia</a>, with one suggesting the stock has 80% of potential upside, Business Insider's Matthew Fox writes.But this week wasn't just about <a target="_blank" href="https://www.businessinsider.com/nvidia-just-showed-world-ai-daddy-now-chips-revenues-2024-2">crowning Nvidia as the king of AI</a>.Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. A rising tide lifts all ships, and Nvidia's earnings beat <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-news-nvidia-earnings-indexes-wall-street-record-highs-2024-2">boosted the entire market</a>.The S&amp;P 500 finished Thursday up 2.11%, notching another record, while the tech-heavy Nasdaq Composite jumped nearly 3%.Meanwhile, Japan's flagship Nikkei 225 index <a target="_blank" href="https://markets.businessinsider.com/news/stocks/aisstocks-japan-nikkei-225-index-recession-economy-record-high-advantest-2024-2">set a new all-time high for the first time since 1989</a>, thanks largely to chip stocks tied to the AI boom.It wasn't just Nvidia's numbers that impressed Wall Street, though. CEO Jensen Huang's conviction is also a good sign for the stock, according to analysts."I have rarely heard a CEO be so bullish, so committed to this theme, and so convinced that this is the future," Kathleen Brooks of XTB <a target="_blank" href="https://www.businessinsider.com/nvidia-earnings-jensen-huang-ai-chatgpt-wall-street-reaction-2024-2">told BI's George Glover</a>.<div type="image" title="Andy Jassy" height="900" width="1200" msid="107950106" hostid="261" sizebytes="240466"></div>With so much momentum, what could possibly go wrong?The generative AI boom is still young — ChatGPT was launched little over a year ago — and a lot remains unknown. Specifically, many AI models are still a work in progress.One issue is <a target="_blank" href="https://www.businessinsider.com/chatgpt-is-like-many-other-ai-models-rife-with-bias-2023-1">bias showing up in AI tools</a>. One startup — affectionately known as the "BlackGPT" — is aiming to change that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/latimer-ai-api-launch-bias-detection-tools-llm-2024-2">with a bias detection tool and API</a>, BI's Monica Melton writes.Lawsuits from content owners over the usage of their material are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/music-labels-still-sue-internet-providers-warning-ai-openai-2024-2">another threat</a> to big AI companies. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/white-house-ai-copyright-debate-2024-1">Copyright laws being updated</a> to incorporate generative AI models <a target="_blank" rel="noopener" href="https://www.businessinsider.com/generative-ai-copyright-meta-google-openai-a16z-microsoft">would have massive implications</a>.But the best example of the uncertainty of the AI landscape comes from how one of the biggest tech companies in the world is approaching the issue.Internal documents show that Amazon is warning its employees not to <a target="_blank" href="https://www.businessinsider.com/leaked-amazon-documents-warn-employees-not-use-genai-for-work-2024-2">use third-party generative AI tools for work</a>, BI's Ashley Stewart and Eugene Kim report."While we may find ourselves using GenAl tools, especially when it seems to make life easier, we should be sure not to use it for confidential Amazon work," the company told employees in a recent email.It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is <a target="_blank" href="https://www.businessinsider.com/amazon-rufus-ai-shopping-assistant-chatbot-2024-2">pitching its own chatbot to customers</a>.<h2>3 things in markets</h2><div type="image" title="David Solomon with employees walking out behind him" height="2250" width="3000" msid="107950108" hostid="261" sizebytes="319650"></div>1. More Goldman drama. A new committee within the firm's investment bank has reportedly left some senior executives up in arms over <a target="_blank" href="https://www.businessinsider.com/inside-the-latest-drama-goldman-sachs-mark-sorrell-stephan-feldgoise-2024-2">who's in and who's out</a>. Meanwhile, ex-partner Joe Duran <a target="_blank" href="https://www.businessinsider.com/joe-duran-leaving-goldman-sachs-new-rise-venture-2024-2">details what life after Goldman is like</a>. (They're still on good terms, for the record.)2. The Fed needs to thread the needle. The central bank managed to curb inflation without crushing growth. But even with a soft landing in sight, experts say policymakers still face the tough task of <a target="_blank" rel="noopener" href="https://www.businessinsider.com/economic-outlook-fed-rate-cuts-hikes-recession-markets-investors-finance-2024-2">stopping inflation from flaring up without triggering a recession</a>.3. AI has made Jensen Huang eye-wateringly rich. The Nvidia CEO's personal fortune jumped by $10 billion on Thursday alone. Huang, who owns 3.5% of all Nvidia shares, now has a net worth of $69 billion, making him <a target="_blank" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-world-richest-people-net-worth-ai-2024-2">the world's 21st-wealthiest person</a>.<h2>3 things in tech</h2><div type="image" title="Wall Street Bets users have driven up the GameStop stock price. Reddit is warning they could cause volatility in its own stock." height="540" width="720" msid="107950111" hostid="261" sizebytes="75580"></div>1. Reddit gave us a lot more information about its plans to go public. The social-media giant is set to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/reddit-ipo-shares-loyal-users-ai-steve-huffman-sam-altman-2024-2">list via IPO next month</a>. In a Thursday SEC filing, Reddit laid out <a target="_blank" href="https://www.businessinsider.com/sam-altman-reddits-third-largest-shareholder-new-sec-filing-reveals-2024-2">how much karma users will need</a> to buy shares ahead of its stock-market debut and revealed that OpenAI boss Sam Altman holds an <a target="_blank" href="https://www.businessinsider.com/sam-altman-reddits-third-largest-shareholder-new-sec-filing-reveals-2024-2">8.7% stake in the company</a>.2. People think Google's Gemini is "woke." The company is pausing Gemini after social media users <a target="_blank" href="https://www.businessinsider.com/google-gemini-ai-pause-image-generation-people-woke-complaints-2024-2">complained the AI model wouldn't generate images of white people</a>. Elon Musk said in a post on X after the announcement that Gemini had made Google's "<a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-claims-google-ai-insane-and-racist-2024-2">insane racist, anti-civilizational programming clear to all.</a>"3. Can Rivian afford to build its next vehicle? It seems like even the company's CEO isn't sure. During an interview with CNBC, <a target="_blank" href="https://www.businessinsider.com/rivian-ceo-seemed-evasive-whether-enough-cash-for-r2-cnbc-2024-2">RJ Scaringe appeared to avoid answering questions about the EV maker's financial health</a>. The interview came after Rivian missed earnings expectations, and Scaringe revealed plans to slash 10% of its staff.<h2>3 things in business</h2><div type="image" title="image of Conine and Shah smiling at stock exchange" height="2333" width="3500" msid="107950114" hostid="261" sizebytes="793694"></div>1. Wayfair is leaner and meaner — thanks to layoffs. In a letter to shareholders, CEO Niraj Shah said Wayfair is "getting more done, and faster, and at a lower cost" <a target="_blank" href="https://www.businessinsider.com/wayfair-ceo-niraj-shah-worker-layoffs-earnings-shareholder-letter-2024-2">after several rounds of layoffs last year</a>.2. Vice is shutting down its website and laying off hundreds of people. The media company will stop publishing content on its site and shift its focus to its studio. <a target="_blank" href="https://www.businessinsider.com/vice-media-stop-publishing-website-lay-off-hundreds-ceos-memo-2024-2">Check out the memo CEO Bruce Dixon sent to staff</a>.3. Boxabl customers are asking for their money back. BI spoke to <a target="_blank" href="https://www.businessinsider.com/boxabl-deposits-refunds-cash-tiny-homes-2024-2">35 would-be purchasers of the tiny homebuilding startup's Casita</a>, which lists for $60,000. Two-thirds said they'd asked for refunds due to long waits, poor communication, and uncertainty about delivery timelines.In other news<ul><li><a target="_blank" href="https://www.businessinsider.com/a-russia-linked-campaign-to-spread-dirt-about-hunter-biden-and-burisma-2024-2">Exclusive: Russia-linked smear campaign against Hunter Biden began earlier than previously thought</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-didnt-scare-nato-defense-spending-putin-did-experts-2024-2">It may look like Trump scared NATO back into readiness — but it's probably all down to Putin</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/fbi-homeland-security-investigating-att-cell-phone-outage-2024-2">FBI and Homeland Security are looking into the AT&amp;T cellular outage, White House says</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/markets-rally-not-fully-pricing-political-social-risks-larry-summers-2024-2">The markets are on fire — but Larry Summers says investors may not be fully pricing in political and social risks</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/history-select-presidential-candidates-biden-primary-system-elections-2024-2">The chaotic history of how we elect presidential candidates</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/investment-banking-summer-internship-recruiting-more-competitive-tips-students-2024-2">Early recruitment for investment-banking internships left students scrambling this year. Here are 15 ways to get ahead of the ultra-competitive process</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/tiktok-viral-troll-christi-fritz-seth-fritz-barefoot-shoes-prank-2024-2">This husband and wife are the biggest trolls on TikTok — and it pays</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/apple-music-monthly-replay-recaps-compete-spotify-wrapped-2024-2">Apple Music is going after Spotify Wrapped with a monthly recap of what you listened to most</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/us-navy-aircraft-carrier-captain-chris-hill-houthis-red-sea-2024-2">Why the captain of a US Navy aircraft carrier fighting in the Red Sea is always posting about things like Taco Tuesday and cookies</a>.</li></ul>What's happening today<ul><li>Today's earnings: Warner Bros Discovery Inc., Hyatt Hotels, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies are reporting</a>.</li></ul>The Insider Today teamDan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, editor, in London. George Glover, reporter, in London. Grace Lett, associate editor, in Chicago.Get in touch<a target="_blank" rel="noopener" href="mailto:insidertoday@insider.com">insidertoday@insider.com</a>To read unlimited articles, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/subscription">subscribe</a> to Insider.

Wall Street is loving AI while Big Tech is warning employees about how they use it

<ul><li>JPMorgan called Alphabet and Amazon "top picks" in its 2024 outlook for internet companies.</li><li>The bank's bullish calls on the two companies are bets that the rally in mega-cap tech stocks will continue next year.</li><li>JPMorgan sees 21% upside and 29% upside for Alphabet and Amazon in 2024, respectively.</li></ul>The outlook for internet stocks is bullish in 2024, and mega-cap tech names should continue to lead the way <a href="https://markets.businessinsider.com/news/stocks/dividend-stock-etf-flows-safety-trade-market-tech-rally-2023-12">as they have throughout 2023,</a> according to a Wednesday note from <a href="https://markets.businessinsider.com/stocks/jpm-stock?miRedirects=1">JPMorgan.</a>The bank called <a href="https://markets.businessinsider.com/stocks/amzn-stock?miRedirects=1">Amazon</a> and <a href="https://markets.businessinsider.com/stocks/googl-stock?miRedirects=1">Alphabet</a> its "top picks" for next year, arguing that revenue growth should reaccelerate for the two companies while profit margins remain balanced with some room for upside."We anticipate our coverage universe [internet companies] will broadly re-accelerate revenue growth to more normalized levels, including mega-caps (3 of the Mag 7) returning to low double-digit percent year-over-year growth. After meaningful cost rationalization in 2023, we believe margin gains will likely be more mixed in 2024 as companies balance the top-line with growth investments," JPMorgan explained.Amazon has the most upside of the mega-cap tech companies, according to JPMorgan. The bank set a $190 price target for the e-commerce giant, representing potential upside of 29% from current levels. For Alphabet, JPMorgan set a $160 price target, representing potential upside of 21% from current levels.Here's why JPMorgan is so bullish on Amazon and Alphabet heading into next year.<h3>Amazon - Overweight, $190 Price Target</h3>JPMorgan expects Amazon to grow its total revenue by 13% from 2023 levels, supported by a jump in growth for the company's Amazon Web Services and retail divisions. "For cloud, we model AWS growth of +17% (vs +13% in 2023) supported by strong secular growth, new workload deployment, easier year-over-year comparisons, and growing Gen AI contribution," JPMorgan said.The bank said it estimates retail revenue growth will jump by 11% in 2024, compared to growth of 9% in 2023, driven by increased same-day delivery, growth in third-party fulfillment, and pricing power."In terms of profitability, we're projecting ~200 basis points of operating income margin expansion in 2024 driven by North America margins returning to mid single digit percentage levels with upside potential, improved International profitability, and modest AWS margin inflection," JPMorgan said.Shares of Amazon have surged 75% in 2023, significantly outperforming the Nasdaq 100's gain of 50%.<h3>Alphabet - Overweight, $160 Price Target</h3>Alphabet is a new top pick for JPMorgan thanks to the company's "improving ad growth, bigger margin gains, and Gemini tightening the Gen AI gap."The bank said it expects Alphabet's gross revenue to grow 11% in 2024, driven mostly by its Google Cloud division and YouTube ads."We expect improving Search and YouTube growth on AI ad tools, secular shift, YouTube Shorts monetization, and favorable comparisons," JPMorgan said. The bank added that it expects profit margin expansion of 175 basis points in 2024 as it continues to right-size its cost structure.Alphabet's artificial intelligence initiatives should also help the company <a href="https://markets.businessinsider.com/news/stocks/alphabet-stock-price-google-ai-gemini-chatgpt-markets-tech-traders-2023-12">stand out as an AI-forward company.</a>"While still early, we believe Gemini Ultra represents significant innovation and should start to close the Gen AI gap as it rolls out in early 2024," JPMorgan said.Meanwhile, JPMorgan isn't concerned about <a href="https://www.businessinsider.com/epic-games-google-fortnite-ruling-play-store-apple-lawsuit-trial-2023-12">Alphabet's potential exposure to antitrust lawsuits</a> from the US government."Pushback will come around Google's DOJ trials and the Play Store case, but we believe resolutions will take time and the impact could be less onerous than feared," JPMorgan explained.Finally, JPMorgan said that Alphabet has weaker sentiment and is less owned than its mega-cap peers. That, combined with an "undemanding" valuation should set the stock up for success in 2024, according to JPMorgan.Shares of Alphabet have jumped 49% year-to-date, slightly underperforming the Nasdaq 100's gain of 50%.

JPMorgan calls Amazon and Alphabet its 'top picks' for 2024 in bet that mega-cap tech rally will continue

<ul class="summary-list"><li>Influencers are tying themselves to cryptocurrencies and their exchanges amid a crypto boom.</li><li><keyword id="9054776" type="UNKNOWN" weightage="60" keywordseo="charli-damelio">Charli D'Amelio</keyword>, Jake Paul, and <keyword id="9097926" type="UNKNOWN" weightage="60" keywordseo="mrbeast">MrBeast</keyword> have endorsed crypto exchanges or currencies.</li><li>Cryptocurrency investment can be risky, potentially causing investors to lose what they put in. </li></ul>On Wednesday, the D'Amelio family posted a picture on their <a href="https://www.instagram.com/p/COgLlQFBQsx/">Instagram</a> thanking cryptocurrency app Gemini for "Charli's birthday gift."As part of a partnership deal, the company gave the parents of Charli D'Amelio, who has over 114 million followers on TikTok, an undisclosed amount of Bitcoin, according to a Gemini spokesperson. The app regularly works with the "influencer community," the Gemini spokesperson said, "to help educate their followers about cryptocurrency and promote the Gemini brand."The sponsored gift for the TikTok star's 17th birthday didn't appear to come as a surprise. On April 30, Marc, the patriarch of the <a href="https://twitter.com/marcdamelio/status/1388013269722419203">D'Amelio clan, tweeted,</a> "Charli wants a Bitcoin for her birthday," despite Charli not being old enough to trade on the Gemini app, according to its terms of service. When a Twitter user questioned if the teen actually wanted crypto as a birthday present, <a href="https://twitter.com/marcdamelio/status/1388014283800276994">Marc responded</a> that she's "been asking for a Bitcoin all day."Cryptocurrencies, or virtual tokens that can be mined by computers completing complex algorithms, have a total market capitalization of <a href="https://coinmarketcap.com/">$2.4 trillion</a>. Their values and name recognition are largely growing, in part, thanks to online promotions. The price of these coins can fluctuate wildly, sometimes for no discernable reason, making huge losses possible. Influencers from all corners of social media have capitalized on the growing industry around cryptocurrency, despite its volatility.<h2>Creators are pushing what some label 'scam coins' </h2>Influencers have leveraged their relationships with viewers to promote cryptocurrencies, and it's usually not entirely clear what financial incentives are at play in these promotions. According to <a href="https://www.businessinsider.com/generation-z-banking-fintech-payments-social-media-growth-customers-2021-2">Insider Intelligence</a>, Gen Z (people born between 1998 and 2016) will be the largest US consumer market by 2026, with 82 million people. Appealing to that demographic with influencers and the parasocial relationship that they build can allow crypto ventures to expand their reach. 22-year-old social media star Tana Mongeau recently posted a sponsored Instagram post promoting the "Tits Coin" ($TITS), a decentralized finance token that started in 2014 that gives 5% of its liquidity pool (a collection of coins stored to facilitate decentralized trading) to breast cancer research.On March 31, Daniel Keem, host of YouTube's DramaAlert channel with 5.8 million subscribers, tweeted a brief promotion of SafeMoon, a new online currency that <a href="https://www.thesun.co.uk/money/14692373/what-is-safemoon/">launched earlier that month.</a> Throughout April, Keem tweeted about the coin nearly two dozen times, showing off its rise in price and helping the decentralized finance token to trend on social media. It rose from one ten-millionth of a cent to one ten-thousandth of a cent mid-month.Others also started to support the coin on social media, including rapper Lil Yatchy and Backstreet Boys member Nick Carter.Other influencers like Jake Paul, the controversial YouTuber and boxer who has 20 million subscribers, <a href="https://twitter.com/jakepaul/status/1375868696980123649?lang=en">have backed Safemoon on Twitter.</a> Paul has been a staunch supporter of cryptos like Dogecoin and Bitcoin, and <a href="https://www.forbes.com/sites/billybambrough/2021/02/17/exclusive-youtube-star-jake-paul-discussed-creating-own-cryptocurrency-as-bitcoin-and-dogecoin-mania-spreads/?sh=7cc26ed71b21">told Forbes in February</a> that crypto is "the future...I'm speaking with my friends constantly about it. We're just scratching the surface.""These tokens have zero purpose, aside from making early speculators and themselves rich, as the token itself won't be used for anything," <a href="https://www.vice.com/en/article/4avd8p/safemoon-cryptocurrency-made-people-millions">trader Michaël van de Poppe told Vice in May about Safemoon.</a>"It's the flip-side of everything that the cryptocurrency ecosystem tries to achieve."Keem has also pushed other volatile cryptocurrencies like XRP and Bonfire. He tweeted that he is "not a financial advisor" and that you should "not take any financial advice" from him. Jimmy Donaldson, known as the philanthropic YouTuber MrBeast who has over 60 million subscribers, is an investor in "Refinable," a non-fungible token (NFT) company that sells tokens to fund transactions and is even featured on the <a href="https://refinable.com/">site's home page</a>.Other YouTubers started to endorse the coin, with the 116,000-subscriber channel My Financial Friend posting a video titled, "The Next 100x Altcoin?! Why I'm Buying The Refinable FINE Token Tomorrow!"The launch of Refinable did not go as expected. The coin was supposed to launch at $.033 but the price skyrocketed almost immediately to $8 due to "severe congestion" on Binance's trading platform, BSC. Over the next few hours, the price dropped drastically, hitting a low of $1.82. Those that invested immediately responded to Chan, frustrated with losing money. "People lost a lot of money and that's something that happens," My Financial Friend said in a follow-up video. "Everyone on YouTube and the media can say it will be great… but there is a high level of risk with these things." <h2>Cryptocurrency prices have recently surged alongside social media promotions</h2>Traditional celebrities and popular online figures played a significant role in getting the crypto hysteria rolling, using their audience in a similar vein as influencers do.When Tesla CEO Elon Musk changed his Twitter bio to "#bitcoin" in January, the coin's price jumped <a href="https://www.forbes.com/sites/ronshevlin/2021/02/21/how-elon-musk-moves-the-price-of-bitcoin-with-his-twitter-activity/?sh=3e88490e5d27">$6,000 in one hour.</a> In February, Tesla started accepting <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">Bitcoin as payment for their cars</a> while investing $1.5 billion into the coin. Musk had a similar effect on <a href="https://markets.businessinsider.com/currencies/news/elon-musk-dogecoin-community-appointed-ceo-novogratz-galaxy-digital-2019-2021-5-1030389572">Dogecoin</a>, the cryptocurrency based on the meme of a Shiba Inu popular nearly a decade ago. Musk's first reference to <a href="https://twitter.com/elonmusk/status/1340590280848908288">doge came in December 2020</a> and since then he's mentioned it over a dozen times, calling it the <a href="https://twitter.com/elonmusk/status/1357241340313141249">"people's crypto."</a> Soon, other content creators started to push Doge, like Mia Khalifa who shared she was buying Dogecoin in January. Since then, the value of a single Dogecoin has risen over 1,000% and created a string of copycat cryptos to capitalize on the trend. Bitcoin, and other cryptos like Etherium, have a limited amount of pieces that can be created before the supply is gone. Alt options like Dogecoin can be mined forever without running out, making its value appealing to those willing to invest in an idea or meme that doesn't have as much intrinsic value.This follows the wave of hysteria around the rise in the price of <a href="https://markets.businessinsider.com/news/stocks/dogecoin-price-rally-like-gamestop-social-media-cryptocurrencies-celebrity-2021-5-1030395377">Gamestop stock</a> earlier this year, which was caused by Reddit users. <h2>Cryptocurrency investments are 'ultra-volatile'</h2>Investing in cryptocurrency is a risk with potentially high rewards. Unlike gold, which has real-world value, crypto is only valuable to those that see interest in the technology or the potential adaption could bring."Gold is, no pun intended, the standard if you want to measure purchasing power over millennia," JP Thierot, CEO of Uphold, a digital money platform, previously told <a href="https://markets.businessinsider.com/currencies/news/bitcoin-vs-gold-experts-cryptocurrency-precious-metals-analysis-2021-2-1030103905">Insider.</a> "What bitcoin would seem to possess is the potential to go up to multiples of a moonshot." A report in March from <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-volatility-forecast-limited-tradability-analysis-deutsche-bank-2021-3-1030229906">Deutsche Bank</a> labeled Bitcoin as "ultra-volatile," and that "in 2020, 28 million bitcoins changed hands (150% of total bitcoins in circulation), compared to 40 shares of Apple (270% of its total shares in circulation)." <a href="https://markets.businessinsider.com/currencies/news/bitcoin-volatile-dollar-cryptocurrencies-digital-currency-federal-reserve-jerome-powell-2021-3-1030233742">That same month</a>, Federal Reserve Chair Jerome Powell said that crypto assets are "not backed by anything. They're more of an asset for speculation."

Influencers like 17-year-old Charlie D'Amelio are endorsing risky cryptocurrency trading to their followers

Google has led a $542 million investment in Magic Leap, a technology startup based in Florida, <a href="http://www.prnewswire.com/news-releases/magic-leap-raises-542-million-in-series-b-funding-918706813.html">the company announced this morning</a>.
Magic Leap is a stealth company that describes itself as being a "developer of novel human computing interfaces and software." It just <a href="http://www.magicleap.com/#/press" target="_blank">closed a $50 million+ Series A round in February</a>. The company is working on a new kind of augmented reality - that it calls cinematic reality - that it believes will provide a more realistic 3D experience than anything else that's out there today. 
Google, not Google Ventures, or Google Capital, is making this investment for Google. As such, Sundar Pichai, who runs Android, is joining the board of Magic Leap. Other investors in the round include Andreessen Horowitz, chip-maker Qualcomm, movie company Legendary Pictures, Ev Williams' investment group Obvious, KKR, Kleiner Perkins, and Paul Allen's Vulcan.
Not much is known about Magic Leap. The company is being intentionally vague about what it's building. However, the loose idea is that instead of creating an immersive virtual world seperate from the real world, like the Rift headset from Oculus VR (which <a href="http://www.businessinsider.com/facebook-to-buy-oculus-rift-for-2-billion-2014-3" target="_blank">Facebook bought</a> for $2 billion earlier this year), Magic Leap will weave "<a href="http://www.nytimes.com/2014/07/15/science/taking-real-life-sickness-out-of-virtual-reality.html?_r=1" target="_blank">3D light sculptures</a>" into the world around us, using a combination of proprietary hardware, software, and firmware. 
Thomas Tull, CEO of Legendary, <a href="http://www.fastcompany.com/3037345/fast-feed/so-bad-ass-you-cant-believe-it-magic-leap-raises-542-million-to-launch-the-future-">tells Fast Company</a>, "It's so badass you can't believe it. It's one of the few things I've ever experienced in my life where I came out and said, 'This changes everything. This is a marker of the future.'"
You can get an idea of its vision on the company's website, where you see a video of a little elephant that looks like it's hovering in someone's hands:
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Magic Leap" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543d3c176bb3f7fb6e82c87a-960/magic leap gif.gif"></a><a href="http://www.magicleap.com/#/home">Magic Leap</a></div></div></div>
The company's founder and CEO, Rony Abovitz <a href="http://www.bizjournals.com/southflorida/blog/2014/02/mako-surgical-founder-reveals-more-on.html?page=all" target="_blank">told the South Florida Business Journal</a> that he wants Magic Leap's technology to be disassociated with current ideas of what virtual reality or augmented reality is like.
"It is a new way for humans to interact with computers," he says. 
Magic Leap's technology will project high-resolution images into the world in front of you, likely through a pair of glasses, <a href="http://www.nytimes.com/2014/07/15/science/taking-real-life-sickness-out-of-virtual-reality.html?_r=1" target="_blank">according to details in a recent New York Times article</a>. Abovitz says he envisions Magic Leap's technology being used in people's day-to-day lives, not just for gaming. 
Based on its website, the company also has educational ambitions:
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Magic Leap" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543d0246ecad04d4678e9628-960/screen shot 2014-10-14 at 6.37.38 am.png"></a><a href="http://www.magicleap.com/">Magic Leap</a></div></div></div>
"The space program had Mercury, Gemini, and Apollo missions, and we're in our Apollo phase," Abovitz <a href="http://www.fastcompany.com/3037345/fast-feed/so-bad-ass-you-cant-believe-it-magic-leap-raises-542-million-to-launch-the-future-">tells Fast Company</a>. "We know that space travel is possible. We're in the middle of full-blown product development and commercialization."
He says there's no specific date for it to come out but, "It's very near term. But although we're trying to deliver on certain date, we're also trying to achieve an 'Oh my god, I feel like I'm a kid again' experience." 
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Magic Leap" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543d02466da8112d4f9f1591-960/screen shot 2014-10-14 at 6.36.54 am.png"></a><a href="http://www.magicleap.com/">Magic Leap</a></div></div></div>
Magic Leap has a partnership with <a href="http://wetaworkshop.com/" target="_blank">Weta Workshop</a>, the special effects team behind movies like "The Lord of the Rings" and "The Hobbit." The two companies are working on multiple projects together, and a Magic Leap team is even embedded with Weta in New Zealand. Weta's founder, Richard Taylor, is on Magic Leap's board. You can feel the pull toward the mystical on Magic Leap's site:
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Magic Leap" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543d0244ecad042e688e9620-960/screen shot 2014-10-14 at 6.37.17 am.png"></a><a href="http://www.magicleap.com/">Magic Leap</a></div></div></div>
One of the things Weta and Magic Leap worked on together was <a href="https://itunes.apple.com/us/app/hour-blue-speakbot/id449456087?mt=8" target="_blank">an app called "Hour Blue,"</a> which let users interact with an augmented reality "speakbot." Abovitz has since called that app "<a href="http://www.bizjournals.com/southflorida/blog/2014/02/mako-surgical-founder-reveals-more-on.html?page=all" target="_blank">more of a red herring</a>" in regard to what the company is working on now. 
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Magic Leap" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543d0c46ecad04da148e9622-960/screen shot 2014-10-14 at 7.41.44 am.png"></a><a href="https://itunes.apple.com/us/app/hour-blue-speakbot/id449456087?mt=8">Magic Leap</a></div></div></div>
Before Abovitz founded Magic Leap, he cofounded a surgical robotics company called MAKO <a href="http://phx.corporate-ir.net/phoenix.zhtml?c=118965&amp;p=irol-newsArticle&amp;ID=1857846" target="_blank">that sold for $1.65 billion</a>. He describes that company now as "<a href="http://www.bizjournals.com/southflorida/blog/2014/02/mako-surgical-founder-reveals-more-on.html?page=all" target="_blank">like bringing 'Star Wars' droids to life to help people in medicine.</a>" 
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Screenshot / YouTube" title_caption="Magic Leap CEO Rony Abovitz." class="zoomin" href="https://static-ssl.businessinsider.com/image/543cfbb76bb3f70a6182c87c-960/screen shot 2014-10-14 at 6.27.15 am.png"></a><a href="https://www.youtube.com/watch?v=SOW3b7YmeKk#t=20">Screenshot / YouTube</a>Magic Leap CEO Rony Abovitz.</div></div></div>
Magic Leap has <a href="https://www.google.com/search?tbo=p&amp;tbm=pts&amp;hl=en&amp;q=inassignee:%22Magic+Leap,+Inc.%22&amp;gws_rd=ssl" target="_blank">a bunch of patents</a>, including one for a tactile glove for human-computer interaction, an ultra-high-resolution scanning fiber display, a 3D display that uses a "<a href="https://www.google.com/patents/WO2013188464A1?cl=en&amp;dq=inassignee:%22Magic+Leap,+Inc.%22&amp;hl=en&amp;sa=X&amp;ei=PUM9VOW1DKf9sASnvIGgAQ&amp;ved=0CDMQ6AEwAzgK" target="_blank">wave guide reflector array projector</a>," a system that lets one or more people interact with the same augmented reality environments, and a head-mounted optical system (diagrammed below):
One of Magic Leap's central concepts is that its technology will feel more natural than anything else on the market. No bulky goggles here. 
"What is remarkable is how well the human body and mind respond when technology respects biology, so truly magical experiences become possible," <a href="http://www.magicleap.com/#/press" target="_blank">Abovitz says</a>. 
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Google" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543d4412ecad0471758e9625-960/screen shot 2014-10-14 at 11.36.07 am.png"></a><a href="https://www.google.com/patents/US20140071539?dq=inassignee:%22Magic+Leap,+Inc.%22&amp;hl=en&amp;sa=X&amp;ei=mUM9VJbVHpXesATSnoLICw&amp;ved=0CDIQ6AEwAw">Google</a></div></div></div>
The company is currently based in Florida, and <a href="http://www.bizjournals.com/southflorida/blog/2014/02/mako-surgical-founder-reveals-more-on.html?page=all" target="_blank">Abovitz says he plans to remain there</a> despite the pulls of Silicon Valley or Boston, eventually growing the business into an Apple-size company. Since it launched in 2011, Magic Leap has grown to over 100 employees, including well-known tech marketer Brian Wallace, who said that seeing Magic Leap's product in action was "<a href="http://blogs.wsj.com/cmo/2014/04/03/brian-wallace-magic-leap/" target="_blank">one of the most profound moments I've ever had</a>." 
<div><biembeddedobject id="a8944738-d990-469a-a443-ec9595b58867"></biembeddedobject></div>

Another hire, games developer Graeme Devine, <a href="http://www.polygon.com/2014/3/6/5478632/graeme-devine-joins-magic-leap-new-games-tech" target="_blank">told Polygon that Magic Leap's technology blew him away</a> when he first saw it:
"I went to the offices and I saw something that I did not think was possible. I like to think I know technology and I am not easily impressed. I worked at Apple, but when I saw what they were doing, I just said, immediately, 'how can I help?'"
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Magic Leap" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543d02466da8111b609f1584-960/screen shot 2014-10-14 at 6.37.52 am.png"></a><a href="http://www.magicleap.com/">Magic Leap</a></div></div></div>
Abovitz seems like a fascinating guy. In 2013, he gave a strange performance called <a href="https://www.youtube.com/watch?v=w8J5BWL8oJY" target="_blank">The Synthesis of Imagination at TEDxSarasota</a>:
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="YouTube" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543cfbb86da811f63d9f1586-960/screen shot 2014-10-14 at 6.09.06 am.png"></a><a href="https://www.youtube.com/watch?v=w8J5BWL8oJY#t=158">YouTube</a></div></div></div>
In an eerie performance Abovitz dressed as an astronaut and shared the stage with two furry creatures. 
 "A few awkward steps for me, a magic leap for mankind," he intones. 
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="YouTube" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543cfbb86bb3f72d6e82c87b-960/screen shot 2014-10-14 at 6.08.32 am.png"></a><a href="https://www.youtube.com/watch?v=w8J5BWL8oJY#t=158">YouTube</a></div></div></div>
The creatures, called "Shaggles," were <a href="http://www.travisboatrightdesign.com/#!additional-projects/c10be" target="_blank">created by Travis Boatright Design</a>, and based off the company's comic series, called "Magic Leapers":<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="YouTube" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543cfbb5eab8ea65068e9621-960/screen shot 2014-10-14 at 6.10.28 am.png"></a><a href="https://www.youtube.com/watch?v=w8J5BWL8oJY#t=158">YouTube</a></div></div></div>
Watch the whole performance here:
<div><biembeddedobject id="aa371e75-9667-4cb1-d2a0-e5060953c927"></biembeddedobject></div>

You Searched For "gemini ultra" and got 4 results

Wall Street is loving AI while Big Tech is warning employees about how they use it

Dan DeFrancesco

JPMorgan calls Amazon and Alphabet its 'top picks' for 2024 in bet that mega-cap tech rally will continue

Matthew Fox

Influencers like 17-year-old Charlie D'Amelio are endorsing risky cryptocurrency trading to their followers

Steven Asarch

Google Is Leading A $542 Million Investment In Magic Leap, A Crazy-Sounding Stealth Startup Working On A New Way To See The World

Jillian D'Onfro,Jay Yarow