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Saba loses battle against Herald board in first blow to UK campaign

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US activist Saba Capital has failed in its attempt to overthrow the board of Herald investment trust, dealing the first blow in its campaign against seven UK-listed closed-ended companies.

The majority of shareholders in Herald voted on Wednesday against the US hedge fundā€™s proposal to replace the trustā€™s board and install its own candidates, which could have paved the way for Saba to become investment manager.

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More than 65 per cent of votes cast were against Sabaā€™s plans, according to an announcement to the market by Herald. Aside from Sabaā€™s vote in favour, which accounted for nearly 35 per cent, a further 0.15 per cent were in support.

Andrew Joy, chair of Herald Investment Trust, said the result represented ā€œa clear, complete and incontrovertible rebuttal of Sabaā€™s attempt to take control of your company and change its strategy against the wishes and interests of its non-Saba shareholdersā€.

Joy said shareholders invested in Herald because they wanted to back smaller technology companies over the long term, noting that ā€œthey do not wish to be deprived of the opportunity to enjoy more of the sameā€ and ā€œdid not invest in Herald to become part of a short-term trading strategyā€.

Saba, which is led by activist investor Boaz Weinstein, last month called for shareholder meetings at seven London-listed investment trusts, claiming that their respective boards had not held the managers to account over poor performance.

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The campaign marks one of the biggest-ever shake-ups of the UKā€™s 150-year-old investment trust industry, which manages Ā£266bn.

Sabaā€™s defeat against Heraldā€™s board comes just a day after the hedge fund agreed to halt its activist battle against 50 BlackRock funds in exchange for a tender offer at two of them.

A large portion of Heraldā€™s shareholders are institutional investors such as wealth managers, with individuals accounting for less than a fifth of the register.

But the investment trust industry has warned that individual investors, who account for a bigger proportion of the other six trustsā€™ shareholder base, are less engaged with voting than institutions.

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Jonathan Simpson-Dent, chair of Edinburgh Worldwide, another trust targeted by Saba, said ā€œthis is just the first battle in a war against seven trustsā€ and warned that ā€œshareholders cannot be complacentā€.

The UKā€™s financial regulator has contacted investment platforms to ensure retail investors are aware of the upcoming votes.

Sabaā€™s stakes in each of the trusts range from about 19 to 29 per cent and amount to a total of Ā£1.5bn.

Saba said in a statement that it ā€œremains committed to putting shareholdersā€™ interests first, delivering returns for U.K. trust investors and ultimately rehabilitating this broken sector.ā€

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It added: ā€œWe urge shareholders of the six other trusts at which we have requisitioned general meetings to support Sabaā€™s resolutions in order to set these trusts on the path to meaningful value creation.ā€

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TRUMP Coin’s Biggest Critics Are Crypto Industry Insiders

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Donald J. Trump at a 2016 rally in Hershey, Pennsylvania. (Mark Makela/Getty Images)

Among the most vocal critics of TRUMP, the controversial and wildly popular memecoin launched by Donald Trump on the eve of his 2025 inauguration, are the very crypto enthusiasts he may have hoped to court.

The TRUMP coin, launched on Jan. 17, saw a dramatic price surge, climbing from $7 to an all-time high of $75 within 24 hours before settling at $38. Two days after TRUMPā€™s debut, MELANIA, a coin endorsed by First Lady Melania Trump, entered the market. Unlike its predecessor, MELANIA has struggled, starting around $7 and plummeting below $4 after a briefly peaking at $14.

While both tokens’ volatile trajectories appear to have minted some overnight millionaires, they have also drawn sharp criticism from industry insiders.

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The potential for conflicts of interest has been a focal point of the backlash, with critics ā€” including members of the U.S. congress ā€” raising concerns that the token could enable individuals to curry favor with the president.

Anthony Scaramucci, a former White House communications director turned crypto advocate, voiced his apprehensions on X (formerly Twitter): ā€œThe most perilous aspect of Trump coin for the nation is what follows. Now, anyone globally can effectively deposit money into the bank account of the President of the United States with just a few clicks. Every favorā€”be it geopolitical, corporate, or personalā€”is now openly for sale.ā€

The decision to launch a memecoin has also sparked broader criticism within the crypto industry. While memecoins have become a prominent use-case for blockchain technology, many developers argue they reinforce a get-rich-quick perception that undermines the sectorā€™s credibility.

Gabor Gurbacs, founder of digital asset firm Pointsville, posted on X: ā€œTrump needs to dismiss his crypto advisors, from top to bottom.ā€

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Nic Carter, a general partner at a crypto investment firm and a vocal Trump supporter, was similarly scathing: ā€œItā€™s absolutely preposterous that he would do this,” he told Politico. ā€œTheyā€™re plumbing new depths of idiocy with the memecoin launch.ā€

Specific concerns have been raised about the coinā€™s distribution. 80% of TRUMP tokens are concentrated in a small number of blockchain addresses controlled by CNC Digital, the firm that launched the coin. Such concentration is a hallmark of potential “pump-and-dump” schemes, where insiders inflate a tokenā€™s value before selling off their holdings, leaving other investors with losses.

There’s no evidence that Trump’s team plans to “dump” its tokens. Nicolas Vaiman, CEO of blockchain analytics firm Bubblemaps, noted to CoinDesk that the distribution of TRUMP tokens at least matched what was outlined on its official website. Additionally, the insider-held tokens align with prior distributions of Trumpā€™s NFT trading cards, which were also managed by CNC Digital, meaning the tokens may be reserved for the president’s NFT holders.

The same transparency does not apply to MELANIA, however. About 89% of MELANIA tokens are controlled by insiders, according to Bubblemaps. The on-chain supply does not match an official distribution breakdown on the token’s website, which earmarked 35% of tokens for “public distribution” and “community.”

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Vaiman said the First Ladyā€™s memecoin has cast a shadow over the original TRUMP coin: ā€œTRUMP could have been a statement from President Trump saying, ā€˜I endorse crypto,ā€™ā€ Vaiman said. ā€œMelania launching her tokens feels like they just want to make as much money as they can on this, and then forget about it. It gives this a different flavor.ā€

This is not the first time the crypto community has questioned Trumpā€™s forays into the industry. In August, Trump and his sons launched World Liberty Financial (WLFI), a platform that promised to develop a lending product. The project drew backlash for pre-selling tokens before delivering any tangible value, and critics were quick to point out the involvement of a former dating coach and memecoin promoter on the WLFI team, as well as the allocation of a percentage of presale proceeds directly to a Trump-controlled company.

The conflict-of-interest potential was also immediately apparent. Tron blockchain-founder Justin Sun recently became WLFIā€™s largest investor, making a $30 million purchase of the project’s tokens. In an X post on Tuesday, Donald Trump Jr. announced that World Liberty Financial would acquire some of Tronā€™s TRX tokens for its treasury.

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A Hong Kong-based crypto billionaire, Sun was previously charged with fraud by the Securities and Exchange Commission ā€” a department now under the control of Trumpā€™s White House.

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The US Has Bird Flu Vaccines. Hereā€™s Why You Canā€™t Get One

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As avian influenza rages through birds and dairy cattle across the United States, Georgia has become the latest state to detect the virus in a commercial poultry flock, and on Friday, it halted all poultry sales to mitigate further spread of the disease. Nationally, egg prices are soaringā€”if you can find them at all in your local grocery store.

The ongoing outbreak in animals has also led to at least 67 human cases of bird flu, with all but one causing mild illness. Earlier this month, a person in Louisiana died after being hospitalized with severe bird flu in December. Itā€™s the countryā€™s first recorded death attributed to H5N1.

The US has previously licensed three H5N1 vaccines for humans, but theyā€™re not available commercially. The government has purchased millions of doses for the national stockpile in case theyā€™re needed. But even as the outbreak spread, federal health officials under President Joe Biden were hesitant to deploy them. Experts say the decision comes down to risk, and currently, the risk of H5N1 remains low. Rolling out a vaccine to farm workers and others at higher risk of infection would be a more targeted tactic, but even that measure may be premature. Now, with a changeover in federal health leadership imminent as President Donald Trump begins his second term, the decision rests with the new administration.

ā€œAt the moment, from the point of view of severity and ease of transmission, it does not seem like an imperative to get a vaccine out to protect humans,ā€ says William Schaffner, a physician and professor of preventive medicine at Vanderbilt University in Tennessee.

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So far, no person-to-person spread of H5N1 has been identified, but health officials are monitoring the virus for any genetic changes that would make transmission among people more likely. Most bird flu infections are related to animal exposures. Of the 67 known human cases in the US, 40 have been linked to sick dairy cattle and 23 are associated with poultry farms and culling operations. In the other four cases, the exact source isnā€™t known.

In the US, human cases have been mild, with many of them causing only conjunctivitis. In some cases, people have had mild respiratory symptoms. Aside from the Louisiana patient, all the individuals who tested positive for H5N1 recovered quickly and never needed to be hospitalized. Historically though, H5N1 has been fatal in around 50 percent of cases. Since 2003, a total of 954 cases of human H5N1 have been reported to the World Health Organization, and about half of them died. Egypt, Indonesia, Vietnam, Cambodia, and China have reported the highest number of human bird flu deaths.

Those numbers come with a few caveats. For one, many of those deaths occurred in places where people live very close to the sick poultry. ā€œIn those circumstances, the thinking is that they likely got a very large dose of the virus,ā€ Schaffner says.

Plus, the case fatality rateā€”the proportion of infected people who die from the diseaseā€”only takes into consideration known cases, and some cases of H5N1 are no doubt going undetected in part because bird flu symptoms are similar to other respiratory viruses. In the US, language barriers among farm workers, lack of testing, and a reluctance among workers to report that theyā€™re sick are also factors. ā€œWe probably miss more cases than we detect, and weā€™re much more likely to detect a case thatā€™s severe,ā€ says Shira Doron, chief infection control officer for Tufts Medicine in Boston and hospital epidemiologist at Tufts Medical Center.

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BlackRock CEO Larry Fink Forecasts $700K Bitcoin Price Amid Inflation Worries

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BlackRock CEO Larry Fink Forecasts $700K Bitcoin Price Amid Inflation Worries

Larry Fink, CEO of BlackRock, recently speculated that Bitcoin could potentially reach valuations as high as $700,000 per BTC. This projection arises against the backdrop of intensifying concerns about currency debasement and global economic instability, positioning Bitcoin as a hedge against vulnerabilities in traditional financial systems. Finkā€™s remark was not an outright endorsement but rather a reflection on a recent meeting he had with a sovereign wealth fund. The fund sought advice on whether to allocate 2% or 5% of its investment portfolio to Bitcoin. According to Fink, if institutional adoption continues to grow and similar allocation strategies are embraced broadly, market dynamics could drive Bitcoin to such remarkable heights.

Fink made this striking statement during a recent interview, explaining that Bitcoinā€™s potential for exponential growth is closely tied to fears of economic downturns and fiat currency devaluation. Fink described Bitcoin as an “international instrument” capable of mitigating localized economic fears.

A Message to the Market

With BlackRock managing $11.5 trillion in assets, Finkā€™s words carry significant weight, sending a clear message to retail and institutional investors alike. His endorsement transcends personal opinion, serving as a market signal about Bitcoinā€™s potential trajectory. Long heralded as ā€œdigital gold,ā€ Bitcoin is seen as a store of value that can protect wealth from inflation and governmental fiscal mismanagement. Finkā€™s recognition of this narrative could further accelerate its adoption among traditional investors.

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Related: From Laser Eyes to Upside-Down Pics: The New Bitcoin Campaign to Flip Gold

A Timely Forecast

Finkā€™s prediction comes as global economies grapple with soaring inflation, escalating national debts, and geopolitical tensions that threaten currency stability. Bitcoin, with its fixed supply of 21 million coins and decentralized structure, presents an alternative asset class that is immune to the inflationary pressures inherent in fiat currencies. In this climate, its value proposition becomes increasingly compelling.

BlackRockā€™s Bitcoin ETF: A Signal of Institutional Interest

BlackRockā€™s deepening involvement in Bitcoin reached a milestone on January 21, 2025, when the firm purchased $662 million worth of Bitcoin for its exchange-traded fund (ETF), their largest daily purchase so far this year.Ā 

BlackRock’s iShares Bitcoin Trust (IBIT) surpassed the firm’s iShares Gold Trust (IAU) in net assets in October 2024.Ā This milestone was achieved just months after IBIT’s launch in January 2024, highlighting the rapid growth and increasing investor interest in Bitcoin-focused exchange-traded funds.

The Cumulative Bitcoin ETF Flows Chart offers a comprehensive view of the total USD net flows into Bitcoin ETFs over time. Source: Bitcoin Magazine Pro

A Balanced Perspective

While Finkā€™s projection is undeniably bullish, it remains contingent on the continuation of current economic trends. If global economic stability improves or innovative financial systems emerge to alleviate fears of currency debasement, Bitcoinā€™s price trajectory may stabilize at a lower level. Nevertheless, Finkā€™s high-profile commentary underscores its growing role as a legitimate asset class.

Related: David Bailey Forecasts $1M Bitcoin Price During Trump Presidency

Bitcoinā€™s Next Chapter

Bitcoinā€™s evolution from a niche digital experiment to a mainstream financial instrument is accelerating. Finkā€™s remarks may signal a pivotal moment, not just for Bitcoin, but for its broader acceptance in traditional finance. For investors and enthusiasts, this is more than a vote of confidenceā€”itā€™s a sign that the integration of Bitcoin into the global financial landscape is not only imminent but already underway.

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As the world watches, Bitcoinā€™s role in redefining finance continues to grow. Finkā€™s prediction serves as a reminder that Bitcoin is no longer a fringe idea but a crucial player in the future of money.

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AI Is Going to Transform Everything: Cathie Wood

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Ark Invest CEO and CIO Cathie Wood says they have a nice exposure to OpenAI following Trump’s AI announcement which included SoftBank’s Masayoshi Son, Oracle’s Larry Ellison and OpenAI’s Sam Altman. She says there are some “very innovative companies who are going to accelerate this AI age.” (Source: Bloomberg)

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Can ETH Explode to $8,000 in 2025 Bull Run as Whale Interest in Lightchain AI Surges?

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Can ETH Explode to $8,000 in 2025 Bull Run as Whale Interest in Lightchain AI Surges?

As the cryptocurrency market gears up for a potential 2025 bull run, investors are speculating whether Ethereum (ETH) could reach $8,000, a milestone that would mark a significant leap from its current levels.

Meanwhile, Lightchain AI, a rising star in the altcoin space, is attracting substantial attention from whales, signaling its potential to deliver exponential returns.

Ethereum Backbone of Decentralized Finance

Ethereum acts like the basic stage for uncentralized money, letting people make and do smart deals that help direct money swaps without middlemen.

This spread out design makes sure that things are clear, sĶafe, and easy to get to, letting users take part in things like lending borrowing and trading straight on the blockchain. The start of Ethereum 2.0 or Eth2 marked a big step in the platforms growth. This update tries to fix issues with how much it can grow and use energy helping the network’s speed and lasting power.

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As Ethereum 2.0 grows and more upgrades are added, the network is likely to keep its place as a leader in the blockchain world, helping a new time of shared finance, rule, and art.

Lightchain AI Rising Star Whales Are Betting On

While Ethereum continues to dominate the DeFi space, Lightchain AI is making waves as a disruptive force by merging blockchain technology with artificial intelligence.

This innovative platform has already caught the attention of major investors, raising $12 million in its presale with tokens priced at $0.00525.

Lightchain AI stands out with its revolutionary features, integrating AI to enhance real-time data processing and decision-making within decentralized ecosystems. It also tackles scalability issues with high transaction speeds, rivaling networks like Solana, making it an attractive option for developers.

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The influx of whale investments underscores confidence in its potential, with some predicting a 100x return by 2025. Lightchain AI is quickly positioning itself as a leader in the next crypto cycle.

Big Picture – Ethereum and Lightchain AI as Power Players

While Ethereumā€™s established presence, robust ecosystem, and recent upgrades like the transition to proof-of-stake make it a strong candidate for significant growth, Lightchain AIā€™s cutting-edge technology, focus on AI-driven blockchain solutions, and growing whale interest position it as an exciting contender for outsized gains.

Lightchain AI’s unique approach to integrating artificial intelligence with blockchain has been drawing attention from both retail and institutional investors, signaling its potential to disrupt the market.

Investors seeking diversification in the 2025 bull run could benefit from considering both ETH and Lightchain AI, balancing the proven stability and scalability of Ethereum with the high-growth potential and innovation offered by Lightchain AI. This combination could provide a strategic edge in capturing gains in a rapidly evolving crypto landscape.

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https://lightchain.ai

https://lightchain.ai/lightchain-whitepaper.pdf

https://x.com/LightchainAI

https://t.me/LightchainProtocol

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Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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New survey reports one in 10 game developers have lost their jobs in 2024

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New survey reports one in 10 game developers have lost their jobs in 2024

One in 10 game developers lost their job in 2024. Thatā€™s according to the results of the annual Game Developers Conference state of the video game survey. The survey sampled over 3,000 developers and covered a number of topics including industry layoffs and what kind of games developers are working on.

Prolific layoffs have ravaged the industry over the last two years making the question of their impact on developers one of the most important in the survey. In addition to 10 percent of developers losing their jobs, 41 percent of respondents said they had been impacted by layoffs in some way, either by being laid off directly or seeing coworkers or colleagues in other departments let go. The survey also noted that the number of people impacted is potentially much higher because of the students and graduates who reported having a difficult time simply getting a job in the industry at all.

When asked what reason companies gave for layoffs, 22 percent said restructuring while 18 said declining revenue. 19 percent gave no reason at all. Developers, though, have their own ideas about why layoffs keep happening. In an analysis of responses to what developers think the reason behind layoffs is, the majority were general statements about the industryā€™s over-expansion during the pandemic. Companies acquired workers and studios in hopes of meeting a level of demand for games that dried up as covid restrictions loosened. However, some developers believe the reason for layoffs is much simpler. Companies like Microsoft and Sony still reported growing revenues despite multiple rounds of layoffs and studio closures. Itā€™s no surprise then that 13 percent of respondents attributed layoffs to corporate greed.

In addition to layoffs, the last few years have also seen the failure of a number of high-profile, big-budget, live-service games. While there has been some success in that area with new games like Marvel Rivals, itā€™s generally tough to launch a live-service game that can compete with the overbearing likes of Fortnite, Roblox, and Call of Duty. 2024 was also the year that Balatro, Animal Well, and Astro Bot dominated headlines and award lists suggesting a greater appetite for those kinds of smaller-scoped, single-player experiences. Itā€™s interesting, and perhaps concerning then, that according to the survey, over 30 percent of AAA developers are working on a live-service game.

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When it asked developers their thoughts on live-service games the survey answered, ā€œOne of the biggest issues mentioned was market oversaturation, with many developers noting how tough it is to break through and build a sustainable player base.ā€

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BlackRock CEO says BTC can hit $700K amid currency debasement fears

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Despite a rally in the US Dollar Index and cooler-than-expected Consumer Price Index data, inflationary fears persist.

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Netflix raises prices across subscriptions, promises increased ad growth: ā€˜2025 is the year that we transition from crawl to walkā€™

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The streaming giant doubled ad revenue last year, and expects to double it again this year. Read More

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This Week in AI: OpenAI gains an invaluable infrastructure advantage

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OpenAIā€™s GPT-5 reportedly falling short of expectations

Hiya, folks, welcome to TechCrunchā€™s regular AI newsletter. If you want this in your inbox every Wednesday, sign upĀ here.

OpenAI is making gains at the expense of its chief rivals.

On Tuesday, the company announced the Stargate Project, a new joint venture involving Japanese conglomerate SoftBank, Oracle,Ā and others to build AI infrastructure for OpenAI in the U.S. Stargate could attract up to $500 billion in funding for AI data centers over the next four years, should all proceed according to plan.

The news was surely to the chagrin of OpenAI competitors like Anthropic and Elon Muskā€™s xAI, which will see no comparable enormous infrastructure investment.

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xAI intends to expand its data center in Memphis to 1 million GPUs, while Anthropic recently signed a deal with Amazon Web Services (AWS), Amazonā€™s cloud computing division, to use and refine the companyā€™s custom AI chips. But itā€™s difficult to imagine that either AI company can outpace Stargate, even, as in the case of Anthropic, with Amazonā€™s vast resources.

Granted, Stargate may not deliver on its promises. Other tech infrastructure projects in the U.S. havenā€™t. Recall that, in 2017, Taiwanese manufacturer Foxconn pledged and subsequently failed to spend $10 billion for a plant near Milwaukee.

But Stargate has more backers ā€” and momentum, from what it seems at this juncture ā€” behind it. The first data center to be funded by the effort has already broken ground in Abilene, Texas. And the companies participating in Stargate have promised to invest $100 billion at the outset.

Indeed, Stargate seems poised to cement OpenAIā€™s incumbency in the exploding AI sector. OpenAI has more active users ā€” 300 million weekly ā€” than any other AI venture. And it has more customers. Over 1 million businesses are paying for OpenAIā€™s services.

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OpenAI had first-mover advantage. Now it could have infrastructure supremacy. Rivals will have to be smart if they hope to compete. Brute force wonā€™t be a viable option.

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Microsoft logo
Image Credits:Jakub Porzycki/NurPhoto / Getty Images

Microsoft exclusivity no more: Microsoft was once the exclusive provider of data center infrastructure for OpenAI to train and run its AI models. No longer. Now the company only has a ā€œright of first refusal.ā€

Perplexity launches an API: AI-powered search engine Perplexity has launched an API service called Sonar, allowing enterprises and developers to build the startupā€™s generative AI search tools into their own applications.

AI speeding the ā€œkill chainā€: My colleague Max interviewed the Pentagonā€™s chief digital and AI officer, Radha Plumb. Plumb said that the Department of Defense is using AI to gain a ā€œsignificant advantageā€ in identifying, tracking, and assessing threats.

Benchmarks in question: An organization developing math benchmarks for AI didnā€™t disclose that it had received funding from OpenAI until relatively recently, drawing allegations of impropriety from some in the AI community.

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DeepSeekā€™s new model: Chinese AI lab DeepSeek has released an open version of DeepSeek-R1, its so-called reasoning model, that it claims performs as well as OpenAIā€™sĀ o1Ā on certain AI benchmarks.

Research paper of the week

Microsoft MatterGen
Image Credits:Microsoft

Last week, Microsoft spotlighted a pair of AI-powered tools, MatterGen and MatterSim, which it claims could help design advanced materials.

MatterGen predicts potential materials with unique properties, grounded in scientific principles. As described in a paper published in the journal Nature, MatterGen generates thousands of candidates with ā€œuser-defined constraintsā€ ā€” proposing new materials that meet highly specific needs.

As for MatterSim, it predicts which of MatterGenā€™s proposed materials are stable and viable.

Microsoft says that a team at the Shenzhen Institute of Advanced Technology was able to use MatterGen to synthesize a new material. The material wasnā€™t flawless. But Microsoft has released the source code of MatterGen, and the company says it plans to work with other outside collaborators to further develop the tech.

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Model of the week

Google has released a new version of its experimental ā€œreasoningā€ model, Gemini 2.0 Flash Thinking Experimental. The company claims it performs better than the original on math, science, and multimodal reasoning benchmarks.

Reasoning models like Gemini 2.0 Flash Thinking Experimental effectively fact-check themselves, whichĀ helps them to avoid some of theĀ pitfallsĀ that normally trip up models. As a consequence, reasoning models take a little longer ā€” usually seconds to minutes longer ā€” to arrive at solutions compared to a typical ā€œnon-reasoningā€ model.

The new Gemini 2.0 Flash Thinking also has a 1 million token context window, meaning it can analyze long documents such as research studies and policy papers. One million tokens is equivalent to about 750,000 words, or 10 average-length books.

Grab bag

GameFactory
Image Credits:GameFactory

An AI project called GameFactory shows that itā€™s possible to ā€œgenerateā€ interactive simulations by training a model on Minecraft videos and then extending that model to different domains.

The researchers behind GameFactory, most of whom hail from the University of Hong Kong and Kuaishou, a Chinese company thatā€™s partially state-owned, published a few examples of the simulations on the projectā€™s website. They leave something to be desired, but the concept is still an interesting one: a model that can generate worlds in endless styles and themes.

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