As Palmedo, the COO, told us, “The new website language emphasizes the research-driven approach Paradigm has always had and doesn’t reflect a pivot away from crypto.” And Huang wrote in a tweet this month that “We haven’t dropped crypto…some of our research team has been tinkering with AI and AI x crypto.” He also elaborated in a lengthier tweet this week that the firm has “never been more dedicated to crypto.” Indeed, Paradigm is still penning research on crypto, although the firm has only announced a couple crypto deals in 2023. To be clear, Paradigm insists they’re not shifting the firm’s focus from crypto to A.I. “They’re just not focused on it, and it does feel a little like, ‘Hey, we invested in all this stuff, but actually we don’t care anymore,’ which is probably why they’re trying to say it’s a non-change.” “If a new founder asks me whether they should raise from, I would be like, maybe that’s not at the top of the list anymore,” they said. Meanwhile, a Paradigm portfolio company founder also told Fortune that, to their knowledge, the firm didn’t communicate changes to the site to its companies.Īnother founder of a Paradigm portfolio company, who requested anonymity to speak freely, said the decision felt “weird” to them. Notably, the fund also does not have a dedicated investor relations employee, with COO Palmedo handling the responsibility. Paradigm is “notoriously bad LP relationships, unfortunately,” they said. One LP, who spoke to Fortune on the condition of anonymity, said the public changes to its website-and any potential shift in investing focus-were not conveyed to them. We discovered that it wasn’t just Twitter users who were raising eyebrows over the changes. The report caught the attention of my colleague Leo Schwartz and me, and we decided to dig a bit deeper. companies have surpassed analysts' Q2 earnings estimates so far, with the tech sector accounting for 82% of these positive surprises.The firm, started by Coinbase cofounder Fred Ehrsam and former Sequoia Capital partner Matt Huang, recently erased all mention of crypto or Web3 from its website homepage-branding previously touted front and center-as crypto news site The Block spotted in late May. ![]() Refinitiv data shows 69% of large- and mid-cap U.S. lender earned more from borrowers' interest payments and benefited from the purchase of First Republic Bank. In the financial sector, JP Morgan Chase's market cap grew about 8.6% last month, as the largest U.S. "We continue to strongly believe a new tech bull market has started this year, and we believe the AI Gold Rush is a "1995 Moment" akin to the start of the Internet and NOT a 1999/2000 Bubble Moment," said Wedbush analyst Dan Ives in a note last week. Its market cap stood at $2.49 trillion at the end of July.Īpple is due to announce its earnings for the April-June quarter on Thursday. Microsoft also beat Wall Street estimates for its fiscal fourth-quarter revenue, driven by growth in its cloud computing and office software businesses, although its share price slipped back 1.4% in July after it also laid out an aggressive spending plan to meet demand for artificial intelligence services. Strong quarterly earnings from companies such as Alphabet, Meta Platforms, chipmaker Intel and chip equipment maker Lam Research lifted overall market sentiment last month.įacebook-owner Meta's market cap jumped more than 10% in July, thanks to the company's rosy revenue forecast and robust ad revenue growth in the second quarter. Tech giants Apple and Microsoft remained the top two global companies by market capitalisation at the end of July after riding this year's rally in technology shares.Īpple last month became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets and expectations for more moderate U.S.
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