Mark Zuckerberg, CEO of Meta, has hired three researchers from OpenAI to bolster his company’s work on artificial intelligence. This strategic move aims to guide Meta Platforms through its current AI challenges. The social-media corporation brought aboard Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai, all of whom previously held positions at OpenAI’s branch in Zurich, as per sources privy to this information. These individuals established OpenAI’s location in Zurich towards the end of last year. Prior to their time at OpenAI, they collaborated closely within Google DeepMind, which is the organization’s artificial intelligence division. A representative from OpenAI verified that the three scientists have departed from the organization. Zuckerberg has been on an intense recruiting drive To correct the company’s AI initiatives following the underwhelming reception of its most recent model, he has sometimes proposed giving researchers up to $100 million to become part o...
Fiserv The stock experienced a significant rise on Monday following a Wall Street Journal report indicating that FiservFI, an influential player in the S&P 500 payment sector, intends to introduce a stablecoin platform along with its proprietary stablecoin. This move aims to facilitate greater accessibility of cryptocurrencies for approximately 3,000 regional and community banking clients. Fiservo has slated this project in collaboration with Solana’s blockchain technology. Circle Internet Group The newly launched CRCL, which offers the second-largest stablecoin in terms of issuance.
According to the report, Fiserv intends to disclose an independent stablecoin collaboration with PayPal, with additional information becoming available late Sunday. The journal mentioned that discussions regarding potential stablecoin agreements with payment processing companies are progressing as well. In response, shares of Circle experienced gains during the extended trading session.
GENIUS Act Sparks Competition Among Stablecoins
Fiserv plans to introduce the stablecoin platform in collaboration with Solana and Circle Internet by the end of this year. the WSJ said The flurry of action follows Congress nearing approval for the GENIUS Act, which aims to establish guidelines for stabilizing cryptocurrencies tied to the U.S. dollar’s value. This bill was approved by the Senate with a 68-30 majority last week and must now clear the Republican-led House.
Circle Internet was highlighted as IBD's Stock of the Week: IPO Edition On Friday, the Cathie Wood holding jumped about 80% for the week.
At the Baird investor conference held on June 3rd, Fiserv CEO Michael Lyons announced that the company was set to unveil strategies for building an infrastructure aimed at providing financial institutions with essential tools such as asset management, wallet creation, enhanced peer-to-peer payment functionalities using stablecoins, along with integrating these stablecoin features for merchants.
Lyons stated, as per a FactSet transcript, Fiserv boasts "13,000 highly intelligent engineers who can quickly develop and implement solutions when given a project."
Fiserv’s latest initiative aims to “make stablecoins more widely available” by ensuring that the technology is both accessible and cost-effective for smaller financial institutions as well, according to COO Takis Georgakopoulos’ statement to The Wall Street Journal.
The journal mentioned that Fiserv’s stablecoin platform will not increase the cost of licensing its technology. Instead, they anticipate generating income from transaction fees along with “a portion of the returns generated via investments in reserves” backing the stablecoin's worth, like Treasury securities.
Stablecoins are viewed as a method to decrease the expenses associated with moving money through conventional payment systems, exerting pressure on major credit card companies.
Fiserv, PayPal Stablecoin Tie-Up
Fiserv and PayPal have declared their intentions to develop interoperability between their individual stablecoins, FIUSD and PayPal USD.
Georgakopoulos from Fiserv mentioned that the broadened partnership with PayPal advances their aim to expand stablecoin-driven payment solutions.
Frank Keller, PayPal’s executive vice president, stated that both firms will collaborate to provide "quicker, more economical, and widely available payment choices for businesses around the world."
FI, CRCL
The share price of Fiserv surged over 8%, climbing above $171 during the initial trading session on Monday. Following an impressive streak that concluded in early March, Fiserv’s stock has faced some downward pressure. On Friday, the company's stock finished trade at a level 31.5% beneath its peak for the past year.
The CRCL stock surged almost 5%, reaching approximately $244. Circle Internet went public on June 5, ending its debut day with an increase of roughly 168% above the offering price at $83.23. However, CRCL hasn’t had sufficient time to stabilize for establishing a clear buying opportunity.
CRCL is under surveillance by the IBD Leaderboard portfolio of elite stocks.
PYPL gained 0.6%.
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