Market Metrics

Total Crypto Market Cap: up .5% to $2.6T
Total AI Sector Market Cap: down 4.6% to $25.7B

Top Movers (24hrs):

📈 Spectre AI (SPECTRE): up 57.7% to $2.17
📈 Monai (MONAI): up 42.3% to $0.4926
📈 Kizuna (KIZUNA): up 19.5% to $0.0₇1701

Highlight of the Weekend

🇨🇦 Canada Joins The AI Arms Race
In a significant pre-budget announcement, Canadian Prime Minister Justin Trudeau unveiled the Liberal government's plan to allocate $2.4 billion to bolster artificial intelligence (AI) development in the country. The lion's share of the funds, $2 billion, will be directed towards establishing the AI Compute Access Fund, aimed at providing access to cutting-edge computing capabilities and technical infrastructure.

Canada's $2.4 billion investment in AI development is just one example of the growing trend towards "Sovereign AI," where countries are racing to own their computing infrastructure and develop their own AI capabilities. As NVIDIA founder and CEO Jensen Huang recently emphasized, every nation needs to control the production of its own intelligence to codify its unique culture, society's intelligence, common sense, and history.

➡️ Global consensus on AI regulation is unlikely due to current geopolitical tensions, intensifying the urgency for nations to join the AI race. As each country creates its own AI, the AI compute market will likely see significant inefficiencies due to fragmentation created by different countries working against each other. Blockchain AI projects are positioned to capitalize on the inefficiencies created by the AI arms race as they exist on borderless, decentralized infrastructure that is censorship-resistant. Investors in the AI and crypto space have a unique opportunity to benefit from the growing demand for decentralized computing resources and the inefficiencies resulting from the global AI arms race.

In Other News

🟠 Ritual Network announced Polychain as a strategic investor, aiming to enhance product development, protocol adoption, and community growth.

🟠 Fetch.ai released an integration with Chainlink that will allow Fetch AI Agents to leverage Chainlink oracles to access historical price data for ETFs, Forex, Ethereum, Polygon, and Arbiturm.

🟠 NetMind.AI announced two significant new features: an Inference Platform and the option for users to rent GPUs using fiat currency. The Inference Platform streamlines the use of open-source AI models, allowing users to effortlessly perform AI inferences for a more accessible and user-friendly experience.

🟠 AITECH announced their bond product, which essentially allows AI projects to increase onchain liquidity after its token generation event (TGE). Investors can access AI tokens for a discount subject to a vesting period.

🟠 Destra’s Layer 2 testnet, “Destra-Dubai”, is live. Users can now add the chain details to any EVM wallet (MetaMask etc) and push test transactions on the network. There’s a possibility that testnet users are retroactively rewarded.

🟠 xBTCBot, the first AI bot to post onchain transactions for Bitcoin-native assets and protocols, has partnered with Eternal AI. You can get early access to xBTCBot here. We covered the recent EAI public sale two weeks ago, so this may be of interest to those who are interested in the project.

🟠 PalmAI announced the project’s Q2 roadmap, which includes several significant milestones, including integrating with WeChat and Shopify, developing hardware for real-world assets (RWAs), and more.

🟠 The first governance proposal for the Artificial Superintelligence Alliance held by Fetch.ai has passed with 99.8% voting “yes”. This is a crucial step toward making this three-way merger a reality. In case you missed it, we broke down this merger in our Big Brain Breakdown when the news first dropped.

Must Watch

🎙 Founder of Stability AI, Emad Mostaque, was interviewed on Bankless today and covered his reasons for leaving behind centralized AI in favor of decentralized AI.

Meme of the Weekend

🚗 Chances are, Uber drivers are running up a bigger bag than you, anon.

Jobs Board

🟠 AI Data Coordinator @ Heretic Stealth Portfolio Company ($105k - $150k)
🟠 Associate ML-Ops/DevOps Engineer @ Plai Labs ($75k - $150k)
 Apply here
🟠 Senior AI Engineer @ Seedify ($81k - $100k)
 Apply here

Exclusive Report: Top 5 AI Cryptocurrencies to Watch 2024

🌵 Access the report here! 🌵