We hope you had a great week!

The compute wars are heating up, and the battle lines between open and closed source AI are being drawn. Meanwhile, memecoins are on a tear (again), and the FBI is creating fake tokens. Just another week in the wild west of AI.

In This Week’s Roundup:

• JJ pokes the bear at MIT conference

• Can cryptoeconomic incentives win the compute war

• Nobel Prize recognition for AI pioneers

• A new AI model enters the arena

The State of the Market

Total Crypto Market Cap: up 1.8% this week to $2.28T
Total AI Sector Market Cap: down 0.8% this week to $28B

After a few weeks of volatility, the crypto market has been relatively stable this week, with one notable exception: memecoins. As usual, the crypto community is split on this one: are memes good or bad for the industry?

Who knows, but they have been on an absolute tear.

In the crypto AI sector, we’ve seen a pretty flat week with some smaller caps ripping while many larger projects have had a sideways or down week. However, all eyes have been on Bittensor (TAO) which is continuing its strength, up 10% in the past 7 days. TAO briefly touching the $670 mark before settling back down in the low $600s at the time of writing.

Highlights of the Week

🏆️ 'Godfather of AI' Geoffrey Hinton and neural network innovator John Hopfield have been awarded the 2024 Nobel Prize in Physics for their groundbreaking work in machine learning. Their research was foundational in creating the models we have today, however, Hinton, who left Google in 2023, has become a leading advocate for AI regulation, warning that systems "more intelligent than us" could eventually "take control."

🔥 The tension between the open and closed source AI communities is heating up. This week at an MIT event, Joseph Jacks, Founder of OSS Capital, was asked to discuss decentralized AI and during his presentation, condemned Sam Altman before reportedly being censored and interrupted by the organizers.

🔉 Delphi Digital is set to kick off its Crypto x AI month on October 14th, featuring a 3-week virtual event with over 40 industry leaders. The lineup includes prominent names such as Coinbase, Nous Research, Exo, Sentient and more. You can follow the event here.

Here’s what else happened this week ↘️