Family Office & RIA Weekly Roundup

Take a Lap Around the Industry

• AMD Buys AI Equipment Maker for Nearly $5 Billion, Escalating Battle With Nvidia (WSJ)
• Tesla Gets Lower Tariff Rate as EU Eases Penalties on Chinese-Made EVs (WSJ)
• GM Is Cutting More Than 1,000 Workers From Its Software Business (WSJ)
  
• Goldman Sachs Cuts Odds of U.S. Recession to 20% After Retail and Jobs Data (CNBC)

The artificial-intelligence boom is benefiting Europe's largest industrial companies, such as ABB, Siemens, Legrand, and Schneider Electric, amid weaker global manufacturing demand. These firms are experiencing a surge in orders for data-center infrastructure, critical for AI giants like Nvidia to develop advanced computing models. Data center revenues for these top electrical companies reached €20 billion last year, double the amount from five years prior, with expectations for continued growth. This upswing is advantageous for Europe as it bolsters the region's industrial sector and supports job creation while providing a competitive edge against global rivals. The increased demand for data-center technology highlights Europe's strength in high-tech industries and helps offset declines in traditional manufacturing sectors. As AI investments drive innovation and economic stability, European firms enhance their global standing and foster a more resilient industrial landscape.

"Right now, more of our pipeline of opportunity is AI related than is traditionally related."

Ciaran Flanagan (Siemens)

Private Funding Pulse Check

• Quantum Circuits, Inc. has secured over $60M in a Series B funding round, led by Joby Pritzker's family office, Tao Capital Partners, to drive the commercialization of its revolutionary superconducting quantum computing technology
• Backed by Briscoe & Carpenter's family office, Miramir Holdings, ITpipes secures $20M to transform water infrastructure management with AI and cloud solutions, ensuring safer, healthier communities
• Infrastructure provider for the credit industry, Setpoint.io, has announced the securing of $31M in a Series B funding round, backed by Henry R. Kravis' family office, Stonecroft Management LLC
• Backed by Peter Thiel's family office, Singapore-based wealthtech platform, Syfe, raises $27M in Equity funding 

Source: FINTRX Data

Rep Activity Tracker 🚨

• CW Advisors (CWA) has acquired Richmond-based Agili, a fee-only RIA with $1.2 billion in AUM, in its largest deal since receiving private equity backing
• The acquisition strengthens CWA's presence in the Richmond, Va. market, with Agili’s founder and president, Michael Joyce, leading the mid-Atlantic region as part of its strategy to build a culturally cohesive national organization
• Agili's established reputation in financial planning for high-net-worth clients enhances CWA’s service offerings and regional influence
• This partnership is crucial for CWA's continued expansion and strategic growth across the U.S., with further acquisitions anticipated 
  (Citywire)

Sam Altman’s Worldcoin, a bold initiative designed to verify “humanness” through iris scans and distribute cryptocurrency, is facing intense scrutiny from global regulators. Launched with the vision of providing universal basic income in an AI-driven world, Worldcoin has been met with resistance, particularly concerning data privacy and ethical concerns. Authorities in over a dozen jurisdictions, including Hong Kong, Spain, and Kenya, have halted its operations, citing fears of a global biometric database and improper handling of user data. Despite these challenges, Altman and his team remain committed to their mission, working with regulators to address concerns while emphasizing the privacy-enhancing nature of their technology. With over six million people already signed up across 40 countries, the project's success hinges on overcoming these regulatory hurdles and ensuring the secure, ethical use of its groundbreaking technology.

"We’ve built a technology that by default is privacy-enhancing. We don’t collect data to harvest it. We don’t sell data. In fact, we couldn’t sell it, because we don’t know who the data belongs to."

Damien Kieran (Tools for Humanity)

Wood Group Eyes Recovery Despite $1 Billion Loss