Tech
SEC Approves Spot Ether ETFs, NVIDIA Delivers Latest Quarterly Results
This week, the US Securities and Exchange Commission (SEC) surprised skeptics by approving all eight pending Ether spot exchange-traded fund (ETF) applications on Thursday (May 23).
Elsewhere, lawmakers gathered to pass the first piece of cryptocurrency legislation through the House of Representatives, bringing it forward for a vote in the Senate, and an investigation into Waymo’s robotaxis uncovered more incidents.
Stay informed on the latest developments in the tech world with Investing News Network’s recaps.
1. SEC Approves Ethereum Spot ETFs
Those of the SEC approval of eight spot ETFs on Ether on an accelerated basis marks another milestone in the cryptocurrency industry. Thursday was the deadline to decide on VanEck’s application for a spot Ether ETF, but the SEC also approved the Grayscale Ethereum Trust, the Bitwise Ethereum ETF, the iShares Ethereum Trust, the ARK 21Shares Ethereum ETF, the Invesco Galaxy Ethereum ETF, the Fidelity Ethereum Fund and the Franklin Ethereum ETF.
After a prolonged period of apprehension and concern, Bloomberg analysts Eric Balchunas AND James Seyffart on Monday (May 20) increased the odds of VanEck’s Form 19b-4 being approved from 25% to 75%.
After that news, reports have emerged Spot Ether ETF applicants have been asked to update their 19b-4 filings. In response, the price of Ether rose 10.46% to $3,472 in just over 20 minutes.
2. NVIDIA Delivers Another Successful Quarter
NVIDIA (NASDAQ:NVDA) reported the results for its first fiscal quarter of 2025 on Wednesday (May 22), exceeding analysts’ expectations with revenue of $26 billion, up 18% quarter-over-quarter and 262% year-over-year.
The company’s net profit grew 19% quarter-on-quarter and 462% year-on-year to $15.24 billion; its earnings per share increased 19% to US$6.12, marking a 461% year-over-year increase.
Following the announcement, NVIDIA shares initially rose to US$992.57 in after-hours trading before falling to US$967.01. The rally continued into Thursday and the company’s stock price opened above the $1,000 mark at $1,020.50. NVIDIA closed the week at $1,064.69.
3. Microsoft introduces AI-powered Copilot+ PCs
Microsoft (NASDAQ:MSFT) held an event at its new campus in Redmond, Washington, on Monday to introduce its new line of PCs. Called Co-pilot + PCcomputers are powered by artificial intelligence (AI).
Built in collaboration with Microsoft Acer manufacturing partners (TPE:2353), ASUSTeK Computers (TPE:2357), Dell Technologies (NYSE:DELL), HP (NYSE:HP), Lenovo Group (OTC Pink:LNGVF,HKEX:0992) and Samsung Electronics (KPX:005930), the devices feature a system architecture that combines the power of high-performance central processing units, graphics processing units, and neural processing units to perform artificial intelligence tasks without requiring a connection to cloud data centers. However, because they are connected to large language models (LLMs) running on Microsoft’s Azure cloud, they are able to leverage available computing power and data to provide advanced AI capabilities.
PCs also come with Small Language Models (SLMs) optimized to run efficiently on local hardware. The integration of SLM and LLM gives them an advantage over other devices that rely on cloud resources or are limited to local AI processing power. The device’s capabilities include a number of creative AI-powered systems: Recall, the system’s ability to remember and use past information for relevant actions or responses, and Copilot, Microsoft’s AI agent.
Microsoft’s Copilot+ PCs are powered by Qualcomm (NASDAQ:QCOM) Snapdragon X Elite and Snapdragon X Plus processors, designed specifically to handle AI tasks and offer longer battery life. Pre-orders began Monday, with shipments scheduled for June 18. The starting price is $999.
4. House Passes Cryptocurrency Legislation in Historic Vote
The United States made progress on cryptocurrency legislation this week when the House passed the legislation Financial Innovation and Technology for the 21st Century Act (FIT21). Wednesday by a bipartisan vote of 279 to 136.
The legislation aims to provide regulatory clarity to the cryptocurrency industry and marks the first time a major cryptocurrency bill has won congressional approval. The bill, sponsored by Republicans, garnered significant Democratic support but faced opposition from both White House and the SEC, with SEC Chairman Gary Gensler saying in a statement who believes the bill will put “investors and capital markets at immeasurable risk.”
The historic vote took place a week later resolution he seeks to overturn SEC Staff Accounting Bulletin No. 121 (SAB-121) received bipartisan support in the Senate by a vote of 60 to 38. SAB-121 provides guidance on how companies should account for crypto assets held in trust by platform users. President Joe Biden did he said he would veto it the SAB-121 capsize, but so far He has not. His deadline for doing so It’s June 3rd
5. NHTSA’s Waymo investigation reveals more crashes
Reuters reported it on Friday (May 24) that the National Highway Traffic Safety Administration (NHTSA) became aware of nine additional crashes involving Alphabet (NASDAQ:GOOGLE) Waymo self-driving vehicles since opening a probe. The investigation was launched following 22 reports of incidents leading to accidents and traffic violations.
The investigation focuses on the ability of the Waymo autonomous vehicle’s software to avoid collisions with stationary objects, as many of the additional nine crashes involve reports of Waymo robotaxis hitting gates, parked cars and light poles. The agency will also examine how the software detects road safety monitoring devices.
According to an NHTSA letter to Waymo, many of the additional crashes “involved collisions with clearly visible objects that a competent driver should avoid.” The company has until June 11 to answer a series of questions posed by the agency and to provide video footage of all incidents under investigation.
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Securities Disclosure: I, Meagen Seatter, have no direct investment interest in any of the companies mentioned in this article.
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