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Have your friends signed up?Situational awareness: Sears is suing Eddie Lampert, its former CEO, and his hedge fund for allegedly siphoning off its assets, reports WSJ. Last year, we reported on accusations that Lampert cannibalized Sears.Any stories we should be chasing? Hit reply to this email or message me at steve@axios.com. Kaveh Waddell is at kaveh@axios.com and Erica Pandey at erica@axios.com.Okay, let’s start with …1 big thing: An AI frenzy Illustration: Sarah Grillo/AxiosAmid a torrid geopolitical, commercial and scientific race around artificial intelligence, universities are adding professors, classes and entire new programs, but there is still a massive talent shortage, forcing companies to contemplate creative ways around it. Steve and Kaveh report: The frenzy at American and Canadian universities reflects the changing technology cycle, in which AI is expected to become perhaps the defining factor in economic and geopolitical power in the decades ahead. The big picture: Students are pouring into computer science programs from coast to coast in the U.S. and Canada, university professors tell us. But the AI students among them still number at most in the low thousands in all at the moment, while companies say they are prepared to hire tens, if not hundreds, of thousands of AI experts.Yoshua Bengio, an AI pioneer who teaches at the University of Montreal, said the school has had to cap a deep-learning course at 200 students, and that new faculty positions are being added to accommodate enormous demand.The competition for top AI specialists among universities and between universities and industry “is … fierce in all areas of AI: computer vision, robotics, natural language processing, machine learning,” said Ed Lazowska, a professor at the University of Washington.Carnegie Mellon University is among those diving most heavily into AI: In September, CMU will begin teaching what appears to be the first undergraduate AI program in the U.S., with 37 students aiming for a bachelor’s degree. After a B.S. in AI, a natural next step would be a graduate degree in something else, such as chemistry or business, said Tom Mitchell, interim dean of CMU’s School of Computer Science. “But a lot of them won’t get a chance because the market for them is so [hot] now.” They will be hired away on graduation, he said.Because of the shortage, salaries straight out of school are in the six figures, in some cases reportedly $300,000 a year and more for top graduates.In addition, as we previously reported, CMU is inaugurating the country’s first graduate program in “automated science,” creating specialists in the automation of biology. The first class of 13 students arrives at the campus this summer. What’s happening: These are students who would typically be aiming at careers conducting experiments in a lab. But automation is headed toward the bench — robots are beginning to take over experiments.The automated science degree is meant to allow young biologists to get ahead of that trend and learn how to work with, operate and maintain the robots that will conduct the experiments, said Chris Langmead, a professor who runs the program. They are going to be the automators, rather than the automated.Mitchell said companies are astonished by how few graduates are coming — and how long it will take before they get out of school. “The companies don’t need someone with a four-year degree. They don’t have four years to wait.” Among the contemplated solutions: Hire one AI graduate, who can then teach many other company employees.Put their employees through an intensive three-week course that familiarizes them with AI. They would thereby learn “the art, not the science, of applying the algorithm,” Mitchell said. At Stanford, one-quarter of a roughly 400-person AI class are employees of various companies.What’s next: CMU, AI4ALL and others are developing AI curricula for high schools. 2. Whence American AI talent?Virginia Tech students test software on a robot. Photo: Chip Somodevilla/GettyThe U.S. and China, front runners in the race to lead the world in AI, are playing with different strengths: China has vast amounts of data and money at its disposal, but the U.S. has a significant leg up in talent.Kaveh writes: Crucially, the American talent pool is made up mostly of international researchers and students, according to a new analysis from Joy Dantong Ma of the Paulson Institute. More than half of the best-of-the-best AI researchers in the U.S. are originally from other countries, Ma writes.Why it matters: If Ma is right, the Trump Administration’s immigration policy may be damaging its efforts to win the AI race.New visa restrictions specifically targeting Chinese immigrants could be especially harmful to U.S. universities trying to attract the best students for AI programs — and, by extension, to U.S. companies looking to hire top AI talent once they graduate.By the numbers:Ma began by examining the research papers accepted in 2018 to NeurIPS, a prestigious academic conference on AI. Last year, only 30 of the 4,800 submitted papers were accepted for oral presentations.Those 30 papers had 113 authors in all. Of these leading researchers, 60% work at American companies or study at American universities, Ma found — four times the number who work and study in Canada, the runner-up.But when Ma looked at where these top researchers did their undergrad studies, the picture shifted. The majority came from abroad — and about one in four are from China.Continuing to import top AI researchers from around the globe is critical to maintaining the U.S. competitive edge, Ma tells Axios.”A sweeping change in policy … risks immediate loss of foreign talent and sends some of them right back to China. … In the longer term, it sends the signal to emerging and aspiring scientists that America is not open for business.”— Joy Datong Ma, Paulson Institute3. The skewing impact of gig workPhoto: Sebastian Gollnow/picture alliance/GettyThe spread of gig work is making the U.S. employment picture look better than it is, according to a new paper from the Dallas Federal Reserve.Axios’ Dion Rabouin writes: The U.S. jobless rate, currently at 3.8%, would be higher if gig economy workers were counted as unemployed or underemployed, as they should be, according to the Dallas Fed’s John V. Duca. Instead, they are counted as fully employed. In addition, gig work is partly responsible for the long, sluggish rise of wages, since such jobs typically pay less than traditional full-time employment.The big picture: Economists have long argued about what role the gig economy has played in persistently low U.S. wages. The answer, according to Duca, is quite a big one. Details: “Essentially, firms are able to hire contract or self-employed workers, who are not on their payrolls and not counted among the unemployed when not on the job. As a result, the headline measure of unemployment may understate labor slack,” per the report.In a second new paper, Brookings researchers say green energy workers are paid well over the national average, reports Axios’ Ben Geman. Clean energy and related workers, like wind turbine service technicians, solar voltaic installers and conservation scientists, earned an average of $25.90-$28.41 an hour in 2016, often without a college degree, Brookings researchers said. That compares with an average of $23.86 an hour for all workers, co-authors Mark Muro and Joseph Kane told Axios in an email exchange. 4. Worthy of your timeIllustration: Rebecca Zisser/AxiosThe relentless drop of battery prices (Nathaniel Bullard — Bloomberg)The low-wage benefit for U.S. companies is over (Courtenay Brown — Axios) Central American farmers flee climate change (Kirk Semple — NYT)The world of high-price used sneakers (Video: Natalia Osipova et al. — WSJ)Plumbing the “soul” of a city (Scott Lucas — CityLab)5. 1 🍺 thing: The world in emojisHere’s a snapshot of what the world looks like at 7:15pm ET. Erica writes: Australians and Japanese are just getting into work, and Americans are drinking beer — or at least tweeting about drinking beer.A new side project by Sidewalk Labs software engineer Douwe Osinga scrapes all the world’s tweets and separates out emojis. With that data, Osinga has created a moving map that shows which emojis are used where, and at what time.For example, the coffee cup appears frequently in parts of the world where it is morning. And the bikini shows up close to the equator.Explore.
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$25,000 Bitcoin Price Next for Perma-Bull Lee after Ringing Crypto Winter Dead

$25,000 Bitcoin Price Next for Perma-Bull Lee after Ringing Crypto Winter Dead

By CCN: Fundstrat CEO Tom Lee says the ‘crypto winter’ is finally over, offering 13 solid reasons to back up his claim. According to the bitcoin perma-bull, there’s nothing but blue sky between here and his $25,000 price prediction.If he’s right, then bitcoin has bottomed for this cycle and we have now entered a bull market. Lee’s 13 signs touched on everything from technical analysis, Wall Street involvement, bitcoin metrics, and generally positive sentiment.After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over……confirmed pic.twitter.com/M8ni4g2YvX— Thomas Lee (@fundstrat) May 19, 2019Bitcoin’s “disturbing pullback” to $6,200 just a blipLee said that bitcoin’s recent flash crash to $6,200, which was triggered by a huge sell order on Bitstamp, was a blip. And the subsequent rebound to $8,000 strengthened the case that bulls were back in control of the market.Tom Lee believes bitcoin has bottomed at $3,200 and begun the road to recovery. Source: CoinMarketCapAs Lee points out in his 13 reasons, negative news stories no longer seem to dent the market. Citing recent events that ought to have shaken the markets, he said:“Stable market reaction to controversy around Bitfinex/Tether and NY Attorney General’s court order alleging undisclosed transfer from Tether’s reserves to Bitfinex in order to cover up mishandled funds.”Lee: Consensus 2019 confirms the end of crypto winterLee said the final proof of bitcoin’s rebound lies with the Consensus conference. The event, run by Coindesk, is often cited as a catalyst for price action, known as the “Consensus Pump.”The bitcoin price rallied to a ten-month high of $8,000 as the conference kicked off. It was the catalyst Lee needed to confirm that crypto winter is finally over.Bitcoin transactions surge and accumulation beginsAmong the other reasons for Lee’s conclusion is the volume of bitcoin transactions. He wrote that on January 23rd:“On-chain transactions per day turn positive YoY, the first time since January 2018 (consistently).”#bitcoin transactions reaching ath’s again🚀 pic.twitter.com/YMfQIQir1C— Sakura ¥ (@carryyen) March 28, 2019He also pointed to volume on over the counter (OTC) markets, hinting that brokers were reporting 60 – 70 percent increase in new client activity. At the same time, wealthy investors were accumulating bitcoin, not just on OTC markets, but in Grayscale’s flagship Bitcoin Investment Trust.It’s in the charts…Additionally, Lee points to a slew of technical analysis that confirms bitcoin’s upward trends. The most significant of which is the so-called “golden cross” when bitcoin’s 50-day moving average crossed the 200-day moving average. It historically indicates a bull market, not just in crypto, but in financial markets generally.Ladies & Gents… The Golden Cross!Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈This is yet another sign that we’re back in a🐂market. 🚀🌛 pic.twitter.com/VK1PSsOYIB— Mati Greenspan (@MatiGreenspan) April 23, 2019Lee also cites his own firm’s Bitcoin Misery Index which ticked back up to 2017 levels.Bitcoin price to soar to $25,000?With crypto winter finally over, Lee may double down on his $25,000 bitcoin price prediction. The perma-bull originally predicted that bitcoin would hit the milestone by the end of 2018. Even when it failed to materialize, he remained optimistic, saying $25,000 is a fair price for bitcoin.“Strangely, I just think that’s a good, fair value for bitcoin, but the timing of that’s going to be difficult. Bitcoin has had 70 percent pullbacks four times already in its 10-year history, and it has recovered to new all-time highs every time. So to me, it’s resilient.”At what price will see FOMO from those who gloated about 90% crash in $BTC?Military term, SWAG (scientific wild-assed guess).My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever. POLL: At what price do we see FOMO?— Thomas Lee (@fundstrat) May 12, 2019For now, the psychological barrier remains at $10,000. According to a Twitter poll conducted by Lee, his followers believe this is the price at which new investors will FOMO into cryptocurrencies. 
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JPMorgan Tries Fear-Mongering in Attempt to Sabotage Bitcoin Price Rally

JPMorgan Tries Fear-Mongering in Attempt to Sabotage Bitcoin Price Rally

JPMorgan Tries Fear-Mongering in Attempt to Sabotage Rowdy Bitcoin Price RallyJPMorgan strategists are warning investors that bitcoin, in its current value, is overpriced. | Source: ShutterstockBy CCN: JPMorgan doesn’t love bitcoin. The bank – the United States’ biggest financial institution by assets – has been historically pessimistic about the flagship cryptocurrency, so just when bitcoin prices started going through the roof, it decided to crash the party with a dire warning.#Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. pic.twitter.com/DImDoSMv8L— Holger Zschaepitz (@Schuldensuehner) May 17, 2019JPMorgan makes yet another effort to sabotage bitcoinThe crypto winter gave JPMorgan’s bitcoin bears reason to cheer earlier this year. The Wall Street firm’s analysts were bandying about a $1,260 bitcoin price target in January, warning HOLDers that they should prepare for more pain in case the crypto winter continued.Bitcoin’s impressive price rally has made those analysts eat their words as the digital currency is now trading over $7,900. But JPMorgan says that the current bitcoin price is reminiscent of 2017’s boom-bust pattern when the cryptocurrency’s market price had surged ahead of its intrinsic value and then crashed spectacularly.JPMorgan strategists wrote in a note (via Bloomberg):Over the past few days, the actual price has moved sharply over marginal cost. The divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.The note tells us that JPMorgan is trying to rain in on bitcoin’s parade, giving bears fodder by telling them that bitcoin’s current price doesn’t reflect its true value. But there’s a flaw in the JPMorgan has arrived at the “intrinsic value” of bitcoin.Don’t get carried away by JPMorgan’s fearmongeringJPMorgan has arrived at bitcoin’s intrinsic value by treating the digital currency as a commodity. The Wall Street firm estimated the cost of “producing” a bitcoin using variables such as electricity expenses, hardware efficiency, and electricity expense.But it seems like JPMorgan forgot that the current bitcoin price rally has a lot more legs than the last one, and it doesn’t make sense to value it based on the cost of mining. That’s because bitcoin is proving to be a solid alternative investment at a time when the stock market is in turmoil, thanks to the US-China trade war.In a period where: —political tensions escalate between US and China, —global equity markets fall sharply—VIX largest spike in many months—global yield curves flatten/invert#bitcoin has RISEN and >$6,000Crypto showing its value as an uncorrelated asset.— Thomas Lee (@fundstrat) May 9, 2019As it turns out, the Chinese are dumping their currency in favor of bitcoin to escape the yuan’s painful decline.Meanwhile, institutional investors are piling into bitcoin as the digital asset is believed to be better than gold as a safe-haven investment. Asset management firm Morgan Creek Digital’s CEO, Mark Yusko, estimates that the price of bitcoin could reach as high as $500,000 if the cryptocurrency is valued like gold:So if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.A survey carried out by Fidelity Digital Assets has found out that almost half of the institutional investors that it had surveyed see a place for digital assets like bitcoin in their portfolios.We asked: what do institutions really think about #digitalassets? https://t.co/3Lq5h5ITbT— Fidelity Digital Assets (@DigitalAssets) May 2, 2019So, JPMorgan’s claim that the price will crash just because it is trading above the intrinsic value, which has been arrived at by calculating mining costs, is nothing but a farce.It’s ‘Worth Nothing’: Jamie Dimon Takes Another Shot at Bitcoin https://t.co/junawpXqNa— CCN.com (@CCNMarkets) September 22, 2017But bitcoin has proved that it has value because of its real-world use cases. So don’t be surprised to see JPMorgan’s famed analysts eating their words once again when the price shoots higher.Click here for a real-time bitcoin price rally. About The AuthorHarsh ChauhanHarsh Singh Chauhan has a wealth of experience evaluating publicly-traded companies across several verticals, including technology, oil and gas, retail, and consumer goods. He is a syndicated author whose articles have been published on reputed online platforms across the U.S., Europe, and India since 2011.This article was edited by Samburaj Das.
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