Can AI make crypto trades for you? Not yet, but maybe in the future

This week’s On the Rise explores a Web3 firm’s innovative use of AI, GPT-4o and its hurdles, and the energy security vs. AI investment problem in SEA. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - Nansen plugs [AI into Web3 for crypto trading]( - Going beyond the hype [around GPT-40’s impact]( - Singapore’s push for ‘green’ AI data centers Hello {NAME} , Is it just me, or does it seem like anytime you watch the news today, there is some development on AI being unveiled? Since OpenAI’s launch of GPT-40 last month, there’s been news such as the company’s [alleged misuse of a famous actress’ voice]( and the clunky deployment of the AI model’s competitor: Google’s Gemini. Love it or hate it, AI is here to stay. How it would change the society we live in today has been debated by [experts]( and [academics](. And our two Big Stories touch on just how this technology is being applied in various industries. My colleague Scott, for instance, spoke with Alex Svanevik - CEO and co-founder of Singapore-based crypto analytics firm Nansen - to have a better understanding of how generative AI is being used to discover the “who’s who” behind crypto wallets. The AI can now identify possible crypto trades for clients, but Svanevik looks to take it a step further in automating the trades for Nansen’s clients (if they want to) in the future. In the second Big Story, my colleague Lokesh explores how the hurdles behind the initial hype of GPT-40. While the model has opened a wide range of possibilities in sectors such as education, robotics, and healthcare, there are several questions still unanswered by OpenAI’s latest demo. Lastly, for AI Odyssey, I discuss the difficult choices Southeast Asian countries have to make to create space for the heavy investments Big Tech is pouring into the region for data centers. Can we really handle operating these energy-intensive facilities, sustainably? Sounds exciting or terrifying? I’ll let you read the stories so you can have a better grasp of what is at stake. -- Elyssa  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [When AI meets Web3: A Singapore firm chasing full automation in crypto trading]( Crypto analytics firm, Nansen, is using AI to identify crypto wallets and make suggestions on trades, but will it bring the company back to profitability? 2️⃣ [Hurdles beyond the hype of GPT-40’s impact on businesses]( The GPT-40 is already seen to affect various industries - from business process outsourcing to healthcare. Whether it would be for their benefit or their demise remains to be seen.  --------------------------------------------------------------- AI ODYSSEY Promising AI projects we’re noticing. Can Singapore lead efforts on ‘greening’ AI data centers for SEA? And just like that, we’re done with nearly half of 2024. So far, aside from generative AI continuously being the hottest pursuit of Silicon Valley, the year has seen Southeast Asia emerge as the latest investment destination for big tech companies. [Bloomberg estimated]( that based on the recent pledges by the likes of Microsoft and Nvidia, data center investments in the region would amount to US$60 billion in the coming years. Generative AI, after all, requires data centers to process millions of AI queries and requests instantaneously. Big tech firms’ investment commitments are, of course, a welcome development as they usually mean more jobs and exposure for the region’s very own AI-powered startups. But lacking from the conversation so far is how Southeast Asia will handle the imminent impact of these data centers on its energy security and efforts against the climate crisis. The International Energy Agency [reported]( global electricity demand for data centers could double from 2022 to 2026. To provide a more graphic picture, [The Economist estimated]( that if data centers in 2022 utilized between 240 to 550 terawatt hours of electricity, it would mean this industry alone consumed more energy than Australia did in the same year. And that is based on the lower end of the estimated range. A simultaneous effort is then required to increase energy supply for the planned data centers in the region - but with climate goals in mind. And Singapore is showing signs of leading these efforts in the region. Last week, the country unveiled its [green data center roadmap]( which aims to provide an additional 300 megawatts of energy capacity in the city-state to support the industry’s requirements. The announcement did not provide details on how these new capacities will be met, but it noted that more may be pursued through “green energy” deployments. “As the demand for digital and AI services continues to rise, the need for our data center capacity will grow. At the same time, we’ll need to ensure that Singapore remains on track for peak CO2 emissions by 2030, and net zero by 2050. These are our international climate commitments and we have every intention of standing by (them),” Janil Puthucheary, senior minister of state for communications and information [said during the announcement](. How Singapore and the rest of the region navigate this dilemma is a journey that its data center investors would watch out for, too. After all, calls for [“greening”]( the AI supply chain have also emerged from the [business]( and [academic]( communities. Southeast Asia is home to some of the countries that would be most affected by the impact of the climate crisis, and at the same time, it’s challenged by these very businesses to prepare for the deluge of this technology on its shores. As Elina Noor, a senior fellow at US-based think tank Carnegie Endowment for International Peace, has said in this [column]( “a business-as-usual approach to a bigger-is-better AI would be surreally dissonant with the region’s climate exigencies.” -- Elyssa  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Grab takes first bite of OpenAI’s enterprise solution]( Grab is teaming up with the developer of ChatGPT to deploy AI-powered solutions for the super app. 2️⃣ [Nvidia co-launches SEA’s first AI startup accelerator]( The AI chip giant is co-founding the Ignition AI Accelerator with Digital Industry Singapore and ecosystem builder Tribe. Through a four-month initial program, 15 startups will gain technical insights from Nvidia and attend training workshops developed with Tribe. 3️⃣ [Google pours $2b for Malaysia data center]( Like I said earlier, Big Tech has its eyes on Southeast Asia and Malaysia is the newest beneficiary, as Google is committing its biggest investment in the country yet. 4️⃣ [Singapore channels $222m into quantum tech advancement]( The Asia Tech x Singapore 2024 event saw multiple meaningful announcements, including the introduction of the National Quantum Strategy. Part of the plan is the funding of 100 PhD-level scholars who would pursue studies on quantum technology. 5️⃣ [Oyo records first-ever net profits: founder]( After years of lackluster performance due to the pandemic, the India-based travel app may have finally hit its stride.  --------------------------------------------------------------- FYI 1️⃣ [Private markets slow to adopt tokenization, still seeking clear use case]( Blockchain or distributed ledger technology remains a debated topic in the private markets industry, but some experts argue there is space for such tech. 2️⃣ [Razer eyes Vietnam as power-up for hardware, VC units]( The gaming lifestyle brand is looking to invest in local startups, CEO Min-Liang Tan told the audience at Tech in Asia’s Saigon Summit last week. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](. [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25]( You’ll hear from some of the brightest minds in the region on a wide range of relevant topics. Darius Liu of AI Singapore will talk about a project to build Southeast Asia’s own large language model. Don't miss out - [purchase your tickets]( today! [Product Development Conference (Jakarta, 25-26 June 2024)]( Seed round or Series C, the struggle to build a winning product is real! Is there a one-size-fits-all strategy for every funding stage? Join us to find out at PDC 2024! Last chance to get 25% off your PDC ticket; this offer ends on June 6th. [Snap up your ticket]( now or risk FOMO! [Tech in Asia x Airwallex Startup Night on June 19]( Forget the elevator pitches and forced smiles of typical networking events. Held on June 19, Tech in Asia x Airwallex Startup Night is about one thing: forging genuine connections that fuel real growth. This isn't for everyone, though. We're handpicking a select group of ambitious founders and startup leaders who are ready to move beyond the hype and achieve real impact. [Register for an invite today!]( ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. 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