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GTC, Nvidia’s biggest conference of the year, begins Monday and runs till Friday in San Jose. TechCrunch will be on the ground covering the news as it happens — and we’re expecting a healthy dose of announcements. CEO Jensen Huang will give a keynote address at the SAP Center on Tuesday at 10 a.m. Pacific, […]

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Sacks and his VC firm sold over $200M in crypto and stocks before WH role

David Sacks and his venture capital firm sold over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto czar, a White House memorandum disclosed.

“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” said the memorandum dated March 5.

Crypto sell-off in an effort to prevent conflict of interest

The memorandum said “significant steps” were taken to reduce potential conflicts of interest before Sacks began his tenure as the White House AI and crypto czar — in which a major part of his role is to help create a legal framework for the crypto industry.

Sacks offloaded all the “liquid cryptocurrency” in his portfolio, as well as Craft Ventures’ portfolio — the investment firm he co-founded in 2017 — including holdings in Bitcoin (BTC), Ether (ETH), and Solana (SOL) before US President Donald Trump’s inauguration on Jan. 20.

United States, Donald Trump

The memorandum outlined which cryptocurrencies and crypto-related stocks David Sacks sold prior to Trump’s inauguration. Source: The White House

Since Trump’s inauguration, the crypto market has seen a major decline amid a broader market downturn, with many blaming Trump’s proposed tariffs and uncertainty over US interest rates.

While Bitcoin tapped a new all-time high of $109,000 just hours before Trump was sworn in as the 47th US president, it recently dipped below $80,000 on Feb. 27, erasing all post-election gains. At the time of publication, Bitcoin is trading at $84,155, as per CoinMarketCap data.

Sacks also divested from publicly traded crypto-related firms, including Coinbase (COIN), Robinhood (HOOD), and stakes in private digital asset companies.

Additionally, he sold his limited partner interest in Solana-focused Multichain Capital and crypto-focused venture capital firm Blockchain Capital. At the same time, Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.

Sen. Warren urged Sacks to prove he no longer holds crypto

The memorandum is dated one day before Massachusetts Senator Elizabeth Warren urged Sacks in a March 6 letter to prove he no longer holds any digital assets, following Sacks’ claim in an X post that he sold off all his crypto.

“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge,” Warren said.

Since Sacks started the White House crypto role, he has been a vocal advocate on various issues in the crypto industry, from the importance of a Strategic Bitcoin Reserve to not over-taxing the crypto industry.

Related: Bitcoin panic selling costs new investors $100M in 6 weeks — Research

Sacks recently shut down the idea of crypto transaction taxes on an episode of the All In Podcast after host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction.

“That’s always how taxes start. They are described as being very modest,” Sacks said.

“You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people,” Sacks added.

Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

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On Thursday, House Judiciary Chair Jim Jordan (R-OH) sent letters to 16 American technology firms, including Google and OpenAI, asking for past communications with the Biden administration that might suggest the former president “coerced or colluded” with companies to “censor lawful speech” in AI products. The Trump administration’s top technology advisers previously signaled it would pick […]

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Google will replace Google Assistant on Android phones with Gemini later this year, the company announced on Friday. Google said in a blog post that it’ll upgrade more users from Google Assistant to Gemini “over the coming months.” Later this year, Assistant will no longer be accessible on most mobile devices or available from app […]

© 2024 TechCrunch. All rights reserved. For personal use only.

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This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology.

This annual shot might protect against HIV infections

Every year, my colleagues and I put together a list of what we think are the top 10 breakthrough technologies of that year. When it came to innovations in biotech, there was a clear winner: lenacapavir, a drug that was found to prevent HIV infections in 100% of the women and girls who received it in a clinical trial.

You never hear “100%” in medicine. The trial was the most successful we’ve ever seen for HIV prevention. The drug was safe, too (it’s already approved to treat HIV infections). And it only needed to be injected twice a year to offer full protection.

This week, the results of a small phase I trial for once-yearly lenacapavir injections were announced at a conference in San Francisco. These early “first in human” trials are designed to test the safety of a drug in healthy volunteers. Still, the results are incredibly promising. Read our story to find out why.

—Jessica Hamzelou

This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

My sex doll is mad at me: A short story

In the not-too-distant future, we might form intimate relationships with robots. In this short fiction story from the latest edition of our print magazine, writer and artist Leo Herrera imagines what might happen when those robots break. Read the full story and if you aren’t already a subscriber, sign up now to get the next edition of the print magazine. Subscriptions are 25% off today!

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 A second wave of mass US government firings is coming 
More than 100,000 jobs have been cut to date—a figure that’s likely to keep rising. (Reuters)
+ But a judge has demanded the rehiring of thousands of recently fired workers. (NYT $)
+ Meet the archivists resisting DOGE’s data purge. (New Yorker $)
+ Can AI help DOGE slash government budgets? It’s complex. (MIT Technology Review)

2 OpenAI has accused DeepSeek of being state-controlled
And it’s recommended the US bans the Chinese company’s models, just in case. (TechCrunch)
+ OpenAI wants to preserve US AI models’ ability to learn from copyrighted material. (CNBC)
+ DeepSeek is uninterested in entering the AI rat race for profits. (FT $)
+ How a top Chinese AI model overcame US sanctions. (MIT Technology Review)

3 NASA and SpaceX will attempt to rescue the astronauts stuck in space tonight
After a mission to send their replacements into space was called off on Wednesday. (WP $)

4 Tech’s biggest companies aren’t fans of Donald Trump’s tariffs
Chinese manufacturer Foxconn, which supplies Apple and Amazon, has been hard hit. (FT $)
+ Meanwhile, Trump has taken aim at the foundation of US climate rules. (Vox)

5 China will start to label AI-generated content online
Following in the footsteps of the EU. (Bloomberg $)
+ The race to find a better way to label AI. (MIT Technology Review)

6 Big Pharma is cautiously investing in mental health again
The industry had previously turned its back on the field, but new treatments are piquing its interest. (WSJ $)

7 Africa is pinning its hopes of reliable electricity on solar grids
Africa is the world’s sunniest continent. Why not harness that energy? (Knowable Magazine)
+ Yes, we have enough materials to power the world with renewable energy. (MIT Technology Review)

8 Meet the Christians of Silicon Valley
When their work leaves them feeling disillusioned, they find hope in their faith. (Wired $)
+ The rise of the tech ethics congregation. (MIT Technology Review)

9 How generative AI’s creations complement the MAGA aesthetic
The pro-Trump internet isn’t especially stylish. (NYT $)

10 How to lose $148 billion in under two months
Just ask Elon Musk. (The Atlantic $)

Quote of the day

“It’s about as good as an intern. Generic and guessable answers.”

—An anonymous US agency worker says they’re not impressed by a chatbot DOGE created in an attempt to automate work previously done by federal employees, Wired reports.

The big story

Inside the quest to map the universe with mysterious bursts of radio energy

May 2024

When our universe was less than half as old as it is today, a burst of energy that could cook a sun’s worth of popcorn shot out from somewhere amid a compact group of galaxies. Some 8 billion years later, radio waves from that burst reached Earth and were captured by a sophisticated low-frequency radio telescope in the Australian outback.

The signal, which arrived in June 2022, and lasted for under half a millisecond, is one of a growing class of mysterious radio signals called fast radio bursts. In the last 10 years, astronomers have picked up nearly 5,000 of them. This one was particularly special: nearly double the age of anything previously observed, and three and a half times more energetic.

No one knows what causes fast radio bursts. They flash in a seemingly random and unpredictable pattern from all over the sky. But despite the mystery, these radio waves are starting to prove extraordinarily useful. Read the full story.

—Anna Kramer

We can still have nice things

A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.)

+ Why is Hollywood so obsessed with twins right now?
+ This octopus contorting its body to fit into a tiny hole is mesmerizing 🐙
+ Did you catch this morning’s blood moon lunar eclipse? Don’t worry if you didn’t—these pictures are pretty amazing.
+ Happy Pi Day to all who celebrate!

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This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

Every year, my colleagues and I put together a list of what we think are the top 10 breakthrough technologies of that year. When it came to innovations in biotech, there was a clear winner: lenacapavir, a drug that was found to prevent HIV infections in 100% of the women and girls who received it in a clinical trial.

You never hear “100%” in medicine. The trial was the most successful we’ve ever seen for HIV prevention. The drug was safe, too (it’s already approved to treat HIV infections). And it only needed to be injected twice a year to offer full protection.

This week, the results of a small phase I trial for once-yearly lenacapavir injections were announced at a conference in San Francisco. These early “first in human” trials are designed to test the safety of a drug in healthy volunteers. Still, the results are incredibly promising: All the volunteers still had the drug in their blood plasma a year after their injections, and at levels that earlier studies suggest will protect them from HIV infections.

I don’t normally get too excited about phase I trials, which usually involve just a handful of volunteers and typically don’t tell us much about whether a drug is likely to work. But this trial seems to be different. Together, the lenacapavir trials could bring us a significant step closer to ending the HIV epidemic.

First, a quick recap. We’ve had effective pre-exposure prophylactic (PrEP) drugs for HIV since 2012, but these must be taken either daily or just before a person is exposed to the virus. In 2021, the US Food and Drug Administration approved the first long-acting injectable drug for HIV prevention. That drug, cabotegravir, needs to be injected every two months.

But researchers have been working on drugs that offer even longer-lasting protection. It can be difficult for people to remember to take daily pills when they’re sick, let alone when they’re healthy. And these medicines have a stigma attached to them. “People are concerned about people hearing the pills shake in their purse on the bus … or seeing them on a medicine cabinet or bedside table,” says Moupali Das, vice president of HIV prevention and virology, pediatrics, and HIV clinical development at Gilead Sciences.

Then came the lenacapavir studies. The drug is already approved as a treatment for some cases of HIV infection, but two trials last year tested its effectiveness at prevention. In one, over 5,000 women and adolescent girls in Uganda and South Africa received either twice-yearly injections of lenacapavir or a daily PrEP pill. That trial was a resounding success: There were no cases of HIV among the volunteers who got lenacapavir.

In a second trial, the drug was tested in 3,265 men and gender-diverse individuals, including transgender men, transgender women, and gender nonbinary people. The twice-yearly injections reduced the incidence of HIV in this group by 96%.

In the most recent study, which was also published in The Lancet, Das and her colleagues tested a new formulation of the drug in 40 healthy volunteers in the US. The participants still got lenacapavir, but in a slightly different formulation, and at a higher dose. And whereas the previous trials involved injections under the skin, these participants received injections into their glute muscles. Half the volunteers in this trial received a higher dose than the others.

The drug appeared to be safe. It also appears likely to be effective. These individuals weren’t at risk of HIV. But the levels of the drug in their blood plasma remained high, even in the people who got the lower dose.

A year after their injection, the levels of the drug were still higher than those seen in people who were protected from HIV in last year’s trials. This suggests the new annual shot will be just as protective as the twice-yearly shot, says Renu Singh, a senior director in clinical pharmacology at Gilead Sciences, who presented the findings at the Conference on Retroviruses and Opportunistic Infections in San Francisco.

“I was just so excited [to hear the results],” says Carina Marquez, an associate professor of medicine at the University of California, San Francisco, who both studies infectious disease and treats people with HIV.

Annual shots would make things easier—and potentially cheaper—for both patients and health-care providers, says Marquez. “It will be a game changer if it works, which looks promising from the phase I data,” she says.

The drug works by interfering with the virus’s ability to replicate. But it also seems to have some very unusual properties, says Singh. It can be taken daily or yearly. Small doses can stay in the blood for days rather than hours. And bigger doses form what’s known as a depot, which gradually releases the drug over time.

“I previously worked at the FDA, and looked at many, many different molecules and products, but I’ve never seen [anything] like this,” Singh adds. She and her colleagues have come up with nicknames for the drug, including “magical,” “the unicorn,” and “limitless len.”

Once a phase I trial is successfully completed, researchers will typically move on to a phase II trial, which is designed to test the efficacy of a drug. That’s not necessary for lenacapavir, given the unprecedented success of last year’s trials. The team at Gilead is currently planning a phase III trial, which will involve testing annual shots in large numbers of people at risk of HIV infection.

The drug isn’t approved yet, but the researchers at Gilead have submitted twice-yearly lenacapavir for approval by the FDA and the European Medicines Agency and hope to have it approved by the FDA in June, says Das. The drug is also being assessed under the EU-Medicines for all (EU-M4all) procedure, which is a collaboration between the EMA and the World Health Organizations to fast-track the approval of drugs for countries outside Europe.

With any new medicine for an infection that affects low- and middle-income countries, there are always concerns about cost. The existing formulations of lenacapvir (used for treating HIV infections) can cost around $40,000 for a year’s supply. “There’s no price for the twice-yearly [formulation] yet,” says Das.

Gilead has signed licensing agreements with six generic drug manufacturers that will sell cheaper versions of the drug in 120 low- and middle-income countries. In December, the Global Fund and other organizations announced plans to secure access to twice-yearly lenacapavir for 2 million people in such countries.

But this was an effort coordinated with the US President’s Emergency Plan for AIDS Relief (PEPFAR), a program whose very existence has come under threat following an executive order issued by the Trump administration to pause foreign aid.

“We are looking at the political situation right now and evaluating our possible options,” says Singh. “We are committed to working with the government to see what’s next and what can be done.”

The pause on US foreign aid will have devastating consequences for the health of people around the globe. And the idea that it might interfere with access to a drug that could help bring an end to the HIV epidemic—which has already claimed over 40 million lives—is a heartbreaking prospect. It is estimated that 630,000 people died from HIV-related causes in 2023. That same year, another 1.3 million people acquired HIV.

“We’re in such a good place to end the epidemic,” says Marquez. “We’ve come so far … we’ve got to go the last mile and get the product out there to the people that need it.”


Now read the rest of The Checkup

Read more from MIT Technology Review‘s archive

You can read more about why twice-yearly lenacapavir made our 2025 list of the top 10 breakthrough technologies here. (It’s also worth checking out the full list, here!)

The pharmaceutical company Merck has explored a different approach to delivering PrEP drugsvia a matchstick-size plastic tube implanted in a person’s arm

In 2018, Antonio Regalado broke the news that He Jiankui and his colleagues in Shenzen, China, had edited the genes of human embryos to create the first “CRISPR babies.” The team claimed to have done the procedure to ensure that the resulting children were resistant to HIV.

The first approved mRNA vaccines were for covid-19. But Moderna, the pharmaceutical company behind some of those vaccines, is now working on a similar approach for HIV.

AIDS denialism is undergoing a resurgence thanks to conspiracy-theory-promoting podcasts and books, one of which was authored by the newly appointed US secretary of health and human services, Robert F. Kennedy Jr. 

From around the web

Last week, I covered the creation of the “woolly mouse,” an animal with woolly-mammoth-like features. Its creators think they’re a step closer to bringing the mammoths back from extinction. But the woolly mammoth is just one of a list of animals scientists have been trying to “de-extinct.” The full list includes dodos, passenger pigeons, and even a frog that “gives birth” by vomiting babies out of its mouth. (Discover Wildlife)

The biotechnology company Beam Therapeutics claims to have corrected a DNA mutation in people with an incurable genetic disease that can affect the liver and lungs. It is the first time a mutated gene has been restored to normal, the team says. (New York Times)

In the peak covid-19 era of 2020, Jay Bhattacharya was considered a “fringe epidemiologist” by Francis Collins, then director of the US National Institutes of Health. Now, Collins is out and Bhattacharya may soon take his place. What happens when the “fringe” is in charge? (The Atlantic)

The Trump administration withdrew the nomination of Dave Weldon to run the Centers for Disease Control and Prevention. Weldon has a long track record of criticizing vaccines. (STAT

Mississippi became the third US state to ban lab-grown meat. The state’s agriculture commissioner has written that he wants his steak to come from “farm-raised beef, not a petri dish from a lab.” (Wired)

Read more

Solana proposal to cut inflation rate by up to 80% fails to pass

A proposal to dramatically change Solana’s inflation system has been rejected by stakeholders but is being hailed as a victory for the network’s governance process.

“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Multicoin Capital co-founder Tushar Jain on March 14.

Around 74% of the staked supply voted on proposal SIMD-228 across 910 validators, but just 43.6% voted in favor of it, with 27.4% voting against it and 3.3% abstaining, according to Dune Analytics. It needed 66.67% approval from participating votes to pass and only received 61.4%.

Jain added that this was the biggest crypto governance vote ever, by both the number of participants and the participating market cap, of any ecosystem, chain or network.

“This was a meaningful scaling stress test — a social, rather than technical, stress test — and the network passed despite a wide stratification of diverging opinions and interests.”

“Solana SIMD-228 voter turnout was higher than every US presidential election in the last 100 years,” claimed the team behind Solana’s X account. 

Solana proposal to cut inflation rate by up to 80% fails to pass

SIMD-228 final vote count. Source: Dune

SIMD-228 is a proposal to change Solana’s (SOL) inflation system from a fixed schedule to a dynamic, market-based model. Instead of a pre-set decrease in inflation, this new system would dynamically adjust based on staking participation.

Currently, supply inflation begins at 8% annually, decreasing by 15% per year until it reaches 1.5%. The new mechanism may have reduced it by as much as 80%, according to some estimates. Solana inflation is currently 4.66%, and just 3% of the total supply is staked, according to Solana Compass. 

However, such high inflation can increase selling pressure, reduce SOL’s price and discourage network use. The proposed system would have adjusted inflation based on staking levels to stabilize the network and minimize unnecessary token issuance.

Solana proposal to cut inflation rate by up to 80% fails to pass

Solana’s current inflation schedule. Source: Helius

Benefits would have included increased network security due to dynamically increasing inflation if staking participation drops, reaction to real-time staking levels rather than following a fixed, inflexible schedule, and encouraging more active use of SOL in DeFi, according to Solana developer tools provider Helius. 

However, lower inflation could have made it harder for smaller validators to stay profitable, the proposed model increased complexity, and unexpected shifts in staking rates might have led to instability.

Related: Solana price bottom below $100? Death cross hints at 30% drop

There was little reaction in SOL prices, with the asset dipping 1.5% on the day to just below $125 at the time of writing. 

However, it has tanked by almost 60% in just two months as the memecoin bubble burst. Solana network revenue has also slumped over 90% since it was primarily used to mint and trade memecoins. 

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

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