Elroy Fernandes

Elroy is a digital marketer and developer from Goa, with over a decade of experience web development and marketing. He has been associated with several startups and serves currently as an Editor to the Asia Pacific Industrial magazine. He occasionally writes on Startup Fortune about technology and automation.

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Elroy Fernandes · Jul 1, 2026 · 12:11 AM

Nearly 1,700 UK investors are suing Binance and CZ for £150 million over unauthorized derivatives sold to retail customers

Nearly 1,700 British retail investors have filed a £150 million High Court claim against Binance and founder Changpeng Zhao, alleging the exchange sold unauthorized leveraged crypto products in breach of UK financial law. The case is one of the first major retail class actions against Binance in a Western jurisdiction and arrives as CZ attempts to rehabilitate his public image following US prison time and a presidential pardon. A win for claimants could trigger a wave of copycat litigation acros

Elroy Fernandes · Jun 30, 2026 · 7:44 PM

Jane Street and TSMC's venture arm have backed Etched, the startup betting that locking silicon to transformers beats Nvidia on inference economics

Etched, the transformer-specialized AI chip startup valued at $5 billion, has revealed Jane Street and a TSMC-linked venture firm as investors. The disclosures, reported by Bloomberg on June 30, 2026, arrive as the company puts its total funding at $800 million and claims $1 billion in contracts for its Sohu chip, which it says can replace up to 160 Nvidia H100s per server.

Elroy Fernandes · Jun 30, 2026 · 2:41 PM

OKX bets the agentic economy needs its own payment rails before anyone else builds them

OKX launched an open protocol in April 2026 that lets AI agents autonomously hire, pay, and dispute with each other on-chain. With AWS, Alibaba Cloud, and major blockchain ecosystems already pledged, the company is racing Mastercard, Stripe, and Coinbase to own the payment rails of the agentic economy, before regulators work out who is liable when no human is in the loop.

Elroy Fernandes · Jun 30, 2026 · 10:14 AM

The Magnificent Seven just lost $2 trillion and the market is asking a question big tech cannot yet answer

The Magnificent Seven have shed roughly $2 trillion in market value through June 2026 as institutional money rotates into small-caps and value. With hyperscaler AI capex scaling 50% faster than revenue and free cash flow approaching zero, markets are repricing how long the AI payback period actually takes. For founders and VCs, the implications land in H2 2026 fundraising environments where valuations are under pressure and capital is concentrating at the top.

Elroy Fernandes · Jun 30, 2026 · 5:48 AM

Solana captures 95% of tokenized equity trading as Bitcoin stumbles through its worst first half in years

Solana processed $1.29 billion in tokenized equity trading last week, capturing 95% of all on-chain stock volume across blockchains. With spot ETF inflows crossing $975 million and network throughput recovering above 3,000 TPS, the network is making a structural case in real-world asset settlement even as SOL trades near $75 and Bitcoin closes its worst first half in recent memory.

Elroy Fernandes · Jun 30, 2026 · 1:23 AM

Congress is circling the health data business model that AI startups built their futures on

Bipartisan Senate bills targeting AI health data monetization are converging on a HIPAA gap that digital health startups have treated as open territory for years. With consent requirements, sale prohibitions, and HHS-style enforcement all on the table, founders building in health AI need to treat this as a compliance signal now, not when legislation passes.

Elroy Fernandes · Jun 29, 2026 · 8:56 PM

Proception settles Tesla's trade secret lawsuit and closes an $11 million seed round on the same day

Proception, the Y Combinator-backed robot hand startup founded by former Tesla Optimus engineer Zhongjie 'Jay' Li, settled Tesla's trade secret lawsuit and announced an $11 million seed round led by First Round Capital on the same day, revealing the growing IP tensions inside the humanoid robotics industry.

Elroy Fernandes · Jun 29, 2026 · 7:03 PM

Millennium Management is building its own AI lab and that changes the competitive calculus for quant finance

Millennium Management is launching a dedicated AI lab set to go operational within weeks, with a 50-person machine learning team led by an IBM Watson veteran. The $70 billion hedge fund's move signals that institutional quant finance is shifting from buying AI tools to building proprietary AI infrastructure, raising the stakes in talent competition with Big Tech and frontier AI startups.

Elroy Fernandes · Jun 29, 2026 · 3:14 PM

Blackstone is using a Singapore REIT to cash in on its $16 billion AirTrunk bet before the AI infrastructure wave peaks

Blackstone is preparing a Singapore REIT listing for AirTrunk that could raise $1.5 billion, the largest IPO the city-state has seen in years. The deal uses the REIT structure to convert hyperscale data center assets into yield-bearing institutional paper, letting Blackstone unlock liquidity from its $16 billion acquisition while keeping upside exposure to AI infrastructure demand across Asia-Pacific.

Elroy Fernandes · Jun 29, 2026 · 10:48 AM

Sovereign wealth funds are betting that AI's real money is in the wires and the watts, not the models

Sovereign wealth funds managing over $12 trillion are rotating out of concentrated public AI equities and into private credit and physical infrastructure, with private credit allocations up 22% to $180 billion. The record $40 billion acquisition of Aligned Data Centers by MGX, BlackRock, and the AI Infrastructure Partnership is the clearest signal yet that smart money thinks AI's returns accrue to the infrastructure layer, not just the model makers. Retail investors are largely locked out of tha

Elroy Fernandes · Jun 29, 2026 · 3:50 AM

Google DeepMind is losing the researchers who built its best work and the damage is already showing

Six senior AI researchers have left Google DeepMind since early 2026, heading to Anthropic, OpenAI, and Meta and erasing roughly $270 billion in Alphabet market cap in a single week. The departures trace back to an April pivot toward an AI coding strike team that widened a culture split between commercial priorities and frontier science. Google's TPU infrastructure and proprietary data remain real advantages, but Gemini now ranks outside the top five on major benchmarks, and the people who built

Elroy Fernandes · Jun 28, 2026 · 6:58 PM

Community banks are taking the stablecoin fight to Washington

The ICBA has launched a six-figure Washington campaign against stablecoin provisions in the CLARITY Act. The fight is now about whether crypto platforms can compete for deposit-like money without taking on bank-like obligations.

Elroy Fernandes · Jun 28, 2026 · 10:35 AM

Ethereum's top sandwich bot was beaten by the trap it perfected on everyone else

Elroy Fernandes · Jun 28, 2026 · 1:43 AM

Alphabet is betting $180 billion on the idea that owning the whole AI stack is the only way to win

Elroy Fernandes · Jun 27, 2026 · 12:35 PM

Oracle cut 21,000 jobs in a year and put the blame directly on AI

Oracle's fiscal 2026 annual report explicitly attributed 21,000 job cuts to internal AI deployment, spending $1.84 billion on severance while simultaneously committing $55.7 billion to AI data center construction. The Oracle Health division, built on the $28.3 billion Cerner acquisition, bore the heaviest losses, with senior executives departing and major health systems turning to Epic as a backup vendor.

Elroy Fernandes · Jun 27, 2026 · 4:21 AM

Amazon raises GPU reservation prices 20 percent as the era of cheap cloud AI comes to an end

AWS announced a roughly 20 percent price increase on EC2 Capacity Block GPU reservations effective July 1, 2026, the third consecutive quarterly hike this year. Cumulative increases have pushed AWS GPU reservation rates up 20 to 50 percent since January, squeezing AI startup unit economics built on assumptions that no longer hold.