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BlockFi logo displayed on a phone screen and representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on November 14, 2022.

Jakub Porzycki | Nurphoto | Getty Images

Bankrupt crypto lender BlockFi had over $1.2 billion in assets tied up with Sam Bankman-Fried’s FTX and Alameda Research, according to financials that had previously been redacted but were mistakenly uploaded on Tuesday without the redactions.

BlockFi’s exposure to FTX was greater than prior disclosures suggested. The company filed for Chapter 11 bankruptcy protection in late November, following the collapse of FTX, which had agreed to rescue the struggling lender before its own meltdown.

The balance shown in the unredacted BlockFi filing includes $415.9 million worth of assets linked to FTX and $831.3 million in loans to Alameda. Those figures are as of Jan. 14. Both of Bankman-Fried’s firms were wrapped into FTX’s November bankruptcy, which sent the crypto markets reeling.

Lawyers for BlockFi had said earlier that the loan to Alameda was valued at $671 million, while there were an additional $355 million in digital assets frozen on the FTX platform. Bitcoin and ether have since rallied, lifting the value of those holdings.

The financial presentation was assembled by M3 Partners, an advisor to the creditor committee. The firm is represented by law firm Brown Rudnick and is entirely composed of BlockFi clients who are owed money by the bankrupt lender.

A lawyer for the creditor committee confirmed to CNBC that the unredacted filing was uploaded in error but declined to comment further. Attorneys for BlockFi did not respond to a request for comment.

Other information that’s now available regarding BlockFi includes its customers numbers and high-level detail on the size of their accounts as well as trading volume.

BlockFi had 662,427 users, of which close to 73%, had account balances under $1,000. In the six months from May to November of last year, those clients had a cumulative trading volume of $67.7 million, while total volume was $1.17 billion. BlockFi made just over $14 million in trading revenue over that period, according to the presentation, averaging $21 in revenue per customer.

The company had $302.1 million in cash, alongside wallet assets valued at $366.7 million. In all, the crypto lender has unadjusted assets worth almost $2.7 billion, with close to half tied to FTX and Alameda, the presentation shows.

BlockFi’s failure was precipitated by exposure to Three Arrows Capital, a crypto hedge fund that filed for bankruptcy protection in July. FTX had arranged a rescue plan for BlockFi, through a $400 million revolving credit facility, but that deal fell apart when FTX faced its own liquidity crisis and rapidly sank into bankruptcy.

According to the latest released BlockFi financials, the value of both the Alameda loan receivable and the assets connected to FTX have been adjusted to $0. After all adjustments, BlockFi has just shy of $1.3 billion in assets, only $668.8 million of which is described as “Liquid / To Be Distributed.”

BlockFi’s 125 remaining employees are being paid handsomely as part of the proposed retention plan designed to keep some people on board during the bankruptcy process, the filing shows.

The retained employees will collect an aggregate $11.9 million on an annualized basis. Among the remaining staffers are three client success employees, who will each take home an annualized average of over $134,000.

Five employees still with the company make an average of $822,834, according to the presentation, which shows that BlockFi’s retention “plans are larger than comparable crypto cases.”

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AI is disrupting the advertising business in a big way — industry leaders explain how

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AI is disrupting the advertising business in a big way — industry leaders explain how

An AI assistant on display at Mobile World Congress 2024 in Barcelona.

Angel Garcia | Bloomberg | Getty Images

Artificial intelligence is shaking up the advertising business and “unnerving” investors, one industry leader told CNBC.

“I think this AI disruption … unnerving investors in every industry, and it’s totally disrupting our business,” Mark Read, the outgoing CEO of British advertising group WPP, told CNBC’s Karen Tso on Tuesday.

The advertising market is under threat from emerging generative AI tools that can be used to materialize pieces of content at rapid pace. The past couple of years has seen the rise of a number of AI image generators, including OpenAI’s DALL-E, Google’s Veo and Midjourney.

In his first interview since announcing he would step down as WPP boss, Read said that AI is “going to totally revolutionize our business.”

“AI is going to make all the world’s expertise available to everybody at extremely low cost,” he said at London Tech Week. “The best lawyer, the best psychologist, the best radiologist, the best accountant, and indeed, the best advertising creatives and marketing people often will be an AI, you know, will be driven by AI.”

Read said that 50,000 WPP employees now use WPP Open, the company’s own AI-powered marketing platform.

“That, I think, is my legacy in many ways,” he added.

Outgoing WPP CEO says AI will 'revolutionize' advertising business

Structural pressure on creative parts of the ad business are driving industry consolidation, Read also noted, adding that companies would need to “embrace” the way in which AI would impact everything from creating briefs and media plans to optimizing campaigns.

A report from Forrester released in June last year showed that more than 60% of U.S. ad agencies are already making use of generative AI, with a further 31% saying they’re exploring use cases for the technology.

‘Huge transformation’

Read is not alone in this view. Advertising is undergoing a “huge transformation” due to the disruptive effects of AI, French advertising giant Publicis Groupe’s CEO Maurice Levy told CNBC at the Viva Tech conference in Paris.

He noted that AI image and video generation tools are speeding up content production drastically, while automated messaging systems can now achieve “personalization at scale like never before.”

Read more CNBC tech news

However, the Publicis chief stressed that AI should only be considered a tool that people can use to augment their lives.

“We should not believe that AI is more than a tool,” he added.

And while AI is likely to impact some jobs, Levy ultimately thinks it will create more roles than it destroys.

“Will AI replace me, and will AI kill some jobs? I think that AI, yes, will destroy some jobs,” Levy conceded. However, he added that, “more importantly, AI will transform jobs and will create more jobs. So the net balance will be probably positive.”

This, he says, would be in keeping with the labor impacts of previous technological inventions like the internet and smartphones.

AI is moving from curiosity to action, Publicis' Maurice Levy says

“There will be more autonomous work,” Levy added.

Still, Nicole Denman Greene, analyst at Gartner, warns brands should be wary of causing a negative reaction from consumers who are skeptical of AI’s impact on human creativity.

According to a Gartner survey from September, 82% of consumers said firms using generative AI should prioritize preserving human jobs, even if it means lower profits.

“Pivot from what AI can do to what it should do in advertising,” Greene told CNBC.

“What it should do is help create groundbreaking insights, unique execution to reach diverse and niche audiences, push boundaries on what ‘marketing’ is and deliver more brand differentiated, helpful and relevant personalized experiences, including deliver on the promise of hyper-personalization.”

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Nvidia-mania took over Europe this week. Here’s what I learned from Jensen Huang

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Nvidia-mania took over Europe this week. Here's what I learned from Jensen Huang

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., left, and Emmanuel Macron, France’s president at the 2025 VivaTech conference in Paris, France, on Wednesday, June 11, 2025.

Nathan Laine | Bloomberg | Getty Images

Nvidia boss Jensen Huang has been on a tour of Europe this week, bringing excitement and intrigue to everywhere he visited.

His message was clear — Nvidia is the company that can help Europe build its artificial intelligence infrastructure so the region can take control of its own destiny with the transformative technology.

I’ve been in London and Paris this week following Huang around as he met with U.K. Prime Minister Keir Starmer, French President Emmanuel Macron, journalists, fans, analysts and gave a keynote at Nvidia’s GTC event in the capital of France.

Here’s the what I saw and the key things I learned.

The draw of Huang is huge

Huang is truly the current rockstar of the tech world.

At London Tech Week, the lines were long and the auditorium packed to hear him speak.

The GTC event in Paris was full too. It was like going to a music concert or sporting event. There were GTC Paris T-shirts on the back of every chair and even a merchandise store.

Nvidia GTC in Paris on 11 June 2025

Arjun Kharpal

The aura of Huang really struck me when, after a question-and-answer session with him and a room full of attendees, most people lined up to take pictures or selfies with him.

Macron and Starmer both wanted to be seen on stage with him.

Nvidia positions itself as Europe’s AI hope

Nvidia’s key product is its graphics processing units (GPU) that are used to train and execute AI applications.

But Huang has positioned Nvidia as more than a chip company. During the week, he described Nvidia as an infrastructure firm. He also said AI should be seen as infrastructure like electricity.

His pitch to all countries was that Nvidia could be the company that will help countries build out that infrastructure.

“We believe that in order to compete, in order to build a meaningful ecosystem, Europe needs to come together and build capacity that is joint,” Huang said during a speech at the Viva Tech conference in Paris on Wednesday.

Jensen Huang, CEO of Nvidia, speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 11, 2025.

Gonzalo Fuentes | Reuters

One of the most significant partnerships announced this week is between French startup Mistral and Nvidia to build a so-called AI cloud using the latter’s GPUs.

Huang spoke a lot during the week about “sovereign AI” — the concept of building data centers within a country’s borders that services its population rather than relying on servers located overseas. Among European policymakers and companies, this has been an important topic.

Huang also heaped praise on the U.K., France and Europe more broadly when it came to their potential in the AI industry.

China still behind but catching up

On Thursday, Huang decided to do a tour of Nvidia’s booth and I managed to catch him to get a few words on CNBC’s “Squawk Box Europe.”

A key topic of that discussion was China. Nvidia has not been able to sell its most advanced chips to China because of U.S. export controls and even less sophisticated semiconductors are being blocked. In its last quarterly results, Nvidia took a $4.5 billion hit on unsold inventory.

I asked Huang about how China was progressing with AI chips, in particular referencing Huawei, the Chinese tech giant that is trying to make semiconductor products to rival Nvidia.

Huang said Huawei is a generation behind Nvidia. But because there is lots of energy in China, Huawei can just use more chips to get results.

Nvidia CEO: Huawei ‘has got China covered’ if the U.S. doesn’t participate

“If the United States doesn’t want to partake, participate in China, Huawei has got China covered, and Huawei has got everybody else covered,” Huang said.

In addition, Huang is concerned about the strategic importance of U.S. companies not having access to China.

“It’s even more important that the American technology stack is what AI developers around the world build on,” Huang said.

Just reading between the lines somewhat — Huang sees a world where Chinese AI tech advances. Some countries may decide to build their AI infrastructure with Chinese companies rather than American. That in turn could give Chinese companies a chance to be in the AI race.

Quantum, robotics and driverless is the future

Nvidia boss Jensen Huang delivers a speech on stage talking about robotics.

Arjun Kharpal | CNBC

During his keynote at GTC Paris on Wednesday, he also address quantum computing, saying the technology is reaching “an inflection point.”

Quantum computers are widely believed to be able to solve complex problems that classic computers can’t. This could include things like discovering new drugs or materials.

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Tesla faces protests in Austin over Musk’s robotaxi plans

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Tesla faces protests in Austin over Musk's robotaxi plans

In an aerial view, a Tesla showroom at 12845 N. US 183 Highway Service Road is seen after police were called for a suspicious device in Austin, Texas, on March 24, 2025.

Brandon Bell | Getty Images

With Elon Musk looking to June 22 as his tentative start date for Tesla’s pilot robotaxi service in Austin, Texas, protesters are voicing their opposition.

Public safety advocates and political protesters, upset with Musk’s work with the Trump administration, joined together in downtown Austin on Thursday to express their concerns about the robotaxi launch. Members of the Dawn Project, Tesla Takedown and Resist Austin say that Tesla’s partially automated driving systems have safety problems.

Tesla sells its cars with a standard Autopilot package, or a premium Full Self-Driving option (also known as FSD or FSD supervised), in the U.S. Automobiles with these systems, which include features like automatic lane keeping, steering and parking, have been involved in dozens of collisions, some fatal, according to data tracked by the National Highway Traffic Safety Administration.

Tesla’s robotaxis, which Musk showed off in a video clip on X earlier this week, are new versions of the company’s popular Model Y vehicles, equipped with a future release of Tesla’s FSD software. That “unsupervised” FSD, or robotaxi technology, is not yet available to the public.

Tesla critics with The Dawn Project, which calls itself a tech-safety and security education business, brought a version of Model Y with relatively recent FSD software (version 2025.14.9) to show residents of Austin how it works.

In their demonstration on Thursday, they showed how a Tesla with FSD engaged zoomed past a school bus with a stop sign held out and ran over a child-sized mannequin that they put in front of the vehicle.

Dawn Project CEO Dan O’Dowd also runs Green Hills Software, which sells technology to Tesla competitors, including Ford and Toyota.

Stephanie Gomez, who attended the demonstration, told CNBC that she didn’t like the role Musk had been playing in the government. Additionally, she said she has no confidence in Tesla’s safety standards and said there’s been a lack of transparency from Tesla regarding how its robotaxis will work.

Another protester, Silvia Revelis, said she also opposed Musk’s political activity, but that safety is the biggest concern.

“Citizens have not been able to get safety testing results,” she said. “Musk believes he’s above the law.”

Tesla didn’t immediately respond to a request for comment.

— Todd Wiseman contributed to this report.

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