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Musk announces new AI Company

Plus: The deep-sea gold rush is beginning

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Cash Nut
July 13, 2023

In Today’s Edition

  • Will Smith-backed U.S. broker Public launches in the UK in first foray overseas

  • Chinese company wins race for first methane-fueled rocket to orbit

  • Disney CEO Iger opens door to unloading TV assets as linear business struggles

  • Apple releases first public betas of iOS 17, macOS 14 Sonoma, and other new OSes

  • Google’s new “NotebookLM” app builds a custom AI based on a source document

  • The deep-sea gold rush is beginning

🚀Startups Nuts

Elon Musk has announced the formation of xAI, a company aimed at understanding the true nature of the universe. Musk and the operator of his family office incorporated X.AI in March and there were reports that Musk was in talks for potential funding of a new AI startup in April. xAI’s core team will be led by Musk himself. The team will have an array of talent from across the AI industry. xAI will maintain close ties with Twitter and Tesla to achieve its mission. The company plans to host a Twitter Spaces chat on Friday to give the public a chance to ask questions.

Public, the U.S. brokerage startup, is rolling out its platform in the U.K. on Thursday. The company will offer British users the ability to trade 5,000 U.S.-listed securities, including stocks and ETFs. The move will see Public compete with a flurry of well-established digital brokerage platforms, as well as upstarts like Revolut and Freetrade.

🏭Business Nuts

Chinese firm LandSpace is the first company ever to send a methane-fueled launcher into orbit. LaunchSpace's Zhuque-2 rocket was launched at 9 pm ET on Tuesday from the Jiuquan spaceport in the Gobi Desert. The launch mission was a complete success. Methane is the preferred fuel for rockets due to its high density and warmer boiling point. It also deposits less soot inside engines, making the engines easier to clean and reuse. Future explorers on Mars may be able to tap into natural resources to produce their own methane rocket fuel.

Disney CEO Bob Iger sat down with CNBC’s David Faber at Allen & Co.’s annual conference in Sun Valley on Thursday. Disney announced on Wednesday that it was extending Iger’s contract by two years through 2026. Iger returned to the helm of Disney late last year. The company has since undergone thousands of layoffs and cut billions of dollars in spending, including from content.

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📱Tech Nuts

The first public betas of iOS 17, iPadOS 17, watchOS, and macOS 14 Sonoma are now available. These builds are essentially identical to the third developer betas released last week. Public betas are usually signals that OSes are approaching the level of stability and polish required for a public release. Updates to all OSes include improved autocorrect, new iMessage and AirDrop features, separate profiles for Safari, an Enhanced Private Browsing feature, and the removal of 'Hey' from the 'Hey Siri' activation phrase.

Google NotebookLM is a notebook app designed to use the power of language models paired with existing content to gain critical insights faster. Google describes it as like a virtual research assistant that can summarize facts, explain complex ideas, and brainstorm new connections. NotebookLM's source-grounding reduces model hallucinations. The app is now in limited public testing. A link to a waitlist for the app is available in the article.

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🎁Miscellaneous

Deep-sea mining could begin within the next two years. A handful of companies backed by countries hungry for nickel, manganese, and other minerals needed for clean energy are ready to forge ahead with deep-mining projects. An obscure UN agency called the International Seabed Authority is finalizing regulations for the emergent industry. Around a dozen countries currently support a temporary or permanent halt to deep-sea mining, but a majority vote by the ISA's 167 member states is required to stop the practice. Approval of the practice will almost certainly set off an undersea gold rush.

💡What else are we reading and seeing?

  • Bill Gates: The risks of AI are real but manageable

  • Data and Compute Are the Ultimate Flywheel

  • Meta’s Threads could be the Twitter replacement advertisers have been waiting for

  • Wall Street is worried Disney World could be losing its magic

  • TikTok-parent ByteDance to let US staff cash out on stock

  • Microsoft strikes another multi-billion dollar AI partnership

😎Fun Fact

The Hawaiian alphabet has only 12 letters: A, E, H, I, K, L, M, N, O, P, U, and W.

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