In Today’s Edition

• German start-up wins initial funding for revolutionary fusion energy machine

• Sequoia & Aavishkaar Capital-Backed Cleantech Startup Newtrace Bags $5.65 Mn Funding

• A New Generation of Startup Founders

• Nvidia is now a $1 trillion company thanks to the AI boom

• Restaurants expect strong sales this summer. Consumers aren’t so sure

• Apple Reality Pro leak reveals a seriously high-res display - 4K for each eye

• OpenAI execs warn of risk of extinction from artificial intelligence in new open letter

• Breaking Down China’s web3 White Paper

🚀Startups Nuts

German start-up wins initial funding for revolutionary fusion energy machine

Proxima Fusion aims to build a revolutionary fusion energy machine called a stellarator. The stellarator is a more complicated design and build than a traditional tokamak, but it produces more stable plasma and can sustain fusion reactions for longer. They are difficult to design but easier to operate than tokamaks. Proxima is the first fusion company to spin out of the Max Planck Institute for Plasma Physics. The institute currently houses the world's most advanced existing stellarator.

Sequoia & Aavishkaar Capital-Backed Cleantech Startup Newtrace Bags $5.65 Mn Funding

The startup aims to use the funds to accelerate the global transition to green hydrogen. Founded in 2021, by Prasanta Sarkar and Rochan Sinha, Newtrace produces green hydrogen to make it available at an affordable rate. Newtrace claims to be using a patent-pending electrolyser technology designed to get ultrapure hydrogen, with up to 60% reduction in overall production costs.

A New Generation of Startup Founders

15-year-old Eric Zhu broke into the venture capital world with his daring methods and intricate knowledge. He is now co-managing Bachmanity Capital and has raised $1m for his company Aviato.

🏭Business Nuts

Nvidia is now a $1 trillion company thanks to the AI boom

Nvidia temporarily became a $1 trillion company this week. Its rising valuation is being fueled by tech companies racing to add generative AI to their products. Nvidia’s Computex 2023 keynote was full of AI announcements. The company reported over $2 billion in profits over three months in its last quarterly earnings report.

Restaurants expect strong sales this summer. Consumers aren’t so sure

Restaurants are expecting a boom in sales this summer, but consumers are still concerned about inflation. Last year, restaurant sales in May, June and July were tepid as higher gas prices and economic concerns weighed on consumers. Roughly a third of consumers surveyed by Datassential plan to dine out less over the next month, and about half plan to maintain their current restaurant-spending habits.

📱Tech Nuts

Apple Reality Pro leak reveals a seriously high-res display - 4K for each eye

Apple's AR mixed-reality headset will reportedly have a 1.4-inch 4K screen in front of each eye. The micro OLED screens will have over 5,000 nits of brightness and likely support ProMotion with a 120Hz or higher refresh rate. The reports of a $3,000 price tag are likely accurate. Apple is expected to launch the headset on Monday during its WWDC keynote.

OpenAI execs warn of risk of extinction from artificial intelligence in new open letter

The Center for AI Safety has released a statement signed by several leaders in the AI field saying that mitigating the risk of extinction from AI should be a global priority. The open letter doesn't specify exactly what AI is nor does it suggest how these risks might be mitigated. The CAIS says it wants to put guardrails in place and set up institutions so that AI risks don't catch humans off guard. Some critics say that these companies prioritizing hypothetical future threats are ignoring and diverting attention away from AI harms that exist right now.

🎁Miscellaneous

Half of children given skinny jab no longer clinically obese US study

Nearly half of the children dosed with semaglutide in a study lost enough weight to no longer be classed as clinically obese. Almost three-quarters of the children assigned the drug had an improvement in at least one BMI category by the end of the study, compared with just under a fifth on the placebo. The study demonstrates the high degree of clinical effectiveness the drug has in adolescents with obesity. While the drug may have transformative effects for people living with obesity, doctors warn that it is not a quick fix and that it should be used in conjunction with lifestyle therapies and other anti-obesity measures.

Breaking Down China’s web3 White Paper

The big news this week was China’s web3 white paper, which indicated plans to thoroughly develop web3 tech and embrace concepts like NFTs and the Metaverse. The government plans to encourage the development of its own version of web3 through a "whole-of-government" approach, similar to its Web 2.0 strategy. The paper does not endorse Bitcoin or Ethereum, but shows a deep understanding of web3 tech. This could be a signal that while China acknowledges the potential of web3, it may not lift restrictions on cryptocurrency trading.

💡What else are we reading and seeing?

• Big Techs Biggest Bets

• Intel’s Revival Plan Runs Into Trouble

• Generate images with a language model

• How crypto is dealing with the debt ceiling turmoil

😎Fun Fact

The shortest bear market lasted just 3 days, occurring in December 1929 during the Great Depression.

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