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In Today’s Edition
SAFE or Priced Round? That is the Question
Sam Altman's nuclear energy company Oklo plunges 54% in NYSE debut
What will OpenAI announce Monday? Quite possibly an AI voice assistant
'Tungsten wall' leads to nuclear fusion breakthrough
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🚀Startups Nuts
Convertible notes and SAFEs have become increasingly popular in recent years due to their simplicity, speed, and lower transaction costs. With a single document and standardized terms, these instruments allow founders to raise money quickly without the need for complex negotiations or extensive legal work. However, this simplicity comes with some notable drawbacks, including uncertain dilution, lack of price discovery, and the potential for misaligned incentives between founders and investors.
Other News
Bluejay Therapeutics, a biotech focused on hepatitis D, raised $182 million
Hysata, a green hydrogen electrolyzers developer, raised $111 million
DeepX, an on-device AI chips maker, raised $80 million
Voyage Foods, a cocoa-free chocolate maker, raised $52 million
🏭Business Nuts
Sam Altman, best known as the CEO of OpenAI, is also chairman of a nuclear power company called Oklo, which has just gone public through a special purpose acquisition company. Oklo merged with AltC Acquisition Corp., Altman’s SPAC, and is now trading on the New York Stock Exchange under the ticker “OKLO.” The company received about $306 million in gross proceeds upon closing the transaction, according to a release. Oklo is currently working to build its first small-scale reactor in Idaho, which could eventually power the types of data centers that OpenAI and other artificial intelligence companies need to run their AI models and services.
Other News
Chevrolet is selling its last sedan. GM will end production of the Malibu model this year and reconfigure the factory that builds it for EVs — leaving just trucks, SUVs, and the Corvette under the Chevy brand.
Apple on Thursday took the unusual step of apologizing for a short advertising video promoting the company’s new iPad Pro tablet after the ad was roundly criticized on social media.
Binance has secured approval to re-enter India from the country's Financial Intelligence Unit. Both Binance and KuCoin were banned from operating in India earlier this year due to non-compliance issues. The two exchanges are two of the first off-shore exchanges to re-enter the Indian market.
📱Tech Nuts
OpenAI's big announcement today may be a voice assistant. The company is reportedly working on a technology that rolls audio, text, and image recognition into one product. OpenAI will be holding a livestream at 10 am PT to announce the product. Google is expected to announce updates to Gemini at its developer conference tomorrow.
Other News
Neuralink, Elon Musk’s brain-computer interface company, said its first implanted brain chip had its first setback — “a number of threads retracted from the brain.”
Microsoft is aiming to launch its Xbox mobile gaming store in July. The company plans to bring its own first-party portfolio to the store. The store will also provide key parts of the Xbox experience, allowing players' identities, libraries, and rewards to travel across ecosystems.
Elon Musk plans to enhance X's AI, Grok, to merge live news with social media commentary to provide updates and citations in real time. Grok will generate news summaries from user discussions on X, focusing on engagement and accuracy. The project faces challenges with proper citation and legal concerns.
🎁Miscellaneous
Encasing fusion plasma inside tungsten allowed a tokamak in France to set a new record by sustaining plasma at about 50 million degrees Celsius for six minutes. Tungsten has an extraordinarily high melting point. Using a tungsten-wall environment is for more challenging than using carbon, but the material allows physicists to sustain hot plasmas for longer and at higher energies and densities. While research into nuclear fusion has been slow, the field has made significant strides over the last few years.
💡What else are we reading and seeing?
How Acquired become the business world's favorite podcast?
Big Short’ trader Danny Moses is still betting against Tesla
Rivian, Lucid, other EV startups attempt to shore up cash, reassure Wall Street
Benefits of working from home, according to science
Self-made millionaire who retired at 35 shares biggest money regret
The benefit young men get from being single
The End of Social Media: An Interview With Jack Dorsey
AI Prompt Engineering Is Dead
An Ode To Early Employees
Where all the time went
😎Fun Fact
🐦Joke of the Day
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