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In Today’s Edition 

• Tesla stands to earn billions of dollars a year by opening U.S. charging stations

• Dell shares soar 20% after beating earnings expectations

• Apple has kept mum on its AI plans

• Microsoft is launching a Copilot for Finance

• Tap Water Boiling Proves Effective Against Plastic Compounds

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🚀Startups Nuts

• Figure, a humanoid robots maker, raised $675 million

• Fervo Energy, a geothermal energy developer, raised $244 million

• Keanu Therapeutics, a Parkinson’s disease treatment developer, raised $82 million 

• Passes, a creator platform, raised $40 million

• Avail, blockchain technology startup raised a $27M seed funding round

🏭Business Nuts 

Tesla stands to earn billions of dollars a year by opening U.S. charging stations to drivers of Ford and other EVs

Ford electric vehicles can now recharge at Tesla Superchargers. Tesla operates about one in three charging stations in the US. The expanded charging business could bring in an estimated $6 billion to $12 billion a year to Tesla by 2030. Allowing other automakers to tap into its charging network opens Tesla up to receiving federal funding.

Other News

• Dell shares soar 20% after beating earnings expectations, cites rising demand for AI servers. The company beat analysts’ expectations on the top and bottom lines and announced it is increasing its annual dividend. Dell reported $22.32 billion in revenue for the quarter.

• Trump Media sued by co-founders ahead of DWAC merger, potential setback for lucrative deal. They were accused in a lawsuit of trying to “drastically dilute” the value of stock shares in his social media company. The merger could deliver billions of dollars to Trump, a potential lifeline as he faces more than $500 million in civil judgments in New York.

• Apple has kept mum on its AI plans, but CEO Tim Cook promised shareholders the company will “break new ground” in the space later this year

• Gemini, the crypto exchange owned by the Winklevoss twins, will pay $1.1B back to customers and $37m to New York’s Department of Financial Services as part of a settlement over the firm’s “compliance, management, and internal audit issues”

• OnlyFans CEO Kelly Blair told The Financial Times that the still-growing platform has paid $15B to creators since launching 2016

• Paramount+ continues to bleed cash, but in a slightly more encouraging way: the streaming service lost $490m last year, down from lighting $575m on fire the year prior.

• Amazon is broadening the focus of its $1B Industrial Innovation Fund to include startups combining AI and robotics. The fund has already backed 12 startups with the fund, including robotic arm maker Mantis Robotics.

• Chipotle doubled the size of its venture fund by adding another $50M to the pool. The fund will continue to invest in supply chain, agriculture, restaurant innovation, and automation startups. Part of the capital will help Chipotle double down on portfolio startups Local Line and Hyphen.

📱Tech Nuts

OpenAI to put AI into humanoid robots

OpenAI is collaborating with robotics startup Figure to integrate its AI technology into humanoid robots, marking the AI's debut in the physical world. The partnership aims to develop humanoid robots for commercial use, with significant funding from high-profile investors including Jeff Bezos, Microsoft, Nvidia, and Amazon. The initiative will leverage OpenAI's advanced AI models, such as GPT and DALL-E, to enhance the capabilities of Figure's robots, aiming to address human labor shortages.

Other News

• GitHub besieged by millions of malicious repositories in ongoing attack. Hackers have automated the creation of malicious GitHub repositories by cloning popular repositories, infecting them with malware, and forking them thousands of times, resulting in hundreds of thousands of malicious repositories designed to steal information.

• Nvidia, ServiceNow, and Hugging Face have released StarCoder2, a series of open-access large language models for code generation, emphasizing efficiency, transparency, and cost-effectiveness. StarCoder2, trained on 619 programming languages, comes in three sizes: 3 billion, 7 billion, and 15 billion parameters, with the smallest model matching the performance of its predecessor's largest.

• Meta's next open-source language model, Llama 3, is set for a July release and aims to match GPT-4 in performance, possibly doubling in size compared to its predecessor, Llama 2

• OpenAI sued by The Intercept, Raw Story, and AlterNet have filed lawsuits against Microsoft in the Southern District of New York, alleging copyright infringement through the training of AI models without proper attribution.

• Microsoft is launching a Copilot for Finance, which it said will be able to perform a handful of common role-specific actions in Excel and Outlook. After testing the new tool, Microsoft's own finance department has seen time savings, the company said.

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🎁Miscellaneous

Tap Water Boiling Proves Effective Against Plastic Compounds

Boiling tap water can destroy at least 80 percent of three of the most common plastic compounds that can be found in your water, according to findings published Wednesday in Environmental Research Letters. Hard tap water naturally contains significant amounts of calcium carbonate and magnesium, which aid in capturing and neutralizing a majority of microplastics when water is boiled.

💡What else are we reading and seeing?

• Money Bubble

• Tim Cook says Apple will "break new ground" in generative AI this year

• AI takes priority at TikTok owner ByteDance, as Sora disrupts the future of video creation

• EU is now after Microsoft's €15M stake in Mistral AI

• Welcome to the era of BadGPTs.

• Elon Musk sues OpenAI and CEO Sam Altman for abandoning mission

• Fed’s preferred inflation gauge rises at fastest pace in nearly a year

• SEC is investigating Sam Altman’s OpenAI communications

• Why US housing inflation relief may be short-lived

• JPMorgan warns investors should brace for 1970s style stagflation

• The types of business books you should be reading

😎Fun Fact

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