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Tesla shareholders say OK to Musk’s $56b payday

Plus: Google Bets on Geothermal

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Cash Nut
June 14, 2024

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In Today’s Edition 

  • The Consumer Renaissance Part II

  • Google Bets on Geothermal

  • Amazon has partnered with US-based telecom Vrio to launch satellite internet service

  • How Amazon blew Alexa's shot to dominate AI, according to more than a dozen employees who worked on it 

  • Dream Machine is a next generation video model from Luma AI

  • Want to make robots more agile? Take a lesson from a rat 

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🚀Startups Nuts

Forget the VC cold shoulder — consumer tech is ripe for a Renaissance, and savvy investors are tapping into the potential. With only 7.1% of Seed capital flowing to consumer startups, the market's oversight is a golden ticket. Innovations in AI-driven shopping, the booming wellness sector, and evolving consumer spend patterns are hotbeds for disruption. Now's the time to carve out your niche in this underfunded yet overachieving space. Consumer is not just back — it's the future.

Other News

  • Enveda, a Boulder, Colo., drug discovery startup that focuses on medicinal plants, raised $55m in Series B extension funding

  • Findigs, a New York rental screening startup, raised $27m in Series B funding

  • Fuze Technology, an LA provider of rentable portable phone chargers, has raised $11.5m in Series A funding

  • Layer3, a token distribution protocol, raised $15m in Series A funding

  • EnFi, a credit analysis and risk monitoring platform, raised $7.5m in seed funding

🏭Business Nuts 

This article provides a summary of what was discussed at Tesla's annual meeting. Tesla shareholders have voted to ratify CEO Elon Musk's $56 billion pay package. While the vote doesn't override an earlier court ruling that ordered Tesla to rescind the package, it provides a public relations victory for Musk and could help him sway a court to give him the performance options in the future. Shareholders also voted to move Tesla's site of incorporation out of Delaware and into Texas.

Other News

  • Ant Thinks Big on AI. Alibaba affiliate Ant Group [6688.HK] hit record spend of RMB21.2bn ($2.9 billion) on research in 2023, according to a Thursday report, as it stepped up its commitment to technology in general, and artificial intelligence (AI) in particular.

  • Google Bets on Geothermal. Advancing its plan of running on clean energy by 2030, Alphabet’s Google [GOOGL] has partnered with NV Energy to use advanced geothermal electricity to power its Nevada data centres. 

  • Amazon has partnered with US-based telecom Vrio to launch satellite internet service to seven South American countries: Argentina, Brazil, Chile, Uruguay, Peru, Ecuador and Colombia. Meanwhile, a joint venture between Reliance Industries’ Jio Platforms and Luxembourg’s SES has been granted the right to operate satellites in India.

  • Wells Fargo fired 12+ employees last month for allegedly using devices to stimulate keyboard and mouse activity instead of working.

  • Tyson Foods has suspended its CFO, John R. Tyson, after he was charged with driving while intoxicated in Arkansas. He is the great-grandson of the meat giant's founder, John W. Tyson.

📱Tech Nuts

Amazon demoed a generative AI-powered Alexa in September last year. There has been little news about the project since, besides some reports about a potential launch later this year. Shipment of the new Alexa is being delayed due to structure dysfunction and technology challenges within Amazon. Former Amazon employees say that the company is desperately behind its Big Tech rivals in the race to launch AI chatbots and agents. The new Alexa is reportedly still not ready for a prime time rollout and Amazon does not have enough data or access to the specialized chips needed to run large language models to compete. Amazon so far has been unable to capitalize on its partnership with Anthropic to build a better Alexa.

Other News

  • Dave Burke, the VP of engineering for Android, is shifting into an advisory position while exploring AI/bio projects.

  • Dream Machine is a next generation video model from Luma AI. It can create high quality, realistic shots from text instructions and images.

  • X is planning to implement a broader and more robust promotion process that will involve lighter-weight check-ins throughout the year.

  • LinkedIn rolled out a slate of AI features, including AI-powered career coaches for premium members.

🎁Miscellaneous

A group of researchers have collaborated with scientists at Google's DeepMind AI lab to build a biomechanically realistic digital model of a rat. They trained an artificial neural network to control a virtual body in a physics simulator using high-resolution data recorded from real rats. This resulted in a virtual rat with an artificial brain that can move around virtual environments like a real rodent. The research could provide convenient and fully transparent models for studying neural circuits and see how such circuits are compromised in disease.

💡What else are we reading and seeing?

😎Fun Fact

On this day today, Stars and Stripes officially adopted as flag of the US (1777)

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