In Today’s Edition

• Northvolt, a maker of lithium-ion batteries, raised $1.2 billion

• Ramp, a corporate finance automation startup, raised $300 million

• “Project Moohan” is Google and Samsung’s inevitable Apple Vision Pro clone

• Nvidia’s blowout earnings report shows chipmaker is gobbling up all the profit in AI

• This is Apptronik’s humanoid robot, Apollo

• India becomes the fourth country to land a spacecraft on the Moon

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🚀Startups Nuts

Northvolt, a maker of lithium-ion batteries, raised $1.2 billion

Swedish battery producer Northvolt raised $1.2 billion from BlackRock and Canadian pension plans to build factories in North America and Europe. They plan to build a factory in Canada and are developing lithium-metal cell technology for electric aviation. Northvolt has secured over $55 billion in orders from customers like BMW and Volkswagen. Total funding since 2017 is $9 billion, and the company may go public with a $20 billion valuation.

Ramp, a corporate finance automation startup, raised $300 million

Ramp raised $300M at a $5.8B valuation, a 28% drop. Existing investors like Thrive Capital and General Catalyst participated. Ramp will use the funds for product development and hiring. They acquired Cohere.io. Other startups are also recalibrating their valuations due to investor focus on profitability.

🏭Business Nuts

“Project Moohan” is Google and Samsung’s inevitable Apple Vision Pro clone

Google has fallen behind in the AR/VR space despite dabbling in it for over a decade. The company is working with Samsung and Qualcomm to create a competitor to Apple's Vision Pro headset. It is planning to launch the headset around summer 2024. Inside reports from Google employees say that the company's AR/VR plans are a bureaucratic mess.

Nvidia’s blowout earnings report shows chipmaker is gobbling up all the profit in AI

Nvidia reported an incredible $6.7 billion in net income in the quarter, a 422% increase over the same time last year, in its earnings report for the quarter ended July 30. Nvidia said its software contributes to its margin and that it is selling more complicated products than mere silicon. Nvidia is also compiling its technology into expensive and complicated systems like its HGX box, which combines eight H100 GPUs into a single computer. Nvidia said its software contributes to its margin and that it is selling more complicated products than mere silicon. Nvidia is also compiling its technology into expensive and complicated systems like its HGX box, which combines eight H100 GPUs into a single computer.

📱Tech Nuts

This is Apptronik’s humanoid robot, Apollo

Decades of research are starting to pay off for the field of humanoid robotics. Many startups have come out of the woodwork since Tesla announced plans to build a robot in April 2022. This article looks at Apptronik's Apollo humanoid robot, which can perform a variety of tasks including walking, unloading trailers, palletizing, and case picking. Apptronik has already managed to sign a handful of pilot tests for Apollo. Pictures and GIFs of the robot are available in the article.

TikTok plans to ban links to outside e-commerce sites like Amazon

A new report claims that TikTok is planning to ban links to outside e-commerce sites. The move will force people to use TikTok Shop if they want to purchase an item they see on the app. TikTok Shop is on track to lose more than $500 million in the US this year. It is unknown when TikTok plans to introduce the ban.

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🎁Miscellaneous

India becomes the fourth country to land a spacecraft on the Moon

India is the fourth country to land a spacecraft on the Moon. The Chandrayaan 3 is the country's second attempt at a lunar landing. Its first attempt in 2019 failed when higher-than-expected thrust from its braking rockets drove the lander off course. Chandrayaan 3 cost the Indian government roughly $90 million.

💡What else are we reading and seeing?

• Turnover is declining in business

• Microsoft is playing the very long game with Activision

• Goldman Sachs is just as bullish on AI as big tech

• Lessons learned from studying the herd mentality of venture capitalists

• 10 of the best books on growth mindset

• How to overcome repetitive negative thinking through meditation

• Caffeine improves attention, but not complex thinking, after sleep deprivation

• Inside the AI Porn Marketplace Where Everything and Everyone Is for Sale

• SpaceX working with Cloudflare to speed up Starlink service

😎Fun Fact

The "D" in D-Day stands for "Day," making "Day-Day," a term used for the date of a military operation

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