The Download: climate tech goes public and the AI Hype Index returns
Climate technology companies are going public with huge valuations, and the AI Hype Index is back to separate fact from fiction in the AI industry.
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In a whirlwind few months, climate tech companies have been making waves on the stock market. Solv Energy, a solar and battery company, went public in February with a valuation of $6 billion. X-energy, which builds small modular nuclear reactors, followed suit with an $11.5 billion valuation.
Most recently, geothermal company Fervo Energy reached a market cap of about $12.4 billion. These companies' success stories coincide with a surge in demand for electricity, partly driven by the growing number of data centers. As the world becomes increasingly reliant on technology, the need for sustainable and reliable energy sources is becoming more pressing.
But what does this boom reveal about the future of the grid? As our colleagues at The Spark, a weekly newsletter that covers all things climate, point out, the intersection of climate tech and energy demand is an area to watch. The Spark's newsletter offers an inside track on the latest developments in the field and is available in your inbox every Wednesday.
Separating AI reality from hyped-up fiction can be a challenge. That's why we've created the AI Hype Index, a simple and at-a-glance summary of what's shaping the industry right now. The latest edition includes billionaire road trips, students booing, made-up quotes, and too much sci-fi.
In other tech news, Illinois has passed what could become America's strongest AI safety law, requiring third-party safety audits. However, it still needs the governor's approval. Meanwhile, a Google engineer has been charged with insider trading, allegedly using internal data to rack up more than $1.2 million in winnings.
ByteDance, the owner of TikTok, is developing custom CPUs amid a massive AI chip squeeze, while tech giants Amazon, Google, Meta, and Microsoft have joined an initiative to push for clean energy in AI data centers. Nvidia's CEO has also joined the board of Beijing's Tsinghua University, amid struggles to export chips to China. From venture capital's funding model to embryo organoids showing why many pregnancies fail, there's no shortage of interesting and important stories in the world of technology.
We also highlight a few fun and distracting items, including a worldwide release tracker for movies, quirky word puzzles, and a digital museum of plugs and sockets.
Source: MIT Technology Review