Morning Thrust | Weekly Highlights (69th Edition: 07.04.2024)

Welcome to the 69th edition of Morning Thrust, your weekly dose of highlights in future tech, space economy, sustainability, smart cities, supply chain, logistics and more! In this edition (07.04.2024), we bring you the most exciting developments shaping our world. Stay informed and ahead of the curve with our curated insights. Let's dive in!

OpenAI 's CEO Sam Altman relinquishes control of the OpenAI Startup Fund to Ian Hathaway , marking a shift in corporate venture structure. Initially launched in 2021 with Altman as the figurehead, the fund saw growth, reaching $325 million in assets with investments in AI-driven startups like Descript and Ghost Autonomy . Altman's transfer of control ensures continuity after his temporary ouster in November.

OpenAI introduces a new open-access approach to ChatGPT, allowing users to engage without creating an account, albeit with limited features. Conversations will contribute to training data unless opted out, and the service will implement more restrictive content policies, though details remain vague. Despite concerns over potential misuse, OpenAI assures ongoing efforts to prevent abuse as the service rolls out gradually.

OpenAI trained GPT-4 using over a million hours of transcribed YouTube videos, facing legal ambiguity. Google also collected YouTube transcripts, navigating legal and technical restrictions. The AI industry grapples with diminishing high-quality data availability, exploring synthetic data and curriculum learning amidst legal challenges.

OpenAI delays release of its voice cloning tool, Voice Engine, citing risks of misinformation in global election year. Despite real-world applications showcased, the company opts for caution, emphasizing responsible deployment and societal adaptation to synthetic voices. Competitors already offer similar tools, prompting OpenAI to call for policies safeguarding against deceptive AI content.

A new U.S. 'green bank' has been established to finance smaller climate tech projects, addressing a gap in funding for initiatives like home heat pump installations and affordable housing retrofits. With $20 billion in grants from the EPA, it aims to attract private investment and support underserved communities, potentially leveraging more than $7 for every dollar invested and contributing towards the $27 trillion needed to achieve net zero carbon emissions by 2050.

Q1 of 2024 saw a surge in crypto venture capital investments, totaling $2.52 billion, up 25% from the previous quarter. Positive legal outcomes and growing interest in DeFi and crypto ETFs have fueled this trend. VC funding landscape appears founder-friendly, with increasing valuations and a shift towards tokenomic designs. Optimism prevails for the rest of 2024, with expectations of continued bullish activity despite regulatory uncertainties.

Fintech funding hits its lowest point since 2017, with a 16% decline in Q1 2024, marking $7.3 billion raised globally, according to CB Insights . Despite a 15% increase in equity deal-making, average deal size decreases, with larger investments in AI solutions. The US leads in funding, with $3.3 billion raised, while Europe follows closely with $2.2 billion, indicating larger round sizes in Europe compared to the US.

Startups face continued fundraising challenges as VC firms struggle to raise capital, with Q1 U.S. VC fundraising at its lowest since 2013. Limited partners are cautious due to lackluster IPO and M&A activity, impacting both brand-name and smaller venture firms. Despite high remaining capital, unless LPs increase investments, VC deal-making could suffer.

Tiger Global Management 's latest VC fund closed at $2.2 billion, far below its $6 billion target, signaling a challenging fundraising climate amid investor caution in VC and private equity. The firm faces difficulties after recent leadership changes and struggles with portfolio valuations. Despite insiders increasing their investment, PIP 16's prolonged fundraising period reflects ongoing challenges for Tiger, which seeks to recover from significant asset declines in recent years.

Ripple , a blockchain payments firm, plans to launch its stablecoin in 2024, aiming to bridge traditional finance and crypto. The stablecoin, backed by US dollar deposits, aims to enhance utility and liquidity in its ledger ecosystem. Ripple aims for regulatory approval to launch on XRPL and Ethereum blockchains, with plans to expand into DeFi protocols.

Elon Musk announced plans to unveil a Tesla robotaxi on August 8, following conflicting reports about the company's focus on a $25,000 low-cost EV. Despite ongoing challenges in autonomous driving development, Musk remains committed to introducing fully autonomous vehicles. Tesla's current driver-assistance features like Autopilot and Full Self-Driving are steps toward this goal but require human supervision.

Kiwibot , a delivery robot firm, acquires Taipei chipmaker Auto Mobility Solutions due to US/China tensions. The deal aims to enhance cybersecurity for AI-powered robotics and expand Kiwibot's presence in Asia, particularly in Taiwan and China. Rising geopolitical concerns over semiconductor market control amid US/China conflicts are driving such acquisitions in the industry.

Waymo and Uber team up for autonomous food deliveries in Phoenix, starting with select merchants like Princess Pita and Bosa Donuts. Customers can opt out of robot delivery, but if chosen, they'll need to flag down the vehicle outside. Despite the efficiency of all-electric Waymo Jaguar I-Pace vehicles, concerns arise over the practicality of using large cars for small food deliveries compared to purpose-built alternatives like Nuro R3.

The EU and U.S. pledge to enhance collaboration on AI safety and governance, amidst broader tech issues, following a joint statement. Despite political uncertainties, both sides emphasize mutual cooperation and shared goals, aiming to address challenges in AI development, advance beneficial applications, and ensure democratic resilience in the face of emerging threats.

Microsoft and Quantinuum achieve Level 2 Resilience in quantum computing with groundbreaking, highly stable logical qubits, potentially making the technology viable for various industries. Despite the immense potential for solving complex problems faster, the widespread adoption and affordability of quantum computing remain uncertain.

Varda Space Industries secures $90M funding after successful orbital drug manufacturing; scaling up for regular missions. Founder Delian Asparouhov highlights opportunities in microgravity research for pharmaceuticals. Plans include increasing flight cadence before focusing on reusability, aiming to significantly reduce mission costs by refurbishing capsules.

Scientists are preparing to investigate the upcoming total solar eclipse using high-altitude planes and space probes to study the sun's outer atmosphere, providing a rare opportunity for insights into solar activity and space weather. The eclipse, occurring on April 8, 2024, will offer a unique chance to observe phenomena such as the sun's corona, contributing to understanding its impact on Earth and space.

NASA - National Aeronautics and Space Administration successfully test-drove mini autonomous rovers for a 2025 lunar mission, part of the CADRE project showing robotic cooperation. The rovers, equipped with solar panels and sensors, demonstrated navigation and recharging capabilities during tests simulating lunar terrain and conditions.

NASA - National Aeronautics and Space Administration selects three teams to design the next moon buggy, with only one design to go to space. Intuitive Machines , Lunar Outpost and Venturi Astrolab will compete for the opportunity, aiming to create rugged vehicles for lunar exploration by astronauts. The chosen design will be capable of enduring the harsh conditions of the lunar surface, aiding in scientific research and extending human presence on the moon as part of NASA's Artemis program.

SpaceX launched 21 Starlink satellites from California's Vandenberg Space Force Base, marking the second Starlink launch in two days. The Falcon 9 rocket successfully deployed the satellites into low Earth orbit after liftoff at sunset, with the first stage returning for a vertical landing on a droneship. This contributes to SpaceX's ongoing efforts to expand its Starlink megaconstellation, with two-thirds of their 2024 orbital missions dedicated to this purpose.

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