Good evening!
It is the best of times and it is the worst of times for AI-first tech companies this week 👀
Here are the 7 things you missed today:
1. 📉 MIT Study Shows Bets On AI Investment Are Not Paying Off
Wall Street is shaking with the results from the new MIT study where 95% of the organizations studied are showing no return on their AI investment. Despite pouring in an estimated $30B to $40B, the results highlight the existential risk for a market that is overly tied to the AI narrative. The research, part of Project NANDA, is a stark reminder that enterprise AI isn’t a guaranteed win, and that hype is outpacing impact in most cases. (Axios)
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3. 📈 Dow Hits Record High As Powell Hints At Rate Cuts
The Dow surged 1.9% or by 846.24 points reaching a fresh high and closing at a record level of 45,631.74. The five-day losing streak ends after Fed Chair Powell’s address at Jackson Hole which raised expectations of a September rate cut which reignited investor confidence in equity markets. The rally reflects renewed optimism in the growth outlook, especially for rate-sensitive sectors like tech. (Reuters)
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5. 🤝 U.S. Plans To Acquire 10% Equity Stake In Intel
In a rare move, the U.S. government (alongside SoftBank) will take a 10% non-voting equity stake in Intel which is valued at roughly $10B. This is part of a CHIPS Act-led push to restore U.S. semiconductor leadership. The investment highlights government willingness to align with private sector rebuilding of critical infrastructure. (Reuters)
6. 💰 Nvidia Backs Nuro In $203M Funding Round
Nuro raised $203M in Series E funding, valuing the AV startup at $6B. While it is down 30% from its 2021 peak, it did secure backing from Uber, Nvidia, and Baillie Gifford. Dave Ferguson, Co-founder and President, said, “With this new capital, we’re well-positioned to continue our next phase of growth and to realize autonomy at global scale.” The round validates Nuro’s pivot toward licensing autonomy tech amid a consolidating AV market. (TechCrunch)
7. ☁️ Meta Signs $10B+ Google Cloud Deal To Power AI Expansion
Google and Meta’s six-year cloud computing deal will give 180 new countries access to Meta’s AI services, powered by Google’s global infrastructure. The $10B+ agreement is one of the largest cloud partnerships to date and reflects Meta’s pivot from fully in-house operations to a hybrid cloud model. This allows Meta to meet soaring AI demand faster and accelerating global AI product rollout particularly in underserved regions. (Reuters)
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