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The First Electric Racecar was Unveiled by NASCAR

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Hearing the boom of the engines, the rumbling as each car approaches, and the zip as it zooms past at over 150 mph are all part of the thrill of attending a NASCAR race.

In downtown Chicago on Saturday, NASCAR presented its first electric racecar; yet, when the grand marshal commands, “drivers, start your engines,” it does not roar.

The leading racing series in North America collaborated with ABB, Chevrolet, Ford, and Toyota to showcase a high-performance electric car and assess fan interest in electric racing.

Riley Nelson, the head of sustainability for NASCAR, stated that they hope to show electric cars and electrification in general as hip, entertaining, and approachable in the racing world.

When Ragan first visited the racetrack at the age of eleven, he stated the sound and smell were unlike anything he had ever encountered. Tire squeals were audible to him. The brakes were smelling to him. The sound, smell, and heat from the exhaust of gasoline-powered vehicles overwhelm all other sounds. However, after countless laps, Ragan’s ears weren’t ringing this time. He described it as quite wild.

The new automobile is actually a crossover utility vehicle, not your usual sports coupe. It is aerodynamic enough to be considered a racecar thanks to a massive rear wing.

accelerateIt can stop virtually instantly and accelerate nearly twice as quickly as the fastest gas-powered racecars. However, because it is heavier, it navigates the turns more slowly, resulting in a two-tenths of a second slower lap time at Virginia’s Martinsville Speedway. Ragan stated that it might run even faster because he wasn’t straining the unique car to its breaking point. He argued that taking risks is for racing, not testing.

General Motors’ chief of global motorsports competition, Eric Warren, revealed that a survey of ardent NASCAR fans revealed that over half of them would be more inclined to buy an electric car if they were introduced to it through racing. He stated that conserving and maximizing energy is a key message.

Warren declared, “We’re committed to electric vehicles.” “Racing gives a great platform to discuss a lot of those concepts and educate fans. It’s a laboratory for us to try some new technologies and learn as we educate.”

Gas burning produces carbon dioxide, which warms the environment and causes more intense weather. It also pollutes the air. Around 19 pounds of carbon dioxide are produced by burning one gallon, according to the U.S. Energy Information Administration. Over the course of a weekend, racing activities need thousands of gallons.

More electric vehicles would undoubtedly make the event quieter, but many spectators enjoy hearing the thunderous sound of engines as the green light turns green.

As part of the unveiling before to Saturday’s NASCAR Xfinity Series stop, a group of kids, including the offspring of ABB employees, removed the car’s cover. As he passed by Buckingham Fountain, 16-year-old Chicagoan Dean Radejewski paused to examine the vehicle.

“I think it’s pretty cool that they’re stepping into the newer age, where all the stuff’s going electric,”  Radejewski remarked. “I feel like it’s going to be maybe a bit more reliable, maybe a bit safer, too, since less fuel to light on fire.”

Additionally, Radejewski found the idea of a NASCAR EV series to be intriguing.

“It would be more racing to watch,” he remarked. “So even better,”

John Probst, senior vice president and chief racing development officer of NASCAR, stated that he believes the organization could completely change the fan experience if it decides to pursue electric racing. A DJ could be one choice.

“It’s our goal to entertain our fans,” he declared. “We know how to create a racing series around pretty much anything if our fans tell us this is what they want to see.”

Electric car racing is not a new venture for NASCAR or any other motorsports organization. Started a decade ago, Formula E is an all-electric racing championship. But compared to NASCAR, its fan base is far smaller.

The new vehicle is a component of NASCAR’s larger environmental strategy. Currently, ABB is the official electrification partner of NASCAR. It will assist NASCAR in obtaining more power from renewable resources.

Additionally, NASCAR owns 15 racetracks around the United States, several of which are located on busy roads. At such rails, ABB intends to set up its electric vehicle charging stations and link them to the power grid. They will be available for use by everyone, not just race fans, and work with standard electric vehicles.

According to NASCAR, by 2028 it would use 100% renewable electricity at its owned buildings and racetracks, recycle at every event, and deploy sustainable racing fuel. Its goal is to achieve “net zero” operating emissions by 2035.

For this reason, the black, white, and red automobile has the number 35 on it in addition to ABB. Instead of the usual carbon fiber composite, the automobile body is built of plant-based materials, specifically a flax-based composite made by the Swiss company Bcomp.

Hydrogen-powered race cars are another idea that NASCAR is researching. In 2023, NASCAR’s sports car circuit, the IMSA, made the transition to hybrid engines. This weekend in Ohio, the IndyCar race series, which is in competition, will introduce its hybrid engines. As part of revised engine regulations, Formula 1 intends to use sustainable fuel in all of its vehicles beginning in 2026.

In under four years, Ford Performance produced eight state-of-the-art electric showcase cars on its own.

“Fans want to have some connection or relationship to the racecar,”  Ford Performance Motorsports’ global director Mark Rushbrook stated. “As more and more customers are buying all-electric vehicles, there will be, we believe, a growing number of people that want to watch full electric racing.”

Initial figures released by Motorintelligence.com on Tuesday show that sales of electric vehicles in the United States increased by 7% overall in the first half of the year. 7.6% of new cars sold in the United States were electric vehicles, roughly unchanged from the previous year.

Michael Plaster, the executive vice president of ABB, thinks that children who see the new car at NASCAR events will inquire about the transition to clean electricity and perhaps pursue a career in electrical products and solutions in the future. With billions of dollars, ABB is expanding its U.S. operations.

“I can’t think of a better way to do it as far as getting interest and attention, and having the forum to talk about this whole energy transition,” Plaster remarked.

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Startup Talks of a $9 billion valuation are confusing AI search

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Perplexity AI Inc., an artificial intelligence startup developing a search engine to take on Google, is in early talks with investors to raise capital at a $9 billion valuation, according to a source familiar with the situation.

The insider, who wished to remain anonymous while discussing personal matters, stated that the corporation is looking to raise over $500 million in the investment round.

The company may increase its prior valuation of $3 billion from a capital round earlier this year, which includes the money the company would raise. It’s very early in the talks, so things might change or the conversation could break down. The business refused to comment.

The recent surge in Perplexity’s valuation is indicative of the keen interest of venture capitalists in supporting AI startups. As late as April of this year, the business had a $1 billion valuation. Large sums have also been raised by its competitors and colleagues, such as OpenAI, which earlier this month closed a $6.6 billion financing round at a valuation of $157 billion.

The source claimed that Perplexity’s most recent finance discussions happened as a result of investors reaching out to the business, not because the startup was looking to acquire further funds.

Apart from the commercial and free versions of its search tool, Perplexity provides various other services. It recently unveiled additional tools for searches connected to finance, such as stock prices and firm earnings data, and released a platform that enables businesses to search internal information in addition to the internet.

In addition, the business has started a number of revenue-sharing agreements with large publishers, while being accused of plagiarism by certain news organizations.

Among the company’s investors are Nvidia Corp. and Jeff Bezos, the founder of Amazon.com Inc. and a partner of SoftBank Group Corp.

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Microsoft and OpenAI are at odds about the tech behemoth’s ownership of the business

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Even while Microsoft and OpenAI are developing a distinctly novel technology, they are arguing about a well-known economic issue: how much stock should I receive in return for my investment?

According to the Wall Street Journal, the two businesses engaged investment banks to assist in determining how Microsoft’s about $13.75 billion in investments in OpenAI since 2019 will be interpreted after the firm transforms from a nonprofit to a for-profit business.

Microsoft called in Morgan Stanley, and OpenAI recruited Goldman Sachs to counsel it throughout the process, according to the Journal. The two prestigious banks will now need to guide their closely connected clients through a complex financial decision regarding Microsoft’s ownership stake in OpenAI.

Microsoft’s ownership interest is being negotiated at a time when OpenAI’s value has skyrocketed.

The ChatGPT developer finished a funding round earlier this month, valuing the company at $157 billion. The chipmaker Nvidia, the venture capital firm Thrive Capital, and Masayoshi Son’s SoftBank were among the investors in that round. A few months after ChatGPT-3 was released in November 2022, in January 2023, Microsoft made a huge $10 billion investment in OpenAI, valuing the business at $86 billion.

Despite $3.7 billion in income, OpenAI is still losing money and expects to lose $5 billion this year. However, based on internal business forecasts obtained by the New York Times, OpenAI anticipates phenomenal growth, with its top line expected to soar to $11.6 billion next year.

Because of OpenAI’s nonprofit status, Microsoft’s investment entitles it to a share of the revenues made by the company’s board-managed for-profit subsidiary. The original structure of the for-profit subsidiary placed a cap on the amount of earnings it could make. There was a cap on Microsoft’s share of the cap as well.

It was reported in September that OpenAI plans to reorganize as a for-profit public benefit business. This special status would enable it to dedicate itself to objectives aimed at improving society in addition to providing a profit to shareholders.

Though it won’t be the organization that runs the new for-profit OpenAI version, the charity will still be around. The new for-profit corporation will nonetheless have a minority ownership held by the nonprofit. The action was taken in an attempt to increase the company’s appeal to potential investors, who are probably already lining up to offer money for a share in the business that is synonymous with the AI revolution.

OpenAI is reorganizing and will grant CEO Sam Altman shares in the business. In an earlier statement, Altman alluded to his “tiny bit of exposure via the YC investment,” which was the renowned startup incubator Y Combinator, of which he served as president. As is customary for executives, Altman and other leaders in this freshly established company would probably receive a far higher portion.

After earlier reports suggested that he would acquire as much as 7% of OpenAI, Altman stated during a company-wide meeting in September that there were no plans for him to receive a “giant equity stake” in the company. During the same meeting, investors expressed worries about Altman’s lack of ownership in the firm he was heading, according to Altman and OpenAI CFO Sarah Friar.

It is probable that Microsoft will endeavor to bargain for the scope of its governance privileges in OpenAI. Despite Microsoft’s significant investments in OpenAI, CEO Satya Nadella was taken aback when Altman was momentarily dismissed by the OpenAI board in November 2023. After Altman was reinstated, Nadella made a number of public appearances where he reaffirmed Microsoft’s support for OpenAI while making hints that he would like more control over the company’s corporate governance.

“At this point, I think it’s very clear that something has to change around the governance,”Nadella told  in November 2023, as Altman’s ouster was unfolding..

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Rony Abovitz launched SynthBee, an AI business that has secured $20 million in venture funding

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Today, SynthBee, Inc., Rony Abovitz’s new firm based in Ft. Lauderdale, announced the successful completion of a $20 million early fundraising round. The goal of the investment, spearheaded by Crosspoint Capital Partners, is to help the business expand and advance its in-house computer intelligence platform.

Abovitz, the founder, has a track record of success as a digital entrepreneur. While protecting intellectual property and expertise, SynthBee will prioritize enterprise productivity with a focus on security, transparency, and scalability. Most famously, Abovitz founded Magic Leap, a pioneer in spatial computing, and MAKO Surgical, which Stryker purchased for $1.65 billion. SynthBee’s platform uses computational intelligence to safely and effectively accelerate innovation while enhancing human creativity and problem-solving across sectors.

“SynthBee has the potential to completely transform how businesses innovate,” stated Andre Fuetsch, Managing Director at Crosspoint Capital. “Rony Abovitz’s vision for SynthBee will improve creative and problem-solving abilities, thereby elevating human potential and outcomes.”

In a market where there is concern about the moral use and management of massive artificial intelligence, SynthBee presents itself as a remedy. Abovitz underlined that the company’s goal is to provide a more democratic computational framework for the developer and enterprise communities by resolving the ethical and architectural problems that are common in existing AI systems.

SynthBee is growing its workforce and already has a number of Fortune 500 firms as clients thanks to this new round of funding. In order to fulfill its purpose, the organization is constantly seeking for top tech talent.

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