Friday's Fast Five: Week of 12.8
Elon Musk’s AI startup seeks to raise $1bn in equity (The Guardian): Elon Musk’s artificial intelligence startup, xAI, is seeking to raise $1bn as the world’s richest man tries to keep pace with rivals including OpenAI, Microsoft and Google in the race to dominate the field. The company has already raised $135m from investors and is seeking a total of $1bn in equity financing, according to a filing with the US Securities and Exchange Commission.
Jamie Dimon takes aim at US bank rule proposals in Senate testimony (Financial Times): JPMorgan Chase chief executive Jamie Dimon hit out again at a variety of proposed new US bank regulations, telling lawmakers that the rules risked hurting low-income customers and would add risks to the financial system.
Why No One Wants to Pay for the Green Transition (The Wall Street Journal): Renewable energy continues to expand. In the very long run, it is still the case that economic welfare will be higher with less global warming. But the economics of getting to net zero remain, fundamentally, dismal: Someone has to pay for it, and shareholders and consumers decided this year it wouldn’t be them.
How Electricity Is Changing, Country by Country (The New York Times): Carbon-free electricity has never been more plentiful. Wind and solar power have taken off over the past two decades, faster than experts ever expected. But it hasn’t yet been enough to halt the rise of coal- and gas-burning generation.
The Mirai Confessions: Three Young Hackers Who Built a Web-Killing Monster Finally Tell Their Story (Wired): Netflix, Spotify, Twitter, PayPal, Slack. All down for millions of people. How a group of teen friends plunged into an underworld of cybercrime and broke the internet - then went to work for the FBI.