Forbes Daily: Nvidia Continues To Prove It’s An AI Juggernaut


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A critical new industry is emerging in the fight against climate change—one focused on removing carbon dioxide from the atmosphere. Los Angeles-based startup Equatic says that not only can it remove the harmful greenhouse gas, but it can simultaneously create green hydrogen.

The cleantech startup is set to begin operating a $100 million plant in Quebec as soon as 2026, and says it will eventually remove more than 100,000 metric tons of CO2 annually.

But while other companies are sucking CO2 from the air and sequestering it underground, Equatic is pulling carbon from the ocean—affordably. COO Edward Sanders told Forbes the Canadian facility would allow them to lower the cost to below $100 per ton of CO2 removal, or about one-quarter the cost of one of its competitors.

Let’s get into the headlines,

FIRST UP

The logo of Nvidia is seen during Computex 2024 in Taipei on June 4, 2024.

Photo by I-HWA CHENG/AFP via Getty Images

Nvidia has been on a tear lately, and Tuesday, the AI juggernaut narrowly topped Microsoft’s market capitalization to become the world’s most valuable public company. Nvidia began the year with a $1.2 trillion market value, less than half of Microsoft and Apple’s market cap at the time, but stock gains fueled by the AI frenzy recently propelled it past Apple, and now to the No. 1 slot.

MORE: Nvidia’s market success made CEO Jensen Huang the 11th-richest person in the world, his highest ranking yet on Forbes’ real-time billionaire list. His net worth increased by more than $4 billion on Tuesday, reaching around $119 billion as of the afternoon as Nvidia shares traded up more than 3%.

BUSINESS + FINANCE

Delta Air Lines Airbus A220-100 aircraft as seen on final approach landing in New York. A220s contain parts made with titanium whose sourcing was falsified.

Photo by Nicolas Economou/NurPhoto via Getty Images

A division of China’s largest state-owned aerospace conglomerate supplied titanium in commercial Boeing and Airbus jets, and the metal’s murky origins and prevalence are being investigated by U.S. and European regulators, according to documents obtained by Forbes. Manufacturers and European regulators told Forbes they so far don’t believe there is a safety risk based on testing of parts made with the suspect metal, but the bogus sourcing documentation that accompanied the titanium has led Boeing to swap out parts in question on planes it’s currently finishing.

MORE: In a separate set of concerns, Boeing allegedly hid faulty 737 plane parts from federal regulators and lost track of them, according to a whistleblower complaint. Boeing has faced increased scrutiny from federal regulators after a metal door plug flew off an Alaska Airlines Boeing 737 in January.

To create our recently released seventh annual list of America’s Best Banks in Each State, along with the list of America’s Best Credit Unions in Each State, Forbes partnered with market research firm Statista and surveyed approximately 26,000 U.S. residents. The regional banks and credit unions featured on the list have learned how to build a loyal customer base despite being smaller and having fewer resources than their larger counterparts with branches spanning the country.

TECH + INNOVATION ​​

Waabi founder and CEO Raquel Urtasun

Waabi

Canadian autonomous driving startup Waabi has raised $200 million in fresh capital and believes it can succeed in autonomous trucking, despite other companies’ failures, because of generative AI software that it claims can assess and respond to road conditions in ways that are closer to human-style reasoning. With backers like Uber, Khosla Ventures and Nvidia, this is the company’s biggest funding round to date. It aims to begin operating driverless semis in Texas in 2025.

Venture capital firm The Engine Ventures, which makes early-stage investments in startups focused on sustainability, health and infrastructure, announced a third fund of $398 million on Tuesday, its largest to date. Katie Rae, the firm’s CEO and managing partner, says the tools we have today can’t fix the world’s environmental problems. “When you get right down to brass tacks, no one believes that we will reach our climate goal without developing new technology,” she told Forbes.

FedEx is using AI tools made by Flock Safety, a $4 billion car surveillance startup, to monitor its distribution and cargo facilities across the U.S., and publicly available documents reveal that some local police departments are also sharing their Flock feeds with FedEx. Civil rights activists say such close collaboration has the potential to dramatically expand Flock’s car surveillance network, while leaving the public in the dark because private entities aren’t subject to the same transparency laws as police.

SPORTS + ENTERTAINMENT

Recording artists Swizz Beatz and Timbaland are the founders of Verzuz.

Photo by Frazer Harrison/Getty Images for Bacardi)

X, formerly known as Twitter, announced Wednesday it reached a distribution deal with music producers Timbaland and Swizz Beatz to bring content from their entertainment platform, known as Verzuz, to X in an exclusive media deal. The partnership comes just a few months after the Elon Musk-owned social media platform inked similar deals with the WWE and Range Media Partners, both of which are centered around sports content.

WORLD

North Korean leader Kim Jong Un and Russian President Vladimir Putin inked a deal Wednesday agreeing to aid each other in the event of an attack on either country, signaling the growing closeness between the two leaders. Putin compared the agreement with efforts by the U.S. and other NATO nations to send long-range weapons and F-16 fighter jets to Ukraine to carry out strikes on Russian territory—and claimed those actions were a “gross violation” of various international obligations.

TRAVEL + LIFESTYLE

Last year, Iceland welcomed roughly 2.2 million visitors—nearly six times the country’s population—but like a growing number of European destinations, the country charges a tourism tax to combat overtourism. This week, Iceland’s prime minister floated the idea of surge pricing for the tax, a concept that some argue would encourage visitors to visit at less busy times.

DAILY COVER STORY

Electronic Warfare Is Screwing Up Food Delivery Apps And ‘Find My’ Location Tracking In The Middle East

ILLUSTRATION BY ALEX CASTRO FOR FORBES

TOPLINE Since March, residents of southern Cyprus have complained that phones and other location-tracking devices have gone haywire several times a day. In almost every case, the new location was “spoofed” to Beirut’s airport, adding to their confusion.

Commercial flight data suggested that the spoofing spiked after Iran launched drone and missile strikes on Israel in April, according to GPS researcher Benoit Figuet, cofounder of SkAI Data Services—which the Israeli Defense Forces has confirmed was one tactic it used to “neutralize threats.”

Airline pilots and ship captains navigating around Cyprus and the eastern Mediterranean have also been dealing with navigation devices picking up signals broadcasting bogus locations since the start of the Gaza conflict. People across Israel, Jordan, Lebanon and now Cyprus have seen their locations for maps, food delivery and dating apps all randomly reset to the Beirut Airport.

The economic impact of the disruption remains unclear, but satellite navigation is hugely important to the global economy. A 2019 study estimated that a GPS outage would cost the United States alone $1 billion a day.

Around 40 miles east in Larnaca, marketing consultant Charlie Day has seen social media campaigns intended for Cyprus land in Lebanon, while Google Maps’ routes frequently include a 22-hour detour via Turkey. Location-sharing on WhatsApp can lead to even more confusion. “You don’t realize how many apps have GPS built into them until they don’t work,” said Day. “It doesn’t seem to be a blip, it seems to be an ongoing thing.”

WHY IT MATTERS The surge in the use of jamming and spoofing technology has revealed vulnerabilities in a decades-old technology that underpins huge swatches of the modern world. The U.S.-owned Global Positioning System’s network of satellites was originally intended for military use and was offered to civilians after a Korean Air flight mistakenly flew into Soviet airspace and was shot down in 1983. Pilots hit with jammers and spoofers are now forced to rely on instruments and radar-based navigation around flashpoints like the Middle East and the Baltic.

FACTS + COMMENTS

Ralph Lauren unveiled Team USA’s uniforms for the opening and closing ceremonies at the Paris 2024 Olympics and Paralympics earlier this week, as well as a range of outfits for its “Villagewear” collection, which athletes can wear outside of official ceremonies:

Nine: The number of consecutive Olympic games that Ralph Lauren has served as the official outfitter for Team USA, dating back to the 2008 Beijing Olympics

100% recycled: A polo shirt in Ralph Lauren’s “Villagewear” collection will be made entirely from recycled materials, a first for the brand

‘Cowboy tuxedo’: How Paralympic swimmer Jamal Hill described the closing ceremony outfit, adding that it also featured a Formula 1 style

STRATEGY + SUCCESS

Recent data from Glassdoor finds worker confidence is on the decline—to restore employee optimism, leaders should establish transparent communication channels and provide regular updates on the company’s future plans. Keeping employees up-to-date ensures they feel informed and secure about the company’s direction, fostering a sense of trust. Additionally, leaders must openly admit mistakes and demonstrate accountability to build back a team’s positive mindset.

VIDEO

QUIZ

This week at Stonehenge, a rare celestial event will take place that only occurs every 18.6 years. It involves the moon rising and setting at its most extreme northerly and southerly positions on the horizon. What is this event called?

A. Solar Eclipse

B. Major Lunar Standstill

C. Planetary Conjunction

D. Flower Moon

Check your answer.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff, with writing contributions by Tavon Thomasson.

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