Amid a turbulent year for the tech sector, one that has brought layoffs, funding pullbacks and the failure of the industry’s favorite bank, artificial intelligence has emerged as a bright spot. Investors are pouring billions of dollars into AI startups in what is quickly becoming the latest tech gold rush.
Leading the AI revolution is OpenAI, a startup from Sam Altman that created the fast-growing artificial intelligence chatbot ChatGPT, which this year reached 100 million monthly active users. Microsoft has a multibillion dollar stake in OpenAI, which is powering Microsoft’s new Bing search engine.
But beyond OpenAI, American Inno set out to identify other artificial intelligence startups making waves in the tech industry. Some, like OpenAI, are building generative AI, a type of artificial intelligence that can create text, images and other data in response to your prompts. Others are using AI to power autonomous vehicles, track the Chinese balloon from satellite images or improve health care.
The Bay Area is ground zero for AI innovation in the U.S., but AI startups are sprouting up across the country, catching the eye of investors and customers looking to ride the AI wave. To spotlight some AI heavy hitters, as well as some under-the-radar artificial intelligence firms, American Inno compiled our first-ever list of Startups to Watch in AI, a collection of 35 companies you need to know…
The rise of electric vehicles in the United States is by no means a fad, temporary trend or mistake. From my perspective, leading an electrical components manufacturer for nearly a decade, I have seen the rapid growth of the EV space firsthand. At the outset, I was optimistic about the growth potential of the EV sector. Today, I’m ecstatic. Just look at some of the numbers:
Consulting leaders McKinsey & Co. say EVs will largely dominate the truck market by 2035, and Mordor Intelligence forecasts that the commercial EV market will grow to roughly $258 billion by 2027 (compared to around $67 billion in 2021). In response, almost every major manufacturer is retooling production lines for a largely EV future.
Those trends have many suppliers eager to break into the electrification scene, but few know how to effectively penetrate the market. When we committed to breaking into the electric vehicle market in 2015, we were well positioned for the space because of our experience in designing and manufacturing for safety-critical sectors such as aerospace, defense and medical devices. We also did extensive research on the electric vehicle industry…..Continue reading…
BMW will test a long-range battery made by Michigan-based startup Our Next Energy in the car manufacturer’s iX electric SUV, the companies announced Tuesday. ONE’s Gemini battery will use two types of battery cells, including one featuring advanced chemistry that can store more energy and enable vehicle range of at least 600 miles between charges, the company said.
The prototype automobile is expected to be finished by the end of the fiscal year, ONE said. The Gemini battery looks to cut down on the use of traditional electric vehicle battery materials like cobalt, nickel, graphite and lithium, ONE founder and CEO Mujeeb Ijaz said. Ijaz said ONE is testing a range of different electrode chemistries in Gemini while also analyzing possible tradeoffs in cost, energy and sustainability.
ONE may offer a production version of the battery in three varying sizes and prices. This would include a low-end version costing the equivalent, or potentially lower, as nickel- and cobalt-based batteries, Ijaz said.A BMW iX Flow with color-shifting material is displayed during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 6, 2022.
The battery maker is talking to other companies about similar prototype testing of its Gemini battery. BMW’s corporate venture department in March led a $65 million funding round in the battery company. The round’s other investors included Coatue Management, Breakthrough Energy Ventures, Assembly Ventures, Flex and Volta Energy Technologies.
ONE said in December that an early prototype of the Gemini battery modified in a Tesla Model S offered more than 750 miles of range, significantly more than the best production electric vehicles on the market.The logo of German car manufacturer BMW is pictured on a BMW car prior to the earnings press conference in Munich, Germany, Wednesday, March 20, 2019.
After ONE was founded in 2020, the company has centered its attention on a long-range battery that uses safer and more sustainable materials while also putting more energy into a smaller, cheaper package. BMW executive Juergen Hildinger said in a statement that the automaker is looking for opportunities “to integrate ONE’s battery technologies into models of our future BEV (battery electric vehicle) product lineup.”
Carmakers grapple with conflicting goals in designing electric-car batteries. They want high energy density for long range, but they also want to reduce the costly metals that provide that capacity.
Michigan battery startup Our Next Energy (ONE) claims to have a better way to optimize across all these factors. Now, BMW will fit an early prototype of ONE’s Gemini “Dual-Chemistry” battery into a test version of its iX EV luxury SUV to see if the claims—a heady 600 miles of range, nearly double the stock iX xDrive50’s EPA range estimates—are borne out in a variety of real-world uses. The test iX will be on the road by the end of this year, both companies say.
BMW is the logical vehicle partner to test ONE’s technology, because its investment arm—BMW i Ventures—was one of several backers in a $25 million round of financing for the battery startup last October.
Traction + Long Range
The Dual-Chemistry label on ONE’s Gemini battery refers to the pairing of two different types of battery cells, each with a different purpose.
The “Traction” portion has cells that use a lithium iron-phosphate (LFP) cathode, known to have a lower energy density than chemistries based on cobalt, nickel, manganese, or aluminum. LFP batteries are rare in North America, but common in Chinese EVs. Their use of cheap and easily available iron in the cathode leads battery analysts to suggest LFP cells will surge in popularity as their energy density rises, even though it remains below that of advanced cobalt-nickel cells.
The “Long Range” portion of ONE’s Gemini battery, on the other hand, uses a higher energy-density chemistry based on a proprietary material rich in manganese, with only minimal cobalt and nickel. During the current R&D phase, ONE founder and CEO Mujeeb Ijaz told Car and Driver, the company is still experimenting with blends of the three metals to enhance performance. Unusually, it has only a bare copper current collector—rather than separate anode material—a design known in academic circles as “anode-free.”
The LFP “Traction” cells will provide close to 99 percent of the vehicle’s overall miles, Ijaz said, while the “Long Range” cells kick in for the 1 percent of usage that requires extreme power, reducing stress on and deterioration of the LFP cells.
ONE says it can thus provide a battery with energy density that’s claimed to be double that of those in today’s EVs, while focusing on “safer” and “sustainable” battery chemistries created via a “conflict-free supply chain” that includes appropriately sourced and inexpensive manganese.
Lab Tests, Meet Real World
Hundreds of battery chemistries show at least some promise in lab tests, but far fewer make it into production—or even extended testing. The Gemini-powered BMW iX prototype will hit the road by the end of this year. It will be used as a demonstrator first, to prove the Gemini battery concept can store and deliver energy.
After that, BMW and ONE will work together on further testing. As Ijaz notes, ONE needs to “work with BMW to understand their requirements” for his company to become a long-term supplier. That’s an arduous path, but one every battery startup needs to travel before its products find a market.
The ONE-powered BMW iX will mark a new milestone for the company: Powering an actual vehicle, rather than simply showing bench-test results. The actual cells that will go into this early prototype pack will be fabricated by one or more of four separate supplier partners, both in Asia and North America, that are working with ONE on prototyping and production scale-up of its new cells.
When the iX is shown to run, charge, and cover the promised distances, ONE will have moved a large step away from its press stunt last December. In that effort, which ONE called a proof of concept, it stuffed cells with twice the energy capacity as a standard Tesla Model S into that car’s pack and ran it for more than 750 miles—or twice the usual range.
But those weren’t Gemini cells, whereas the BMW iX coming by the end of the year is expected to use very early and experimental versions of ONE’s new cells. This will count as definite progress, presuming it happens on schedule. Stay tuned.
Shares of Tesla sank to an 11-month low on Tuesday after a bearish analyst note tacked on to a flurry of concerns for the electric-vehicle maker and high-profile chief Elon Musk—even as one of the firm’s staunchest bulls doubled down on its massive investment.
Tesla stock fell 7% to $628 on Tuesday, pushing the stock down nearly 49% from its all-time high in November and wiping over $30 billion from Tesla’s market capitalization, which has fallen to $650 billion from a peak of more than $1.2 trillion.
Prompting the steep decline, Daiwa analyst Jairam Nathan on Tuesday morning lowered his price target for Tesla shares to $800 from $1,150—telling clients Covid lockdowns in Shanghai, where the electric-vehicle maker operates its so-called Gigafactory, as well as supply issues impacting its Austin and Berlin plants, will cut deeper into earnings than previously expected.
Nathan forecasts the headwinds will push deliveries this year down by 180,000 vehicles, meaning Tesla will deliver 1.2 million vehicles this year, as opposed to the 1.4 million units previously expected.
The note comes one day after Wedbush analyst Dan Ives cautioned Twitter’s shareholder meeting this week will “surely kick off some more fireworks” between Musk and the social media firm’s board, adding to the “major overhang” as investors worry the proposed takeover could divert his attention from Tesla.
“Tesla investor patience is wearing very thin,” Ives said about the resulting back and forth, with Musk suggesting he’ll lower his offer due to concerns about bots on Twitter, while the company’s board says it won’t alter the deal.
Despite the bearishness, Ark Invest, the New York City investment firm helmed by famed stock-picker Cathie Wood, disclosed it bought $10 million in Tesla shares on Tuesday—adding to its stake for the first time since February less than a week after the stock lost its top spot on Ark’s flagship fund to streaming giant Roku.
“This [takeover] circus show has been a major overhang on Tesla’s stock and has been a black eye for Musk so far,” Ives said Monday, adding that “major market pressure for tech stocks” has only added to the uncertainty.
Shares of Tesla have racked up big losses since Musk suggested he would sell about 10% of his stake in November, with prices only collapsing further as the broader market struggles in the face of rising interest rates. Adding to concerns for Tesla, however, “the worst supply chain crisis seen in modern history” has threatened the firm’s production in highly profitable China, notes Ives.
The tech-heavy Nasdaq has plummeted 29% this year. Tesla, meanwhile, has plunged 47%. Even though its stock has struggled, Tesla reported its most profitable quarter in company history last month, posting $3.3 billion in first-quarter income fueled by record deliveries. $199 billion. That’s how much 50-year-old Musk, the world’s richest person, is worth, according to Forbes.
Taking over Twitter may be good for Elon Musk, but it hasn’t been good for Tesla’s shares. One day after Twitter announced it had accepted Musk’s $44 billion takeover bid, Tesla shares sank 12.2%, wiping out more than $125 billion off the electric vehicle maker’s market value. The falls come as Wall Street fretted about how the deal could impact the electric vehicle maker and its stock price.
When Musk announced he had secured the money to finance the transaction, he said he would cover $21 billion himself, with banks helping finance the other half. What remains unclear is how he will come up with that money — whether he will sell some of the Tesla shares he owns, borrow against them, bring in additional investors, or all three.
There is also growing concern about whether owning Twitter would bring him into conflict over free speech with the government in China, a key market for Tesla where the auto maker also has significant production. On top of that, there is the risk Musk could become distracted by his latest acquisition. Musk is the CEO of Tesla and Space-X and is involved with other business ventures such as Neuralink, which develops brain implant technology, as well as The Boring Company, which makes tunnels.
If Musk does offload some of those holdings, it could drive Tesla’s share price down further. This is something the company warned investors about in its latest annual report, filed in February with the U.S. Securities and Exchange Commission. “If Elon Musk were forced to sell shares of our common stock that he has pledged to secure certain personal loan obligations, such shares could cause our stock price to decline,” the company wrote.
American Petroleum Institute President and CEO Mike Sommers weighs in, arguing that a long-term energy strategy is needed. Record high gas prices have created stress for motorists across the nation, and many experts expect prices to remain elevated in the near future as demand for summer travel heats up.
On Thursday, the national average retail price for regular gasoline surged to another record high, hitting $4.41 per gallon.
While you may not be able to control the prices at the pump, you can control how you drive. Certain driving behaviors can actually help consumers save significantly when it comes to filling up at the pump, Patrick De Haan, head of petroleum analysis for GasBuddy, told FOX Business.
It’s the “easiest” thing to do when trying to combat those rising fuel costs, he said. Keep your tachometer as low as possible. De Haan says drivers should keep feet light on the gas when accelerating. The heavier you are on the accelerator, the more fuel your engine is using, he said.
The tachometer should be used as a gauge for drivers to see how much fuel they’re actually using, according to De Haan. The tachometer measures the working speed of an engine in RPMs, or rotations per minute. It is located next to the speedometer on a vehicle’s instrument panel.
“The higher the needle goes, the more gas your engine is guzzling,” De Haan said. The objective is to keep your tachometer as low as possible and not to “bash on the pedal,” De Haan added.
Cars crowding the turn lane into Murphy Express at Beal Parkway and Racetrack Road as gas lines started popping up at numerous gas stations around the Fort Walton Beach area in Florida. (USA Today Network via Reuters Connect / Reuters Photos)
It’s also important to keep the speed of the car under control because speeding increases fuel consumption. According to the U.S. Department of Energy, gas mileage will decrease “rapidly at speeds above 50 MPH.”
The best way to control speed is using cruise control. Although cruise control may not be useful in some congested parts of the country, like New York or Chicago. However, the feature can be “more effective and efficient than a human trying to maintain the same pressure on the gas pedal,” according to De Haan.
Maintenance: Make sure your check engine light is not on If you have a check engine light on, especially if it’s flashing, it should be checked as soon as possible. A lot of sensors on cars are critically important, but the check engine light is the “most critical,” according to De Haan. When the light is flashing, “it’s basically telling you that it’s in distress,” De Haan said.
The car essentially goes into “limp mode,” which means “the car has lost some critical sensor or something is critically wrong and … is basically using up to twice as much fuel to protect itself from catastrophic damage,” De Haan added. Another thing motorists should be checking is tire pressure.
A man checks gas prices at a gas station in Buffalo Grove, Ill., March 26, 2022. (AP Photo/Nam Y. Huh / AP Newsroom). When a tire loses air pressure, there is more friction between the tire and the road. That increase in friction will lower a car’s fuel efficiency, according to De Haan.
Removing access weight
Leaving heavy objects in the back seat or truck of a car can also hurt fuel efficiency. In fact, every hundred pounds will reduce fuel efficiency by one to two miles per gallon, according to De Haan.
Racks that sit on the roof of cars, typically in the summer or winter months, are also working against drivers. Those racks will “absolutely destroy the aerodynamics of your vehicle” and drive down fuel efficiency by 25 to 35%, De Haan said.
“They’re just like a mattress on your roof,” he said. “Your car is working harder to offset that object on the top of your car.”
Keep an eye on your AC this summer
When the air conditioning is running in your car, “you’re generally putting more of a load on your engine. You’ll burn a lot less fuel if you crack a window instead, according to GasBuddy.
MYTH: It takes more gas to restart your car
That may have been true 30 years ago, “but that’s why vehicles have adopted that start stop technology,” according to De Haan. In fact, if you’re going to be sitting in traffic more than 10 seconds, it makes more sense to shut the vehicle off.
