Tesla's Two-Seater Robotaxi Puzzles Investors and Analysts

Author

Adam Smith
October 18, 2024

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Coming up this week:

- Tesla: Robotaxi Confusion
- AGI: Expert Says AGI Isn’t Close
- Boston Dynamics: Building Humanoid Robotics
- OpenAI: Launches “Academy”

And much more… Learn how these unfolding narratives are shaping The Business of AI.

FEATURED STORY 🔥

Tesla's Two-Seater Robotaxi Puzzles Investors and Analysts

Elon Musk unveiled Tesla's new robotaxi, Cybercab, at an event near Los Angeles. The sporty two-seater coupe design surprised many, as it differs greatly from traditional taxis.

Musk announced production would begin in 2026, with each vehicle costing under $30,000. However, the reveal lacked details on how this design would serve typical taxi needs, such as accommodating families or luggage. Investors reacted negatively, with Tesla's stock dropping 9% the following day.

Experts questioned the practicality of a two-seat robotaxi, noting that such vehicles represent only 2% of U.S. car sales. Musk claimed the Cybercab would be cheaper to operate than mass transit, at 20 cents per mile.

He did not address how Tesla would overcome regulatory hurdles or compete with established robotaxi services like Waymo, which already operates four-passenger vehicles in some U.S. cities. Despite concerns, Musk believes the robotaxi business could significantly boost Tesla's valuation.

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TRENDING STORIES 🔥 

AI Expert Dismisses Threat of Super-Intelligent Machines

Yann LeCun, a prominent AI researcher, argues that artificial intelligence is far from becoming truly intelligent. He states that current language models lack essential capabilities like memory and reasoning. LeCun believes new approaches are needed to achieve artificial general intelligence, citing video processing as a potential area of advancement.

Robotics Giants Join Forces for Humanoid Research

Boston Dynamics and Toyota Research Institute are partnering to advance humanoid robotics. They will combine Boston Dynamics' Atlas robot with TRI's Large Behavior Models. The collaboration focuses on developing multi-task foundation models for dexterous manipulation. Research will also cover whole-body sensing and human-robot interaction.

OpenAI Launches Academy to Empower Global AI Developers

OpenAI introduces the OpenAI Academy to invest in developers and organizations using AI in low- and middle-income countries. The program offers training, API credits, community building, and contests. It aims to support local talent in solving community challenges and driving economic growth across various sectors.

AI Image Of The Week 📷️ 

MJ Prompt: Goro Fujita Minimalist, huge cat, a little girl, sky, rain. Credit.

EYE OPENING NEWS 🧠 

AI Study Reveals Shifting Work Patterns

Microsoft's study of 6,317 employees across 58 companies shows AI's impact on work habits. Findings indicate reduced time spent on emails, more efficient meetings, and increased document collaboration. High AI usage correlates with greater productivity gains. The study suggests AI is reshaping workdays to focus on valuable creation and teamwork.

Adobe Expands Firefly with Video Model and Enhanced Features

Adobe introduces the Firefly Video Model in beta, expanding its AI-powered creative tools. Enhancements include faster image generation and new capabilities in Photoshop, Illustrator, Adobe Express, and Premiere Pro. Since March 2023, Firefly has generated 13 billion images and gained popularity among brands and enterprises.

Google Imagen 3 Leads AI Image Generation Race

Google's Imagen 3 sets new standards in AI-powered image creation. It outperforms competitors like DALL-E 3, MidJourney, and Stable Diffusion in image quality and prompt accuracy. Imagen 3 excels in producing detailed visuals from complex text descriptions. Its advanced features include inpainting and outpainting, offering flexibility for designers and artists.

AMD Unveils AI-Powered Ryzen PRO 300 Series Processors

AMD introduced its third-generation Ryzen AI PRO 300 Series processors. These chips offer enhanced AI performance for business productivity. They feature up to three times the AI capabilities of previous models. The new processors support Copilot+ features and provide improved security. AMD aims to boost enterprise efficiency with these advanced mobile processors.

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FUNDRAISING 🤑 

CoreWeave Secures $650M Credit Line for AI Expansion

Nvidia-backed AI startup CoreWeave obtained a $650 million credit line from major banks. The company plans to use funds for business growth and data center expansion. CoreWeave has raised $12.7 billion in the past 18 months and aims to have 38 data centers by 2025.

Terray Therapeutics Secures $120M in Series B Funding

AI-focused biotech Terray Therapeutics raised $120 million in Series B funding. The company aims to transform small molecule drug development using its AI platform, tNova. Terray plans to advance immunology programs and expand its technology, which has analyzed over 5 billion target-ligand interactions.

Neuron7.ai Secures $44M in Series B Funding

Artificial intelligence startup Neuron7.ai raised $44 million in Series B funding. The company, which resolves complex service issues, saw 300% growth in annual revenue. Funds will support product innovation and enterprise growth initiatives.

Cyera Acquires Trail Security for $162 Million

Israeli cybersecurity unicorn Cyera has bought Trail Security for $162 million. The deal combines Cyera's data security platform with Trail's AI-based data loss prevention solution. Cyera, valued at $1.4 billion, aims to expand its capabilities and workforce through this acquisition.

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