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In today's big story, inside Amazon's internal pitch for turning to nuclear power to meet its growing energy needs.
What's on deck:
- Markets: Tesla's stock had a monster day following its stellar earnings report.
- Tech: In an exclusive interview, Marc Benioff bashes Microsoft's Copilot.
- Business: The good and bad about the economy less than two weeks from the election.
But first, let's power up.
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The big story
Nuclear needs
What's bigger than tech's ambitious plans for generative AI? The amount of energy needed to power it.
That's led Big Tech to consider nuclear power to address its skyrocketing energy requirements.
Business Insider's Eugene Kim has a report on how Amazon navigates its nuclear ambitions. In a signal of how serious Amazon is about going nuclear, the company pitched the energy source to CEO Andy Jassy this June, according to a company document he obtained.
Since then, Amazon has led a $500 million financing round for a company developing modular nuclear reactors. It also agreed to purchase power from Talen Energy's nuclear-powered data center in March.
And it's not alone.
Microsoft and Google have invested in the sector, and OpenAI CEO Sam Altman backed a nuclear reactor startup.
The stakes are high for tech players to get energy. Eugene previously reported on how Amazon's dreams of building a data center empire face the realities of electricity, water, and labor constraints.
Should those data center efforts continue to struggle, companies' big bets on generative AI could also falter.
A tech-nuclear relationship is mutually beneficial.
Tech companies need cost-efficient, reliable energy sources that won't increase their carbon footprint, writes BI's Hasan Chowdhury. Nuclear power ticks that box better than other clean energy options like solar or wind.
Nuclear power, meanwhile, is an industry in desperate need of some love, BI's Daniel Geiger and Ellen Thomas previously reported. With at least one commercial nuclear plant closing every year since 2013, the sector has welcomed the interest.
"We're seeing customers approach us at a rate that we haven't seen in my history with this industry," Jim Burke, CEO of nuclear owner Vistra, said back in March.
Naturally, there are skeptics. A byproduct of nuclear power is radioactive waste. The transportation and storage of that remains a hot-button issue. High-profile incidents involving power plants like Chernobyl and Fukushima also drew criticism and stoked fears around the globe.
Big Tech hasn't shied away from it. In September, Microsoft cut a deal with Constellation Energy to get power from part of the Three Mile Island nuclear plant, home to the worst commercial nuclear accident in US history.
News brief
Top headlines
- Exclusive: Maven Clinic is swapping out its finance chiefs as the women's health unicorn looks ahead to an IPO.
- The 'whale' placing huge bets on a Trump win is a French national with extensive trading experience.
- The New York Liberty celebrated its first-ever championship and record-breaking WNBA season with a jubilant party.
- Former Avenue employee accused of 'blackmailing' billionaire Marc Lasry countersues, claiming sexual harassment including forced kissing, groping, and comments about her body.
- Putin once asked Elon Musk to not activate Starlink over Taiwan as a favor to Xi Jinping: report.
3 things in markets
- Welcome to the world of hedge funds, where job titles are made up and don't matter. Unlike its Wall Street peers, the $4.3 trillion hedge-fund industry has little uniformity regarding titles. The naming free-for-all means employees and hiring managers can take advantage of using trumped-up titles.
- Tesla's stock just went from 0 to 60. Shares of the EV giant finished the day up almost 22% after Wednesday's strong earnings report. Elon Musk added $30 billion to his net worth from the spike.
- The election's biggest risk to the market isn't who wins but how long it takes to decide. BlackRock Investment Institute head Jean Boivin said a contested election would be bad news for investors. He's not alone in his concerns, as others have pointed to short-term volatility when results were delayed in 2020 and 2000.
3 things in tech
- Marc Benioff isn't buying Microsoft's AI hype. In an exclusive interview with BI, the Salesforce CEO bashed Microsoft's AI Copilot, calling it inaccurate and dubbing the tool "Clippy 2.0." Benioff's diss came after Microsoft recently announced new Dynamics 365 AI agents, directly competing with a new Salesforce product available today.
- Keep your eyes on these 13 creator-economy startups. New startups are finding ways to break into an industry dominated by Big Tech. BI asked venture capitalists which new creator companies they felt showed promise. From advertising platforms to AI tech companies, here's the startups to watch.
- A longtime safety researcher left OpenAI. Miles Brundage, who advised OpenAI leadership on safety and policy, announced his departure on X. The AGI Readiness team he oversaw will also be disbanded. Brundage's exit is the latest in a string of high-profile departures from the startup.
3 things in business
- Here's what's going on with the economy ahead of the election. For many Americans, the state of the economy is top of mind heading into the polls. The good news? It's doing broadly well. The unemployment rate remains relatively low, and inflation has slowed. Still, other not-so-great data points have voters feeling pessimistic.
- The housing crisis, as explained by two swing states. Renters and homeowners in swing states have been disproportionately affected by rising housing costs. Two states, Pennsylvania and Arizona, exemplify the problem. While Arizona's population is surging, Pennsylvania's is shrinking — and neither can build enough homes.
- Behind the scenes of Emma Tucker's Wall Street Journal makeover. Tucker joined the legacy outlet in 2023 with a focus on diversifying and growing the paper's subscriber base. So far, it seems to be working, with subscriptions increasing by 11% over the past year. She spoke with BI about how she's remaking the paper — including reorganizing and cutting staff.
In other news
- Jensen Huang says a design flaw with Nvidia's Blackwell chips has been fixed — with TSMC's help.
- Why some CEOs are afraid of publicly criticizing Trump.
- Norway wants to ban under-15s from social media, and expects an 'uphill battle.'
What's happening today
- Former Abercrombie & Fitch CEO Mike Jeffries will be arraigned on sex trafficking charges in federal court.
- SpaceX's Crew-8 mission crew returns to Earth today.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London.