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<ul class="summary-list"><li>Climate change is the most pressing crisis for humanity.</li><li>Startup founders and investors want to help find solutions.</li></ul>Climate change is the most pressing crisis humanity is dealing with right now, and startup founders and investors are racing to build and fund solutions.The importance of impact investing, plus friendlier legislation, has fueled the rush to climate tech both in the US and Europe. Celebrities and established venture capitalists are "greening up" their portfolios, pouring billions into a sector once regarded as niche.Leonardo DiCaprio-backed fund Regeneration VC, for example, has handed checks to founders building everything from carbon utilization to rental companies. That meant, <a href="https://www.businessinsider.com/vc-startup-investors-ramp-up-deals-after-summer-slowdown-2022-9">as capital dried up in the wider market</a>, climate and sustainability-focused companies continued to raise throughout last year. Venture capitalists also raised funds from limited partners to focus on investing on climate tech.Globally, climate and clean tech startups raised $54 billion in 2022, according to PitchBook. It is a near $13 billion-drop from the record levels raised in 2021, a year flush with cash and largely considered an outlier, but almost double 2020's $28 billion. Clean tech refers to startups trying to reduce human impact on the environment, while climate tech covers those on mitigation, adaptation, and decarbonization. The sector may not remain immune to the broader slowdown in funding, with early data showing investment activity tailing off in the first quarter of 2023 <a href="https://pitchbook.com/news/articles/VC-climate-tech-drop-2023-startups-founders" target="_blank" rel="noopener">to a near three-year low</a>. Insider has collected 31 pitch decks that founders and investors used to raise billions in 2022. <h3>Read the full collection below:</h3>Food, farming, and transport<ul><li><a href="https://www.businessinsider.com/pitch-deck-plant-based-food-startup-heura-20-million-2022-10">Plant-based meat startup Heura just raised $20 million as it aims to become Europe's industry leader. Here's the pitch deck it used to raise the funds (35 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-nourish-ingredients-million-slack-spotify-horizons-ventures-2022-10">This startup wants to give plant-based foods a meaty aroma and taste. Here's the pitch deck Nourish Ingredients used to raise $28.6 million (13 slides).</a></li><li><a href="https://www.businessinsider.com/innovafeed-250-million-production-insects-for-food-pitch-deck-2022-9">We got an exclusive look at the pitch deck Innovafeed, an insect protein startup, used to raise $250 million (9 slides).</a></li><li><a href="https://www.businessinsider.com/planetwatchers-pitch-deck-to-raise-series-a-seraphim-space-2022-9">Crop monitoring startup PlanetWatchers used this pitch deck to raise a $11 million Series A from Seraphim Space and help farmers get paid after extreme weather events (</a><a href="https://www.businessinsider.com/planetwatchers-pitch-deck-to-raise-series-a-seraphim-space-2022-9">11 slides)</a><a href="https://www.businessinsider.com/planetwatchers-pitch-deck-to-raise-series-a-seraphim-space-2022-9">.</a></li><li><a href="https://www.businessinsider.com/15-slide-pitch-deck-eagronom-carbon-credit-startup-farming-2022-2">This startup wants to turn farms into carbon storage hubs. Check out the pitch deck eAgronom used to raise $7.4 million (15 slides).</a></li><li><a href="https://www.businessinsider.com/ecolocked-raised-18-carbon-sequestered-concrete-designs-pitch-deck-2022-9">This startup wants to decarbonize the construction industry using biochar. Check out the pitch deck EcoLocked use to raise $1.8 million (11 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-startup-liefergrun-12-million-last-mile-delivery-greener-2022-9">Check out the pitch deck Liefergrün, a sustainable last-mile delivery startup used by Dyson and Adidas, used to raise $12 million (9 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-amogy-series-a-bridge-46-million-carbon-neutral-fuel-2022-6">Amogy, a startup enabling tractors and ships to run on carbon-free fuel, just raised $46 million using this pitch deck (12 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-sustainable-delivery-startup-liefergruen-2022-2">We got an exclusive look at the pitch deck sustainable last-mile delivery startup Liefergrün used to raise $3.4 million from Speedinvest (10 slides).</a></li></ul>Carbon accounting and rating<ul><li><a href="https://www.businessinsider.com/pitch-deck-upright-public-data-platform-impact-fortune-500-companies-2022-12">This startup wants to show the impact Fortune 500 companies have on the environment and society. Check out the pitch deck Upright used to raise $5.2 million (18 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-climatiq-the-google-analytics-carbon-accounting-2022-10">This startup could become the Google Analytics of carbon accounting. Here's the pitch deck Climatiq used to raise $5.8 million (13 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-esg-management-tool-worldfavor-10-million-2022-8">Worldfavor helps companies vet their supply chains for sustainability. Check out the pitch deck it used to raise $10 million (14 slides).</a></li><li><a href="https://www.businessinsider.com/howgood-scores-ingredients-climate-social-impact-sustainable-food-system-2022-5">HowGood, a startup that scores ingredients on their climate and social impact to make a more sustainable food system, just raised $12.5 million with this deck (11 slides).</a></li><li><a href="https://www.businessinsider.com/carbon-accounting-startup-vaayu-seed-round-2022-4">Check out the pitch deck Vaayu, a carbon-accounting startup for retail and e-commerce, used to raise $11.5 million from Atomico (11 slides).</a></li><li><a href="https://www.businessinsider.com/water-crisis-waterplan-pitch-deck-leonardo-dicaprio-richard-branson-2022-4">Here's the pitch deck Waterplan, a Y Combinator-backed startup tackling the water crisis, used to raise $7 million in a round backed by Leonardo DiCaprio (13 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-sylvera-index-ventures-insight-partners-carbon-markets-2022-1">Sylvera is a startup that rates carbon-offset projects. Check out the pitch deck it used to raise $32 million from Index Ventures and Insight Partners (7 slides).</a></li></ul>The circular economy <ul><li><a href="https://www.businessinsider.com/pitch-deck-secondhand-marketplace-yaga-depop-of-africa-2022-11">This secondhand fashion startup wants to become the Depop of Africa. Here's the pitch deck Yaga used to raise $2.2 million (11 slides).</a></li><li><a href="https://www.businessinsider.com/slide-pitch-deck-circular-economy-startup-tulu-leonardo-dicaprios-regeneration-2022-9">Leonardo DiCaprio's Regeneration VC joined on-site rental startup Tulu's $25 million Series A after seeing this pitch deck (12 slides).</a></li><li><a href="https://www.businessinsider.com/bower-recycling-just-raised-47-million-pitch-deck-2022-3">Bower pays you to recycle correctly. Check out the pitch deck the Swedish startup used to raise $4.7 million (17 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-circular-invite-only-recruitment-app-2022-3">Take a peek at the pitch deck Circular, a recruitment startup inspired by the way VCs share talent among portfolio companies, used to raise $7.5 million (10 slides).</a></li></ul>Materials and energy<ul><li><a href="https://www.businessinsider.com/one-point-five-10-million-circular-packaging-pitch-deck-2022-9">One Point Five just raised $10 million to replace single-use plastics. Check out the pitch deck it used to raise the round led by Speedinvest (10 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-tozero-34-million-battery-recycling-process-2022-9">Tozero wants to recover more critical minerals from recycled lithium-ion batteries. Check out the pitch deck it used to raise the funds (6 slides).</a></li><li><a href="https://www.businessinsider.com/energyx-lithium-batteries-pitch-deck-450-million-ipo-2022-7">This startup aims to make extracting lithium for batteries more sustainable and efficient. Check out the pitch deck EnergyX used to raise $450 million (27 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-solar-panel-marketplace-otovo-30-million-2022-2">This startup finds the best deals on solar-panel installations. Check out the pitch deck Otovo used to raise $34 million in a post-IPO raise (16 slides).</a></li><li><a href="https://www.businessinsider.com/12-slide-pitch-deck-hydrogen-startup-bramble-energy-47-million-2022-2">Check out the pitch deck Bramble Energy, a startup trying to make hydrogen cheaper and more scalable, used to raise $47 million (12 slides).</a></li></ul>Investment funds<ul><li><a href="https://www.businessinsider.com/nesta-impact-investments60-million-social-climate-impact-startups-pitch-deck-2022-11">Nesta's VC arm just launched a $60 million fund to back social and climate impact startups. We got an exclusive look at the 13-slide pitch deck it used to sway its board (13 slides).</a></li><li><a href="https://www.businessinsider.com/lp-deck-european-vcs-redstone-enjoyventure-social-impact-fund-2022-10">A pair of European VCs just closed the first tranche of a $50 million social impact fund. Here's the LP deck Redstone and EnjoyVenture used to raise the funds (7 slides).</a></li><li><a href="https://www.businessinsider.com/climate-vc-satgana-29-million-early-stage-fund-lp-deck-2022-10">Climate investor Satgana funds early-stage founders tackling issues across food, energy, and carbon removal. Here's a peek at its first LP fundraising deck (16 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-climate-fund-climentum-156-million-fund-2022-6">We got an exclusive look at the LP deck European climate fund Climentum Capital used to close the first batch of its $156 million fund (24 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-contrarian-ventures-tanche-101-million-second-fund-2022-8">We got an exclusive look at the pitch deck climate tech investor Contrarian Ventures used to close the first tranche of its $101 million fund (21 slides).</a></li><li><a href="https://www.businessinsider.com/pitch-deck-climate-vc-world-fund-pwc-germany-lp-2022-6">Climate-tech VC World Fund just added PwC as an anchor LP to its $365 million fund. Check out the pitch deck it used to land the deal (17 slides).</a></li></ul>

Climate startups and investors raised billions in 2022. See 31 of the hottest pitch decks used to land funding.

<ul><li>The IPO price band was set at ₹305-306 per equity share and the stock listed at ₹275.</li><li> Within minutes after listing, the shares of <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> gained nearly 5% of their value and were trading at ₹287.85 apiece.</li><li>The company’s total market cap rose to ₹2,339.45 crore at 10:05 am.</li><li>Here’s why it failed to impress investors. </li></ul>It was a lacklustre debut for the ₹600 crore IPO of India’s fourth-largest stockbroking firm Angel Broking on the bourses today. The stock listed at ₹275, which is at a 10% discount to the IPO price band set at ₹305-306 per share. Within minutes after listing, the shares of Angel Broking gained nearly 5% of their value and were trading at ₹287.85 apiece at 10:05 am. <div type="image" title="Angel Broking (2)" msid="78486377" hostid="261"></div> The company’s total market cap rose to ₹2,339.45 crore at 10:05 am. A total traded quantity of 2.36 lakh shares changed hands on BSE, amounting to a turnover of ₹7.27 crore. Ahead of the IPO, Angel broking also raised ₹180 crore from 12 anchor investors that included Goldman Sachs India, Macquarie Fund Solutions, Invesco Trustee, Max Life Insurance company, ICICI Prudential, HDFC Mutual Fund, and Sundaram MF, among others. Why did it fail to garner investors' interest? The investor pessimism already reflected in the grey market premium ahead of the listing, it was trading much lower than its IPO peers. Most of the brokerage reports highlighted various vital factors that may impact its business in the near future. As of June, 30 Angel Broking garnered 72.2% of the total income from broking business, and according to HDFC Securities, "any reduction in its brokerage fee could have a material adverse effect on the business." With SEBI tightening rules here and there, brokerages remain cautious about Angel Broking's business. Tough competition The company also faces fierce competition from its other brokerages’ firms like — Zerodha and Share Khan, among others. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.15 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money (Mutual funds. Stock broking launched recently) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 lakh </td></tr></tbody></table>Source: Company data SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-tcs-hcl-tech-hero-motocorp-vedanta-solar-industries-iti-and-others/articleshow/78484703.cms" data-type="tilCustomLink">Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mazagon-dock-shipbuilders-ipo-share-allotment-status/articleshow/78474515.cms" data-type="tilCustomLink">Mazagon Dock Shipbuilders IPO allotment: Here’s how to check share allotment status</a>

Weak debut for Angel Broking — shares list at 10% discount from the IPO price

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Looking for a new way to jumpstart your mornings? (Besides reading this newsletter, of course.) Retired Navy SEAL Jocko Willink <a target="_blank" href="https://www.businessinsider.com/former-navy-seal-military-morning-routine-helps-him-in-business-2024-10">shared his daily routine</a> that keeps the now-business owner focused.Speaking of new, we've got a cool tool for you to play around with: AI-powered search. We're using generative AI to help easily find all of our great stories. <a target="_blank" href="https://www.businessinsider.com/">Check it out on our homepage</a>.In today's big story, inside Amazon's internal pitch for turning to nuclear power <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">to meet its growing energy needs</a>.What's on deck:<ul><li>Markets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-q3-earnings-elon-musk-profit-margins-guidance-2024-10">Tesla's stock had a monster day</a> following its stellar earnings report.</li><li>Tech: In an exclusive interview, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">Marc Benioff bashes Microsoft's Copilot</a>.</li><li>Business: The <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">good and bad about the economy</a> less than two weeks from the election.</li></ul>But first, let's power up.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Nuclear needs</h2><div type="image" title="Amazon logo with smoke coming out." height="1250" width="2500" msid="114590276" hostid="261" sizebytes="87984"></div>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 <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">how Amazon navigates its nuclear ambitions</a>. 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 <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">face the realities of electricity, water, and labor constraints</a>.Should those data center efforts continue to struggle, companies' big bets on generative AI could also falter.<div type="image" title="Protesters at Three Mile Island." height="470" width="700" msid="114590280" hostid="261" sizebytes="35920"></div>A tech-nuclear relationship is mutually beneficial.Tech companies need cost-efficient, reliable energy sources <a target="_blank" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">that won't increase their carbon footprint</a>, writes BI's Hasan Chowdhury. Nuclear power ticks that box better than other clean energy options like solar or wind.Nuclear power, meanwhile, <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">is an industry in desperate need of some love</a>, 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 <a target="_blank" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">part of the Three Mile Island nuclear plant</a>, home to the worst commercial nuclear accident in US history.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Exclusive: Maven Clinic is swapping out its finance chiefs <a target="_blank" href="https://www.businessinsider.com/mavens-cfo-out-as-womens-health-startup-gets-fresh-funding-2024-10">as the women's health unicorn looks ahead to an IPO</a>.</li><li>The 'whale' placing huge bets on a Trump win is a French national with <a target="_blank" href="https://www.businessinsider.com/polymarket-donald-trump-betting-odds-whale-french-trader-harris-polls-2024-10">extensive trading experience</a>.</li><li>The New York Liberty celebrated its first-ever championship and record-breaking WNBA season <a target="_blank" href="https://www.businessinsider.com/new-york-liberty-wnba-championship-parade-photos-2024-10">with a jubilant party</a>.</li><li>Former Avenue employee accused of 'blackmailing' billionaire Marc Lasry countersues, claiming sexual harassment <a target="_blank" href="https://www.businessinsider.com/billionaire-marc-lasry-accused-of-sexual-harassment-in-countersuit-2024-10">including forced kissing, groping, and comments about her body</a>.</li><li>Putin once asked Elon Musk to not activate Starlink over Taiwan as a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/putin-elon-musk-starlink-taiwan-china-favor-xi-jinping-report-2024-10">favor to Xi Jinping</a>: report.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Name plates on blue background" height="900" width="1200" msid="114590272" hostid="261" sizebytes="60254"></div><ol><li>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 <a target="_blank" href="https://www.businessinsider.com/an-inside-look-at-hedge-fund-job-titles-2024-10">has little uniformity regarding titles</a>. The naming free-for-all means employees and hiring managers can take advantage of using trumped-up titles.</li><li>Tesla's stock just went from 0 to 60. Shares of the EV giant <a target="_blank" href="https://markets.businessinsider.com/news/stocks/elon-musk-net-worth-gains-tesla-stock-price-earnings-tsla-2024-10">finished the day up almost 22%</a> after Wednesday's strong earnings report. Elon Musk added $30 billion to his net worth from the spike.</li><li>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 target="_blank" href="https://markets.businessinsider.com/news/stocks/us-presidential-election-trump-harris-outlook-volatility-stock-sell-off-2024-10">a contested election would be bad news for investors</a>. He's not alone in his concerns, as others have pointed to short-term volatility when results were delayed in 2020 and 2000.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Salesforce CEO Marc Benioff." height="1333" width="2000" msid="114590275" hostid="261" sizebytes="41956"></div><ol><li>Marc Benioff isn't buying Microsoft's AI hype. In an exclusive interview with BI, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">the Salesforce CEO bashed Microsoft's AI Copilot</a>, 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.</li><li>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, <a target="_blank" href="https://www.businessinsider.com/promising-creator-economy-influencer-marketing-startups-per-top-vcs-2024-10">here's the startups to watch</a>.</li><li>A longtime safety researcher left OpenAI. Miles Brundage, who advised OpenAI leadership on safety and policy, <a target="_blank" href="https://www.businessinsider.com/another-safety-researcher-is-leaving-openai-2024-10">announced his departure</a> 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.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Ben Franklin flag on red background" height="900" width="1200" msid="114590270" hostid="261" sizebytes="100740"></div><ol><li>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? <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">It's doing broadly well</a>. The unemployment rate remains relatively low, and inflation has slowed. Still, other not-so-great data points have voters feeling pessimistic.</li><li>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 — <a target="_blank" href="https://www.businessinsider.com/arizona-pennsylvania-swing-state-home-prices-surge-housing-shortage-2024-10">and neither can build enough homes</a>.</li><li>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. <a target="_blank" href="https://www.businessinsider.com/wall-street-journal-editor-emma-tucker-interview-peter-kafka-2024-10">She spoke with BI about how she's remaking the paper</a> — including reorganizing and cutting staff.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Jensen Huang says <a target="_blank" href="https://www.businessinsider.com/jensen-huang-tsmc-helped-fix-design-flaw-with-nvidias-blackwell-2024-10">a design flaw with Nvidia's Blackwell chips has been fixed</a> — with TSMC's help.</li><li>Why some CEOs are <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">afraid of publicly criticizing Trump</a>.</li><li>Norway wants to ban under-15s from social media, and <a target="_blank" href="https://www.businessinsider.com/norway-ban-social-media-kids-under-15-backfire-2024-10">expects an 'uphill battle.'</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries will be arraigned on sex trafficking charges in federal court.</li><li>SpaceX's Crew-8 mission crew returns to Earth today.</li></ul>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.

Big Tech goes nuclear: Amazon's pitch to use power plants shows the crucial role the energy source plays for AI

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! If you're like me, you might not eat the healthiest on weekends. But a dietitian highlighted some <a target="_blank" href="https://www.businessinsider.com/healthy-snacks-dietitian-eats-instead-of-ultra-processed-foods-2024-6">healthy snacks you can substitute for ultra-processed foods</a>.In today's big story, we're looking at <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-is-coming-for-venture-firms-2024-6">how AI could completely upend venture capitalism</a> amid <a target="_blank" href="https://www.businessinsider.com/venture-capitalism-funding-market-contraction-scott-stanford-acme-2024-6">a wider shakeup for the industry</a>.What's on deck:<ul><li>Markets: Bobby Jain's highly anticipated hedge fund is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">finally ready for primetime</a>.</li><li>Tech: OpenAI's GPT Store developers are finding creative <a target="_blank" href="https://www.businessinsider.com/developers-adding-ads-and-affiliate-links-to-their-chatgpt-apps-2024-6">ways to get paid for their work</a>.</li><li>Business: Jeff Bezos' plan for <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-plan-for-washington-post-imploding-winnett-lewis-2024-6">The Washington Post is imploding</a>.</li></ul>But first, how the tables have turned.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">AI comes for VCs</h2><div type="image" title="Photo illustration of a robot hand with money floating" height="882" width="1654" msid="111237229" hostid="261" sizebytes="180536"></div>Like turkeys setting the table for Thanksgiving dinner, VCs are backing tech that might lead to their demise.The generative AI boom was a welcome change for a venture industry looking for a new trend to back (and hopefully profit from).But the transformative technology <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-is-coming-for-venture-firms-2024-6">could greatly impact the people bankrolling it</a>. The result could be a reduction of roles and changes to how the job is done, writes Business Insider's Ben Bergman.Some of the adjustments aren't novel to the VC industry. Back-office roles everywhere are ripe for automation from AI, and venture capital is no different.But things get really interesting when it comes to actual investing. Finding and assessing new startups — often key responsibilities of junior employees — is the type of work large-language models could do more efficiently at a large scale.VCs won't get entirely automated away by AI — after all, how could they still justify all those fees if they only relied on AI? But a human-AI hybrid approach seems like the future, according to some insiders Ben spoke to.However, balancing between man and machine for investment decisions isn't easy. Just ask hedge funds.Long before the generative AI boom, funds dreamed of combining the best of machine-based quantitative strategies and human-led fundamental approaches. The concept — known as "quantamental" — <a target="_blank" href="https://www.businessinsider.com/man-group-bridgwater-schonfeld-explain-quantamental-and-how-it-works-2020-5">struggled to find success</a> as the two cultures often clashed.Now consider venture investing, where ultimately, a singular decision needs to be made: invest or don't. When push comes to shove, does man or machine reign supreme?<div type="image" title="Scott Stanford, ACME Capital's cofounder, believes major changes are coming for the venture-capital industry." height="2202" width="2936" msid="111237239" hostid="261" sizebytes="401568"></div>The VC industry might be doomed with or without AI.Scott Stanford, a cofounder and partner at early-stage VC firm ACME Capital, told BI's Blake Dodge that <a target="_blank" href="https://www.businessinsider.com/venture-capitalism-funding-market-contraction-scott-stanford-acme-2024-6">half of today's VC firms will shutter in the next decade</a>.Stanford's theory is pretty simple: There are too many VCs and not enough exit opportunities. And this isn't a knee-jerk reaction to how chilly the IPO market has been the past few years.VCs' explosive growth over the past few decades created an "overcrowded, overcapitalized, and overvalued market," Stanford and ACME's cofounder Hany Nada told investors in a recent letter shared with BI.The writing is already on the wall. Look no further than the rise of "zombie" VCs, or <a target="_blank" href="https://www.businessinsider.com/2024-year-of-vc-reckoning-2024-2">investors running out of money</a>.But if anyone can fix things, maybe it's… VCs? After all, venture investors tout themselves as disruptors who pride themselves on finding and helping to grow solutions for big problems.Now, VCs might have their toughest task yet: Saving themselves.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News Brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/ukraine-needs-to-stop-fighting-the-war-russia-wants-2024-6">Ukraine needs to stop fighting the war Russia wants</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/prosecutors-recommend-doj-federal-criminal-charges-against-boeing-report-2024-6">Prosecutors recommend DOJ file criminal charges against Boeing: report</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-starts-new-beef-with-lucasfilm-chief-kathleen-kennedy-2024-6">Elon Musk starts new beef with Lucasfilm chief Kathleen Kennedy</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-openai-ilya-sutskever-ai-revolution-2024-6">Nvidia CEO Jensen Huang shouts out OpenAI cofounder Ilya Sutskever for sparking 'the big bang of deep learning'</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="bobby jain" height="975" width="1300" msid="111237241" hostid="261" sizebytes="45284"></div><ol><li>A top Jain Global executive explains how the firm will stand out on the eve of its massive launch. Bobby Jain's hedge fund launch has been the talk of Wall Street. Jonathan Barton, Jain Global's chief operating officer, spoke to BI about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">how the fund is built to quickly grow once it starts trading on July 1</a>.</li><li>The end of a US-Saudi deal could dent dollar dominance. Saudi Arabia chose not to renew the landmark "petrodollar" deal that ensured the use of US dollars in the oil trade. That's <a target="_blank" href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-petrodollar-saudi-crude-greenback-china-yuan-brics-2024-6">bad news for the dollar's supremacy</a>. The move is part of the kingdom's grand plan to diversify trade and expand beyond US and European partners.</li><li>There is a light at the end of the interest-rate tunnel. A July rate cut, while still a longshot, could be on the table, according to one economist. Jobless claims and housing data show an economic slowdown, which <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-july-economy-recession-forecast-housing-jobs-2024-6">could lead the Fed to finally offer some relief next month</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A red electric car on a spinning globe" height="1500" width="2000" msid="111237234" hostid="261" sizebytes="247238"></div><ol><li>Chinese EV makers are slowly taking over the world. Despite efforts from the US and Europe to shut them out, <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">Chinese EV firms are expanding rapidly in developing markets like Brazil and Southeast Asia.</a> This poses a major problem for legacy automakers like Ford, who risk being left behind.</li><li>OpenAI's GPT Store developers are finding new ways to get paid. OpenAI has yet to widely roll out plans to pay developers making applications for its GPT Store — <a target="_blank" href="https://www.businessinsider.com/developers-adding-ads-and-affiliate-links-to-their-chatgpt-apps-2024-6">so some are getting creative</a>. They're turning to ads, affiliate links, and "freemium" models to get paid.</li><li>Apple accused of breaching EU rules. The European Commission has accused Apple of <a target="_blank" href="https://www.businessinsider.com/european-regulators-accuse-apple-of-breaching-new-rules-2024-6">stifling competition with its App Store</a>. Regulators said the company breached new tech rules by preventing app developers from steering customers to alternatives.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Jeff Bezos distraught on top of Washington Post logo" height="900" width="1200" msid="111237236" hostid="261" sizebytes="111624"></div><ol><li>Jeff Bezos' plan to revamp The Washington Post is imploding. Incoming newsroom editor Robert Winnett pulled out of the job Friday morning after a slew of revelations about his past as a writer in London. Meanwhile, Will Lewis, the Washington Post's publisher, has also come under fire. <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-plan-for-washington-post-imploding-winnett-lewis-2024-6">That's bad news for Bezos</a>, who needed the two men to breathe new life into the newsroom.</li><li>The American dream of home ownership is becoming an American fantasy. A recent Harvard study found monthly payments for a median-priced home after taxes and insurance have hit about $3,100. <a target="_blank" href="https://www.businessinsider.com/home-prices-housing-costs-market-affordability-crisis-harvard-mortgage-payment-2024-6">That's the highest level it's been in more than three decades</a>. That payment requires a household income of at least $120,000 a year, which only 6% of renters have.</li><li>The silver lining of sports betting scandals. The series of high-profile gambling scandals that recently rocked the sports world thrust the long-overlooked issue into the spotlight. Leagues are now focusing on educating athletes who may be betting-prone, and the industry's gotten <a target="_blank" href="https://www.businessinsider.com/why-more-betting-scandals-are-pervading-us-sports-2024-6">a lot better at catching bad actors</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-third-child-with-neuralink-exec-shivon-zilis-2024-6">Elon Musk confirms 3rd child with his Neuralink executive Shivon Zilis.</a></li><li><a target="_blank" href="https://www.businessinsider.com/yellowstone-timeline-of-controversy-criticism-conflict-kevin-costner-2023-4">Kevin Costner is leaving 'Yellowstone' before the final season is over. Here's a complete timeline of the behind-the-scenes drama</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/perplexity-ceo-advice-startup-founders-2024-6">Perplexity CEO explains why you need to understand your 'dopamine system' if you want to start your own company</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/nvidia-jensen-huang-ai-demand-chips-microsoft-apple-2024-6">Jensen Huang's Nvidia sure hopes the AI bubble doesn't burst anytime soon</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/who-timothy-mellon-robert-kennedy-donald-trump-billionaire-2024-6">The reclusive billionaire who's spent $75 million on Trump and $25 million on RFK Jr</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/alpine-investors-ceo-training-program-application-interview-tips-2024-6">This exclusive CEO training program doesn't care about your 4.0 GPA</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-democrats-republicans-etf-performance-demz-vs-maga-2024-6">Companies that give money to Democrats are beating Republican donors in the stock market.</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Paris Fashion Week begins.</li></ul>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. Annie Smith, associate producer, in London. Grace Lett, associate editor, in Chicago. Amanda Yen, fellow, in New York.

Venture firms could be the latest target for AI disruption, and that's not the only threat to VCs

FORWARD VIEW: We picked the 20 biggest growth trends all entrepreneurs need to watch in 2020, and why they matter

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Tesla CEO Elon Musk is a survivalist.Yes, he's also a billionaire, presiding over both Tesla and SpaceX, with plans to save the world and colonize Mars.But when you get right down to it, Musk has never forgotten what it was like to live on the entrepreneurial edge. In 2008, Tesla nearly went bankrupt. Only a last-minute fundraise staved off Chapter 11 for a company that's now riding high with a $40-billion market cap. Later, Musk would sell stakes in the carmaker to both Daimler and Toyota and provide those companies with Tesla-designed electric powertrains.Tesla is once again up against a huge financial challenge as it prepares to launch its $35,000 Model 3 in the coming months. Musk and his teams plan to spend nearly all of Tesla's cash, about $2.5 billion, to bring the Model 3 to market and manufacture it at scale. Burning cash at that rate required a $1-billion-plus capital raise in March, as well as another more strategic move, reminiscent of Tesla's deals with Daimler and Toyota.China's Tencent announced last week that it had bought a 5% stake in Tesla, to the tune of $1.7 billion. The Chinese firm will be a passive investor, but the <a href="http://www.bbc.com/news/business-39420868">BBC reported</a> that Musk expect advice on how to expand Tesla's fortunes in the Middle Kingdom - a potentially enormous market for the automaker, expected to grow to an annual sales level well above its current 20 million vehicles.Musk can at times seems as if he's making things up as he goes along - he recently started, apparently on a whim, a tunneling company to deal with Los Angeles traffic - but he's also someone who's accustomed to peering deeply into the future and coming up with strategies for Tesla based on what he sees.<h2>A prime example</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The Tencent deal is a prime example. Electric cars have, thus far, been a disappointment. Their sales amount to only about 1% globally, and Tesla is really the only car company that's defined itself through electrified, long-range mobility. The Model 3 will be a major test of whether their truly is a mass market for EVs. But Musk doesn't want to take that chance; at best, Tesla sales in the US could rise to a million by 2020, giving the company a bit more than 5% of the market (that would be better than what Volkswagen and Audi together have at the moment). And the US market is unlikely to match China's, which is already notably larger. Furthermore, growth in the US is tapped out.So Musk is logically thinking about a pivot to China, where the market could grown by another 10 million annually - and where the government can get behind EVs in a big way, giving them a leg-up on gas-powered vehicles.But Musk doesn't have that many powerful levers to pull. Tesla has only been around for a decade and unlike other major automakers, it still hasn't established a joint-venture with a Chinese car company to build Tesla in that country, rather than importing them. <h2>Tesla's most powerful asset</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>So he's turned the powerful asset Tesla currently owns: the company itself, and its stock, which has been rallying since the beginning of 2007 and at a few points has threatened to cross the critical $300-per-share barrier (it's now trading at around $280). Tesla doesn't look cheap to many investors, but if you accept that electric cars could be big in the future, then buying a chunk of Tesla now makes sense. Tencent will own 5% of Tesla's growth going forward, and in China, that growth could be considerable.In compensation, Tesla obtains a stalwart investor - and advisor - to provide the company with some financial cover. Tencent isn't going to want to see its nearly $2-billion stake obliterated and is consequently far more likely to buy more of Tesla. The track record of companies taking a Tesla stake is also impressive: both Daimler and Toyota git in before Tesla's IPO and sold after their holdings had appreciated well above the IPO price, which was under $20.Because Musk is a survivalist and a strategic genius, he doesn't waste time when it comes to stuff like this. Whatever negative jitters result from capital raises, debt issuances, and big changes in stock ownership are mere blips; the only thing that matters is that Tesla hits its milestones and sets itself to be one of the dominant companies in a post-fossil-fuel world. We already knew that 2017 was going to be a big year for Musk &amp; Co. The Tencent investment just makes it bigger.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><h2>The selfless survivalist</h2>Obviously, anyone who wants can acquire a huge stake in Tesla, at any time. But the long-term value of it being a important Asian firm can't be understated, for all the reasons I've outlined thus far - and because Musk isn't by nature a dealmaker. He doesn't care if Tencent's move is better for Tencent than it is for Tesla. What's important is that Tesla now has another anchoring shareholder, beyond Musk himself and some large institutional funds.For what it's worth, this might not be all that Musk has in store for us this year. In terms of fundamentals, Tesla still doesn't look particularly strong: it isn't profitable, it doesn't build that may cars (yet), and acquiring SolarCity has added billions in debt to the balance sheet. So Musk has recognized that now is the time to play a little financial defense, with a capital raise and a new, major investor. The important thing to note, of course, is that Musk isn't being defensive with his defense: he's on the offensive, defining Tesla's future before it can be defined for him by forces that he can't control. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/everything-you-need-to-know-about-tesla-solar-roof-2017-3">Tesla will begin selling its Solar Roof this year - here's everything you need to know</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="c1NTQ0YTE6EjsbgoDOTr1nASgK_gjuEm" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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