The European Investment Bank (EIB) is making strategic moves to close the funding gap that often drives European start-ups to seek capital outside the continent, particularly in the United States. To counter this trend, the EIB is expanding its support for venture capital and private equity markets, creating an environment where European start-ups can thrive and scale domestically.
A key part of this strategy is the expansion of the European Tech Champions Initiative, which provides late-stage funding to high-potential companies. Additionally, the EIB is increasing its equity and venture debt investments and proposing a new fund to support European firms’ acquisition and public listing of tech start-ups. That push aligns with the EU’s broader objective of developing and integrating capital markets, ultimately making Europe a more attractive environment for growth-stage companies.
Furthermore, the EIB’s funding strategy strengthens Europe’s role in climate-friendly technologies, supporting start-ups that advance the EU’s net-zero CO2 goal by 2050. That initiative reflects a strong push to deepen capital market integration, enhancing Europe’s global competitiveness and enabling it to rival major economies like the US and China. Through these investments, the EIB is committed to keeping Europe at the forefront of technological and environmental progress.
OpenAI has teamed up with Hearst Communications Inc. to incorporate content from its magazines and newspapers into the ChatGPT chatbot. This partnership, announced on Tuesday, enables Hearst to license material from well-known publications such as Esquire, Cosmopolitan, and Elle, along with more than 40 newspapers for use in OpenAI’s products. The content will be displayed in ChatGPT with proper attribution, providing transparency and easy access to the original sources.
Jeff Johnson, President of Hearst Newspapers, highlighted the significance of including journalism from professional journalists in AI products as generative AI advances. He stated that this partnership enables Hearst’s trusted and curated content to enrich OpenAI’s offerings, resulting in more timely and relevant information.
OpenAI has been working to establish similar licensing agreements with a range of publishers, such as Condé Nast, News Corp., and Time magazine, to train its AI models and ensure access to authoritative information. Many of these agreements include commitments to provide news summaries with proper attribution. However, not all media outlets are on board; the New York Times filed a lawsuit against OpenAI in December, alleging the unauthorised use of its copyrighted articles. OpenAI has contested these claims, asserting that the newspaper is not presenting the full context of the situation.
Singapore is set to mandate digital bunkering services for marine fuel suppliers from April 2025. The move, announced by senior minister of state for transport Amy Khor at SIBCON 2024, will require suppliers to issue electronic bunker delivery notes.
New measure like this one is expected to enhance efficiency and transparency in ship refuelling processes by improving data-sharing between buyers and sellers. The streamlined system could save the industry around 40,000 man-days per year, while also helping to minimise fraud.
Singapore has been testing digital bunkering with several marine fuel suppliers since November 2023. Following the successful trials, the Maritime and Port Authority confirmed that Singapore will be the first port globally to adopt digital bunkering on such a scale.
The digitalisation of the bunkering process reinforces Singapore’s position as the world’s leading bunker hub, setting new standards for the maritime industry.
OpenAI, known for its AI models, appears to be exploring the semiconductor manufacturing sector, raising questions about the feasibility of building wafer fabrication plants. Reports recently surfaced about CEO Sam Altman’s discussions with executives from major chip manufacturers, including TSMC and Samsung, during his trip to Asia last year. Altman proposed an ambitious $7 trillion plan to construct 36 new wafer fabs and data centres, aiming to produce AI chips funded by the United Arab Emirates. He believes these facilities would support the burgeoning demand for AI capabilities.
The investment Altman suggested is staggering, amounting to a quarter of the annual output of the US economy. However, the timeline for establishing these fabs is lengthy, as it would take several years to meet OpenAI’s growing computing power requirements. TSMC, while approached for the project, found the proposal too aggressive and risky, noting that even a few additional wafer fabs would entail significant capital and risk.
Building a wafer fab is an enormous undertaking, often costing hundreds of billions of dollars due to various factors. The expenses stem from land acquisition, facility construction, equipment procurement, and ongoing operational costs. Advanced lithography machines and other essential equipment represent substantial financial commitments, while research, maintenance, and talent training add to the complexity. Current estimates place the cost of modern fabs in the billions; for instance, Intel’s factories in Arizona are expected to cost around $15 billion each, and Samsung’s Texas fab is projected at $25 billion.
Moreover, the cost of constructing a wafer fab varies by region. In Asia, established supply chains, available talent, and supportive policies contribute to lower costs, whereas building in Europe, the US, and the Middle East can be more expensive due to the necessity of importing technology and developing a comprehensive supply chain. Overall, OpenAI’s ambitions in the semiconductor space highlight the significant challenges and investments required to succeed in this critical industry.
AI Fund, led by renowned computer scientist Andrew Ng, has made its first investment in India by backing Jivi, an AI healthcare startup based in Gurugram. Jivi uses AI to assist with diagnoses, treatment suggestions, generating health reports, and administrative tasks. The fund did not reveal the exact amount invested or the stake it acquired in the company.
India‘s AI industry is experiencing significant growth, projected to more than double in value to $22 billion by 2027. According to a report by Nasscom-BCG, the healthcare and financial services sectors are set to dominate the market, with products and startups accounting for a substantial share.
AI Fund has previously invested in notable platforms like Podcastle and Octagon AI. This latest move marks a continued expansion into sectors where AI is becoming increasingly vital for innovation and efficiency.
Andrew Ng, who heads AI Fund, brings vast experience from his leadership roles in AI projects at Google and Baidu. He joined Amazon‘s board earlier this year, further solidifying his influence in the AI and tech space.
Tesla is at a pivotal juncture as CEO Elon Musk is set to reveal the long-awaited Cybercab robotaxi at Warner Bros. Hollywood studio on Thursday. While there are rising doubts about electric vehicle growth, the announcement has reignited interest in Tesla’s stock. The Cybercab will function autonomously on Tesla’s ride-hailing platform, enabling vehicle owners to generate income by utilising their cars as self-driving cabs—an idea Musk describes as a combination of Airbnb and Uber.
Tesla intends to leverage its current camera-based technology and AI for the Cybercab, steering clear of the costly radar and lidar systems used by competitors. Musk is confident that improvements in this technology will allow Tesla to penetrate a tough market where others have faced substantial losses. Investors are keen to view a prototype and learn about the timeline for mass production and profitability. They also seek clarity on the regulatory hurdles and safety issues surrounding the existing partial automation system, known as Full Self-Driving (FSD).
While expectations for the event are high, analysts caution that the announcement may lack immediate deliverables or financial impact. Many observers do not anticipate a fully functional product at this stage, noting Tesla’s history of optimism regarding its FSD technology. The company may also provide updates on more affordable vehicle options and its humanoid robot, Optimus, during the event.
Since Musk announced the shift to robotaxis in April, Tesla shares have surged nearly 50%. However, concerns linger about competition from electric vehicle rivals and the stock’s inherent volatility. The journey to market for self-driving vehicles has proven complicated and expensive for other companies, with Waymo being the only US firm currently operating uncrewed robotaxis. Analysts highlight that reaching high levels of automation without driver supervision will encounter considerable technological, safety, and regulatory challenges, raising doubts about the timeline for achieving Musk’s ambitious goals.
Vodafone has announced a significant development in its Giga TV service, as part of a renewed billion-dollar partnership with Google Cloud. Over the next ten years, Google’s artificial intelligence capabilities will be integrated into the platform to enhance personalisation and content discovery for its users.
The companies plan to leverage Google Cloud’s AI to improve Vodafone’s Android-based TV system in Germany. New features will help users find content more easily and deliver a more tailored viewing experience. Additionally, Google Ad Manager will be integrated into Giga TV, enhancing the advertising landscape within the platform.
Further collaboration will see YouTube become more deeply embedded in Vodafone’s TV devices, providing a richer video experience. These improvements are set to bring significant advancements in how viewers engage with television content, both in entertainment and beyond.
Margherita Della Valle, Vodafone Group CEO, expressed excitement about the partnership, emphasising how these AI-driven innovations will transform communication and learning. She highlighted the unprecedented scale on which the new content and services will be delivered to millions of users.
A US House committee revealed on Monday that it is investigating the Federal Communications Commission’s (FCC) decision to deny SpaceX’s satellite internet division, Starlink, $885.5 million in rural broadband subsidies. The FCC had reaffirmed in December that the denial stemmed from Starlink’s failure to meet essential program requirements and its inability to demonstrate that it could deliver the promised services, following SpaceX’s challenge to the decision made in 2022.
House Oversight Committee Chair James Comer, a Republican, has requested the FCC provide relevant documents by October 21 to ensure that the regulatory process was followed properly and not influenced by political motives. The FCC acknowledged receipt of the letter and will respond accordingly.
In December 2020, the FCC initially awarded $9.2 billion to more than 300 bidders for high-speed broadband deployment, with Starlink securing $885.5 million in a 2020 auction aimed at serving rural areas. However, in August 2022, the FCC revoked this funding, citing speed-test data that showed Starlink struggled to meet the program’s basic requirements, despite its commitments to provide high-speed service to 642,000 rural homes and businesses in 35 states.
Musk has strongly criticised the FCC’s ruling, calling it “illegal” and claiming that the funding could have saved lives during Hurricane Helene in North Carolina. FCC Chair Jessica Rosenworcel stated that Starlink’s performance data confirmed the agency’s findings about its uplink and downlink speed issues, adding that the proposal required subscribers to purchase a $600 dish to start service. Two Republican commissioners dissented, arguing that SpaceX was unfairly held to future performance targets. Rosenworcel has since expressed a desire for increased competition in the satellite internet market, emphasising the need to welcome additional companies to promote innovation and reduce monopolistic control.
TSMC is advancing its 2nm chip production, but a significant challenge is emerging regarding power supply. A report from S&P indicates that the foundry’s electricity consumption could nearly triple by 2030, potentially accounting for 24% of Taiwan‘s total electricity usage. In 2023, TSMC consumed nearly 250 GW of electricity, representing 8% of the island’s total power and 16% of the industrial sector’s demand.
The slow growth in Taiwan’s power generation could hinder TSMC’s production, which relies heavily on energy. Projections suggest that by 2030, TSMC’s power consumption could rise to 794 GW, driven by a 90% increase in wafer shipments. The report highlights that advanced manufacturing processes, such as extreme ultraviolet (EUV) lithography, require significantly more power than older systems.
Taiwan’s electricity reserve margin is falling short of the government’s target, currently below 15%. The Economic Daily News warns that if it drops below 10%, power supply stability could be compromised. Furthermore, Taiwan’s transition from coal and nuclear energy to natural gas and renewable sources might result in higher electricity prices, adding further pressure on the power supply.
The International Telecommunication Union (ITU) is establishing an International Advisory Body for Submarine Cable Resilience to enhance the protection of submarine cables, which are vital for global communication and the digital economy. That initiative is driven by the increasing frequency of service outages and the vulnerabilities faced by these underwater cables, making it imperative to coordinate efforts to bolster their resilience.
The advisory body will bring together diverse stakeholders, including governments, regulatory authorities, industry leaders, and other key participants, fostering multistakeholder collaboration to create a united front in enhancing the safety and protection of submarine cables. ITU calls for nominations from various sectors to join the advisory council, where members will be expected to engage actively in meetings and uphold ethical standards.
Also, the advisory body will provide strategic guidance to improve submarine cable resilience by developing best practices for protecting subsea systems and facilitating international cooperation on technical and policy frameworks. That is particularly crucial given the challenges faced by regions like Vietnam and Africa, which have experienced significant disruptions. To address these issues, members will contribute to the agenda for an upcoming Submarine Cable Resilience Summit in early 2025, where they will strategise on solutions to enhance the resilience of submarine cables worldwide.
