Cohere Doubles Valuation While Starship Performs A Successful Launch

Author

Noel Moldvai
June 06, 2024

Good afternoon! This week, SpaceX edges closer to interplanetary travel with a successful Starship test, while Tesla's future hangs in the balance as Elon Musk's compensation package goes to a critical shareholder vote. In the realm of AI, Cohere secures major investments from tech giants, and Apple makes a bold move by partnering with OpenAI to integrate ChatGPT into iOS.

TL;DR

  • SpaceX Starship Test Success: SpaceX's latest Starship test marks significant progress towards Mars exploration.

  • Tesla CEO Pay Package Vote: Tesla shareholders to vote on Elon Musk’s $56 billion pay package, with potential departure implications.

  • Cohere's $5B Valuation: AI startup Cohere raises $450 million from Salesforce, Nvidia, and Cisco, doubling its valuation.

  • Apple and OpenAI Partnership: Apple partners with OpenAI to integrate ChatGPT into iOS, enhancing its AI capabilities.

Successful Starship Launch Brings SpaceX Closer to Mars Ambitions

SpaceX completed its fourth test of the Starship rocket, advancing plans to return humans to the Moon and potentially Mars. The test, launched from Boca Chica, Texas, saw Starship reach a peak altitude of 132 miles. Despite one engine failure, the mission was successful, with the Super Heavy booster achieving a controlled ocean splashdown. The test marks significant progress, but improvements in the thermal protection system are needed before future missions. Regulatory approval is awaited for the next test flight, which could occur in weeks.

Tesla Urges Approval of Musk’s Compensation Package

Tesla's board chair, Robyn Denholm, urges shareholders to approve Elon Musk's $56 billion pay package, warning he might leave if not approved. The June 13 vote follows a previous voided vote. Denholm emphasizes Musk's unique role and suggests he could move to other ventures without proper motivation. Early voting shows strong support, but some proxy firms advise against it. Musk seeks more control to advance Tesla’s AI and self-driving goals.

Cohere Now Valued at $5 Billion

Toronto-based AI startup Cohere has secured a $450 million investment from major corporate investors, including Nvidia, Salesforce, and Cisco, valuing the company at $5 billion. This new valuation more than doubles its previous $2.2 billion valuation. Cohere specializes in developing customizable large language models for AI applications. This investment is expected to be the first tranche in a larger fundraising round as AI startup valuations continue to rise.

Apple and OpenAI Partner to Bring ChatGPT to iPhone

Apple has partnered with OpenAI to integrate ChatGPT into iOS, marking a significant shift in its AI strategy. This collaboration, unveiled at Apple's Worldwide Developers Conference, aims to enhance Apple's AI capabilities amid competition from Google and Amazon. While OpenAI benefits from access to millions of Apple users, Apple leverages ChatGPT’s advanced AI to stay competitive. Apple is expected to offer these new AI features as an opt-in service.

More News and Links

Many exciting things happening this week.

Cheers,
-Noel