Nvidia Ended Intel’s 25-Year-Run

PLUS: Stability AI’s Power Shift, xAI is Fundraising

Leader, welcome back. Today’s updates:

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  • Nvidia will replace Intel on the Dow Jones, ending Intel’s 25-year streak.

  • Emad Mostaque, the former CEO of Stability AI, is giving up his 75% stake in Stability AI.

  • Elon Musk’s xAI is seeking to raise $5 billion, aiming for a $45 billion valuation.

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NEWS UPDATES

Nvidia Ended Intel’s 25-Year-Run

Nvidia is replacing Intel on the Dow Jones Industrial Average, ending Intel's 25-year run on the index. Nvidia has cornered the market for chips used in artificial intelligence systems, while Intel's stock price has dropped over 50% this year as its revenue declined.

Stability AI’s Power Shift

Emad Mostaque, the co-founder and former CEO of Stability AI, has given up his controlling stake in the company. Mostaque stepped down as CEO in March 2024 following staff departures, lawsuits, and management difficulties at the startup. Despite resigning as CEO, Mostaque remained the largest shareholder, owning at least 75% of Stability AI's shares.

xAI is Fundraising

Elon Musk's xAI is trying to raise $5 billion from investors. They want the company to be worth around $45 billion. The investors could include companies that have already invested in xAI, like Valor Equity Partners. Other big tech investors like Sequoia, Andreessen Horowitz, and Vy Capital are also in talks about investing.

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