Happy Monday. One year ago this week, Rivian IPO’d, sneaking into the tail end of the 2021 bull market, months before it became the big ol’ bear it is today.
On the first day of trading, its shares closed at about $100, up nearly 30% from its listing price, making it 1) the biggest IPO of last year 2) the second most valuable US automaker, after Tesla, at the time.
As the markets have come back to earth over the last year, so too has Rivian’s valuation. It now trades around ~$33 a share and has a lower market cap than GM and Ford.
In today’s edition:
Why the streetlight is the backbone of the smart city
Shutterstock execs discuss their embrace of AI content
Coworking
—Jordan McDonald, Hayden Field, Dan McCarthy
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Illustration: Morning Brew, Photo: Mohammed Abed/Getty Images
On a Paris street in the late 19th century, the first-ever electric streetlight flickered to life. Now, nearly 150 years later, the electricity coursing through streetlights and traffic poles powers a lot more than just lights.
In recent years...The humble streetlight and traffic light have become the backbone of the modern smart city, housing a bevy of sensors, communication devices, cameras, and other technologies used to help digitize the streets.
- The fact that so many such posts already exist—New York City has over 315,000 streetlights, for example—makes them an ideal jumping-off point for installing “smart” add-ons.
“For years, it was the dumb piece of infrastructure—it’s like nobody wanted to manage it,” Ian Aaron, CEO of streetlight-focused tech startup Ubicquia, told Emerging Tech Brew.
“Now all of a sudden, the cities are realizing, ‘Wow, I’ve got a streetlight every 50 meters.’ It’s eight to 10 meters high, so it’s perfect for telecom equipment. Oh, and by the way, there’s already power there,” he added.
Let’s take a look at five key smart-city technologies that municipalities are tacking onto lampposts. Keep reading here.—JM
This story is part of our new package exploring smart cities—click here to view the full interactive series.
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Welcome to the Morning Brew family’s newest addition: Incrypto. Our latest newsletter is all about helping you understand the wide world of crypto with, y’know, context. Wondering about Web3? We got you. Dwelling on DAOs or DeFi? Done. NFTs? No problem! We’ll teach you what it all means and why it matters to you. Like all our newsletters, it’s completely free and takes only 5 minutes to read. Subscribe now.
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Shutterstock
Soon, the stock photos you come across on the web may have an entirely new image credit: AI.
Wait, what? In late October, Shutterstock announced it would lean into AI-generated imagery, partnering with OpenAI to integrate its DALL-E 2 image-generating tool into the Shutterstock platform. The news comes weeks after Getty Images decided to ban AI-generated content outright.
- Shutterstock is one of the biggest names in stock photography, with a database of more than 424 million images and over 27 million video clips.
- As of September, the company reported more than 600,000 paying subscribers, and its 2021 revenue exceeded $773 million. The company’s enterprise clientele ranges from Microsoft to Mastercard.
How it came together: The company made its decision after more than a year of planning, according to its CPO Meghan Schoen, which started before DALL-E 2 hit the market and set off the ongoing boom in generative AI.
“There were obviously a lot of players out there who were investing in this technology, and it’s really important for us that we have our finger on the pulse of what’s happening in the space—and so we wanted to be an active participant and lead the way in some of those conversations,” she told us.
We chatted with Schoen and CEO Paul Hennessy about the integration, which should go live in the coming months, and their vision for AI-generated content on the platform.
Click here to read the conversation.—HF
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Ari Kamlani
Coworking is a weekly segment where we spotlight Emerging Tech Brew readers who work with emerging technologies. Click here if you’d like a chance to be featured.
How would you describe your job to someone who doesn’t work in tech?
My official title is senior AI solutions architect and data scientist within the office of the CTO for Beyond Limits. It’s anything but traditional, even within the tech industry. So, for people who don’t work in the technology industry, I tell them I’m an AI whisperer.
What’s your favorite emerging tech project you’ve worked on?
I spent the first few years of my career designing early generations of smartphones, wearable location trackers, Nascar trucks, and other wireless embedded systems, so I’m naturally attracted to AI systems that operate at the edge.
One of my favorite projects involved using AI at the edge for broadcast televised media location tracking and racing, e.g., Nascar race f/x. You can imagine that monitoring and tracking the vehicle during races comes with its own challenges, particularly during bad weather conditions or stability issues caused during the race.
What emerging tech are you most optimistic about? Least? And why?
I’m fascinated by technologies that relate to AI safety, especially in the context of data scarcity, where resources for AI decision-making are profoundly limited. The media often associates AI safety with autonomous-vehicle accidents because that’s relatable to most people. However, it is just as applicable to carefully controlling system hardware operating ranges, patient healthcare diagnosis, or stabilizing cryptocurrency trading in organized exchange markets.
AI safety has a place in a large variety of industries, and the potential use cases for AI safety technologies can enable more robust and trustworthy decisions across many platforms. I personally think we should be wary of AI technologies that remove humans from the decision loop, serving as advisors in contrast to automation. We should be particularly aware of those in applications that are prone to unintentional biases, accidents, and high uncertainty.
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Limitations? Never heard of ’em. Join the 90 million developers and businesses that are building, scaling, and shipping secure software on GitHub. Make your vision a reality with GitHub—the place for anyone from anywhere to build anything. Find the plan that works for you. Start here.
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Nurphoto/Getty Images
Stat: Mastodon, the decentralized social network founded in 2016, appears to be a prime beneficiary of the post-Musk migration of Twitter users. The network said it added 230,000 new users in the last week, bringing its total user base to 655,000, its highest-ever level.
Quote: “It’s amazing how primitive our systems are. And I think that’s a risk to healthcare. Certainly it’s a risk to inefficiency, waste, and cost of healthcare, but I also think it’s a quality issue as well.”—Paul Chang, a radiologist at the University of Chicago, told Healthcare Brew
Read: Airlines are exploring some unorthodox airplane designs as they try to figure out how to decarbonize flights.
New in town: What should security and IT pros know about cyber asset attack surface management (CAASM)? In a world of repackaged and renamed tech, see why CAASM stands out from the crowd. Get Axionus’s new ebook here.* *This is sponsored advertising content.
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Francis Scialabba
Look, usually we play it straight with this trivia, but this week we’re making an exception. That’s right: There’s a theme for this week’s news quiz, and it’s smart cities, in honor of our interactive.
Click here to test how much you know about the cities of the future.
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OpenAI released DALL-E’s API in public beta. Translation: Devs that have access are now able to integrate the image-generation system with apps and products.
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Substack wants to be the new Twitter.
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Google announced plans to create a language model that is trained on the 1,000 most-spoken languages in the world.
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Amazon detailed its timeline for Matter integration.
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VC firms have raised $151 billion in the first three quarters of 2022, more than they’ve raised in any full-year period. Firms are now sitting on close to $300 billion of dry powder.
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Catch up on the top Emerging Tech Brew stories from the past few editions:
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Written by
Jordan McDonald, Hayden Field, and Dan McCarthy
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