The Download: climate tech goes public and the AI Hype Index returns | MIT Technology Review
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Skip to ContentMIT Technology ReviewFeaturedTopicsNewslettersEventsAudioMIT Technology ReviewFeaturedTopicsNewslettersEventsAudioThe DownloadThe Download: climate tech goes public and the AI Hype Index returnsPlus: Illinois just passed what could become America’s strongest AI safety law.
By Thomas Macaulayarchive pageMay 28, 2026 This is today's edition of The Download, our weekday newsletter that provides a daily dose of what's going on in the world of technology. Climate tech companies are going public. What’s next? Solar and battery company Solv Energy went public in February, hitting a $6 billion valuation. X-energy, which builds small modular nuclear reactors, followed at $11.5 billion. Then came geothermal company Fervo Energy, reaching a market cap of about $12.4 billion. All three have been IPO success stories. And it doesn’t feel like a coincidence that they’re racing to provide electricity in an era of rising demand, driven partly by data centers. What does this boom reveal about the future of the grid? And what comes next? Read the full story to find out.
—Casey Crownhart This story is from The Spark, our weekly newsletter giving you the inside track on all things climate. Sign up to receive it in your inbox every Wednesday.
The AI Hype Index Separating AI reality from hyped-up fiction isn’t always easy. That’s why we’ve created the AI Hype Index—a simple, at-a-glance summary of what’s shaping the industry right now. The latest edition includes billionaire road trips, students booing, made-up quotes, and too much sci-fi. See where it all landed on this month’s index. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Illinois just passed what could become America’s strongest AI safety lawIt would require third-party safety audits. (Wired $)+ But it still needs the governor’s approval. (NBC News)+ The US is divided over AI regulation. (MIT Technology Review) 2 A Google engineer has been charged with insider tradingHe allegedly bet on who’d be the most-searched people of 2025 on Polymarket. (BBC)+ And used internal data to rack up more than $1.2 million in winnings. (Verge)+ He’s been charged with fraud and money laundering over the bets. (NPR)3 ByteDance is developing custom CPUs amid a massive AI chip squeezeThe TikTok owner is struggling with severe supply shortages. (Reuters $)+ Google, Amazon, and Microsoft are also building custom CPUs. (CNBC)+ Taiwan’s “silicon shield” could be weakening. (MIT Technology Review) 4 Four tech giants have backed a clean energy push for AI data centersAmazon, Google, Meta, and Microsoft have joined the initiative. (Quartz)+ Investor Elemental Impact will deploy up to $5 million per project. (Axios) 5 Nvidia’s CEO is joining the board of Beijing’s Tsinghua UniversityHis appointment comes as Nvidia struggles to export chips to China. (FT $)+ President Xi is an alumnus of Tsinghua, aka "China's Harvard.” (Reuters $)
6 The Trump administration is in talks to fund drone firmsOne of which counts Donald Trump Jr. as a shareholder. (WSJ $)+ Drone dominance has been described as a "presidential priority." (Reuters $) 7 London has reclaimed its position as Europe's leading tech hubIt’s overtaken Paris in new global rankings. (Euronews)+ And now sits fourth, behind the Bay Area, New York and Boston. (Reuters $) 8 OpenAI and Anthropic disagree over AI’s impact on jobsAnthropic is emphasizing the risks, while OpenAI is sounding rosier. (Axios)+ The AI jobs hysteria needs a reality check. (MIT Technology Review) 9 Researchers claim to have achieved perfect randomness for the first timeThanks to entangled quantum chips. (Interesting Engineering)+ The milestone could lead to better cybersecurity. (Scientific American) 10 Embryo organoids are showing why many pregnancies failThey’ve led to improvements in IVF and pregnancy treatments. (New Scientist $)+ New tech is transforming reproductive medicine. (MIT Technology Review) Quote of the day “How can we be happy about Google coming? We’ll all be scattered. It feels very sad.” —Pyla Kondamma, a 42-year-old in Visakhapatnam, India, tells the Wall Street Journal her concerns about Google building data centers in her city. One More Thing
NICO ORTEGA Why venture capital doesn’t build the things we really need Venture capital has been the engine of US innovation for years. This largely white, largely male corner of finance has backed software companies that grow fast—but generate large amounts of money for a shrinking number of Americans. It’s also creating fewer jobs for ordinary people. And recently, venture capitalists have struggled to find ideas that fit their preferred pattern.Here’s what’s going wrong with the funding model that made Silicon Valley a global hub.
—Elizabeth MacBride We can still have nice things A place for comfort, fun, and distraction to brighten up your day. (Got any ideas? Drop me a line.)+ Never miss a great movie again with this worldwide release tracker.+ These quirky word puzzles use emoji hints to help you find answers.+ The digital museum of plugs and sockets is a treasure trove of global connectors.+ Michael Jackson’s “Smooth Criminal” becomes a Bach-style fugue played on classical guitar. by Thomas MacaulayShareShare story on linkedinShare story on facebookShare story on emailPopularWant to understand the current state of AI? Check out these charts.Michelle KimInside the stealthy startup that pitched brainless human clonesAntonio Regalado10 Things That Matter in AI Right NowAmy NordrumMusk v. Altman week 1: Elon Musk says he was duped, warns AI could kill us all, and admits that xAI distills OpenAI’s modelsMichelle KimDeep DiveThe DownloadThe Download: DeepSeek’s latest AI breakthrough, and the race to build world modelsPlus: China has blocked Meta’s $2 billion acquisition of AI startup Manus.
By Thomas Macaulayarchive pageThe Download: introducing the 10 Things That Matter in AI Right NowPlus: An unauthorized group has reportedly accessed Anthropic’s Mythos.
By Thomas Macaulayarchive pageThe Download: supercharged scams and studying AI healthcarePlus: DeepSeek has unveiled its long-awaited new AI model.
By Thomas Macaulayarchive pageThe Download: inside the Musk v. Altman trial, and AI for democracyPlus: the Pentagon has struck sweeping AI deals for classified work.
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Climate technology companies are experiencing Initial Public Offerings, signaling shifts in industrial investment. For instance, Solv Energy, a solar and battery company, achieved a valuation of six billion dollars, while X-energy, which develops small modular nuclear reactors, reached $11.5 billion, and geothermal company Fervo Energy attained a market capitalization of approximately $12.4 billion. These successes highlight a race to provide electricity in an era of increased demand, partly fueled by data centers, prompting reflection on the future trajectory of the energy grid.
The industry landscape is also characterized by the AI Hype Index, which attempts to differentiate between reality and speculative fiction shaping the technology sector. Current developments reflect several complex tensions. For example, legislative action is underway, with Illinois passing what could become America's strongest AI safety law, although this requires gubernatorial approval and introduces requirements for third-party safety audits. The regulation of AI remains divided across the United States. Furthermore, legal and financial issues are emerging, such as a Google engineer being charged with insider trading related to predictions about sought-after people and subsequent winnings, and charges of fraud and money laundering related to those bets.
In the realm of hardware, competition and supply chain dynamics are significant. ByteDance is developing custom central processing units amid a perceived chip squeeze, competing with major players like Google, Amazon, and Microsoft, who are also developing custom CPUs. This environment is complicated by geopolitical factors, including the potential weakening of Taiwan’s “silicon shield.” Additionally, major technology companies, including Amazon, Google, Meta, and Microsoft, have jointly backed a clean energy push specifically for AI data centers, with Investor Elemental Impact slated to deploy up to five million dollars per project. This dynamic is further illustrated by the board appointments, such as Nvidia’s CEO joining the board of Beijing’s Tsinghua University amid ongoing export struggles.
Disagreements persist regarding the societal impact of artificial intelligence; Anthropic emphasizes the risks, whereas OpenAI adopts a more optimistic stance on the impact on jobs, suggesting that the current hysteria surrounding AI employment requires a reality check. On the scientific frontier, researchers have claimed to have achieved perfect randomness using entangled quantum chips, a milestone that could have implications for cybersecurity. Simultaneously, advancements in reproductive medicine are transforming healthcare, as embryo organoids are demonstrating insights into why many pregnancies fail, leading to improvements in IVF and pregnancy treatments.
These technological shifts are contextualized by broader economic critiques regarding venture capital. The funding model that propelled Silicon Valley to its global prominence is critiqued for primarily backing software companies that generate large profits for a small segment of the population, resulting in fewer jobs for ordinary people. There is a perceived struggle for venture capitalists to find investment ideas that align with this preferred pattern. Underlying these developments is a sentiment, exemplified by a quote from Pyla Kondamma, that expresses concern about large corporations like Google building data centers in local communities, suggesting a broader societal concern about decentralization and well-being amidst technological expansion. |