The Rundown: Edition 14
Welcome to The Rundown, a snapshot of news, views and intel from the fast-growth tech and investment scene.
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Nvidia invests $5bn in Intel
The chipmaker will invest in its struggling rival as part of a deal to develop new chips for computers and data centres. This deal comes a month after the US government agreed to take a 10% stake in Intel. FT
$1.07bn quantum sale goes through
US quantum computing firm, IonQ, has completed its acquisition of University of Oxford spinout, Oxford Ionics. The sale will enable IonQ to combine its quantum computing and networking capabilities with Oxford Ionics’ ion-trap technology. Verdict
CoreWeave pledges £1.5bn for UK AI data centres
Topping up its previous £1bn investment with £1.5bn, the US hyperscaler is committed to scaling UK AI infrastructure. The investment plan will include a partnership with Nvidia and Data Vita in Scotland. UKTN
Nothing raises $200m Series C
The smartphone startup’s latest funding round was led by Tiger Global, with participation from existing investors such as GV, Highland Europe, and Tapestry. This takes Nothing’s valuation to $1.3bn. TechCrunch
Nory closes $37m Series B
The AI-native restaurant management system has closed a Series B round led by Kinnevik. Nory will use the capital to hire talent, advance proprietary algorithms, deploy autonomous AI assistants, and fuel its US expansion. Tech.eu
Britain’s £150bn US investment injection
The investment package is believed to be the largest to be associated with a state visit. Capital from US firms, including Blackstone, Palantir, and Amentum, is set to create more than 7,000 jobs in the UK. Times
Google opens data centre in boost to AI economy
Google has opened a data centre in Hertfordshire as part of a two-year, £5bn investment in the UK. The multi-billion-pound plan includes Google’s capital expenditure, research, and development, as well as Google’s DeepMind AI research laboratory. UKTN
China enhances semiconductor independence
In a boost to the country’s semiconductor chip independence, Beijing has banned the country’s biggest companies from buying Nvidia’s AI chips. Following the ban, Nvidia’s share price fell around 3%. FT
State pensions continue to soar
The Office for National Statistics revealed that earnings growth, for the three months to July, was 4.7%, which is likely to be the figure used for the annual state pension increases in April. BBC
Inflation remains stuck at 3.8%
The Bank of England’s Monetary Policy Committee voted 7-2 against a rate cut, with the base rate remaining at 4%. The move follows inflation remaining stuck above the bank’s targeted 2%. The Guardian
Jeremy Corbyn on whether Labour will “oust” Keir Starmer
Steve Rigby, Co-CEO of Rigby Group; MP Victoria Atkins; and Rachel Johnson, LBC Presenter and Host of “Difficult Women”, joined Corbyn on LBC’s “Cross Question” with Iain Dale. LBC
UNCAGED Innovations is most innovative
Among the honourees in the ‘Materials and Biodesign’ category for Fast Company’s annual Innovation by Design Awards is UNCAGED Innovations, a sustainable leather startup with backing from InMotion Ventures, the investment arm of Jaguar Land Rover. Fast Company
The Budget needs to back off business
In his latest op-ed, Steve Rigby identifies that real revenue comes from the big three: income tax, VAT and employee national insurance. He believes that these, along with the state pension triple lock, should “dominate” the Chancellor’s choices in the Autumn Budget. Times
What does education look like in the digital age?
Lisa Haycox, CEO of Explore Learning, joined Jane Wakefield on the UKTN Podcast to discuss the role of technology in children’s education, how COVID-19 altered the industry, and AI’s impact on edtech. UKTN
Venture lending banks vs. funds
Venture debt financing reached record highs as a source of funding for growth companies in Europe last year. Sean Duffy, Managing Director for the UK and Europe at CIBC Innovation Banking, explains the differences between banks and funds as venture and growth providers, and what founders and investors ought to be aware of. Startups Magazine
Is it time to manage AI agents?
As more businesses deploy AI agents, Calum Chace, Co-founder of Conscium, believes that despite concerns, there is “no avoiding the dramatic changes agentic AI is going to bring”. Chase advises leaders to invest in AI literacy to prepare employees for the evolving workplace. IT Pro
How to solve blockchain’s transparency problem
Dr. Nick New, CEO and Co-founder of Optalysys, explores how the lack of transparency within blockchain impedes its potential for widespread adoption. Privacy-enhancing technologies, such as Fully Homomorphic Encryption (FHE), can help overcome this. ccn
US President Donald Trump touched down in England, and a wave of Americana washed over the news. What was sure to be a tricky event ran rather smoothly and featured lots of British pomp and circumstance. While some may view the US’ multibillion-pound “tech prosperity deal” as a positive, Sir Nick Clegg does not. The former Deputy PM has warned that the UK is becoming a “vassal state” of America.
In more American news, Trump is set to meet with Chinese President Xi Jinping to discuss everything from rare earth materials to Taiwan to TikTok. Earlier in the year, Trump signed an executive order to delay or ban the sale of TikTok for the third time, with the deadline closing on 17th September. Trump claims that the US now has a TikTok deal with China. However, the US spin-off of TikTok will use parent company ByteDance’s Chinese algorithm.
This week saw many significant moves. From Danny Kruger MP becoming the first sitting minister to defect from the Conservatives to Reform, to former Conservative health minister Maria Caulfield joining him. Prominent departures weren’t just confined to the political realm. Deliveroo’s CEO and Co-founder, Will Shu, announced he’s leaving following the British business’ acquisition by its US counterpart, DoorDash. Let’s see what changes are in store next week…If Trump has his way, it’ll be Lisa Cook, a member of the Federal Reserve Board of Governors of the US.