How Tesla shareholders put Elon Musk on path to be world’s first trillionaire

Now that Tesla stockholders have approved a plan to offer Elon Musk close to $1tn, the clock is ticking to make the company worth eight times more than it is today.If Musk can grow Tesla to over $8tn in value for stockholders over the next decade, he will be well on his way to becoming the world’s first trillionaire.More than 75% of shareholders voted in favor of the historic compensation plan during a vote at the company’s headquarters in Austin on Thursday. After the votes were in, Musk took the stage and danced after the news was announced.“It’s not just a new chapter for Tesla,” Musk said

Google plans to put datacentres in space to meet demand for AI

Google is hatching plans to put artificial intelligence datacentres into space, with its first trial equipment sent into orbit in early 2027.Its scientists and engineers believe tightly packed constellations of about 80 solar-powered satellites could be arranged in orbit about 400 miles above the Earth’s surface equipped with the powerful processors required to meet rising demand for AI.Prices of space launches are falling so quickly that by the middle of the 2030s the running costs of a space-based datacentre could be comparable to one on Earth, according to Google research released on Tuesday.Using satellites could also minimise the impact on the land and water resources needed to cool existing datacentres.Once in orbit, the datacentres would be powered by solar panels that can be up to eight times more productive than those on Earth

Elon Musk’s $1tn Tesla pay deal to be rejected by huge Norway wealth fund

Norway’s sovereign wealth fund has said it will vote against a $1tn (£765bn) pay package for the Tesla chief executive, Elon Musk.The fund, which is the biggest national wealth fund in the world, said that while it appreciated the “the significant value created under Mr Musk’s visionary role” it would vote against his performance award.“We are concerned about the total size of the award, dilution and lack of mitigation of key person risk – consistent with our views on executive compensation,” it said. “We will continue to seek constructive dialogue with Tesla on this and other topics.”The warning from Norges Bank, which is the seventh biggest single shareholder in Tesla with a stake worth $17bn, comes two days before the carmaker hosts its annual shareholder meeting

OpenAI signs $38bn cloud computing deal with Amazon

OpenAI has signed a $38bn (£29bn) deal to use Amazon infrastructure to operate its artificial intelligence products, as part of a more than $1tn spending spree on computing power.The agreement with Amazon Web Services means OpenAI will be able to use AWS datacentres, and the Nvidia chips inside them, immediately.Last week, OpenAI’s chief executive, Sam Altman, said his company had committed to spending $1.4tn on AI infrastructure, amid concerns over the sustainability of the boom in using and building datacentres. These are the central nervous systems of AI tools such as ChatGPT

Apple reports record iPhone sales as new lineup reignites worldwide demand

Apple reported its first quarterly earnings since the release of its new lineup of iPhones on Thursday, beating Wall Street analysts’ expectations. The company showed steady financial growth and a strong bottom line despite slow progress on artificial intelligence. The report comes just days after the company hit a $4tn market value for the first time.“Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services,” Apple’s CEO, Tim Cook, said in a statement

Amazon reports strongest cloud growth since 2022 after major outage

Amazon has made its first financial disclosures since the disastrous outage suffered by its cloud computing division that brought everything from smart beds to banks offline.In spite of the global outage, Amazon Web Services has continued to grow, and this quarter reported a 20% increase in revenue year over year. Wall Street estimated that AWS would bring in $32.42bn in net sales in the third quarter, with the company reporting actual revenue of $33bn.“AWS is growing at a pace we haven’t seen since 2022,” CEO Andy Jassy said in a statement accompanying the earnings report