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.

How a new extraction process could unlock the world’s lithium

A new method for extracting lithium could cut costs and emissions from one of the world’s most important materials for EVs and energy storage. 

The technique uses a weak acid to dissolve silicate minerals. That frees not only the lithium but also other useful materials, including alumina and silica. 

“At scale, we believe this will be the lowest-cost way of sourcing lithium in the world,” says Yet-Ming Chiang, an MIT professor who co-authored a study of the process published yesterday in Science. 

Startup Rock Zero is already working to commercialize the research. Read the full story on a new way to unlock the world’s lithium.

—Casey Crownhart

The deadly Ebola outbreak is proving difficult to control

The alert was raised on May 5. Four health-care workers in the Democratic Republic of the Congo had died from an unknown illness within four days. Tests in Kinshasa revealed the culprit: the Bundibugyo virus, one of the causes of Ebola.

A couple of weeks ago, an outbreak of hantavirus erupted aboard a cruise ship. Three people died, but the outbreak was kept under control. The picture for Ebola is bleaker for several reasons, including the disease itself, the available treatments, and the local environment.

Find out why the outbreak is causing alarm.

—Jessica Hamzelou

This story is from The Spark, our weekly newsletter giving you the inside track on all things biotech. Sign up to receive it in your inbox every Thursday.

How the Pope’s Magnifica Humanitas offers a template for individuals to meet the AI moment

——Father Séamus Finn, a leader in faith-based and socially responsible investing with the Oblates of Mary Immaculate, and Sister Susan Francois, assistant congregation leader and treasurer of the Sisters of St. Joseph of Peace

Pope Leo XIV’s new encyclical on artificial intelligence includes a statement that warrants serious attention from technologists and policymakers: “Technology is never neutral.” 

Magnifica Humanitas is a call to act with courage and solidarity as AI transforms human life, framing the choice ahead as one between the Tower of Babel and the rebuilding of our common humanity. It warns that corporations alone cannot set the direction of such a transformation.

With governments slow to regulate AI, institutional investors are stepping into the gap. Here’s how they can build a better future.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 Anthropic is now valued higher than OpenAI
It hit a $965 billion valuation after a new funding round. (AP News)
+ Claude demand has driven annualized revenue to $47 billion. (WSJ $)
+ The funding round may be Anthropic’s last before an IPO. (TechCrunch)
+ What even is the AI bubble? (MIT Technology Review)

2 A Blue Origin rocket has exploded in a setback to NASA’s Moon plans
New Glenn burst into flames during testing on a Florida launchpad. (CNBC)
 + Blue Origin is heavily involved in NASA’s Moon base plans. (The Verge)
 + It also wants to compete with Elon Musk’s SpaceX. (Reuters $)
 
3 Adversaries are tracking US troop locations via mobile phone data
The Pentagon has long ignored warnings of this exact threat. (Reuters $)
+ The targeting uses commercially available location data. (Wired $)
+ LLMs could supercharge mass surveillance. (MIT Technology Review)
 
4 Anthropic plans a broad rollout of Mythos AI in the coming weeks
Despite concerns over its cybersecurity capabilities. (CNET)
+ Claude Opus 4.8 is now out, with a promise to be more honest. (The Verge)
 
5 Grok oversaw a crime spree in an AI safety test
Models were tasked with governing a simulated society. (Fortune)
+ Grok committed 180 crimes, while Claude ruled with restraint. (Gizmodo)

6 Amazon has scrapped an AI leaderboard after worker gaming
Employees were artificially inflating usage scores. (FT $)
+ We can build better AI benchmarks. (MIT Technology Review)
 
7 Political spending by AI and crypto groups is shifting elections
They’ve pushed their preferred candidates closer to power. (Axios)

8 China’s tech boom is fueling a new wave of industrial tourism
Visitors are touring AI labs and EV factories. (Rest of World)

9 Alibaba’s MuleRun aims to replicate the OpenClaw craze
The AI agent platform is positioned as a safer alternative. (SCMP)

10 Mysterious changes have emerged in the Sun’s magnetic field
They could reshape space weather forecasts. (404 Media)

Quote of the day

“What Peter Thiel is doing is terrible. His settling in Argentina is even worse.”

—Elisa Lilita Carrió, an Argentine politician, writes on X that Peter Thiel’s relocation to her country has angered her even more than his leadership of Palantir.

One More Thing

How the James Webb Space Telescope broke the universe

When the James Webb Space Telescope began full operations in 2022, astronomers were in awe of the flood of data that arrived.

“Every hour we were looking at a galaxy or an exoplanet or star formation,” says NASA scientist Heidi Hammel. “It was like a firehose.”

Since then, JWST has delivered nonstop discoveries, from distant galaxies to new planetary atmospheres. “We’re cracking open an entirely new window on the universe,” says Hammel. 

Discover how JWST has transformed astronomy.

—Jonathan O’Callaghan

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.)

+ Kubrick fans will love this Lego recreation of Dr Strangelove.
+ Here’s a fascinating explanation of why seven landlocked countries have navies.
+ This mesmerizing 4K remaster of a super typhoon turns weather data into cinematic art.
+ Go inside the genius of Queen with this track-by-track breakdown of “Bohemian Rhapsody.”

The alert was raised on May 5. Four health-care workers in the Ituri Province of the Democratic Republic of the Congo had died from an unknown illness within four days.

Rapid response teams were sent to investigate, and tests at a research center in Kinshasa revealed the culprit: the Bundibugyo virus, one of the viruses that cause Ebola. Suspected cases of the disease have snowballed in the last few weeks. By May 24, the WHO had estimated that 223 people had died from the disease. There were over 900 suspected cases. Today’s figures are likely to be higher.

A couple of weeks ago, I covered the hantavirus outbreak aboard a cruise ship. Three people sadly died, but the outbreak itself was kept under control. There have been no further deaths, and passengers have been safely repatriated. The picture for Ebola is far bleaker. And there are several reasons why.

The most obvious is the disease itself. Ebola is a severe disease with an average 50% fatality rate. Previous outbreaks have resulted in thousands of deaths. (Hantavirus also has a high fatality rate, but it doesn’t usually spread as easily between humans.) 

Between 2014 and 2016, an Ebola outbreak in West Africa caused more than 11,000 deaths. A more recent outbreak, which took place between 2018 and 2020, caused 2,299 deaths before being brought under control with a vaccination campaign.

But those outbreaks were caused by the Zaire virus, which has a different genetic sequence. There is no vaccine for the Bundibugyo virus. We don’t know if the two vaccines approved for Zaire might also work for Bundibugyo. There’s a concern they might even make things worse by interfering with a person’s immune response to the virus.  

Scientists are working on potential Bundibugyo vaccines. But the most advanced efforts are still months away from clinical trials. There are no specific antiviral treatments for the virus, either.

So to control the outbreak, health-care workers are trying to stop the spread of the disease. Ebolaviruses can be transmitted to humans by animals including fruit bats, chimpanzees, and gorillas. They can then spread between people via contact with bodily fluids such as blood or vomit.

That’s why the virus is often spread among family members, to health-care workers, and during some burial services. The WHO advises isolating people who have the virus in treatment centers. It also recommends safe burial measures that limit physical contact with the deceased, for example. Communities need to be informed about the virus and how it spreads, and health professionals should be on hand to diagnose cases and track them.

That’s all easier said than done in an era of misinformation. Some members of the community even doubt whether the disease is real. There have been three attacks on health-care facilities in the region in recent weeks.

Last week, two treatment centers were burned down. The first incident occurred after relatives of a deceased man were prohibited from retrieving his (infectious) body. As a result of the second incident, 18 suspected cases reentered the community.

A couple of days later, a group of men unleashed gunfire at Mongbwalu General Hospital, which was also treating people with Ebola. They were demanding the bodies of their deceased relatives.

There are more causes for concern when it comes to the spread of the virus. The Ebola outbreak is thought to have originated in Mongbwalu, a high-traffic mining hub. People who caught the virus in Mongbwalu are thought to have sought care in neighboring districts. And the wider province borders both South Sudan and Uganda. So far, Uganda has reported seven confirmed cases and one death. South Sudan’s health ministry has said it will strengthen surveillance, but no cases have been reported in the country so far. 

Violence in the region is making it much harder to contain the spread of the virus, too. Conflict involving multiple armed groups, including deadly attacks on civilians, has hampered humanitarian and health-care efforts. Poor infrastructure and damaged roads make matters even worse. Food insecurity is ravaging the region as well—this year, nearly 10 million people in the region face acute hunger.

Together, these factors are making it “nearly impossible” to isolate people with Ebola and trace others who have been in contact with them, WHO director general Tedros Adhanom Ghebreyesus said in a statement earlier this week.

The dismantling of US aid programs hasn’t helped either. US government funding for international health projects has steeply declined since the start of President Donald Trump’s second term. These cuts have harmed disease surveillance systems, according to the International Rescue Committee, a humanitarian nonprofit.

“Funding cuts have left the region dangerously exposed,” Heather Reoch Kerr, the organization’s country director for the Democratic Republic of the Congo, said in a statement. “Years of underinvestment and recent funding cuts have left many health facilities without adequate protective equipment, surveillance capacity, or frontline support needed to respond quickly and safely.”

The US has mobilized emergency funding for the outbreak, and a spokesperson for the State Department has argued that none of the administration’s actions have hampered the Ebola response. But health experts counter that the damage has already been done.

On May 17, the WHO declared the Ebola outbreak a public health emergency of international concern. In a statement on Wednesday, Tedros described the situation as “a catastrophic collision of disease and conflict with the Ebola outbreak in Ituri province outpacing the response.”In an online appeal to residents on Wednesday, ahead of an in-person visit, Tedros pleaded for a ceasefire and commended the spirit of community members. He also acknowledged the steep challenges they face. “You are already carrying so much: malaria, hunger, insecurity, and the daily struggle to keep your families safe,” he wrote in French. “And now Ebola. It’s not fair, and I won’t pretend otherwise.”

This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

Pope Leo XIV’s new encyclical on artificial intelligence includes a statement that warrants serious attention from technologists and policymakers: “Technology is never neutral.” Magnifica Humanitas (“Magnificent Humanity”) is a clarion call to all people to act with courage and solidarity as we enter an age already being transformed by artificial intelligence, the greatest change in human life since the Industrial Revolution. As the pope says, the choice before us—the choice AI presents—is one between the Tower of Babel and the rebuilding of our common humanity. 

In the biblical story of the Tower of Babel, humans sought to build a massive structure that reached all the way to Heaven, only to have their project thwarted when God made those involved unable to understand one another. It was a pursuit fixated on relentless growth, divorced from any concern about God’s commandments or the human cost. It resulted in failure and atomization.

The Book of Nehemiah, however, offers a contrasting narrative, in which the rebuilding of Jerusalem after a period of violence and displacement becomes an opportunity for humanity to show its collaborative resilience. As the encyclical puts it, “The city is reborn, not through the initiative of one man, but through the shared responsibility of all: men, women, priests, artisans, heads of households and young people all play a part. It is an undertaking with God at the center, which rebuilds relationships before rebuilding with stones.” 

Is there any question which road we are currently barreling down? And can there be any doubt which we would do well to walk together? 

We are both Catholics, members of religious communities and longtime advocates within the movement for socially responsible investment. Of particular interest to us and that movement is Pope Leo’s point that AI is not some force of nature or hyperrational, ineffable entity. Instead, he reminds us, AI is ultimately another commercial product, one emerging at a point in history when excessive power over commerce and the wider society has amassed in a vanishingly small number of hands. 

It’s a powerful message. It’s also one that institutional investors have been acting on for years. This encyclical doesn’t break new ground so much as ratify a governance effort that’s already underway, led not by states or international bodies but by shareholders. When governments fail to meaningfully regulate, and corporations cannot be trusted to do what is beneficial beyond their own bottom line, people in society still have the power to set us on the right path, and indeed have the duty to do so. 

Around the world, AI systems are being deployed at scale with remarkably little institutional oversight. There is no AI safety board. The US Federal Trade Commission has jurisdiction over unfair practices but limited authority over algorithmic design. The National Institute of Standards and Technology publishes guidance that most companies ignore. The EU AI Act is partially in force but addresses only a sliver of the deployment surface.

Institutional investors have stepped into this vacuum. Coalitions including the membership of the Interfaith Center on Corporate Responsibility, representing investors managing over $4 trillion in assets, have spent the past several proxy seasons filing resolutions demanding transparency, risk assessment, and accountability around AI deployment. Secular institutional investors have joined them, treating AI governance failures as material business risks.

Shareholders have called tech giants including Alphabet, Amazon, Nvidia, Palantir, and Uber to account and demanded that AI not be used for acts of violence or other violations of human rights. The importance of this aspect of corporate governance was highlighted tragically in the opening hours of the war against Iran, when AI was used to help identify targets for thousands of missile strikes that killed hundreds of people.  

Investors have also challenged executives at CVS and UnitedHealth Group to ensure that AI not be used to undermine the well-being of patients and quality of health care across the United States. 

At companies including Meta and Microsoft, shareholders have decried the environmental impact of AI data centers, which consume vast amounts of energy and precious water resources, and in turn can emit large amounts of greenhouse gases. 

Within creative industries, investors have challenged the leadership at companies like Disney, Netflix, and Warner Bros. to demand transparency about the ways they are using AI and to defend the inimitable human element in storytelling. 

Soon, with OpenAI, Anthropic, and Grok all set to enter the public markets, we will be able to exert similar influence over what are now all privately held entities.

These actions by concerned investors not only call out misdeeds but hold fast to an immutable truth: that it is wrong to use technology to kill, harm, or oppress people. Every human being has a right to safe and effective health care and the opportunity to earn a dignified living. The stories we tell each other matter and require the human creative spark. 

Investor advocates hail from a range of faith traditions. Some have no formal religious faith. Yet in their informed and tenacious advocacy, all these people echo the calls embedded within Pope Leo’s encyclical and act on its declaration that “it is essential that the use of AI, especially when it touches on public goods and fundamental rights, be guided by clear criteria and effective oversight.” 

Encyclicals mark time. A century from now, how will we be remembered for how we met this moment? Will we be seen as having been too timid or shortsighted to prevent a small group of unfathomably wealthy and self-interested people from seizing ever greater control over the human family’s shared destiny? 

Or will the years ahead be remembered as a turning point that helped us rebuild our common humanity? Let this be a time when people of good will and diverse talents come together through their own magnificent humanity to build a future that honors our Creator.

Father Séamus Finn, OMI, is a global leader in faith-based and socially responsible investing and a priest of the Oblates of Mary Immaculate, a missionary religious congregation.

Sister Susan Francois is the assistant congregation leader and congregation treasurer for the Sisters of St. Joseph of Peace.

Correction: An earlier version of this story misstated the amount under management by the membership of the Interfaith Center on Corporate Responsibility.

Researchers say they’ve found a new way to extract lithium, a crucial metal used in the lithium-ion batteries that power electric vehicles and energy storage arrays. This new technique could be more environmentally friendly and cheaper than existing ones. 

The research was published today in Science, and a startup called Rock Zero is working to commercialize the process.

“At scale, we believe this will be the lowest-cost way of sourcing lithium in the world,” says Yet-Ming Chiang, one of the study authors, who is an MIT professor and a serial entrepreneur behind climate tech companies including Form Energy and Addis Energy.

The most economical way to get lithium currently is to extract it from brine, salty water that’s pulled the metal out of rock over the course of millennia. But this technique is geographically limited and currently requires vast tracts of land for massive evaporation pools. The more common tactic is hard-rock mining, where large bodies of ore are blasted apart, cooked at high temperatures, and processed using dangerous chemicals.

The researchers’ new method uses a weak acid to dissolve typically nonreactive silicate minerals. That frees not only the lithium but also other useful materials, including alumina and silica.

The origin story for this research, and the resulting company, came from another startup founded by Chiang, Sublime Systems, which makes cement using electrochemistry.

The team was trying to find a source of highly reactive silica in order to form stronger cement. One way to make reactive materials, which can bond easily with other materials, is to take a nonreactive material, dissolve it, and then allow it to become solid in a more reactive form. It’s not impossible to dissolve silicates, but the best-known way is to use hydrofluoric acid, an extremely dangerous chemical. Other fluorine-containing chemicals are candidates too, but some will produce hydrofluoric acid as a side product during reactions. 

Chiang drew inspiration from a previous home renovation project involving glass, which is made of silica. “I was remodeling a shower in Framingham, Massachusetts, about 25 years ago,” he says. “So when we started this project, I remembered that glass etching cream and thought, ‘What’s in that?’” 

The glass etching cream he remembered, which can be found on shelves at any craft or home improvement store, uses ammonium fluoride, a weak acid. And the MIT researchers discovered that in the right conditions, it can effectively dissolve silicate minerals without producing hydrofluoric acid in the process.

This chemistry could be useful for any silicate minerals—and there are a lot of them. But spodumene, the mineral that’s often mined for lithium, became a prime first target. (Chiang says a suggestion from Doug Wicks, one of the company’s advisors and a former ARPA-E official, pointed the team in spodumene’s direction.)

Today, a key step in processing spodumene ore is to roast it in a kiln at super-high temperatures. This causes a phase transformation, essentially puffing up the material and making the lithium more accessible.

By avoiding the need to reach these temperatures, you could save on energy costs and potentially reduce carbon emissions as well, says Camden Hunt, one of the authors of the study and the CEO and cofounder of Rock Zero.

Avoiding the kiln could also unlock the ability to use some ores that can’t be roasted properly, Hunt adds. Ore that contains too much iron won’t go through the phase change correctly, instead melting and turning into a glassy material.

The new process relies on simple stirred plastic tanks and takes place at temperatures up to about 95 °C (200 °F). The ammonium fluoride dissolves the silicates, which in earlier experiments allowed nearly all of the lithium inside the spodumene ore to be extracted within a couple of days. The researchers have since cut this time to under 12 hours, says Benjamin Mowbray, first author of the study and the CTO and cofounder of Rock Zero.  

The products (after some additional steps to clean them up) are lithium carbonate, which can be used to make batteries; alumina, which can go into a smelter to make aluminum; and cementitious silica, which can be added into concrete. And the acid can be reused in the same loop.

Chiang calls this “nose-to-tail” mining—using every part of the ore provided, like eating every part of a butchered animal.

The researchers are currently working to scale and optimize the process. The tanks in the lab in Cambridge, Massachusetts can handle three kilograms of spodumene concentrate in each batch. 

They have also estimated the cost of this process once fully scaled up. Assuming that the ammonium fluoride can be recycled at a high level, they should be able to extract lithium for less than $6,000 per metric ton. (They’ve identified a potential cheap industrial source of the acid as well, as an alternative to recycling it.) 

The total cost is projected to be lower than that of other processes used to extract lithium from hard-rock ore today, and it could be competitive with brine.

The team has designed a pilot plant and is looking for space to build it. The plan is to have construction done by the end of 2026 and start operating the facility in 2027. Talks are underway with potential partners in the mining industry.

One difficulty for new players in lithium extraction is the volatility of the market: Prices have seen huge swings in recent years, from a peak in 2022 to lows in late 2024 and a slow climb starting in early 2026. 

Rising prices might benefit new players like Rock Zero, but there are many projects that could come online if prices continue to rise, and that could bring the market right back down, says Simon Jowitt, chair of exploration geology at the University of Nevada, Reno. “People are waiting to see what happens with the lithium price,” he says. “It’s a crowded market, and there’s some big players out there.”

And even though batteries are driving up demand for lithium, the market is still relatively small, Jowitt adds: “That means it’s going to be volatile.” New lithium extraction technologies like Rock Zero’s will have to compete with methods used by existing giants, and there’s also the potential that technological alternatives, like sodium-ion batteries that don’t need lithium, could make the market more difficult to navigate, Jowitt says. He also thinks some of the company’s economic estimates could be optimistic.

For its part, Rock Zero’s team hopes not only to scale this technology for lithium, but to use it for other minerals in the future. As Mowbray says, “The Earth’s crust is made of silicates.”

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 law
It 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 trading
He 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 squeeze
The 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 centers
Amazon, 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 University
His 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 firms
One 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 hub
It’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 jobs
Anthropic 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 time
Thanks to entangled quantum chips. (Interesting Engineering)
+ The milestone could lead to better cybersecurity. (Scientific American)

10 Embryo organoids are showing why many pregnancies fail
They’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

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.

This year, there’s been a wave of notable energy companies going public via IPO in the US.

The solar and battery company Solv Energy went public in February, to the tune of $6 billion. X-energy, which is building small modular nuclear reactors, did the same in April, and its stocks surged on its first day of trading to hit a $11.5 billion market cap. Most recently, the geothermal company Fervo Energy went public in mid-May, and its market cap is now about $12.4 billion.

Those are all success stories in the IPO world. And it certainly doesn’t feel like a coincidence that all these companies are racing to provide electricity in an era of rising demand (partly due to data centers). Let’s take a look at how these firms are doing, what this moment says about the grid, and what’s coming next. 

Let’s start with Fervo Energy, a company we’ve covered a lot over the years that’s working to develop enhanced geothermal energy. (We included it on our 2025 list of Climate Tech Companies to Watch.) While conventional geothermal requires finding specific spots with hot rock, water, and fractures to support a power plant, Fervo essentially uses fracking techniques to create the necessary conditions.

The company was founded in 2017, and it raised about $1.5 billion from investors over the years before its IPO.

Fervo’s first commercial project, Cape Station in Utah, is expected to have a capacity of about 500 megawatts. The first unit is set to start generating power for customers by October and the next two units by January 2027.

The new funding from the IPO could help the company scale. Fervo currently has over 600 megawatts’ worth of binding power purchase agreements. And it has leases for land that could together generate more than 40 gigawatts of electricity. (As of 2024, the entire US geothermal fleet had a capacity of just 4 gigawatts.)

The company also has an eye on cutting construction and drilling costs—its Cape Station plant is expected to cost about $7 per kilowatt, which is cheaper than new nuclear power plants but over twice the expense of building a new natural-gas plant in the US. 

X-energy also aims to provide reliable clean power: it’s part of the wave of next-generation nuclear companies working on small modular reactors. The company is building high-temperature gas-cooled reactors, which flow helium over self-contained pebbles of nuclear fuel. These reactors will each generate 80 megawatts of electricity, less than one-tenth the output of larger ones like Unit 4 at Plant Vogtle in Georgia, the most recent addition to the commercial nuclear fleet in the US.  

X-energy also saw its IPO go well, and prices surged in trading after the initial offering. One interesting tidbit here—the company had previously planned to go public in 2023 but decided against it because of difficult market conditions.

The company is still years away from demonstrating its technology in a commercial project. 

You may recall a story I wrote last year about its effort to build nuclear reactors at the site of a Dow Chemical plant in Texas. The company recently received a key environmental approval for that project, though it’s still waiting for the final green light from the Nuclear Regulatory Commission to start construction.

Finally, Solv Energy builds solar and energy storage projects, mostly for utilities and independent power producers. Solar and batteries are some of the cheapest and easiest technologies to add to the grid, so this one could get a lot of capacity online, quickly. The company already has 21 gigawatts’ worth of projects operational across 35 states.

Many companies in the energy sector are pinning their hopes on the rapid growth in data center construction and operation. The AI boom has transformed the energy landscape, pushing electricity demand higher in a country where it’s been relatively flat for the last decade or so. Solv Energy mentioned data centers over a dozen times in documents filed with the Securities and Exchange Commission before its IPO. 

And Fervo and X-energy are particularly connected to the tech giants driving AI. Google has been a longtime investor in Fervo and also pioneered what it calls its clean transition tariff with the company. Amazon is a client of X-energy as well as an investor; it reportedly owns close to 20% of the company.

Fervo and X-energy are also in industries that occupy a political sweet spot. President Trump and his administration have gone after wind power and other renewables, cutting off existing support and slowing approvals for new projects. Meanwhile, geothermal and particularly nuclear power have kept favor with the federal government and enjoyed continued tax credits and grant funding.

If a few big leaders cash through these IPOs, it could help investors feel more confident about supporting the energy sector, even if that money is concentrated in later-stage ventures like these rather than earlier-stage companies. 

We could see other firms, particularly in nuclear and geothermal, attempt a similar route in the year ahead.

A key thing to watch here will be whether Fervo and X-energy in particular can succeed in scaling up and deploying their technology. If either of these companies stumbles or misses a timeline, it could have ripple effects for those hoping to follow in these very lucrative footsteps. 

This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here. 

It is one thing to say AI will change the world. It is another to expect the class of 2026 to applaud it. In fact, when former Google CEO Eric Schmidt told University of Arizona graduates that their task is to help shape AI, he was met with a resounding chorus of boos. “I can hear you,” he said, before conceding that fears about disappearing jobs and a broken future were “rational.”

This is not exactly the message one hopes to hear while sweating under a polyester gown and tallying student loan payments. Graduates have been jeering at AI pep talks at other commencements too, including ceremonies at the University of Central Florida and Middle Tennessee State University. Still, increasingly loud skepticism hasn’t stopped OpenAI from winning court cases, raising enormous sums of money, and launching new partnerships. And AI is even earning some unlikely cheerleaders: Reese Witherspoon has warned women to embrace it or be replaced by it.

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.

Stay on top of what’s going on in AI this summer

Here at MIT Technology Review, we understand exactly how relentless the pace of news from the world of artificial intelligence feels. New models and capabilities crop up as fast as we can cover them, and the ripple effects they send through tech and wider society are never far behind.

Our unique strength lies in cutting through the day-to-day noise to help you understand what’s really happening, and what lies around the corner.

That’s why we created our list of 10 Things That Matter in AI Right Now, unveiled at our flagship AI event EmTech AI a few weeks back (check the list out if you haven’t already!) And it’s why we publish so many stories dedicated to explaining how AI works, and what’s coming next. We also regularly run live subscriber-only Roundtables events—you can still catch up on last week’s session, where we explored how AI might enter the physical realm via world models.

Right now, there’s a 25% discount on subscriptions. Sign up now to deepen your understanding of AI this summer. You can also join the conversation by subscribing to The Algorithm, our free weekly newsletter all about the latest in AI.

MIT Technology Review Narrated: what’s next for IVF

IVF has brought millions of babies into the world over the last four decades. But the process can still be slow, painful, and expensive—and far from guaranteed to work. Now, a wave of new technologies aims to change that. 

Researchers are using AI to identify promising sperm and embryos, developing robotic systems that could automate parts of the IVF process, and even exploring controversial genetic editing techniques designed to prevent inherited disease.

The technologies could make IVF more effective and accessible. But they’re also raising difficult ethical questions about how far reproductive medicine should go.

—Jessica Hamzelou

This is our latest story to be turned into an MIT Technology Review Narrated podcast, which we publish each week on Spotify and Apple Podcasts. Just navigate to MIT Technology Review Narrated on either platform, and follow us to get all our new content as it’s released.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 NASA unveiled plans for three uncrewed missions to the Moon this year
They’re part of preparations for a crewed landing in 2028. (The Verge)
+ And steps to build the first lunar base at the Moon’s south pole. (NBC News)
+ Jeff Bezos’s Blue Origin will lead the first uncrewed mission. (WP $)
+ NASA is building the first nuclear reactor-powered spacecraft. (MIT Technology Review)

2 Samsung’s largest unions have approved a landmark bonus scheme
The deal averts a massive strike at the world’s largest memory-chip maker. (WSJ $)
+ Chip workers will get an average bonus of about $340,000. (Bloomberg $)
+ The dispute centered on who profits from the AI boom. (BI)
+ Resistance to AI is growing. (MIT Technology Review)

3 Elon Musk accused the Pentagon of misusing Starlink for drones
He says military use of the system violates SpaceX rules. (Ars Technica)
+ The DoD is disputing a Starlink price hike during the Iran war. (Reuters $)
+ Stratospheric internet could take off this year. (MIT Technology Review)

4 China has overhauled the world’s biggest surveillance network with AI
Beijing is pushing law enforcement towards predictive policing. (FT $)
+ Police use of smart glasses is also booming in China. (Gizmodo)
+ LLMs could supercharge mass surveillance. (MIT Technology Review)

5 Space Force is awarding SpaceX $2 billion for a military data network
It will connect military sensors and weapons platforms worldwide. (Reuters $)
+ The contract comes amid concerns about SpaceX’s AI business. (WSJ $)
+ Speculation is growing around a possible SpaceX-Tesla merger.  (CNBC)

6 Taiwan suspects Nvidia chips were smuggled to China via Japan
To circumvent US restrictions. (Bloomberg $)
+ Is China about to win the AI race? (MIT Technology Review)

7 Booming AI chip demand has created two new $1 trillion companies
South Korea’s SK Hynix and the US’ Micron have hit the landmark. (BBC)

8 AI has sparked a surge in demand for cybersecurity experts
Thanks to a glut of new code and alarm over powerful models. (NYT $)
+ AI is making online swindles easier. (MIT Technology Review)

9 Internet is coming back in Iran after a three-month blackout
Although it isn’t clear if the reconnection is permanent. (Wired $)

10 Physicists are rethinking the role of gravity in quantum mechanics
There’s a new theory for how our everyday world emerges. (New Scientist $)

Quote of the day

“AI and its capabilities represent something analogous to the Second Coming.” 

—Jeremy Nixon, the cofounder of AGI House and a former Google Brain researcher, tells the New York Times how Silicon Valley’s innovations could affect the pope.

One More Thing

Inside the experimental world of animal infrastructure

In the mid-2000s, toads were meeting a gruesome end near Ede, a leafy old town in the Netherlands. Residents responded by building wildlife tunnels beneath the road to help them reach their breeding ponds safely.

The crossings became popular. But a few years later, researchers found the local toad population had crashed from more than 10,000 to fewer than 1,000.

The case reflects a wider global push to build wildlife crossings and other forms of “animal infrastructure.” But do they actually help animal populations recover? Read the full story to find out.

—Matthew Ponsford

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.)

+ The votes for “International Mollusc of the Year” are finally in.
+ Track aircraft in real time across a gorgeous 3D digital globe using live flight data.
+ NASA’s Psyche spacecraft has delivered breathtaking new close-up images of Mars.
+ This deep dive into instant coffee reveals the extraordinary engineering effort behind making it vaguely drinkable.

Amid rapidly growing adoption of enterprise-level AI agents, there’s a disconnect emerging between ambition and execution. 

Although 85% of organizations say they want to be agentic within the next three years, 76% say their current operations and infrastructure can’t support that change. They cite a lack of readiness across people, processes, and workflows. 

The sticky tape problem

The challenge is that many organisations are often layering AI agents onto existing operations, rather than reimagine the operating model and how work will need to be rewired, explains Prasun Shah, global CTO for workforce consulting and chief AI officer at PwC UK Consulting. “They’re embedding AI employees into what is a human operating model,” layering on AI agents to existing workplace structures when “this is like adding sticky tapes to parts of an operating model that is breaking.”

Doing so may be preventing organizations from unlocking the full value agentic AI offers, creating circumstances where disillusionment can quickly creep in. That full value lies in agents’ capacity to execute entire workflows with limited human input. They can coordinate complex tasks, make independent decisions, adjust to changing conditions, and iterate performance. 

In early proving grounds that span customer service, HR, and sales, it’s already estimated that AI agents could accelerate business processes by as much as 30% to 50% and low-value work time by 25% to 40% when deployed at scale. But with this capability comes greater complexity and the need for an enterprise-wide change.

Growing the AI vocabulary 

Enterprise agentic AI platform Ema describes this change as agentic business transformation (ABT), a term it coined last year in partnership with HFS Research, in an attempt to plug what it sees as a gap in the existing lexicon about AI agents, and to provide enterprises with a new framework with which to think about their own adoption of the technology. 

“None of the existing vocabulary captures the full scope of the change,” explains Ema CEO and founder Surojit Chatterjee. “Digital transformation was about moving from paper to software. AI transformation was about adding artificial intelligence to existing processes. Co-pilot is about AI assisting in various human tasks. But ABT is something categorically different: It’s the integration of AI agents into the fabric of the organization.” 

For Shah, the dedicated term (ABT) “helps drive the need to redesign an organization in its entirety: its operating model, its workflows, decision rights, and performance management systems.” He emphasizes that “everything that’s needed to ensure those agents are actually active participants in value creation, rather than just point tools or productivity aids.”

According to Ema, ABT encompasses three core pillars: an organization’s technology stack, its workforce, and the metrics used for success. 

AI agents as connective tissue

The first pillar of ABT is the technology stack. “Your existing tech stack was designed for human-operated, application-centric workflows,” says Chatterjee. “It needs to be reconsidered when the actor is an AI agent operating at machine speed across multiple systems simultaneously.”

 As AI agents are integrated into an organization, enterprises will need to pivot from a set of linear processes and steps, to rewiring work in a very different way, explains Shah. That’s because the value in AI agents isn’t as another layer in an existing technology stack but as a connective tissue, he explains, moving between or across layers to coordinate a high-level task or retrieve and interpret data from multiple discrete applications. AI agents can create “a true competitive differentiation for an enterprise” by making decisions based on this capacity to contextualize, he says. “That is where the next battleground will be.”

To build this connective tissue, leaders need to adapt their technology stack to surface higher quality decisions from AI agents, prioritizing access to multiple datasets and applications simultaneously to develop tacit knowledge. “Organizations that make this architectural shift become genuinely more adaptive,” says Chatterjee. “When a new business requirement emerges, you don’t wait six months for a software vendor to build a feature. You configure an AI employee using natural language and connect it to the systems it needs. The time from business to production workflow drops from months to days.”

The workforce, redesigned

As AI agents are deployed for more use cases, enterprise leaders must consider what this means for dynamics across their workforce, the second pillar of ABT.

Workforce structures today deviate little from the hierarchical model of the early days of industrialization. To maximize efficiency and scale, processes are standardized, tasks are clearly delineated between strategic business units (SBUs), and employees progress up through an organization based on their capacity to optimize output from teams below them. But with AI agents that can execute, coordinate, and optimize tasks—often without managerial coordination—the lines of that established hierarchy become blurred.

In a workforce that blends AI agents and human employees, managers will be freed up from many execution-based tasks but take on new responsibilities associated with managing hybrid teams. Managers “will need to be able to manage issues around trust, explainability, psychological safety, and even status dynamics” to navigate new tensions that could arise in a hybrid workforce, says Shah.

The impact of agentic AI on existing workforce structures goes far beyond the management layer, too. McKinsey predicts that by 2030, three-quarters of current jobs will require redesign, upskilling, or redeployment, and organizations will need to act swiftly to amend recruitment, retention, and remuneration. 

From output to outcome

Success metrics are the third and final pillar of ABT. 

As AI agents assume greater ownership of core enterprise processes, taking on collaborative roles alongside human employees, traditional workforce metrics that focus on activity or output—such as calls handled or reports filed—no longer make sense. 

“When you add AI employees into the workforce, activity metrics become meaningless or actively misleading,” says Chatterjee. “An AI employee can handle a thousand customer interactions in the time it takes a human to handle ten. If you measure success by interactions handled, you’ll conclude the AI is working brilliantly while missing whether any of those interactions actually drove customer satisfaction, retention, or revenue.” To correct this, enterprises must develop a new set of metrics that focus on outcome rather than output. That is, metrics on the broader benefits or changes achieved, rather than individual deliverables. 

For example, when one of Ema’s large enterprise customers overhauled its own metrics, switching from tool metrics like cost per query and AI accuracy, to outcomes like the percentage of contracts reviewed without human escalation, the measured ROI from agentic AI tripled within two quarters. The changes meant “this customer stopped building point solutions in high-volume, low-complexity workflows and started deploying AI employees where the outcome value was highest,” says Chatterjee.

Integrating new metrics may also require a complete reconfiguration of reward and talent management processes, as well as accountability and ownership within organizations, points out Shah. In human-AI teams, for example, although ethical and fiduciary responsibilities will likely remain with human employees, operational accountability will become significantly more diffused to reflect the systemic role of AI agents.

This change will raise new questions that senior leadership teams will need to wrestle with, Shah adds. They’ll need to consider: Who is accountable when an AI employee makes a mistake? What happens when AI and humans disagree? What guardrails should be erected to safeguard customers? 

Laying the groundwork for systems-level change

Systems-level change is gradual. These are complex lines of inquiry that experts continue to grapple with. But in kickstarting internal dialogue about the core pillars of ABT—the workforce, the technology stack, and the metrics by which success can be gauged—leaders can lay the groundwork for an enterprise better poised to embrace AI agents at a systems level and start to close the gap between their ambition and execution. 

This content was produced by Insights, the custom content arm of MIT Technology Review. It was not written by MIT Technology Review’s editorial staff. It was researched, designed, and written by human writers, editors, analysts, and illustrators. This includes the writing of surveys and collection of data for surveys. AI tools that may have been used were limited to secondary production processes that passed thorough human review.

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.

A reality check on the AI jobs hysteria

Despite the growing hysteria over AI’s threat to white-collar jobs, there’s still scant evidence that the technology has had a large-scale impact on the labor market.

Analysis of US labor data shows that unemployment in occupations most exposed to AI is actually lower than in less-exposed jobs. There are also no signs that large numbers of workers are shifting from AI-threatened professions into supposedly safer manual-labor jobs.

It’s true that things aren’t great in the job market—but the question is why. Here’s what the data really says about AI and jobs.

—David Rotman

Opinion: It’s time to address the looming crisis in entry-level work

—Georgios Petropoulos, an assistant professor at the USC Marshall School of Business

AI has not yet produced mass unemployment. But it may be quietly weakening the first rung of the career ladder.

A recent Stanford study found that young workers in AI-exposed occupations suffered a sharp decline in employment after the spread of generative AI. The same pattern didn’t appear in low-exposure jobs, suggesting AI is replacing junior tasks that once gave young workers their first foothold.

It’s time to rethink how we train, prepare, and support young people entering the workforce. Read this op-ed on how job seekers, businesses, and society can adapt.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 The Pope has called for governments to regulate AI 
In his first major teaching document, Pope Leo said AI must be “disarmed.” (BBC)
+ He warned that AI fuels war and misinformation. (CNN)
+ But could also “open up a horizon extending in all directions.” (Engadget)
+ Anthropic cofounder Chris Olah also spoke at the event. (Reuters $)

2 SpaceX has launched its biggest and most powerful rocket
The Starship V3 made its test flight debut two days after Elon Musk announced SpaceX’s IPO.(Guardian)+ SpaceX pulled off the launch, but not the landing. (Ars Technica)
+ The rocket could be key to SpaceX’s valuation. (Fortune $)
+ But rivals to the company are rising. (MIT Technology Review)

3 Huawei says it can make industry-leading chips within five years
The Chinese tech giant announced a breakthrough in chip design. (Reuters $)
+ Its progress underscores Beijing’s push to neutralize US sanctions. (NBC)
+ Chinese chip stocks rallied after the announcement. (Bloomberg $)

4 A new vaccine may protect against the Ebola strain behind the current crisis
Tests have shown promising results for the mRNA vaccine. (New Scientist)
+ Another Ebola vaccine that could be ready for trials in months. (BBC)
+ But vaccines face a new problem: their name. (MIT Technology Review)

5 A swimmer broke a world record at the ‘Steroid Olympics’
Athletes at the Enhance Games were encouraged to take dope. (Wired $)
+ Silicon Valley elites have backed the competition. (WP $)
+ Which fits right into 2026’s longevity vibes. (MIT Technology Review)

6 The EU plans to fine Google a massive antitrust penalty
For allegedly favoring its own services in search results. (CNBC)
+ It would be the largest penalty for breaching the Digital Markets Act. (Reuters $) 

7 US quantum computing subsidies may not be legal
Congressional critics say the funding has been misused. (Ars Technica)

8 AI is minting new billionaires—and workers want their share
The Samsung labor showdown reflects global concerns. (Rest of World)

9 China has launched artificial human embryos into orbit
To find out whether we can reproduce beyond Earth. (Gizmodo)

10 Jony Ives has designed Ferrari’s first fully-electric car
The legendary Apple designer has created a polarizing aesthetic. (FT $) 

Quote of the day

“Technology is never neutral, because it takes on the characteristics of those who devise, finance, regulate, and use it.” 

—Pope Leo issues a warning about AI in his first encyclical letter, entitled ‘Magnifica humanitas: On Safeguarding the Human Person in the Time of Artificial Intelligence.”

One More Thing

How climate vulnerability and the digital divide are linked

In Anacostia, a historic African-American section of Washington, DC, Monica Sanders is measuring Wi-Fi speeds. It’s below the FCC’s minimum to qualify as a broadband service. She then checks the temperature: 46.9 °F.

Sanders, an adjunct professor of law at Georgetown University, frequently records this combination of weak internet access and environmental conditions. Her work shows how underinvestment in infrastructure can leave underserved communities more exposed to climate risks like extreme heat and flooding.

Discover how the digital divide is shaping climate vulnerability in the US.

—Colleen Hagerty

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.)

+ Here’s a joyful way to settle sibling squabbles: a mandatory dance-off.
+ Build the metropolis of your dreams in this browser-based city simulation game.
+ Watch this hypnotic tiny train move in a perfect, endless loop on a rotating turntable.
+ Take a nostalgic look at early computing history with this curated gallery of vintage punch cards.