Inside Daily Brief

For July 15, 2023

Hey Insiders,

Today we are looking at the new AI company, xAI, the economic loss share of global climate disasters, and Xi's call for a "solid" security barrier.

Scroll down for some quick hits, and let us know what other content you'd like to see in future issues.

Happy reading.

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With a net worth of approximately $250.4B, Elon Musk has expanded his tech empire by introducing a new AI company, xAI. The company, which aims to "understand the true nature of the universe," was unveiled four months after Musk registered X.AI as a domestic corporation in Las Vegas.

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Musk's other ventures include Twitter, which he purchased for $44B and ran as CEO for seven months.
His tenure at Tesla has spanned nearly 15 years, during which the company produced its 4 millionth vehicle in early March 2023.
SpaceX, founded by Musk in 2002, has completed 245 rocket launches and has contracts with NASA, including a $2.9B one for a lunar lander.
Neuralink, another of Musk's ventures, received FDA approval in May to pursue its "first-in-human" clinical study.
The Boring Company, aiming to reduce traffic and "transform" cities, has completed several projects, including the Las Vegas Convention Center Loop and a hyperloop test track.

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Musk's wealth has been a topic of debate, with some arguing that billionaires like him should pay more taxes; a ProPublica report revealed that Musk paid a true tax rate of only 3.27% from 2014 to 2018.

What the numbers say: Between 1970 and 2021, climate-related disasters resulted in economic losses of around $4.3T, with tropical cyclones responsible for the highest portion of losses at 38%, closely followed by floods which accounted for 32%.

Relevance: According to professional services firm Aon's 2023 Weather, Climate, and Catastrophe Insight, economic losses from hurricanes increased to $340 billion in 2022, with Hurricane Ian responsible for 30 percent of this global loss.

Chinese President Xi Jinping has called for a "solid" security barrier around China's internet under the Communist Party's supervision, emphasizing the importance of data and information security. This move is part of Xi's broader security strategy, which includes politics, the economy, the environment, and cyberspace.

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Xi's instructions were delivered at a two-day cybersecurity meeting in Beijing.
In 2015, China passed a national security law that included cyberspace, followed by a law in 2016 requiring security reviews and data to be stored on servers in China.
In 2021, China implemented regulations around critical information infrastructure.
This year, anti-espionage legislation was updated to ban the transfer of information related to national security and broaden the definition of spying.
Navigating China's complex network of rules and laws on online data and information poses risks for companies.

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Earlier this year, Microsoft said state-backed Chinese hackers had targeted U.S. critical infrastructure.
In the past decade, preserving security has been a priority for Xi, with his concept of security covering a wide range of areas.

A significant "bonebed" of dinosaur fossils, including those of dinosaurs and stingrays over 100 million years old, has been discovered in a Maryland park, marking what could be the most extensive discovery of diverse species fossils on the East Coast. This includes a 3-foot-long shin bone from a theropod, a dinosaur family branch that includes carnivorous dinosaurs like the Tyrannosaurus rex.

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The discovery was made in April by a group of paleontologists and volunteers with the Department of Parks and Recreation in Prince George's County, Maryland.
The fossils found are believed to be more than 100 million years old.
The discovery includes a variety of species, making it one of the most diverse fossil finds on the East Coast.
Among the fossils was a 3-foot-long shin bone identified as belonging to a theropod.
Theropods are a branch of the dinosaur family that includes carnivorous dinosaurs such as the Tyrannosaurus rex.

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This discovery adds to the growing body of evidence that the East Coast of the U.S. was once a thriving habitat for various dinosaur species.

Russia is investigating whether a North Korean missile test ended in its territorial waters in the Sea of Japan. The missile in question is believed to be the Hwasong-18, the most powerful missile technology North Korea has developed.

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Deputy Foreign Minister Andrey Rudenko stated that the Russian government is checking the missile's landing position.
The missile was launched by North Korea and traveled over 600 miles east, landing in the Sea of Japan, according to South Korean and Japanese assessments.
World leaders from South Korea, Japan, the U.S., and the G7 denounced the launch.
The Hwasong-18 missile flew for 74 minutes, a record for a North Korean test.
The missile uses solid fuel boosters instead of liquid, which could make them easier to transport and more reliable.
The test came after North Korea alleged a U.S. spy plane flew over its waters, a claim the U.S. has denied.

Record heat is forecast worldwide, from the U.S. to Europe and Japan, as a clear manifestation of the escalating threat from global warming. Parts of eastern Japan are expected to reach 38 to 39C (100 to 102F), potentially breaking previous records.

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Italy is preparing for "the most intense heat wave of the summer and also one of the most intense of all time," with temperatures likely to hit 40C (104F) in Rome and even 43C (109F) on Tuesday, breaking the record 40.5C (104.9F) set in August 2007.
The islands of Sicily and Sardinia could experience temperatures as high as 48C (118F), potentially the hottest ever recorded in Europe.
Regions of France, Germany, Spain, and Poland are also experiencing extreme temperatures.
In the U.S., a powerful heat wave stretches from California to Texas, with Arizona, one of the hardest-hit states, recording its 15th straight day above 43C (109F).
In the Middle East, water-scarce Jordan was forced to dump 214 tonnes of water on a wildfire that broke out in the Ajloun forest in the north amid a heat wave.

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A study published in Nature Climate Change suggests that without major reductions in greenhouse gas emissions, heat waves could increase dramatically, affecting billions worldwide.

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Unseeded Marketa Vondrousova of the Czech Republic rallied from a 4-2 deficit in the first set against No. 6 Ons Jabeur of Tunisia to win the Wimbledon women's championship, 6-4, 6-4, Saturday morning.
Thousands are stranded in Italy and Belgium as strikes ground flights.
Israeli Prime Minister Benjamin Netanyahu was hospitalized Saturday with suspected dehydration amid an oppressive heat wave in Israel.
Four people were killed in a mass shooting in Hampton, Georgia, late Saturday morning.
Tesla has finally built its first Cybertruck at Gigafactory Texas.
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