Business
US venture capital investment is increasingly going to AI
About half of all US VC investment went to AI companies last quarter.

Watch AI eat the VC world in one chart

Nearly half of US venture capital investment went to AI companies last quarter

Rani Molla

The share of artificial intelligence venture capital investments in the US has tripled in the last few years, according to data from PitchBook’s Venture Monitor Report that published last week. At $27 billion last quarter, investment in AI and machine learning startups made up nearly half of all investment, up from 15% in 2017.

That’s as venture capital investment overall, which peaked in 2021, has been on the decline in recent years.

But this year, thanks in part to interest in AI and the general hype around the technology, VC spending might get out of its funk. Overall spending is on pace to reach $187 billion in the US in 2024, up about 12 percent from last year.

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Archer Aviation announced its new agreement with Anduril after the market closed on Monday.

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Ford partners with Amazon to sell its used vehicles online

Beginning today, many Amazon shoppers can add a pre-owned Ford to cart.

The partnership, announced by the two companies on Monday, will begin in Los Angeles, Dallas, and Seattle, with plans to expand.

According to Ford, every vehicle sold through Amazon will have been “inspected, reconditioned, and comes with a Ford warranty, Ford Rewards points, and in some cases, a money-back guarantee.”

Shares of used car retailers Carvana and CarMax dipped in early trading on the news. Similar patterns occurred when Amazon Autos announced a partnership with Hyundai late last year, and another with rental giant Hertz in August.

You can now buy pre-owned Ford vehicles on Amazon

You can now buy pre-owned Ford vehicles on Amazon

According to Ford, every vehicle sold through Amazon will have been “inspected, reconditioned, and comes with a Ford warranty, Ford Rewards points, and in some cases, a money-back guarantee.”

Shares of used car retailers Carvana and CarMax dipped in early trading on the news. Similar patterns occurred when Amazon Autos announced a partnership with Hyundai late last year, and another with rental giant Hertz in August.

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Walmart falls after CEO of more than a decade steps down

Walmart’s stock fell as low as 3% this morning in premarket trading on news that its longtime CEO, Doug McMillon, who helped the company beef up its e-commerce segment against Amazon, will be stepping down.

While Walmart’s sales came in above expectations last quarter, it missed on quarterly earnings. It’s also facing an increasingly dominant Amazon, which is pushing further into Walmart’s territory with same-day grocery delivery in more than 1,000 cities and towns in the US, with plans to expand to 2,300 by the end of the year.

And unlike Walmart, Amazon, in addition to e-commerce and physical stores, has a number of other, much higher-income revenue streams — most notably its fast-growing cloud business, AWS. Earlier this year, Amazon nudged ahead of Walmart in overall revenue, and is expected to continue to build on that lead when Walmart reports Q3 earnings next week.

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