The Download: climate tech goes public and the AI Hype Index returns

Climate tech companies Solv Energy, X-energy, and Fervo Energy have gone public in recent months, reaching valuations between $6 billion and $12.4 billion, driven by rising electricity demand from data centers. Illinois has passed what could become America’s strongest AI safety law, requiring third-party safety audits, though it still needs the governor’s approval.

The Download: climate tech goes public and the AI Hype Index returns Plus: Illinois just passed what could become America’s strongest AI safety law. This is today's edition of The Download https://forms.technologyreview.com/newsletters/briefing-the-download/? ga=2.179569122.736533416.1649661040-405833893.1649413289 , 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 https://www.technologyreview.com/2026/05/28/1138067/climate-tech-ipos/?utm source=the download&utm medium=email&utm campaign=the download.unpaid.engagement&utm term= %7CSUBCLASS%7C &utm content= %7CDATE:m-d-Y%7C . —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 https://www.technologyreview.com/2026/05/28/1138053/the-ai-hype-index-ai-gets-booed-in-graduation-season/?utm source=the download&utm medium=email&utm campaign=the download.unpaid.engagement&utm term= %7CSUBCLASS%7C &utm content= %7CDATE:m-d-Y%7C . 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 https://www.wired.com/story/illinois-pass-major-ai-safety-law-pritzker/ $ + But it still needs the governor’s approval. NBC News https://www.nbcnews.com/tech/tech-news/illinois-legislature-passes-historic-ai-bill-rcna347191 + The US is divided over AI regulation. MIT Technology Review https://www.technologyreview.com/2026/01/23/1131559/americas-coming-war-over-ai-regulation/?utm source=the download&utm medium=email&utm campaign=the download.unpaid.engagement&utm term= %7CSUBCLASS%7C &utm content= %7CDATE:m-d-Y%7C 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 https://www.bbc.co.uk/news/articles/c052yv259jvo?at medium=RSS&at campaign=rss + And used internal data to rack up more than $1.2 million in winnings. Verge https://www.theverge.com/tech/938635/google-polymarket-insider-trading-prediction-market-bets + He’s been charged with fraud and money laundering over the bets. NPR https://www.npr.org/2026/05/27/nx-s1-5836659/google-polymarket-insider-trading-doj-charges 3 ByteDance is developing custom CPUs amid a massive AI chip squeeze The TikTok owner is struggling with severe supply shortages. Reuters https://www.reuters.com/world/china/bytedance-developing-custom-cpu-chips-support-ai-rollout-sources-say-2026-05-28/ $ + Google, Amazon, and Microsoft are also building custom CPUs. CNBC https://www.cnbc.com/2025/11/21/nvidia-gpus-google-tpus-aws-trainium-comparing-the-top-ai-chips.html + Taiwan’s “silicon shield” could be weakening. MIT Technology Review https://www.technologyreview.com/2025/08/15/1121358/taiwan-silicon-shield-tsmc-china-chip-manufacturing/?utm source=the download&utm medium=email&utm campaign=the download.unpaid.engagement&utm term= %7CSUBCLASS%7C &utm content= %7CDATE:m-d-Y%7C 4 Four tech giants have backed a clean energy push for AI data centers Amazon, Google, Meta, and Microsoft have joined the initiative. Quartz https://qz.com/amazon-google-meta-microsoft-data-center-cleantech-initiative-052726 + 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 https://www.ft.com/content/1c567fe9-6df9-4313-902c-c8c65782c19e?syn-25a6b1a6=1 $ + President Xi is an alumnus of Tsinghua, aka "China's Harvard.” Reuters https://www.reuters.com/world/asia-pacific/nvidia-chief-jensen-huang-join-board-beijings-tsinghua-university-ft-reports-2026-05-28/ $ 6 The Trump administration is in talks to fund drone firms One of which counts Donald Trump Jr. as a shareholder. WSJ https://www.wsj.com/politics/national-security/trump-us-drone-company-funding-cadef1f7?mod=tech lead pos1 $ + Drone dominance has been described as a "presidential priority." Reuters https://www.reuters.com/world/trump-administration-talks-fund-us-drone-companies-wsj-reports-2026-05-28/ $ 7 London has reclaimed its position as Europe's leading tech hub It’s overtaken Paris in new global rankings. Euronews https://www.euronews.com/my-europe/2026/05/28/small-but-mighty-the-tiny-tech-hubs-driving-europe-up-global-tech-rankings + And now sits fourth, behind the Bay Area, New York and Boston. Reuters https://www.reuters.com/world/uk/london-reclaims-top-european-tech-spot-paris-dealroom-says-2026-05-27/ $ 8 OpenAI and Anthropic disagree over AI’s impact on jobs Anthropic is emphasizing the risks, while OpenAI is sounding rosier. Axios https://www.axios.com/2026/05/27/ai-hype-doom-openai-anthropic + The AI jobs hysteria needs a reality check. MIT Technology Review https://www.technologyreview.com/2026/05/26/1137855/a-reality-check-on-the-ai-jobs-hysteria/?utm source=the download&utm medium=email&utm campaign=the download.unpaid.engagement&utm term= %7CSUBCLASS%7C &utm content= %7CDATE:m-d-Y%7C 9 Researchers claim to have achieved perfect randomness for the first time Thanks to entangled quantum chips. Interesting Engineering https://interestingengineering.com/science/eth-zurich-perfect-quantum-randomness + The milestone could lead to better cybersecurity. Scientific American https://www.scientificamerican.com/article/a-quantum-computing-systems-perfect-randomness-could-keep-your-secrets-safe/ 10 Embryo organoids are showing why many pregnancies fail They’ve led to improvements in IVF and pregnancy treatments. New Scientist https://www.newscientist.com/article/2527224-embryos-made-without-sperm-or-eggs-reveal-why-many-pregnancies-fail/ $ + New tech is transforming reproductive medicine. MIT Technology Review https://www.technologyreview.com/2026/05/07/1136946/whats-next-for-ivf-ai-robot-pgt-gene-editing/?utm source=the download&utm medium=email&utm campaign=the download.unpaid.engagement&utm term= %7CSUBCLASS%7C &utm content= %7CDATE:m-d-Y%7C 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 https://www.wsj.com/tech/ai/big-subsidies-for-google-limited-water-for-locals-the-dilemma-of-ai-in-india-105a770e?mod=tech lead story her concerns about Google building data centers in her city. One More Thing Why venture capital doesn’t build the things we really need 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 https://www.technologyreview.com/2020/06/17/1003318/why-venture-capital-doesnt-build-the-things-we-really-need/?utm source=the download&utm medium=email&utm campaign=the download.unpaid.engagement&utm term= %7CSUBCLASS%7C &utm content= %7CDATE:m-d-Y%7C . —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 https://moviereleaseradar.com/ . + These quirky word puzzles https://playlin.io/game/hexes/ use emoji hints to help you find answers. + The digital museum of plugs and sockets https://plugsocketmuseum.nl/Overview.html is a treasure trove of global connectors. + Michael Jackson’s “Smooth Criminal” becomes a Bach-style fugue played on classical guitar https://www.youtube.com/watch?v=aKwXT33dVzY . Deep Dive The Download The Download: DeepSeek’s latest AI breakthrough, and the race to build world models Plus: China has blocked Meta’s $2 billion acquisition of AI startup Manus. The Download: introducing the 10 Things That Matter in AI Right Now Plus: An unauthorized group has reportedly accessed Anthropic’s Mythos. The Download: supercharged scams and studying AI healthcare Plus: DeepSeek has unveiled its long-awaited new AI model. The Download: inside the Musk v. Altman trial, and AI for democracy Plus: the Pentagon has struck sweeping AI deals for classified work. Stay connected Get the latest updates from MIT Technology Review Discover special offers, top stories, upcoming events, and more.