In the news: Nvidia teams with Lucid on autonomous tech for future cars and factories. Lucid Group, based in Newark, CA, makes electric vehicles and powertrain tech. #EVs #Lucid
SpaceX has begun trading in a historic IPO, valued at about $1.97 trillion, triggering a wave of investor interest in AI-focused companies like Anthropic and OpenAI. Analysts warn the high multiple relative to sales signals a potential market-concentration risk as new supply floods the tech sector.
Lucid Group has cut about 18% of its U.S. workforce, eliminates the COO position, and expects annual cost savings of roughly $158 million as it shifts to a streamlined structure under new CEO Silvio Napoli.