• The startup taking direct aim at Nvidia’s AI iron grip

    Modular cofounder and CEO Chris Lattner
    Modular cofounder and CEO Chris Lattner

    • Modular aims to break Nvidia's dominance in AI chips with a new portable software stack.
    • The startup's platform lets AI models run on different GPUs, not just Nvidia's.
    • Modular CEO Chris Lattner helped bring Google TPUs to market, with cofounder Tim Davis.

    In Silicon Valley, where bold technical bets abound, few bets look bolder than trying to break the grip of Nvidia's CUDA, a software stack that's quietly become the operating system of the AI boom.

    That's what Modular, a startup founded by software gurus from Apple and Google, is trying to do.

    Cofounders Chris Lattner and Tim Davis have spent decades building the software plumbing that sits beneath the modern tech industry. Lattner is famous for creating Apple's Swift programming language. He also built the software underpinning Google's TPU AI chips, with Modular cofounder Tim Davis.

    They're now aiming that expertise at CUDA itself. The attempt borders on madness, but it's the kind of audacious project that could transform the AI industry.

    "It's seen by a lot of people as somewhat crazy," said Kylan Gibbs, CEO of startup Inworld AI and a former product manager at Google DeepMind. "That's where Chris has the advantage: He's smart enough to actually know how to do it, and somewhat crazy enough to set out to do it."

    CUDA entrenched. Competition fragmented.

    CUDA began life almost 20 years ago as a way to make graphics chips programmable. Today, it has grown into a multilayered software ecosystem — language, libraries, compilers, inference systems — that most AI companies rely on.

    That success comes at a cost: Most of the industry is now optimized around a single vendor's hardware. CUDA binds AI workloads to Nvidia GPUs. That is great for Nvidia, but deeply limiting for everyone else.

    On the surface, there seems to be a ton of competition: AMD sells GPUs. Google has TPUs. Amazon created Trainium AI chips, and a host of startups are building similar hardware.

    The problem is that each chip comes with its own software stack optimized just for that component. That means an endless reinvention of the wheel. Most of the time, it's simpler to just stick with CUDA — and Nvidia's GPUs.

    And yet, AI developers crave portability: Being able to use any combination of GPUs from multiple providers without juggling different software stacks.

    "Nobody is building portable stuff, because why would anyone work on software for more than one chip when the chip projects themselves are doing the software?" Lattner, Modular's CEO, told me in an interview.

    Nvidia could extend CUDA to run well on rival AI chips. But doing so would undermine Nvidia's greatest moat: the closed-loop bond between its software and its chips. "Obviously, they don't want portability," he said.

    Paradox = opportunity

    Modular cofounder and CEO Chris Lattner (left) on stage with Tim Davis (right), president and cofounder of the startup
    Modular cofounder and CEO Chris Lattner (left) on stage with Tim Davis (right), president and cofounder of the startup

    For Lattner, this paradox presents a big opportunity.

    "We realized there's nobody in the industry that's actually incentivized to do this. It's very expensive, very hard," he said. "And at the same time, everybody wants it."

    That's what inspired Lattner and Davis to leave Google and start Modular in 2022, the year ChatGPT took the world by storm.

    Since then, Modular has raised $380 million from investors including Greylock, General Catalyst, and GV, Google's venture capital arm. The latest financing in September valued the startup at $1.6 billion. Modular isn't the only effort to break the CUDA lock-in. There has been ZLUDA, an open-source project that was funded by AMD, and more recently, the startup Spectral Compute, which has raised $6 million.

    Lattner has used some of this money to hire talented programmers from Google, Apple, and other tech companies. They spent three years working in relative obscurity to create the building blocks of a new AI software stack.

    The new AI software stack

    The foundation starts with a brand-new programming language, called Mojo, that offers deep controls for making AI chips run as efficiently as possible.

    Modular designed this to work similarly to Python, a popular and easy-to-use programming language. But Mojo also has the speed and power of other, more complex languages, such as C++, that are essential for AI development. Mojo also works well with PyTorch, an open-source framework that is often used when building AI models and applications.

    I first heard about Modular earlier this year when interviewing Carles Gelada, a former OpenAI researcher. "There are several interesting projects to create GPU-agnostic frameworks and platforms, and challenge CUDA," he said at the time. "Mojo is the most interesting one."

    MAX is the next major layer of Modular's new software stack. It powers AI inference, which is how models are run. This part of the system works with Nvidia GPUs, AMD GPUs, and similar chips from Apple. Modular hopes to add more AI chips in the future.

    On top of that is another layer called Mammoth, which helps AI developers manage GPU clusters.

    In late September, Modular announced that it got top performance out of Nvidia's new Blackwell B200 GPUs and AMD's latest MI355X GPUs — crucially on the same software platform.

    Lattner said Modular got these AMD GPUs to perform roughly 50% better than when these chips run on AMD's own software.

    More importantly, the ability to run different GPUs on the same software stack now supports the tantalizing opportunity to compare Nvidia's offerings with rival AI chips on a more level playing field.

    "The obvious question is: can MI355X compete with Blackwell?" Modular wrote in a blog announcing the results. "Early signs point to yes."

    A customer test

    Gibbs, the CEO of Inworld AI, has been putting Modular's software through its paces in the real world.

    Inworld builds high-speed, real-time conversational AI technology that supports offerings from big companies, including Disney, NBCUniversal, and Niantic Labs.

    Earlier this year, when the startup designed a new text-to-speech AI model and got early access to Nvidia B200 GPUs, they issued Modular a challenge: Cut our costs by 60% and reduce our latency by 40% and we'll work with you.

    "Within about four weeks, we were able to get this incredible performance," said Gibbs, who signed a partnership deal with Modular soon after. "I've bet with my wallet."

    While Inworld was mostly lured by Modular's performance gains on Nvidia's latest GPUs, Gibbs likes the flexibility of using different AI chips more easily in the future, if needed.

    "The promise is that we'd be able to move to new hardware," he said. "Let's say AMD takes off, let's say TPUs take off for Google, or there could be other new hardware that comes online. So it's nice to have that optionality."

    'Nvidia doesn't have to die'

    In fact, Google's TPUs are suddenly having a moment. The internet giant released a new AI model called Gemini 3 to rave reviews recently. That was trained and run using TPUs, and some other AI companies have signed deals to use these chips instead of, or alongside of, Nvidia GPUs.

    That's put Nvidia on the defensive. A project like Modular, with its promise of portability across different AI hardware, adds to this pressure.

    "Nvidia could kill this in a day," said Gibbs of the Modular project. "Nvidia could basically say, 'okay, we don't really care that you run just on Nvidia hardware. Here's a CUDA option that runs on AMD GPUs as well.' It'd be a bit crazy for them to do that, but it's something they could do and that would of course be somewhat bad."

    For all Lattner's critique of the industry, he says Modular is not trying to kill Nvidia. In fact, he argues that Nvidia will continue to thrive, even if Modular succeeds spectacularly.

    "We're trying to build something like Android, but for AI hardware," he told me, referring to Google's mobile operating system that powers most of the world's smartphones.

    Despite billions of people using Android devices, this success didn't kill iOS, Apple's mobile operating system. iPhones still rule in the US, for example.

    Lattner thinks something similar will happen in AI as Modular's software makes other hardware more competitive, giving developers more freedom, and chipping away at the industry's single-vendor monoculture.

    "So Nvidia doesn't have to die, but we do want more competition. We do want more innovation," he said. "I think that's good for the world."

    Sign up for BI's Tech Memo newsletter here. Reach out to me via email at abarr@businessinsider.com.

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  • How a lesser-known Swedish private equity giant plans to win over US retail investors

    Peter Aliprantis, US head of Private Wealth for EQT
    Peter Aliprantis, US head of private wealth for EQT

    • EQT is the world's second-largest private equity firm, but it's not a household name in the US.
    • Peter Aliprantis, EQT's US private wealth head, aims to change that and attract affluent investors.
    • He walked BI through the firm's plans to win over retail investors and why it's grown so much.

    EQT is one of the largest private equity investors in the world — yet most wealthy Americans have barely heard of it. That's the uphill battle facing Peter Aliprantis, the Swedish firm's head of private wealth in the Americas, as EQT tries to pitch in a market dominated by Wall Street brands with plenty of CNBC airtime.

    "Most people in the United States are not familiar with us, and the way we say it, we're the best-kept secret," Aliprantis told Business Insider.

    Private Equity International ranked the firm as the second-largest private equity firm, with $312 billion of assets under management. It raised more than $113 billion in third-party private equity capital from 2020 to the end of 2024, putting it ahead of Blackstone, and just behind KKR so far this decade.

    Like many of its competitors, it's turning to private wealth as the newest source of growth. The industry's change of fundraising focus comes as private equity firms are slow to return cash to investors, and over-allocation among institutional investors means that institutional funding is slowing.

    But the same reasons that the firm isn't as well-known in America are actually an advantage, Aliprantis said.

    In a world where debt-heavy buyouts are proving more difficult and an increasingly concentrated American private market is pushing some to invest internationally, a global industrialist approach can be attractive.

    EQT has returned capital at a normal pace, with $23 billion in distributions for the year ending June 2025. The firm has also been building a private wealth business for the past four years, which accounts for 10% of its current assets. The firm has a goal to reach between 15-20% during its current $100 billion fundraising cycle, according to its second-quarter report.

    Aliprantis walked Business Insider through the firm's pitch to financial advisors and private wealth distribution networks, explaining why its global reach is a significant advantage in 2025.

    The key for EQT, Aliprantis said, is for the firm to offer individual investors the "exact same deals" it gives institutional investors.

    EQT's industrialist, international advantage

    EQT was founded in 1994 as a spin-off from industrial holding company Investor AB, but the firm's history stretches back to Sweden's Wallenberg family. The Wallenbergs, called the "Rockefellers of Europe," have created an empire of business holdings including massive stakes in Sweden's biggest firms, like ABB, AstraZeneca, or Saab.

    "The Wallenberg family has a 160-year heritage of owning and developing companies," Aliprantis said. "We're not financial engineers. We don't add a lot of leverage to what we do, and we're very, very different from what a lot of our peers on Wall Street are doing."

    Aliprantis's comments echo a larger change in the industry, which is running out of easy money-making deals and cheap financing and now has to extract returns by actually building stronger companies.

    But the firm's biggest advantage, Aliprantis said, is its global nature.

    Only 35% of its assets are based in North America, and the firm has 26 global offices where its deal teams invest in local private equity, infrastructure, and real estate deals.

    "A lot of our colleagues based in New York will fly deal team partners over to different places around the world to do the deal and then get on a plan and fly home," Aliprantis said. "Our deal teams are pretty much based in the locations where they do deals."

    This means the firm "gets the call" when local companies are looking to sell, and keeps them from larger "bake-offs" where the price might be bid-up.

    This has also meant the firm can continue to provide distributions to its clients even if the market is slow in one locale.

    "If you're a US-based domicile private markets firm that has 70 to 80% of your assets in the US, guess what? If the US IPO market is slowing, you're going to have a problem exiting," Aliprantis said.

    "Here in the US, it's always been too much money chasing too few deals. You know what? That's a US thing," Aliprantis said." If you go to Europe and you go to Asia, it's the opposite."

    For example, Bain estimates there's about $480 billion in dry powder for European private funds, including venture capital, compared to Pitchbook's $914.5 billion for US-focused private equity firms, not including VC. Apollo's Marc Rowan also recently told the Wall Street Journal that as an industry, they find themselves short ideas rather than capital.

    Aliprantis said investors' biggest reason to diversify away from the US market is its concentrated bet on AI.

    "Their concern is that the Mag Seven is roughly 37% of the S&P right now, and valuations are stretched," Aliprantis said. "Is AI really going to work? Is it not? How additive is it going to be to the bottom line? We don't know."

    How to keep retail investors happy

    Across the spectrum, Aliprantis said, the "biggest concern" is that retail investors are getting a set of less attractive deals, while institutional investors are getting a "separate set of deals."

    Aliprantis said that the firm's six evergreen vehicles are composed of the "exact same deals" that its institutional clients invest in.

    The key to doing that, and to being a responsible investor or retail capital, is "size and scale," Aliprantis said.

    Size also helps with the balance sheet necessary to launch a private wealth business. It can cost millions of dollars to hire the necessary staff to start selling to financial advisors and other wealth management channels before any revenue is returned to investors.

    EQT was able to use its balance sheet, as a public company in Sweden, to build its private wealth team and now has 70 private wealth professionals globally, with 20 based in the US.

    That's not to say that smaller funds won't succeed, but it will be much harder, Aliprantis said. With so many investors competing for retail capital, consolidation is inevitable.

    "The race is on in the industry right now," Aliprantis said.

    Read the original article on Business Insider
  • Pay cuts, poaching, and pivoting: Inside Scale AI after Meta

    Collage featuring, Mark Zuckerberg and Alexandr Wang

    This summer, after Meta made a $14 billion investment in Scale AI and poached its 28-year-old founder, Alexandr Wang, and after A-list clients like OpenAI and Google halted work with the startup, a worker for Scale AI anxiously asked ChatGPT what it thought of his company's fate. He knew the chatbot well, having tested it for vulnerabilities. Its prognosis was grim.

    "Scale AI will no longer exist as a credible independent entity within 24 months," ChatGPT, which isn't any kind of official authority, wrote. "Its infrastructure will be repurposed for Meta's internal needs. Its client base will evaporate. Its role as a neutral red teamer or external evaluator is effectively over."

    The contractor shared the chat logs with fellow workers at Scale AI. In one reply reviewed by Business Insider, one worker said that they were already on their way out, describing the startup as a ticking time bomb.

    The chatbot was drawing from a storm of headlines about Scale AI, which until this summer had been touted as one of the most ascendant startups in tech — the place Big Tech companies vying for AI supremacy went to when they wanted their chatbots stress-tested and perfected. Lately, it's lost some of its gleam, with investors significantly lowering valuations, workers sniping about pay, and rivals coming for its clientele.

    The vast army of human data labelers that made Scale AI a juggernaut are chafing at what they say are pay cuts, lengthy unpaid onboarding sessions to join new AI projects, and thinning workloads — and are increasingly leaving the platform altogether, according to interviews with five current and former contractors and internal correspondence obtained by Business Insider.

    Activity in the main internal chatroom for Outlier — Scale AI's flagship gig work platform, which touts more than 100,000 taskers — has plummeted since the Meta investment, with weekly discussion threads drawing dozens instead of the usual hundreds of replies, according to screenshots reviewed by Business Insider.

    One tasker said that they'd spent close to 40 hours in a single month in unpaid onboarding sessions without landing any actual work, noting that other platforms like Scale AI's rival Mercor do pay for this kind of work. Elizabeth Boyd, another tasker, says she rarely does work for Outlier anymore after seeing effective pay rates for some projects slashed to around $20 an hour — down from the $50 she used to make. One gig that advertised $20 an hour only allowed three minutes of working time every two days, or a 99-cent payout, according to screenshots obtained by Business Insider.

    Joe Osborne, a Scale AI spokesperson, says the balance sheets show the company is on the right path. "This quarter is on track to be our biggest of 2025, our data business is more profitable today than it was before the Meta deal, and our applications business, which includes work with Fortune 500 companies and governments, has doubled revenue" in the second half of the year compared to the first, Osborne wrote in an email. He also noted there has been an increase in active users on Outlier since the Meta deal, and that pay rates are based on the skills for each project and contributors always see the rates upfront, and have the option of declining any gig.

    The company is also looking to diversify. The startup has embraced fields like robotics, announcing a new lab to meet booming demand for robot training data this fall. It's doubling down on its US military and other government work, winning up to $199 million worth of defense contracts since the Meta deal.

    Some investors are bullish. In one current investor's view, Meta has mostly left Scale alone, letting it operate as an independent company. With around $1 billion on the balance sheet, the investor added, there are no plans to fundraise. And an IPO could still be on the table at some point.

    Other investors see Scale AI as more like a gutted fish. The Meta investment — which valued Scale AI at $29 billion — has dented Scale AI's valuation in private markets where people buy and sell equity from pre-IPO startups. Noel Moldvai, Augment's CEO, tells Business Insider his platform used to process millions of dollars' worth of transactions in Scale AI stock before the Meta deal, but that dried up as sellers waited to see if the startup rebounded. Activity is picking up again, he said, but at lower valuations of around $15 billion to $9 billion. The underlying message of Meta's semi-acquisition is clear to Moldvai. "It seems like Meta was just after Alexandr Wang, and so this is probably the structure that let them get him," he says. He adds that Scale AI's valuation could still bounce back.

    On another marketplace, Caplight, Scale's valuation has dropped to $7.3 billion. Osborne says that the valuation is not accurate because there have been no sales of stock at that price and multiples of comparable companies would yield a higher valuation.

    If the company doesn't pull it off, it could become the latest example of a once-promising startup that morphed into a "zombie" after being invested in by a tech giant.


    This summer, Scale AI painted a rosy picture of the Meta investment, describing it as a major cash infusion and source of future work in its official statement at the time of the deal. That messaging was also conveyed to the startup's corporate workforce, says another former member of Scale AI's red team, which tests chatbots for flaws and vulnerabilities. Just a few weeks after the investment, he was laid off as part of a major downsizing that saw 14% of Scale AI's full-time staff of 1,400 let go.

    Osborne said the layoffs were aimed at making the data division profitable, which it now is.

    Those weren't the only cuts. In September, Scale AI terminated 12 contractors on its red team, citing performance issues. Two ex-red teamers told Business Insider that the team's work had been drying up since the Meta deal, blaming thinning workloads for the cuts. Later that month, Scale AI shuttered a team in Dallas of contractors focused on generalist AI work as it moved towards more specialized fields.

    Osborne said the 12 contractors were part of Scale's temporary workforce and represented a small fraction of its overall red team, which the company is still committed to investing in. He said the Dallas cuts were part of an industry shift towards higher skilled work and represent a small fraction of its overall workforce.

    Meanwhile, a swarm of AI training startups has rushed in to poach Scale AI's workers and clients. Some are now raising capital at soaring valuations. Surge AI hit a valuation of $24 billion while Mercor, which is run by three 22-year-olds, announced in October it had raised $350 million at a $10 billion valuation.

    Mercor has won at least one major AI training project from Meta, Scale AI's 49% shareholder. In September, Scale AI filed a lawsuit in California against Mercor alleging it hired one of its sales employees to poach its biggest customers, allegations Mercor denies.

    Spam and low quality data became accepted as a cost of doing business.Tammy Hartline, a former Scale AI consultant who now works at Mercor.

    One Scale AI investor said he'd been frustrated with Scale AI's leadership losing customers to Surge AI in particular, which reportedly brought in more revenue than Scale in 2024, despite never having raised outside funding. (Scale AI had raised more than $1.5 billion before the Meta deal.)

    Brendan Foody, Mercor's CEO, has publicly criticized Scale AI for what he claims are low pay rates and data quality issues. "Scale lost the focus on product, on scaling quality," Foody said in a September podcast appearance. In response, a Scale AI spokesperson told Business Insider its quality metrics are at "record highs."

    It's not just rival CEOs making that point. Tammy Hartline, who managed projects for Scale AI as a consultant until the summer of 2025, said Scale grew so quickly that the work became more about needing bodies than skills. "Spam and low quality data became accepted as a cost of doing business," she said. Hartline joined Mercor in September.

    Scale AI has also been beset with security issues that predate Meta's investment. In June, Business Insider reported that Scale AI routinely used public Google Docs to track work for high-profile customers, including Google, Meta, and xAI. That practice left AI training documents labeled "confidential" accessible to anyone with the link and exposed reams of personal information, like private emails and pay details, about contractors. "We take data security seriously," Osborne said. "We conducted a thorough investigation and disabled any user's ability to publicly share documents from Scale managed systems."

    Sloppy security isn't uncommon in the AI training space — Surge AI similarly left open sensitive work for its client Anthropic. But the exposed documents seen by Business Insider show that for a project for Google, Scale AI faced security and quality issues throughout 2023 and 2024. Thousands of taskers were flagged for being "suspected spammers," "cheaters," with hundreds of workers listed in spreadsheets with titles like "Good and Bad Folks" and "suspicious non-US taskers." Meta recently removed more than 40 groups buying and reselling AI training accounts, including from Scale AI, in response to a recent Business Insider investigation. Osborne said Scale's data quality metrics are the highest they've ever been.

    The company has notched some recent wins. It once appeared bogged down by litigation, but recently agreed to settle multiple lawsuits filed by ex-workers in California who alleged they were underpaid and misclassified as contractors. (Scale no longer accepts gig workers from the state.) The big question remains whether Scale AI can thrive in the increasingly competitive AI training industry it helped give birth to. For many former workers, it'll be too late to find out.


    Charles Rollet is Business Insider's tech correspondent in San Francisco. Ben Bergman is a senior correspondent at Business Insider, where he investigates the tech industry with a focus on venture capital and startups.

    Read the original article on Business Insider
  • Why the music industry is changing its tune on AI

    A robot hand tuning a guitar

    Last month, "Walk My Walk" hit number one on Billboard's Country Digital Song Sales chart. The moody stomp-clap tune, with lyrics like "Every scar's a story that I survived, I've been through hell, but I'm still alive," has been played more than 8 million times on Spotify. The song wasn't performed by a human artist — Breaking Rust, despite having the face of a handsome, rugged man in a cowboy hat on its Spotify profile, is an AI project. But there is a real person claiming that Breaking Rust's work is a copycat: Blanco Brown, an artist who mixes country and rap together, who claims the song's creator used AI to emulate his style. The person behind Breaking Rust did not respond to a message I sent asking about the origin of the sound.

    It's the latest example of ways that AI-generated music, with its opaque origins, can create confusion around who really made a song just as easily as it can create a hit. AI-generated music that sounds a lot like your faves but was made with a few prompts has been going viral, spreading far and wide and more quickly than music labels can always have it removed.

    When some of the first AI-generated tracks started racking up listens two years ago, music labels went to battle, threatening and filing legal action to stop AI generators from training on and using their artists' voices and music stylings. Universal Music Group (UMG) pushed to have a YouTube video where Eminem's voice rapped about cats taken down. Spotify removed AI slop songs that were listened to by bots to reap the streaming earning pool, and UMG also got streaming platforms to remove a viral "Drake" song that wasn't by Drake and The Weeknd at all, but a song written by Ghostwriter, an anonymous artist that uses AI to produce music and appears publicly only when cloaked in white and dark glasses.

    Now, the labels are starting to drop their fists and shake hands with AI music generators.

    Warner Music Group announced last month it had settled a lawsuit against AI music generator Suno (a test of the service by plaintiffs in the suit found that Suno would churn out works similar to ABBA and Chuck Berry when prompted in their style) and entered into a partnership with the company. Robert Kyncl, CEO of WMG, called it "a victory for the creative community that benefits everyone." The announcement came just weeks after UMG, the world's largest record label, settled its copyright infringement lawsuit with AI music generator Udio, and said the two have partnered to create a new subscription service, slated to launch next year, run on gen AI and licensed music from the label's artists.

    Every minute that is spent listening to a generative AI track is a minute less spent listening to an artist track.Mark Mulligan, founder and senior music analyst at research firm MIDiA

    AI companies face a litany of lawsuits after using copyrighted material to train their models. The battle is playing out in Hollywood, the news industry, and in visual arts — the music industry is the latest to decide it might be better to play nice with AI than continue a prickly, drawn out court battle when their rights sit in a gray area. "AI is here to stay, it's transformative," Chris Wares, assistant chair of the Music Business Department at Berklee College of Music. The record labels, he says, are "futureproofing themselves."

    The proliferation of AI-generated voices and music stylings has sent a flood of new songs — some good, many uncatchy slop — onto streaming platforms and social media. There are more than 100 million songs on Spotify, Apple Music, and Bandcamp, and many are rarely or never played. Deezer, a French streaming platform, said in April that people were uploading some 20,000 fully AI-generated tracks each day, comprising nearly a fifth of all new content. As more playlists and artists making gen AI music are uploaded, human artists must fight for your ears. In July, a group called The Velvet Sundown rapidly racked up 1 million listens on two albums, something that many indie bands struggle to do on streaming platforms — but the photos of the band on social media are AI generated, and the real person or people behind the project remain unknown. In November, Billboard identified at least six AI or AI-assisted songs that had climbed onto its various charts. Amid the deluge, Spotify updated its impersonation policy in September, saying it would remove songs that featured the unauthorized use of someone's voice.

    If someone makes a banger AI cover song or viral mashup, like reuniting Stevie Nicks and Lindsey Buckingham for a new Fleetwood Mac album or squashing the beef between Kendrick and Drake in a generated collaboration, the novelty factor could drive listening numbers that cut into original work from those artists. But the aim of these partnerships is to create new revenue streams for artists. The Warner deal stipulates that Suno will allow only paid accounts to download generated audio, and says artists must opt-in to having their names, voices, compositions, and likeness regenerated. In an industry where streaming has dramatically reduced royalties, that could be a boost — if fans make music of their faves, it could lead to passive income for the musicians. But that also means the artists' original works will be competing for ears against derivatives of themselves not just for your ears, but for streaming dollars.

    "The reason why no generative AI music can be artist-first is because we are in a finite attention economy. Every minute that is spent listening to a generative AI track is a minute less spent listening to an artist track," Mark Mulligan, founder and senior music analyst at research firm MIDiA says. "We are definitely in a world now where more and more consumers are creating, and that is competing with entertainment time."

    Part of that creative process may draw us back to older roots in how people interact with music. For hundreds, if not thousands, of years, music was communal. People played it together and used it to pass down stories. With recording technology and radios, music became widely distributed, which "created this moat between artist and fan," Mulligan says. "We got to this idea that music is a creative full stop, and that the audience doesn't help shape what the music is apart from when you go and see the band play live." But now, AI tools are becoming the ultimate form of fan expression. "We're widening the funnel of creativity," says Mulligan.

    That's if artists authorize their voices to be used by the platforms. Some forward-thinking musicians, like Grimes, have already made clones of their voices and invited listeners to experiment. It's less clear if your typical popstar will OK the use of their voice to sing words they haven't seen, and if the potential new revenue streams of such an experiment would prove worth the risk. On Friday, Brown released a "trailertrap" remix of "Walk My Walk," a sort of taking back of his own style after seeing it emulated. So far, it has just 2,000 streams. "If someone is going to sing like me, it should be me," Brown told the Associated Press last month. Going forward, it will likely take more than one listen to know if the music we hear is performed by the artists we've come to love.


    Amanda Hoover is a senior correspondent at Business Insider covering the tech industry. She writes about the biggest tech companies and trends.

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  • Pinterest predicts these 21 trends will rule the 2026 aesthetic. Take notes.

    Children playing with vintage toys.
    Vintage toys, fashion, and interior design will make a comeback in 2026, per Pinterest.

    • Pinterest did a vibe check of the internet in 2026.
    • Its annual Pinterest Predicts report identified 21 trends the company says will be hot next year.
    • Mismatched beauty, nostalgic toys, and an obsession with cabbage are just a few of them.

    Pinterest did a pulse check on the internet's 2026 mood. It predicts glamorous, glittery fashion will return, layered scents will be popular, and people might just develop an obsession with cabbage.

    The San Francisco-headquartered company released its annual "Pinterest Predicts" report on Tuesday. It said it analyzed "billions of Pinterest searches and the visual content Pinterest users are engaging with," which helped it uncover emerging words, colors, styles, and aesthetics.

    "With a boost from machine learning, our trend experts find patterns by combining data insights with real-world observations," the report said.

    The company predicts that 21 trends will be hot globally in 2026.

    Take a look at the top five in the US:

    1. Cabbage Crush
    A table with cabbage decor.
    All things cabbage will be trending next year, Pinterest says.

    The topic that Pinterest says will trend highest in the US in 2026 isn't a fashion or home decor trend — it's cabbage.

    "In the year ahead, boomers and Gen X will say goodbye to their cauliflower obsession and crown cabbage the new kitchen champ," it wrote. "Think blistered-edge 'steaks', kimchi cocktails and even crispier taco wraps."

    It said the search terms cabbage dumplings had risen 110% from September 2024 to August 2025 compared to the same period the year before, while Golumpki soup and cabbage Alfredo saw similar spikes.

    This falls right in line with one of 2025's top diet trends, "fibermaxxing," which stresses the importance of consuming enough fiber for heart and gut health.

    2. Glitchy Glam
    A woman with colorful makeup.
    Imperfect, mismatched beauty could be popular in 2026.

    Second on the list is "Glitchy Glam," which refers to imperfect beauty. The report said that in 2026, "beauty is missing the mark — on purpose."

    "Gen Z and millennials will rock mismatched manicures, two-toned lipstick, and bright eyeshadow in two binary hues. So long, symmetry," it wrote.

    The search terms that led Pinterest to believe mismatched beauty would trend were "eccentric makeup," "weird makeup looks," "avant-garde makeup editorial," and "nails with different colors on each hand."

    This marks a departure from the "clean girl" makeup trend that has reigned supreme on social media in recent years.

    3. Throwback Kid
    Children playing with vintage toys.
    Vintage toys, fashion, and interior design will make a comeback in 2026, per Pinterest.

    Pinterest says thrifting and parenting will remain top of mind in 2026.

    The search terms "1970s childhood toys," "upcycled baby clothes," and "vintage kids fashion" had done well on Pinterest between September 2024 and August 2025, the report said.

    "In 2026, childhood gets a throwback twist with vintage-inspired outfits, classic toys from the '60s and upcycled baby looks," it wrote. "Crocheted play mats will bring cosy vibes to any nursery, while baby boomers and Gen X will thrift mini fits."

    4. Scent Stacking
    A woman being sprayed with multiple perfumes.
    Pinterest predicts that people will be layering fragrances next year instead of using single scents.

    Gen Z and millennials won't be satisfied with store-bought perfumes in 2026, Pinterest said.

    "Gen Z and millennials are ditching one-and-done scents for bespoke notes, blending oils and perfumes to craft their very own fragrance formulas," it wrote in the report. "Expect luxury to linger in layers next year."

    Pinterest said search terms pointing to this trend include "perfume layering combinations," "scent layering," and "niche perfume collection."

    5. Extra Celestial
    A woman with silver, futuristic-looking makeup and outfit.
    Holographic accents and opalescent makeup is going to be popular in 2026, says Pinterest.

    Lastly, Pinterest predicts that an "intergalactic" aesthetic will trend highly in the US, particularly among Gen Z and millennials.

    "Think holographic home accents, opalescent eyeshadow that looks like moon dust, and cosmic silhouettes straight out of a sci-fi movie," the report said.

    The search term "alien core aesthetic" increased by 80% between September 2024 and August 2025 compared to the same period in the previous year. Other trending search terms include "opalescent," "futuristic truck," and "soft dewy makeup."

    Special mentions: Glamoratti, Pen Pals, and Gimme Gummy
    Pinterest Predicts 2026's trends also include "Glamoratti," "Pen Pals," and "Gimme Gummy."
    Pinterest Predicts 2026's trends also include "Glamoratti," "Pen Pals," and "Gimme Gummy."

    Pinterest says 2026 is also set to be the year of "Glamoratti," which spells a return to loud, decadent, and maximalist fashion. Think chunky gold jewelry, funnel neck outfits, and tailored suits.

    Another trend worth noting is "Pen Pals." This is a hobby-based trend that Pinterest says could lead to a resurgence of letter writing, as Gen Z and millennials grow tired of texting and social media.

    And lastly, Pinterest coined "Gimme Gummy," an ASMR-loaded, gummy-bear aesthetic which is predicted to be hot in 2026. "Gimme Gummy" is characterized by "bendy phone cases," "3D jewelry," and "rubberized nail art."

    Pinterest reported third-quarter revenue of $1.049 billion in November, representing a 17% increase compared to the same period the previous year. Its monthly active users increased by 12% compared to the previous year, reaching 600 million.

    The company's stock is down about 6% since the start of the past year.

    Read the original article on Business Insider
  • Women at the top are exhausted and burned out, according to a McKinsey and Lean In report

    women burnout
    Burnout among senior-level women is at its highest level in the past five years, according to a report from McKinsey and LeanIn.org.

    • Senior-level women say they're frequently burned out.
    • The burnout level among these women is the highest it has been in the past five years, said a report from McKinsey and LeanIn.org.
    • The report also found that women want promotion less than men — unless they receive the same support.

    Women are hitting the top of the corporate ladder only to find something waiting for them: exhaustion.

    According to a report published Tuesday by McKinsey and LeanIn.org, a nonprofit founded by Sheryl Sandberg, burnout among senior-level women is the highest it has been in the past five years.

    Around 60% of these women said they have frequently felt burned out at work in the past few months, compared with 50% of senior-level men, per numbers from the "Women in the Workplace" 2025 study.

    Women who are newer to leadership roles are feeling the strain more acutely. Among senior-level women who have been at their companies for five years or less, 70% reported frequent burnout, and 81% said they are concerned about their job security.

    "These high levels of concern align with research that shows women often face extra scrutiny when they're new to organizations and have to work harder to prove themselves," the report said, adding that Black women in leadership face exceptionally high burnout and job insecurity. "In contrast, when women and men in leadership have longer tenures, their levels of burnout and job security are quite similar."

    The report, an annual study of women in corporate America, surveyed 9,500 employees across 124 companies between July and August. The study also includes interviews with 62 HR executives and company-reported data from 124 organizations that together employ about 3 million people.

    LeanIn.org launched a study with McKinsey in 2015 to track how women progress through the corporate pipeline and where companies fall short. The group is named after Sandberg's 2013 book "Lean In," which sparked a national debate about women's ambition, leadership, and workplace equality.

    This year's findings paint a bleak picture for women at the top. Senior-level women who are hesitant to advance their careers say they see a steeper path forward compared to their male counterparts. Eleven percent of senior women who don't want to advance say they don't see a realistic route to promotion, compared with 3% of senior men. And 21% say more senior-level people look burned out or unhappy, nearly double the share of men who say the same.

    It's not because women are less committed — the report found that women and men are equally locked in. What differs is the desire to keep climbing, per the report.

    The data shows a clear ambition gap: 80% of women want to be promoted to the next level, compared with 86% of men. That gap is widest at the beginning and the top of the pipeline — 69% vs. 80% at the entry level, and 84% vs. 92% among senior leaders.

    This is the first time in the report's 11-year history that women have shown lower interest in promotion than men, it said.

    This gap in ambition to advance falls away "when women receive the same career support that men do," the report added. In other words, companies are responsible for creating the burnout problem for women.

    "This is only happening in the companies that aren't doing the right thing when women get the full support and the same stretch opportunities. They're not leaning out at all," Sandberg said in a Tuesday interview with Bloomberg Television.

    "What's happening is that women face more barriers at every level of the career," she added.

    More companies are cutting back on DEI and support for women

    Even as companies say they are committed to diversity and inclusion, at least one in six have reduced the teams or resources behind those efforts, the report said.

    About 13% of employers have pulled back or eliminated women-focused career-development programs, and another 13% have cut formal sponsorship programs, which play a key role in helping employees advance, it added.

    "Women overall are less likely to have sponsors — and this really matters. Employees with sponsors are promoted at nearly twice the rate of those without," the report said.

    The report also found that companies are rolling back remote and flexible work options, which can hinder women's ability to stay and advance in their careers. One in four has scaled back remote or hybrid work arrangements, and 13% have reduced flexible working hours over the past year.

    At the same time, the report said that women who work remotely most of the time are "less likely to have a sponsor and far less likely to have been promoted in the last two years than women who work mostly on-site." Meanwhile, men receive more similar levels of sponsorship and promotions regardless of their work arrangement.

    At the entry level, a stage where advocacy and visibility are essential, women are also less likely than men to receive stretch assignments and other opportunities, the report added.

    Last year, the "Women in the Workplace" study found that more women were advancing to senior leadership roles. By 2024, women held 29% of C-suite roles, up from 17% in 2015.

    However, progress fades at the entry and management levels, per the report. "For every 100 men promoted to manager in 2018, 79 women were promoted. And this year, just 81 women were," it added.

    Read the original article on Business Insider
  • Here are the top 10 ASX 200 shares today

    3 children standing on podiums wearing Olympic medals

    The S&P/ASX 200 Index (ASX: XJO) suffered a volatile and overall negative trading day this hump day. After spending time in both positive and negative territory this session, the ASX 200 couldn’t quite stick the landing, finishing 0.076% lower. That leaves the index at 8,579.4 points.

    This rather disappointing Wednesday session for the ASX comes after a mixed morning up on the US markets

    The Dow Jones Industrial Average Index (DJX: .DJI) gave up an early lead to close 0.38% lower.

    It was a better story for the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC), though, which managed a 0.13% rise.

    But let’s get back to the local market now for a check on what the different ASX sectors were up to today.

    Winners and losers

    There were far more red sectors than green ones today.

    Leading those red sectors were tech shares. The S&P/ASX 200 Information Technology Index (ASX: XIJ) was punished, tanking by 1.48%.

    Industrial stocks got a shellacking as well, with the S&P/ASX 200 Industrials Index (ASX: XNJ) plunging 0.84%.

    Energy shares had a rough time, too. The S&P/ASX 200 Energy Index (ASX: XEJ) saw its value crater by 0.77%.

    We could say the same for real estate investment trusts (REITs), illustrated by the S&P/ASX 200 A-REIT Index (ASX: XPJ)’s 0.65% dive.

    Communications stocks weren’t popular either. The S&P/ASX 200 Communication Services Index (ASX: XTJ) went backwards by 0.55% this Wednesday.

    Nor were healthcare shares, with the S&P/ASX 200 Healthcare Index (ASX: XHJ) dipping 0.38%.

    Financial stocks performed identically. The S&P/ASX 200 Financials Index (ASX: XFJ) also lost 0.38%.

    Utilities shares were in the same ballpark, as you can see by the S&P/ASX 200 Utilities Index (ASX: XUJ)’s 0.3% retreat.

    Rounding up the losers, we had consumer discretionary stocks. The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) was sent 0.1% lower this hump day.

    Let’s turn to the green sectors now. Leading the charge higher were gold shares, with the All Ordinaries Gold Index (ASX: XGD) rocketing a significant 4.08% higher.

    Broader mining stocks didn’t miss out. The S&P/ASX 200 Materials Index (ASX: XMJ) enjoyed a 1.27% surge today.

    Our final winners were consumer staples stocks, evident from the S&P/ASX 200 Consumer Staples Index (ASX: XSJ)’s 0.02% lift.

    Top 10 ASX 200 shares countdown

    This Wednesday’s winner came in as defence stock Droneshield Ltd (ASX: DRO). Droneshield shares rocketed by a huge 16.2% this session to finish at $2.26 each.

    With no fresh news out from the company, this looks like another rebound move after the big sell-off last month.

    Here’s how the other top stocks tied up at the dock:

    ASX-listed company Share price Price change
    DroneShield Ltd (ASX: DRO) $2.26 16.20%
    Dalrymple Bay Infrastructure Ltd (ASX: DBI) $4.83 6.39%
    Ramelius Resources Ltd (ASX: RMS) $3.57 5.62%
    IperionX Ltd (ASX: IPX) $5.39 5.27%
    Northern Star Resources Ltd (ASX: NST) $26.97 5.06%
    Westgold Resources Ltd (ASX: WGX) $5.91 4.60%
    Evolution Mining Ltd (ASX: EVN) $12.15 4.47%
    Genesis Minerals Ltd (ASX: GMD) $6.35 4.44%
    Capricorn Metals Ltd (ASX: CMM) $13.41 4.44%
    Liontown Ltd (ASX: LTR) $1.55 4.39%

    Our top 10 shares countdown is a recurring end-of-day summary that shows which companies made big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

    The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

    Should you invest $1,000 in DroneShield Limited right now?

    Before you buy DroneShield Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and DroneShield Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

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    Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • 3 excellent ASX ETFs to buy with $3,000 in December

    ETF written in yellow with a yellow underline and the full word spelt out in white underneath.

    If you’re looking to put $3,000 to work before the end of the year and stock picking isn’t your thing, then it could be worth considering exchange traded funds (ETFs).

    Whether you are seeking exposure to megatrends, fast-growing emerging markets, or long-term structural themes, the ETFs below offer a compelling mix for a small, high-impact investment.

    Here are three ASX ETFs worth considering with $3,000 this December.

    Betashares Global Cybersecurity ETF (ASX: HACK)

    In recent years, cybersecurity has become a non-negotiable expense for businesses, governments, and consumers. With cyberattacks increasing in frequency, complexity, and cost, global spending on digital defence is surging.

    The Betashares Global Cybersecurity ETF gives investors exposure to leading cybersecurity companies such as CrowdStrike Holdings (NASDAQ: CRWD), Palo Alto Networks (NASDAQ: PANW), and Cisco Systems (NASDAQ: CSCO). These are businesses providing essential security infrastructure, software, and threat detection systems to organisations worldwide.

    Demand for cybersecurity is not cyclical, it is structural. As more devices and services connect to the internet, the need for reliable protection grows even faster. For investors seeking long-term, tech-driven growth without the need to pick individual winners, this fund could be a compelling addition to a portfolio in December.

    Betashares Global Robotics and Artificial Intelligence ETF (ASX: RBTZ)

    The Betashares Global Robotics and Artificial Intelligence ETF taps into two of the most transformative forces shaping the global economy: robotics and artificial intelligence.

    These technologies are already reshaping manufacturing, medicine, logistics, retail, and consumer electronics, and the pace of adoption is accelerating. Among its holdings are companies leading the charge such as Nvidia (NASDAQ: NVDA), Intuitive Surgical (NASDAQ: ISRG), and ABB Ltd (SWX: ABBN). Nvidia powers the world’s AI chips, Intuitive Surgical leads robotic-assisted surgery, and ABB is a global automation heavyweight.

    They, and the rest of its holdings, look well-positioned for growth over the next decade and beyond. This bodes well for the performance of the Betashares Global Robotics and Artificial Intelligence ETF, which was recently recommended by Betashares.

    Betashares India Quality ETF (ASX: IIND)

    Finally, the Indian economy could be one of the most powerful growth stories of the next 20 years. With a young population, rising incomes, rapid urbanisation, and increasing global influence, the country is positioning itself as a major economic engine.

    The Betashares India Quality ETF gives investors exposure to high-quality Indian stocks such as Infosys (NYSE: INFY), HDFC Bank (NSEI: HDFCBANK), and Tata Consultancy Services (NSEI: TCS). These are leaders in IT services, financials, and business outsourcing.

    Overall, this ETF allows Australian investors to tap into India’s growth without needing to pick individual stocks or navigate the complexities of investing directly in the country. It was also recently recommended by analysts at Betashares.

    The post 3 excellent ASX ETFs to buy with $3,000 in December appeared first on The Motley Fool Australia.

    Should you invest $1,000 in BetaShares Global Cybersecurity ETF right now?

    Before you buy BetaShares Global Cybersecurity ETF shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BetaShares Global Cybersecurity ETF wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

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    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Abb, BetaShares Global Cybersecurity ETF, Cisco Systems, CrowdStrike, Intuitive Surgical, and Nvidia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended HDFC Bank and Palo Alto Networks. The Motley Fool Australia has recommended CrowdStrike and Nvidia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Why is everyone talking about BHP shares this week?

    Machinery at a mine site.

    BHP Group (ASX: BHP) shares are the talk of the town among investors and analysts alike this week. 

    The Australian mining and metals giant’s shares have climbed 1.06% in Wednesday afternoon trading. At the time of writing, the shares are changing hands at $44.77 a piece. That’s a 31% increase from a 3.5-year low in April. The shares are 12.04% higher for the year to date.

    The miner’s shares have come under the spotlight recently. Last week, the mining giant made the list as the second most-traded ASX share among CommSec clients. Although a huge 80% of activity was investors selling up the mining giant’s stock, potentially from investors taking their latest gains off the table. 

    What’s all the fuss about?

    It’s been a big week for BHP.

    The copper price hit a new all-time high of US$11,600 per tonne on the London Metal Exchange on Monday, bumping up BHP’s valuation. The metal has now gained more than 30% since the start of the year, comfortably outpacing the broader market.

    Copper is a central material for the global energy transition, with significant use in electric vehicles and associated charging infrastructure. It is also a critical component in AI data centres thanks to its conductivity and efficiency in power distribution and cooling. And as the world’s largest copper producer, BHP’s share price and company strength are very closely tied to the metal’s price fluctuations.

    In other news, the mining giant has struck up a new US$2 billion infrastructure agreement tied to its Western Australia Iron Ore (WAIO) operations.

    According to the miner’s release yesterday, BHP has entered into a binding deal with Global Infrastructure Partners (GIP), an investment group owned by BlackRock, the world’s largest asset manager, which handles more than $12.5 trillion in assets.

    Under the arrangement, a new trust will be set up, with BHP owning and controlling 51% and GIP holding the remaining 49%. The project is due for completion by the end of FY26, subject to approvals.

    Management stated that the proceeds from the agreement will be evaluated and deployed in accordance with BHP’s capital allocation framework. 

    What’s next for BHP shares?

    Analysts are relatively uncertain about the outlook for BHP shares. Data shows that out of 19 analysts, 12 have a hold rating on the mining giant’s stock. Another 6 have a buy or strong buy rating, while 1 analyst has a strong sell rating.

    The average target price for BHP shares is $44.94, although some think it could rise to as high as $47.80 over the next 12 months. At the time of writing, this implies a potential upside of up to 6.87%.

    The post Why is everyone talking about BHP shares this week? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in BHP Group right now?

    Before you buy BHP Group shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BHP Group wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    * Returns as of 18 November 2025

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    Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended BlackRock. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Rivian’s CEO said there’s a ‘shocking lack of choice’ for EV buyers in the US

    Founder and CEO of Rivian RJ Scaringe speaks onstage during the Rivian Reveals All-Electric R2 Midsize SUV event at Rivian South Coast Theater on March 07, 2024 in Laguna Beach, California.
    RJ Scaringe said EV penetration in the US is low because of a "shocking lack of choice."

    • Rivian's CEO said the US needs a lot more affordable electric vehicles.
    • He said there was a "shocking lack" of choices for EV buyers in the country, leading to low adoption.
    • The carmaker is set to start production of the R2, a $45,000 SUV, which is its most affordable EV yet.

    Rivian's CEO and founder, RJ Scaringe, said the US needs a lot more cheap electric vehicles.

    Speaking at the Fortune Brainstorm AI conference in San Francisco on Tuesday, Scaringe said a lack of choices was the reason for low EV penetration in the US.

    He said that electric vehicle adoption in the US, at 8%, is significantly lower than in the rest of the world.

    "I really think the constraint isn't the demand side, I think it's the supply side," Scaringe said. "I think there's a shocking lack of choice, that there are much better choices in Europe. And by far, there's the most choice in China."

    He said that for consumers interested in EVs, there were "well under five great choices" at a price point close to the average price of a new car in the US.

    He added that, within a price range of $50,000, there was only one compelling choice of EV: a Tesla. In October, Tesla unveiled its most affordable models to date: the $36,990 Model 3 Standard and the $39,990 Model Y Standard.

    "And that's not a reflection of a healthy market with lots of choice," Scaringe said. "If you think of it as a consumer, you have 300 different internal combustion engine choices at that price or lower, and you have maybe one highly compelling EV choice."

    Rivian is working to provide cheaper EV alternatives. It is gearing up to start production on its cheapest EV to date, the R2 model, a $45,000 SUV.

    In the interview, Scaringe also said he agrees with the Trump administration's push to bring manufacturing back to the US.

    "I think the push to industrialize in the United States is appropriate, and it's something we're very aligned with the administration on," he said.

    The US EV industry comprises Rivian, Tesla, Ford, General Motors, Hyundai, BMW, and Kia, among others.

    Brands like Volkswagen, BMW, Mercedes-Benz, and Tesla dominate the EV market in Europe. Chinese brands like BYD, NIO, and MG also sell on the continent.

    Meanwhile, the EV industry in China is seeing fierce competition. BYD, Tesla's biggest global rival, saw its sales fall 12% in October compared to the same period a year earlier, as it faces a tough fight from local EV startups Xpeng, Nio, and Leapmotor.

    Other players, such as smartphone manufacturer-turned EV maker Xiaomi, are also seeing success in the country with strong sales.

    Read the original article on Business Insider