SpaceX, Microsoft and Versace: This Week's Top Five Stories

Elon Musk's SpaceX Moves into Chip Manufacturing

In June, Elon Musk's SpaceX became the world's fifth most valuable company after raising US$85.7bn in what the company calls the world's largest initial public offering, knocking Aramco's US$29.4bn IPO in 2019 from the top position.

The aerospace manufacturer operates an ecosystem that designs and launches rockets and spacecraft. It also builds Starlink, which the company describes as the world's largest satellite internet constellation.

The company is now moving into semiconductor manufacturing through the Terafab project.

According to a US Securities and Exchange Commission filing, SpaceX describes its mission as building the "systems and technologies necessary to make life multiplanetary", to "understand the true nature of the universe" and to "extend the light of consciousness to the stars".

Microsoft CEO Satya Nadella: Companies Need an AI Reset

Microsoft CEO Satya Nadella has publicly warned that businesses competing in the AI race must ensure how they advance the technology is done with the public in mind.

In an interview with The Wall Street Journal, he discusses how several companies at the forefront of the AI race are demanding large amounts of resources to expand and subsequently will struggle to inform the public about concerns over the safety of the technology alongside its impact on the workforce.

Satya says companies can’t just expect the public to accept huge demand for resources while they’re impacted by industry-wide decisions, adding that “you can’t warn that AI is coming for jobs and sell unlimited expansion in the same breath”.

He notes that public toleration for AI models and companies “doing all the learning for the world” is unlikely.

SoftBank CEO Questions Elon Musk’s Orbital Data Centre Plans

SoftBank CEO Masayoshi Son has questioned the trending idea of hosting data centre operations in space, a proposition spearheaded by SpaceX CEO Elon Musk.

Speaking at SoftBank’s annual shareholder meeting this week, Masayoshi highlighted the economic and practical hurdles behind putting data centres in orbit.

He questioned the overall benefit of hosting centres in space as opposed to on earth, asking: “What's the benefit of building an AI data centre in space?”

Masayoshi said this in response to a shareholder question on the subject, arguing that lower electricity costs would not be enough to justify the complexity of operating a data centre in space.

AWS CEO: White Collar Jobs ‘May Change’ With AI

Amazon Web Services (AWS) CEO Matt Garman says negative predictions about AI and its impact on work are heavily exaggerated.

On an episode of the Platformer podcast this week, Matt challenged the idea that AI could lead to the dissolution of large parts of the modern workforce.

In response to the concern, he said he believes half of white-collar jobs “may change” because of the technology, however, it doesn’t mean they will cease to exist.

Matt said “wipe out and change are different”, using Microsoft Excel as an example of a technology that worked in harmony with workers rather than replacing them.

"The key thing is not to look at a still picture of the world and say that job's not going to exist,” he adds.

”New jobs will be created.”

Versace CEO Steps Down After Four Years

This week, Prada Group announced that Emmanuel Gintzburger has stepped down as Versace’s CEO amid Prada’s acquisition of the Italian fashion brand.

Emmanuel first joined Versace as CEO in 2022 following six years as head executive at Alexander McQueen.

Additionally, he held leadership positions at major fashion labels like Saint Laurent, Lanvin and Sephora.

During his time at Versace, he was instrumental in several company transitions, including the transfer of ownership from Capri Holdings to Prada as well as the departure of Creative Director Donatella Versace, who was succeeded by Dario Yitale last year.

Emmanuel’s replacement is yet to be named and according to Prada will be announced “in due course”.