Jack Altman, founder of the VC firm Alt Capital, is joining Benchmark as a general partner, according to TechCrunch. This move marks a significant shift for Altman, who has been running Alt Capital since at least 2024. Simultaneously, Ford is aiming to release a $30,000 electric truck next year, and Apple is reportedly accelerating the development of AI-powered wearables, as reported by multiple sources.
Altman's move to Benchmark comes after he raised a $150 million Fund I in early 2024 and a $274 million Fund II last September, as detailed by TechCrunch. Alt Capital invested in at least 52 companies, including Rippling, Antares Nuclear, and CompLabs, according to PitchBook. It remains unclear what will happen to Alt Capital or whether Benchmark has acquired its portfolio. On LinkedIn, Altman described the past two years as an investor as the most rewarding of his life, adding that he loved new ideas and being part of a team with a mission.
Ford's plan to deliver an affordable EV truck involves a combination of 3D-printed parts, Formula 1 thinking, and a bounty program, according to TechCrunch. The company is aiming to compete with Chinese automakers without sacrificing profit margins. This strategy is crucial for Ford, which took a $19.5 billion hit in December and ended production of its battery-electric F-150 Lightning. The initiative is being led by a skunkworks team spearheaded by Alan Clarke, a 12-year Tesla veteran. Ford plans to invest $2 billion in its Louisville factory to adopt a new production system, as revealed last August.
Apple is reportedly developing an AI wearable, an AirTag-sized pendant with cameras, and accelerating the development of AI-powered smart glasses, according to Bloomberg, as reported by TechCrunch. The company is seeking to stay competitive with other tech giants in the AI wearable space. Other companies, including Meta and Snap, are also working on similar products.
In other news, an internal research study at Meta found that parental supervision had little impact on curbing teens' compulsive social media use, according to TechCrunch. The study also revealed that kids experiencing stressful life events were more likely to struggle with moderating their social media use. This finding was revealed during testimony at a social media addiction trial in Los Angeles County Superior Court.
Finally, Apple's latest laptops and the Mac Mini are currently receiving discounts, according to The Verge. Purchasing a new MacBook can be complicated, but finding a deal on a relatively speedy model is surprisingly easy.
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