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Hyundai doubles down on hydrogen to reach carbon neutrality

In an industry dominated by ambitions to go all-electric using battery power, Hyundai (HYMTF) is opting to go all-in on hydrogen. The South Korean company unveiled its ambitions at CES 2024 in Las Vegas with a vow to own the entire hydrogen stack, from production and storage to transportation and utilization. It aims to do that by first using animal waste and plastics to produce clean-burning fuel. "We are going [toward] zero emission, and renewable energy needs a buffer system because the sun doesn't shine at night," Martin Zeilinger, head of Hyundai's commercial vehicle tech unit, told Yahoo Finance Live. "We sometimes have snow, wind. We have to store the energy we produce, and we believe that hydrogen can play a major role in that." Hyundai is among a handful of carmakers that have embraced hydrogen, including Toyota (TM) and General Motors (GM). The company first unveiled its hydrogen-powered fuel cell vehicle Nexo at CES in 2018 and now claims the largest market share in the space. But Zeilinger stressed that the company’s announcement this time goes well beyond vehicles alone. "We are talking about the hydrogen society," he said. "Cars, trucks, buses, mobility will be one of the off-takers of that hydrogen. The other can be producing steel with low carbon or zero carbon and other opportunities as well." ​​The global hydrogen fuel cell vehicle market is expected to grow more than 40% over the next decade to $57.9 billion, according to data from Allied Market Research. Hydrogen vehicles utilize fuel cells that convert hydrogen gas into electricity. While battery electric vehicles require hours to fully charge without a fast charger, fuel cell vehicles can be topped off in minutes, similar to fueling up for a gas-powered vehicle, and carmakers have touted that convenience as a key benefit to the technology. But hydrogen has been slow to take off, in part because of a lack of infrastructure. There are just 65 existing recharging stations in North America, according to the Department of Energy. High pressures and low temperatures required to store and transport hydrogen also make the fuel more expensive. Hyundai said hydrogen fuel will now play a “crucial role” in its “sustainability roadmap.” The company plans to ferment organic waste, including food and livestock manure, to produce biogas. It also plans to use plastic waste that cannot be recycled by melting the plastic and stripping away unnecessary elements to produce hydrogen. The company set out to eliminate 3 million tons of carbon emissions per year by 2035, an aim critical to reaching its goal of becoming carbon neutral by 2050. In a statement, Hyundai said it will play a role in the Biden administration's hydrogen hub program. Aimed at spurring the hydrogen sector in the US, President Biden authorized over $7 billion to set up seven regional hydrogen hubs, funded through the Bipartisan Infrastructure Law. The program is intended to bolster green hydrogen producers and catalyze private investment in the highly capital-intensive sector. “With the growing volume, we will have a scale effect, and the cost will come down with more modern production sites, manufacturing sites, materials and so forth,” Zeilinger said. "Cost will decrease, but in this initial phase governmental subsidies will help a lot." Read more coverage from CES 2024: Qualcomm CEO: Generative AI in smartphones could 'create a new upgrade cycle' Nvidia debuts RTX 40 Super chips to power gaming and AI efforts at CES 2024 AMD debuts AI-focused Ryzen 8000G desktop chips at CES 2024 Microsoft is adding an AI button to PC keyboards, their first major change in 30 years From AI to flying cars, here’s what to expect at CES 2024 Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita.


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Nvidia, Intel, AMD, Qualcomm, and more: CES highlights

The world's top technology companies and best tech innovators met in Las Vegas for the 2024 Consumer Electronics Show (CES) this week. Yahoo Finance spoke with experts across the industry to showcase their latest products and unveil a new generation of technology. Naqi Logix earbuds (00:00:04) Yahoo Finance's Akiko Fujita caught up with Naqi Logix Founder David Segal and Director of Product Management Zavier Alexander, who demonstrated the functionality of Naqi Logix's earbuds. "This is totally hands-free," Alexander said. "He's just looking at the text that he wants to type, and then it is being typed on screen." Segal added, "I'm confident if we can fly a 737 with nothing but an earbud, you can control anything and everything." AI PCs (00:00:49) Michelle Johnston Holthaus, Intel (INTC) EVP and GM Client Computing Group, discussed the integration of artificial intelligence into devices like PCs. She said, "It's a game changer because you can take these large language models that have been in cloud, this kind of ambiguous set of experiences that no one tangibly could actually ever touch or hold, and now you've brought it into the CPU." Qualcomm (00:01:20) Qualcomm CEO Cristiano Amon (QCOM) discussed company plans to advance on-device AI capabilities in 2024, including automotive applications. Amon said, "We're working with virtually every company as the car is really becoming a computer on wheels. Digital is becoming the most important part of the automotive transformation." AI-powered cocktail-making robot (00:01:37) Stephanie Callaway, Doosan Robotics Senior Marketing Manager, demonstrated the AI-powered Mixmaster Moodie, a cocktail-making robot. Utilizing OpenAI's ChatGPT and facial recognition features, the Mixmaster Moodie serves drinks based on the user's mood and voice inflections. Callaway said, "It takes about 10 seconds ... looking at your face." Intel (00:02:01) Intel Automotive Vice President and GM Jack Weast discussed Intel's AI chip integration to vehicle systems to create more unique and enhanced user experiences. Weast explained, "This new line up of products brings the best of the AI PC, and all the reliability of the data centric into the vehicle so automakers can evolve their architecture away from fixed function to software defined and dynamic architectures going forward." AMD (00:02:25) American semiconductor manufacturer has revealed a slew of new products, including desktop chips aimed at unlocking AI capabilities and improving productivity. The battle for AI PCs has begun as Intel (INTC), Qualcomm (QCOM), and other chip players roll out hardware aimed at AI supremacy. Jason Banta, Advanced Micro Devices (AMD) Corporate Vice President and General Manager of Client OEM, broke down the features that consumers can expect in the first leg of the AI PC race. "AI PC is something that we're seeing emerge in the PC market overall. Really what that does is that brings AI capability that typically you see in the cloud or in server devices, you bring that locally into the PC, to perform closer to the user," Banta said. "And that means a lot of things that you see from a generative AI capability ... those things can actually happen local on the device." Kohler's smart toilets (00:03:00) Andrew Van Gorden, Kohler Product Manager, Smart Toilets, showcased the company's new smart toilet technology. Van Gorden said, "This is the future of the toilet. This is our Numi 2.0 Smart Toilet. It automatically opens as you walk up to it. A completely touchless experience." Nvidia (00:03:32) Nvidia (NVDA) announced a partnership with Mercedes-Benz to hone self-driving capabilities. Nvidia Vice President of Automotive Danny Shapiro discussed the company's autonomous driving projects. Shapiro said, "That's our AI platform for automated driving, driver assistance, all kinds of convenience features. So we're basically bringing the type of AI from the cloud that we're used to seeing, but bringing it right into the car." Editor's note: This video was produced by Zach Faulds.


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Spot bitcoin ETF issuers: What you need to know

On Wednesday, January 10, the US Securities and Exchange Commission approved eleven spot bitcoin ETFs. Among the approved spot bitcoin ETFs were ones from Grayscale, Fidelity, and Bitwise. Yahoo Finance sat down with some of spot bitcoin ETF issuers this week. Here are some of their top takeaways. Ark Invest Founder, CEO, & CIO Cathie Wood (00:00:17) Ark Invest Founder, CEO, and CIO Cathie Wood notes three of the “competitive advantages” in Ark Invest's ETF, the ARK 21Shares Bitcoin ETF (ARKB). “One is our infrastructure and operation,” Wood says, “the second is research… The third competitive advantage we have is a sales force that started selling our exposure to bitcoin in 2016.” Wood adds, “we are looking at bitcoin as a public good. It is essentially, from a technology point of view… going to be the financial super highway of the internet.” Grayscale CEO Michael Sonnenshein (00:01:09) Grayscale CEO Michael Sonnenshein discusses “three things” regarding fees as the company’s spot bitcoin ETF, Grayscale Bitcoin Trust (GBTC), is charging a 1.5% fee, which is above many of the other spot bitcoin ETF fees. “Number one, we made a commitment to our investors that we would lower our fees… we made good on that promise and we’ve reduced fees by 25 percent,” Sonnenshein explains. “Number two, investors should have choice… And three… GBTC is differentiated. It brings a market value to investors that I think they know and appreciate.” Bitwise Asset Management CIO Matt Hougan (00:02:02) Bitwise Asset Management CIO Matt Hougan explains “two things” he thinks investors will look for in spot bitcoin ETFs. One is “what is the lowest fee product, cause the less you pay the more you get in finance,” Hougan notes. “And then who has the support systems to provide research and answers and data to execute trades well… the combination of crypto expertise and low cost, we think is a winner for” the company's spot bitcoin ETF, Bitwise Bitcoin ETF (BITB). WisdomTree Global Head of Research Christopher Gannatti (00:02:22) WisdomTree Global Head of Research Christopher Gannatti discusses why “it's going to be among the most competitive dynamics that we believe we have seen at WisdomTree in the ETF industry.” “Everyone is providing exposure to the same underlying spot oriented bitcoin ETFs. Many of the providers also waving the fees to zero, at least initially for various points of time and amounts,” Gannatti notes. The firm manages its own bitcoin fund under the ticker (BTCW). Senator Cynthia Lummis (R-WY) (00:03:12) Senator Cynthia Lummis (R-WY) explains that “when the traditional financial services industry has now adopted and recognized the long-term benefits of bitcoin specifically, as part of a diversified asset allocation. It helps make the case for having a robust, regulatory framework for digital assets so that investors can begin to further diversify their investments and incorporate a long-term store of value like bitcoin into their investment strategies.”


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