WSJ Tech News Briefing
TNB Tech Minute: New York City Launches Prediction Markets Investigation
· Summarized
Key takeaways
- The NYC Council is actively investigating prediction markets over concerns of deceptive practices and targeting minors.
- Polymarket and Kalshi show readiness to cooperate with regulatory scrutiny, while Coinbase and Gemini Titan have responded differently.
- Vibe coding is emerging as a major innovation in software development, exemplified by Lovable's breakthrough valuation of over $13 billion.
- Form Energy's novel iron air batteries could significantly improve grid reliability, especially for long-duration energy storage, supported by a substantial $750 million funding round.
Summary
New York City Council Investigates Prediction Markets
The New York City Council is investigating four prediction market companies—Polymarket, Kalshi, Coinbase, and Gemini Titan—for alleged deceptive marketing practices, including targeting minors. The Council is seeking detailed information about their earnings, user demographics, and marketing strategies, with specific concerns about promotional videos that appear to depict fake trades and promote insider trading on social media platforms. Polymarket and Kalshi have expressed willingness to engage with the investigation, while Coinbase fully complies with applicable laws. Gemini Titan has not responded.
European Vibe-Coding Startup Lovable Valued at Over $13 Billion
The podcast reports exclusively that Lovable, an AI startup based in Stockholm that offers vibe coding—creating software via natural language—has raised a new funding round valuing it at over $13 billion. This makes it one of Europe's most valuable startups. The $400 million raised will support expansion into Europe, the US, and Latin America, as well as improve security and reliability features.
Form Energy Raises $750 Million to Enhance Grid Storage
Another exclusive report details how Form Energy, a manufacturer of iron air batteries, secured $750 million in a funding round. Unlike traditional lithium-ion batteries, these batteries can store power for several days using a reversible rusting process, making them suitable for handling prolonged grid emergencies like winter storms or peak electricity demand. The funding will be used to ramp up manufacturing and develop initial commercial products, potentially transforming grid resilience.
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Show notes
Plus: European vibe-coding startup Lovable notches $13 billion valuation. And rust-powered battery maker Form Energy raises $750 million to boost manufacturing. Danny Lewis hosts.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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