This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology.

Climate tech companies are going public. What’s next?

Solar and battery company Solv Energy went public in February, hitting a $6 billion valuation. X-energy, which builds small modular nuclear reactors, followed at $11.5 billion. Then came geothermal company Fervo Energy, reaching a market cap of about $12.4 billion.

All three have been IPO success stories. And it doesn’t feel like a coincidence that they’re racing to provide electricity in an era of rising demand, driven partly by data centers.

What does this boom reveal about the future of the grid? And what comes next? Read the full story to find out.

—Casey Crownhart

This story is from The Spark, our weekly newsletter giving you the inside track on all things climate. Sign up to receive it in your inbox every Wednesday.

The AI Hype Index

Separating AI reality from hyped-up fiction isn’t always easy. That’s why we’ve created the AI Hype Index—a simple, at-a-glance summary of what’s shaping the industry right now.

The latest edition includes billionaire road trips, students booing, made-up quotes, and too much sci-fi. See where it all landed on this month’s index.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 Illinois just passed what could become America’s strongest AI safety law
It would require third-party safety audits. (Wired $)
+ But it still needs the governor’s approval. (NBC News)
+ The US is divided over AI regulation. (MIT Technology Review)

4 Four tech giants have backed a clean energy push for AI data centers
Amazon, Google, Meta, and Microsoft have joined the initiative. (Quartz)
+ Investor Elemental Impact will deploy up to $5 million per project. (Axios)

5 Nvidia’s CEO is joining the board of Beijing’s Tsinghua University
His appointment comes as Nvidia struggles to export chips to China. (FT $)
+ President Xi is an alumnus of Tsinghua, aka “China’s Harvard.” (Reuters $)

6 The Trump administration is in talks to fund drone firms
One of which counts Donald Trump Jr. as a shareholder. (WSJ $)
+ Drone dominance has been described ​as a “presidential priority.” (Reuters $)

7 London has reclaimed its position as Europe’s leading tech hub
It’s overtaken Paris in new global rankings. (Euronews)
+ And now sits fourth, behind the Bay Area, New York and Boston. (Reuters $)

8 OpenAI and Anthropic disagree over AI’s impact on jobs
Anthropic is emphasizing the risks, while OpenAI is sounding rosier. (Axios)
+ The AI jobs hysteria needs a reality check. (MIT Technology Review)

9 Researchers claim to have achieved perfect randomness for the first time
Thanks to entangled quantum chips. (Interesting Engineering)
+ The milestone could lead to better cybersecurity. (Scientific American)

10 Embryo organoids are showing why many pregnancies fail
They’ve led to improvements in IVF and pregnancy treatments. (New Scientist $)
+ New tech is transforming reproductive medicine. (MIT Technology Review)

Quote of the day

“How can we be happy about Google coming? We’ll all be scattered. It feels very sad.”

—Pyla Kondamma, a 42-year-old in Visakhapatnam, India, tells the Wall Street Journal her concerns about Google building data centers in her city.

One More Thing

NICO ORTEGA

Why venture capital doesn’t build the things we really need

Venture capital has been the engine of US innovation for years. This largely white, largely male corner of finance has backed software companies that grow fast—but generate large amounts of money for a shrinking number of Americans.

—Elizabeth MacBride

We can still have nice things