This summer is expected to be one of the busiest hurricane seasons in history, according to the annual forecast from the National Oceanic and Atmospheric Administration (NOAA). The frequency and intensity of the storms are increasing. Weather prediction is more critical than ever.
Artificial intelligence has made the weather forecasting market increasingly crowded. From hurricanes and tornadoes to wildfires and drought, fresh technology is revolutionizing science and the industry. Investors see a big opportunity, especially in startups.
Entrants to the field like Tomorrow.io, Google DeepMind, and California-based Windborne are using new technologies to detect weather events. Windborne uses a new type of weather balloon, for example.
“We operate the most comprehensive balloon constellation on the planet,” said John Dean, CEO and co-founder of Windborne. “We also do AI-based weather modeling. And so our mission is to mitigate the most disruptive aspects of climate change.”
Windborne’s balloons can fly for weeks, as opposed to today’s government-launched weather balloons which stay aloft for just a few hours and can’t reach remote locations.
“This means that we can collect roughly 40 to 50 times more data per balloon, and we can also collect this data over oceans and over under-observed areas by launching easy-to-reach launch sites and then flying over oceans and collecting data in situations as needed,” Dean explained.
The balloons use satellite communication to deliver their data in real-time. The world currently lacks weather data for 85% of the atmosphere, according to the World Meteorological Organization (WMO). Windborne’s goal is to close this gap with its technology — using fewer balloons to offer global coverage.
Demand for data from government and big business is driving funding. Windborne just closed a $15 million round with lead investor Khosla Ventures.
“It’s about a $100 billion market now, and it touches pretty much every industry,” Sven Strohband, partner and managing director at Khosla Ventures, said of the weather forecasting market. “It hasn’t really been meaningfully disrupted since the Weather Company in the 1990s. So that makes it a very attractive market for us.”
The World Economic Forum (WEF) recently said extreme weather and weather uncertainty present the biggest risks to businesses over the next decade. Windborne claims its technology can make a two-week forecast as accurate as today’s two-day forecast.
In addition to Khosla Ventures, Windborne is backed by Footwork VC, Pear VC, Convective Capital, Ubiquity Ventures and Susa Ventures. The company has raised $25 million to date.
Dogecoin shot higher on Tuesday night, extending its postelection surge after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency, which he referred to as “DOGE” in his statement.
Tesla CEO Elon Musk and Vivek Ramaswamy, former Republican presidential candidate and Strive Asset Management co-founder, will lead the department, Trump said in a statement. Together, they “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
Dogecoin was last up nearly 20%. It has been one of the biggest winners in the postelection rally, gaining 153% since election day compared to bitcoin’s 30% rise in the same period. It also shot past XRP this weekto become the sixth largest cryptocurrency by market cap.
Dogecoin jumped after President-elect Donald Trump announced the creation of the Department of Government Efficiency, or “DOGE.”
Memecoins are seen as a gauge of retail interest and risk appetite in crypto. When memecoin activity ramps up, it usually indicates that retail investors are participating and have an appetite to speculate further out on the risk curve.
Trump initially floated the idea of an efficiency commission in September. Since then, Musk — who has called himself the “Dogefather” in the past and has been known to make public comments about the memecoin that influence its price — has posted on his social media platform X, referring to the commission as the “Department of Government Efficiency” or “D.O.G.E.”
Dogecoin gained relevance in 2021 following Musk’s endorsement and continuous hype on social media, which has since become a big catalyst for the coin. In May that year, Musk’s posts fueled dogecoin’s rally to its all-time high of 67 cents, per Coin Metrics. Though his appearance at the time on SNL, in which he called dogecoin “a hustle,” sent its price crashing down.
The rest of the crypto market was on pause from its postelection rally. Bitcoin was trading flat at about $87,000, after briefly touching $90,000 in late afternoon trading. Crypto stocks Coinbase and MicroStrategy were lower by 1% and 2%, respectively, in extended trading.
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Elon Musk embraces Donald Trump during a campaign rally in Butler, Pennsylvania on Oct. 5, 2024.
Anna Moneymaker | Getty Images
President-elect Donald Trump said Tuesday that Elon Musk and former Republican presidential hopeful Vivek Ramaswamy will lead an efficiency group when his second term begins in January.
Trump wrote in a post that the Department of Government Efficiency, or DOGE, will “become, potentially, ‘The Manhattan Project’ of our time.” He also said the group would, “pave the way” for his next administration to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
Trump didn’t specify where cuts will take place or when the department may be formed. Congress hasn’t created or funded such an office. He said the group’s “work will conclude no later than July 4, 2026.”
Musk’s involvement in the envisioned group was previously promised by Trump and touted by the Tesla CEO, who spent an estimated $200 million backing the Republican nominee’s 2024 campaign, as a reason to put the former president back in the White House. Musk, who also runs defense contractor SpaceX, has reportedly been stationed at Trump’s Mar-a-Lago resort in Florida since Election Night.
Ramaswamy, who challenged Trump in the Republican primary, is co-founder of investment firm Strive Asset Management. He has opposed the widespread adoption of environmental, social and governance, or ESG, principles by companies.
Trump announced a number of other appointments Tuesday, including naming Fox News host Pete Hegseth as his pick for defense secretary and John Ratcliffe as CIA director.
The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange on Dec. 4, 2023.
Brendan Mcdermid | Reuters
Spotify shares rose in extended trading Tuesday after the Swedish music streaming company issued a profit forecast for the fourth quarter that topped estimates.
Here’s how the company did, compared with what analysts expected:
Earnings per share: 1.45 euros vs. 1.72 euros expected by LSEG
Revenue: 3.99 billion euros vs. 4.02 billion euros expected by LSEG
Monthly active users (MAUs): 640 million vs. 639 million expected by StreetAccount
While the company’s earnings and revenue for the third quarter trailed estimates, investors focused instead on guidance for the current period.
Spotify said operating income in the fourth quarter will come in at 481 million euros, exceeding the average analyst estimate of 432.7 million euros, according to StreetAccount. MAUs will increase to 665 million, while analysts were expecting 659.3 million, based on a StreetAccount estimate.
Still, revenue guidance trailed estimates. The company said sales will reach 4.1 billion euros, below the average analyst estimate of 4.26 billion euros, according to LSEG.
Subscribers to Spotify Premium, the company’s ad-free membership service that allows users to select songs on an unlimited basis, increased 12% year over year to 252 million, slightly ahead of estimates.
Spotify shares rose about 8% after the report to $452.35 after rising 2.2% in regular trading. The stock has more than doubled in value this year.