Future

Self-driving car company Zoox raises $500 million

Tim Kentley-Klay, CEO, Zoox, speaks July 17, 2017 at the Fortune Brainstorm Tech conference in Aspen, Colorado. Photo: ROB LEVER/AFP/Getty Images

Zoox Inc., committed to building an entire self-driving car from scratch, has raised $500 million in new funding led by Atlassian co-founder Michael Cannon-Brookes and Fred Hu of China-based Primavera Capital, at a $3.2 billion post-money valuation.

Why it matters: The self-driving car race continues as a growing number of players, including tech companies like Alphabet and Uber, as well as automakers, rush to build autonomous vehicles.

Report: China leads U.S. on AI funding but trails on talent

Two-thirds of global AI investment today goes to China, ballooning the value of China’s AI market by 67% from 2016 to 2017 and threatening to rob the U.S. of its tenuous AI lead, according to a new study from China’s Tsinghua University.

Why it matters: The U.S. and China are jockeying to be an AI superpower, as private investors and governments pour money into research in both countries. The U.S. has a serious talent edge over China for now, but China’s funding advantage keeps it in the running, as top universities like Tsinghua turn out high-quality researchers.

America's wage crisis no longer looks temporary

Illustration: Lazaro Gamio/Axios

Stuck wages for most U.S. workers look like more than a blip in the booming economy, and some mainstream economists say the government may have to step in.

What's going on: Wages fell over the last year for ordinary, non-management workers when accounting for inflation, according to the Bureau of Labor Statistics, further evidence that companies are managing to avoid paying amid one of the tightest labor markets in decades.