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Illustration: Rebecca Zisser/Axios

AEye, a Dublin, Calif.-based lidar technology developer, amended terms of its SPAC merger with CF Finance Acquisition Corp III, dropping the implied valuation to $1.52 billion from $2 billion.

Why it matters: It's a reminder that SPAC deals can't stand apart from sector trends, even if the broader SPAC bucket should be uncorrelated. Shares of rival lidar developers Luminar and Ouster have both fallen by double digits since their post-SPAC debuts.

The big picture: AEye has raised over $90 million from firms like Kleiner Perkins, Intel Capital, Airbus Ventures, Taiwania Capital and Tychee Partners.

Bottom line, via Axios' Joann Muller: Lidar is one of several perception technologies self-driving cars can use to see the road, but so far none of them can do everything automakers need.

  • Argo AI, which is developing self-driving technology for Ford and Volkswagen, just announced it's switching to an in-house lidar system, while Tesla says it won’t use lidar at all.

Go deeper

Updated 3 hours ago - World

Death toll mounts as fighting between Israel and Hamas intensifies

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the holy month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 109 Palestinians and seven people in Israel have been killed since recent fighting between Israel's military and Hamas began Monday.

The big picture: Israel began massing troops on its border with Gaza on Thursday, launching attacks from the air and ground as Hamas continued to fire rockets into Israel.

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.

Democrats open to user fees for infrastructure deal

President Biden sits Thursday with Sen. Shelley Moore Capito (R-W.Va.) as they discuss his $2.3 trillion infrastructure proposal. Photo: T.J. Kirkpatrick/The New York Times/Bloomberg via Getty Images

Some Senate Democrats are open to paying for a compromise infrastructure package by imposing user fees, including increasing the gas tax and raising money from electric car drivers through a vehicle-miles-traveled charge.

Why it matters: By inching toward the Republican position on pay-fors, some Democrats are bucking President Biden's push to offset his proposed $2.3 trillion plan by focusing only on raising taxes on corporations and the wealthy.