embraced by many in the tech industry. “This is what happens when you work to change things,” she said in a TV interview. “First they think you’re crazy, then they fight you, and then all of a sudden you change the world.”

In the years since Theranos collapsed, more tech start-ups have followed its strategy of looking outside the small network of Sand Hill Road venture capital firms for funding. Start-ups are raising more money at higher valuations, and deal-making has accelerated. Mutual funds, hedge funds, family offices, private equity funds and megafunds like SoftBank’s Vision Fund have rushed to back them.

Mr. Salehizadeh said Silicon Valley’s shift to a focus on fund-raising over all else was one reason he had left to set up a private equity firm on the East Coast. The big money brought more glitz to tech start-ups, he said, but it had little basis in business fundamentals.

“You’re always left feeling like either you’re an idiot or you’re brilliant,” he said. “It’s a tough way to be an investor.”

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A Day in the Life of a Reporter Covering the Elizabeth Holmes Trial

During the third month of the fraud trial of Elizabeth Holmes, the founder of the blood testing start-up Theranos, Judge Edward J. Davila, who is presiding, called the proceedings “a movable feast.”

We were about as far away from Hemingway’s Paris as I could fathom. The judge was most likely not talking about eating and drinking his way through 1920s France; the phrase “movable feast” also describes an event with a flexible date. But the image put the lack of glamour of covering this trial into relief.

Reporting on the tech industry and its immense wealth and power sometimes affords a glimpse into opulence: a dinner at a European palace, for example, or a crypto yacht party. But during this trial, I spent much of my time sitting on the carpeted floor of the courtroom’s hallway, downing snack bars and writing stories on my laptop.

Four months of covering Elizabeth Holmes’s fraud trial, now in its second week of jury deliberations, has turned me into a nocturnal, sidewalk-dwelling human-shaped snack bar.

fans of white-collar crime” who simply want to see history unfold.

One morning outside the courthouse, a group of spectators pretended to sell black turtlenecks — Ms. Holmes’s uniform during Theranos’s rise — as a bit of performance art. They were scolded by court security guards for soliciting on federal property. Another time a woman yelled “You’re a good mom!” to Ms. Holmes as she entered the building. She was scolded by Judge Davila for potentially influencing the jury, whose members use the same door as the public.

Snagging a seat means getting there early. Each day since Ms. Holmes took the stand in late November, I jolt out of my hotel bed around 3 a.m. in a panic. I get ready, then hustle past a San Jose Christmas market that, just hours earlier, was buzzing with lights, people and festivities.

Credit…Erin Griffith

Then I join the group of journalists and spectators gathering outside the courthouse to receive a number, denoting our place in line — entry into the courtroom is first come first served — and sit on the cold sidewalk in the dark, waiting for 5 a.m., when the nearby Starbucks opens. Around 6:20 a.m., the gates to the courthouse unlock and we form a proper line. Around 8 a.m., Ms. Holmes arrives. An hour after that, I take my seat in the courtroom. (A few times, I’ve been relegated to a small overflow room, which also fills up fast.)

prompted the judge to warn journalists to type quietly.) There were tarot cards on one day and a panettone on another. The most critical gear is snacks.

When court is in session I sit in the gallery, hunched over my laptop, barely moving except for my fingers. But my brain is in five places at once, tap-dancing, spinning, back-flipping, walking a tightrope and doing the worm. I’m trying to take fast and accurate notes (quietly) while also sending instant messages to my Times editor, Pui-Wing Tam, (quietly), sending tweets (quietly), posting live updates on the trial for The Times (quietly), emailing outside sources for quotes (quietly) and writing my story in time for our East Coast deadline.

Not every day in court has been as newsworthy as when the defendant took the stand, so our coverage ranges from high-level weekly summaries to minute-by-minute live updates. Big witnesses, like James Mattis, a Theranos board member and former defense secretary, get their own story, as do big themes, like Theranos’s use of the media or the lack of investor due diligence. Our reporting fellow, Erin Woo, has been critical to our coverage. We write background summaries in advance so we can file quickly after adding quotes and analysis from the day’s events.

There are no windows in the courtroom, and by the time we leave the building more than 12 hours after arriving, the sun is going down. Then we do it all again.

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Old Power Gear Is Slowing Use of Clean Energy and Electric Cars

Seven months after workers finished installing solar panels atop the Garcia family home near Stanford University, the system is little more than a roof ornament. The problem: The local utility’s equipment is so overloaded that there is no place for the electricity produced by the panels to go.

“We wasted 30,000-something dollars on a system we can’t use,” Theresa Garcia said. “It’s just been really frustrating.”

President Biden is pushing lawmakers and regulators to wean the United States from fossil fuels and counter the effects of climate change. But his ambitious goals could be upended by aging transformers and dated electrical lines that have made it hard for homeowners, local governments and businesses to use solar panels, batteries, electric cars, heat pumps and other devices that can help reduce greenhouse gas emissions.

Much of the equipment on the electric grid was built decades ago and needs to be upgraded. It was designed for a world in which electricity flowed in one direction — from the grid to people. Now, homes and businesses are increasingly supplying energy to the grid from their rooftop solar panels.

to electricity generated by solar, wind, nuclear and other zero-emission energy sources. Yet the grid is far from having enough capacity to power all the things that can help address the effects of climate change, energy experts said.

“It’s a perfect violent storm as far as meeting the demand that we’re going to have,” said Michael Johnston, executive director of codes and standards for the National Electrical Contractors Association. “It’s no small problem.”

half of new cars sold in the country by 2030. If all of those cars were plugged in during the day when energy use is high, utilities would have to spend a lot on upgrades. But if regulators allowed more utilities to offer lower electricity rates at night, people would charge cars when there is plenty of spare capacity.

Some businesses are already finding ways to rely less on the grid when demand is high. Electrify America, a subsidiary of Volkswagen that operates an electric vehicle charging network, has installed large batteries at some charging stations to avoid paying fees that utilities impose on businesses that draw too much power.

Robert Barrosa, senior director of sales and marketing at Electrify America, said that eventually the company could help utilities by taking power when there was too much of it and supplying it when there was not enough of it.

$1,050 to $2,585 a year, according to Rewiring America. Those products are more energy efficient and electricity tends to cost less than comparable amounts of gasoline, heating oil and natural gas. Electric cars and appliances are also cheaper to maintain.

“Done right, money can go further toward a more reliable network,” Mr. Calisch said, “especially in the face of increased stress from climate change.”

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