Plus: Stellantis inks $1.17 billion electric vehicle deal with Chinese automaker Dongfeng Group. And the crypto industry notches a win in Washington. Danny Lewis hosts.
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[00:00:01] Here's your morning TNB Tech Minute for Friday, May 15th. I'm Danny Lewis for The Wall Street Journal. Bill Ackman’s Pershing Square has taken a new stake in Microsoft. In a social media post this morning, Ackman’s said his investment firm started building the position in February after Microsoft's shares declined following its earnings report.
[00:00:20] He said the stake is a bet that the software giant's AI investments aren't reflected in its slumping share price, which is down 15% this year and has lost more than a quarter of its value since they peaked last fall. Ackmans said Pershing had now made Microsoft a core holding. The firm will disclose the stake in regulatory filings later today. Stellantis has struck another deal with the Chinese automaker to produce electric vehicles.
[00:00:45] Under the new $1.17 billion arrangement with Dongfeng Group, Stellantis will co-manufacture two all-new Peugeot new energy vehicles and two Jeep NEVs in China. The NEV category includes fully electric variants and plug-in hybrids. Production is set to begin in 2027. The models will be sold in both the domestic market and overseas.
[00:01:07] The deal underscores a broader shift in the global auto industry that is driving deeper collaboration between Western carmakers and their Chinese counterparts. And the crypto industry notched a win in Washington after the U.S. Senate Banking Committee approved a bill that would create a pathway for digital tokens to further upend traditional finance. The bill would establish rules regulating different types of cryptocurrencies across the Securities and Exchange Commission and Commodity Futures Trading Commission.
[00:01:35] While it allows banks to expand their crypto activity, some have argued that the bill leaves room for interest-like reward structures for popular tokens that could siphon bank deposits and limit their ability to lend. The bill now goes to the full Senate. That's your TNB Tech Minute. Join us again this afternoon for more. The bill now has got a slightly higher price for the U.S. Senate Banking Committee. The bill now has got a bit higher price for the service. This bill now has got two seats.