Plus: Canada plans $360 million tech growth fund to boost domestic AI companies. And SpaceX sets a specific IPO price for next week, roughly doubling its valuation from six months ago. Julie Chang hosts.
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[00:00:16] [SPEAKER_00] Here's your afternoon TNB Tech Minute for Thursday, June 4th. I'm Julie Chang for The Wall Street Journal. Broadcom's latest results dragged tech stocks down today. The semiconductor and software makers' shares tumbled more than 12.5% after its guidance on AI demand failed to live up to investors' lofty expectations. That cascaded through other stocks tied to AI. Micron Technology closed down
[00:00:42] [SPEAKER_00] nearly 7.75%, AMD fell over 3.5%, and Qualcomm fell over 2.5%. Canada wants to pump up its homegrown AI industry. It unveiled a new national AI strategy today dubbed AI for All, which includes a fund of about $360 million to boost domestic AI companies and encourage adoption of the tech. The Canadian
[00:01:09] [SPEAKER_00] Tech Growth Fund will also provide a platform for Ottawa to at times take equity stakes in the most promising AI firms. Use of AI in the country remains low. About 12% of Canadian companies were producing goods and services using AI as of mid-2025. The government wants to increase that to 60% by 2034.
[00:01:31] [SPEAKER_00] It also hopes the strategy will create 250,000 new jobs through the adoption of AI in about five years. Finally, SpaceX's initial public offering is set to take place next week, and the rocket maker has already set a specific price for its shares. That goes against traditional IPO pricing methods, where companies typically set a range and refine it after investor meetings. SpaceX plans to sell over
[00:02:01] [SPEAKER_00] 555 million shares at $135 a piece. That would raise about $75 billion or more, and bring billionaire Elon Musk's company to a valuation of $1.77 trillion, roughly double the company's valuation from six months ago. SpaceX could still adjust the price before the IPO. It's expected to start trading on the Nasdaq on June 12th.
[00:02:29] [SPEAKER_00] For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.
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