Plus: Grayscale Investments has confidentially filed plans to go public. And, shares of semiconductor companies in Europe fell after President Trump said the U.S. would charge a 30% tariff on goods from the European Union effective Aug. 1. Julie Chang hosts.
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[00:00:31] Here's your afternoon TNB Tech Minute for Monday, July 14. I'm Julie Chang for The Wall Street Journal. More on Elon Musk's announcement that Tesla shareholders would vote on investing in his artificial intelligence startup, XAI. The churn inward for investment comes as XAI requires billions of dollars to power servers as it plays catch-up in the global AI race. Open AI and other startups in the sector are rapidly burning through new funding, but revenue is lagging behind expenses.
[00:01:01] And funding sources may be limited. Musk has repeatedly mobilized other parts of his business empire to boost XAI, which earlier this year merged with X. In an X post today, the billionaire said he wasn't supportive of a merger between XAI and Tesla. Plus, Grayscale Investments plans to go public, per a confidential filing with the Securities and Exchange Commission. The crypto asset manager helped popularize Bitcoin funds.
[00:01:27] It said it hasn't yet determined the number of shares to be registered nor the price range of its offering. The move follows Bitcoin surge and increased interest in crypto companies going public, including crypto exchange Gemini and stablecoin issuer Circle Internet Group. Finally, shares of semiconductor companies in Europe reacted to President Trump's announcement that the U.S. would charge a 30% tariff on goods from the European Union starting next month.
[00:01:53] While shares of Dutch semiconductor equipment maker ASML Holding closed up 0.6%, shares of small arrival ASM International dropped 0.27%. And ST Microelectronics, which supplies Apple and Tesla, fell nearly 1.5%. For a deeper dive into what's happening in tech, check out tomorrow's Tech News Briefing podcast.