Plus: Cboe Global Markets slashes 20% of staff. And Morgan Stanley analysts say Rivian’s Gen 3 delay could cost it near-term demand. Danny Lewis hosts.
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[00:00:00] [SPEAKER_02] What is a university for? At the University of Michigan, bringing braille into the digital world, detecting PFAS before they're in your tap, and destroying cancer with sound. For the public good, look to Michigan. See more at umich.edu. Here's your afternoon TNB Tech Minute for Friday, May 1st. I'm Danny Lewis for The Wall Street Journal. Investment firm, Kotu Management, is known for its big bets on tech. Now, we exclusively report that the $70 billion investment firm, UMich, UMich, UMich, UMich, UMich, UMich, UMich, UMich, UMich.
[00:00:30] [SPEAKER_01] Investment firm is launching a new venture to buy land to be developed for AI data centers. People familiar with the matter say tens of billions of dollars could be spent on the effort, called Next Frontier. The new firm is already at work on one of its first big projects, buying land in Indiana for a data center campus. Kotu has large stakes in Anthropic and OpenAI, and it has invested heavily in companies that supply infrastructure for data centers, including turbine maker GE Vernova and power producer Vistra.
[00:00:59] [SPEAKER_01] In another WSJ exclusive, SIBO Global Markets is slashing 20% of its staff and tightening its return-to-office policies as its latest move in a plan to sharpen its focus on key businesses. According to a memo seen by The Wall Street Journal, about a fifth of SIBO's global workforce has been notified that they have been laid off. The company is also offering a voluntary retirement program to U.S. and Canadian workers who are at least 55 years old, have been with SIBO for at least five years, and weren't affected by the layoffs.
[00:01:28] [SPEAKER_01] In an interview, CEO Craig Donohue told the journal the cuts will help the company optimize growth in its core and pivot to new areas like prediction markets, tokenization, and clearing. And analysts at Morgan Stanley say electric vehicle maker Rivian's plans to not introduce its Gen 3 platform until early 2027 pose a significant risk for near-term demand. The platform is expected to add more autonomous driving capabilities to the startup's vehicles.
[00:01:57] [SPEAKER_01] Morgan Stanley analysts say that is a core value proposition of battery electric vehicles, and delaying the most advanced autonomy platform could hurt consumer demand for both the company's R1 and R2 cars, extending Rivian's path to profitability. And that's a wrap on your TNB Tech Minutes. For a deeper dive into what's happening in tech, check out our Tech News Briefing podcast on Tuesdays and Fridays.
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