Plus: Cerebras boosts target IPO price, seeking to raise $4.8 billion. And Circle raises $222 million from institutional investors through new token. Imani Moise hosts.
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[00:00:31] Here's your afternoon TNB Tech Minute for Monday, May 11th. I'm Imani Moise for The Wall Street Journal. Microsoft CEO Satya Nadella has taken the stand today in the landmark trial between Elon Musk and OpenAI. Musk is suing OpenAI and his leaders, Sam Altman and Greg Brockman, for allegedly manipulating him into giving tens of millions of dollars to a nonprofit organization only for them to turn the AI lab into a for-profit venture.
[00:00:59] Musk is also suing Microsoft, OpenAI's largest investor. During direct testimony, Nadella said Musk never reached out to him to express concerns when Microsoft made its initial investment in 2019, nor when the tech giant committed an additional $10 billion to the startup in January 2023. Nadella also said that Microsoft's strategic partnership with OpenAI was about obtaining rights to the company's intellectual property.
[00:01:27] News Corp, the owner of The Wall Street Journal, has a content licensing partnership with OpenAI. Chip startup Cerebris Systems is boosting its IPO price ahead of its trading debut this Thursday. A new company filing shows it now plans to sell 30 million shares at up to $160 each, aiming to raise up to $4.8 billion. Cerebris trips are designed for inference workloads, the type of computations required to allow an AI model to respond to user inquiries,
[00:01:55] and have seen surging demand as AI labs transition from training to running their models. And Circle Internet Group says it has pre-sold $222 million worth of a new token to investors, including BlackRock and Andreessen Horowitz. The sales signals continued demand for digital assets from institutional investors, even as major cryptocurrencies struggle to reclaim last year's highs.
[00:02:18] The company says the token, which hasn't been launched, is linked to CircleArk's blockchain, a stablecoin-based network announced in October. And that's it for your TNB Tech Minutes. We'll have another quick tech update in the morning. How are the U.S. businesses of Philip Morris International invested in America? We're invested in advancing science, giving adults who smoke better options. We're invested in American manufacturing, helping local economies thrive.
[00:02:47] We're invested in community, supporting military veterans and their families, disaster relief, and economic empowerment. Because we're proud to be invested in America. See how at USPMI.com.