Plus, shares of Rivian soar after the electric-vehicle maker beats delivery expectations. And, China will expand consumer subsidies to include smartphones and tablets in an effort to spur domestic spending. Julie Chang hosts.
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[00:00:31] Here's your TNB Tech Minute for Friday, January 3rd. I'm Julie Chang for The Wall Street Journal.
[00:00:37] Microsoft plans to invest $80 billion in data centers for artificial intelligence tech before its fiscal
[00:00:44] year ends in June. That's according to company president Brad Smith, who disclosed the number
[00:00:48] today in a blog post. He also urged the incoming Trump administration to support policies friendly
[00:00:54] to Microsoft's AI ambitions, including investments in research and worker training and targeted export
[00:00:59] controls on China. In the first quarter of its fiscal year, which ended last September, Microsoft spent
[00:01:05] $20 billion on capital expenditures and leases, primarily for data centers. Shares of Rivian Automotive
[00:01:12] soared, closing up 24% after the electric vehicle startup beat analysts' expectations for deliveries
[00:01:18] and said it's no longer hampered by a part shortage that had constrained production. Rivian said it delivered
[00:01:24] over 14,100 vehicles in the fourth quarter. Analysts had expected 13,000 vehicle deliveries. The company posted
[00:01:32] deliveries of more than 51,500 vehicles for all of 2024 in line with its forecast for the year.
[00:01:40] And China is adding smartphones, tablets and smartwatches to a subsidy program designed to spur domestic spending.
[00:01:48] Last year, China introduced trade-in programs aimed at replacing home appliances and cars. The program successfully
[00:01:54] boosted auto demand. It's all part of an effort to revive subdued consumption in the country.
[00:01:59] Shares of Chinese smartphone makers and home appliances companies surged in Hong Kong following the announcement.
[00:02:04] The top performer was Xiaomi, which rose 6.6%.
[00:02:09] For a deeper dive into what's happening in tech, check out Monday's Tech News Briefing podcast.
[00:02:14] Transcription by CastingWords