Plus: Bank of America, Citigroup, Goldman Sachs and other firms team up to launch a stablecoin. And Dyson unveils an AI-powered toothbrush. Julie Chang hosts.
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[00:00:01] Here's your afternoon TNB Tech Minute for Tuesday, September 1. I'm Julie Chang for The Wall Street Journal. SB Energy, an AI infrastructure platform backed by SoftBank, has registered for an initial public offering. The company said it will remain a SoftBank-controlled company. SB Energy hasn't yet determined the number or pricing of shares in the proposed offering, but the journal has reported that it aims to raise between $5 and $7 billion.
[00:00:26] As part of the offering, NVIDIA has committed to invest $3 billion. The journal also reported that OpenAI issued warrants worth about $5.5 billion in the company. SoftBank and OpenAI are customers at three of SB Energy's data center campuses, which constitute a major portion of SB Energy's near-term revenue per its IPO filing, none of which are currently operational.
[00:00:50] Bank of America, Citigroup, Goldman Sachs, and 18 other firms are teaming up to launch a stablecoin, or digital tokens that can be used for cross-border transactions. The journal reported last week that banks have shifted to a more defensive strategy on stablecoins, with some executives worried that digital tokens could rise in popularity and encroach on their businesses. The firms plan to establish a company to support the stablecoin venture, which will focus on commercial clients and launch in the first half of next year.
[00:01:19] Finally, Dyson has unveiled an AI-powered toothbrush, marking the vacuum and hairdryer company's first foray into oral care. The $499 toothbrush, called the Dyson Camera Jet, features a tiny camera that analyzes live images to trigger a burst of mouth rinse that flosses between teeth. It'll be available in select stores this month. The overall market for oral care is large and dominated by a handful of companies.
[00:01:47] Last year, Dyson generated over $8 billion in revenue. And that's your TMB Tech Minutes. We'll have another Quick Tech Update in the morning.