Plus: SK Hynix lowers fundraising target after recent decline in share price. And Novartis to pay up to $1.5 billion for Myricx Bio. Imani Moise hosts.
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[00:00:00] [SPEAKER_02] This episode is sponsored by Anthropic, the makers of Claude. Scott Wu spent his childhood winning math and programming competitions. Now he solves similar problems as CEO of Cognition, a successful AI startup. Find out more at the break.
[00:00:16] [SPEAKER_00] Here's your morning TNB Tech Minute for Monday, July 6. I'm Imani Moise for The Wall Street Journal. Digital infrastructure company TeraWulf is partnering with Anthropic to build a campus in Kentucky that could generate 19 billion dollars in revenue and bring in 400 megawatts of computing power online by 2028. TeraWulf said the project is backed by a 20-year lease and supported by an investment-grade credit profile.
[00:00:43] [SPEAKER_00] Separately, TeraWulf said it will sell its 50.1% ownership interest in the Abernathy Joint Venture to an investment group led by FluidStack. The sale will enable the company to redeploy capital into AI infrastructure opportunities through direct ownership and operation. South Korea's SK Hynix has lowered the fundraising target for its U.S. listing after a recent decline in its share price.
[00:01:05] [SPEAKER_00] A regulatory filing with the Korea Exchange today shows the memory chip maker is now seeking to raise about $28.2 billion by issuing American depository receipts on the NASDAQ, down from its previous target of about $29.6 billion. Despite the downward revision, the deal would still rank among the biggest share sales in history, second only to SpaceX's record IPO, which raised $75 billion last month.
[00:01:33] [SPEAKER_00] The company says it'll use the offering's proceeds to expand chip-making facilities in South Korea and purchase equipment. And Swiss pharmaceutical company Novartis has agreed to pay up to $1.5 billion for MyrixBio in a bid to Bolster's portfolio of oncology drugs. Novartis will pay $1.1 billion up front, with up to $400 million in potential additional payments. The deal is expected to close in the second half of this year and is subject to regulatory approvals.
[00:02:02] [SPEAKER_00] Analysts said the purchase is notable because MyrixBio's platform hasn't yet reached late-stage clinical development, adding it's a seemingly high up-front payment relative to the potential milestone payments. And that's your TNB Tech Minute. We'll be back this afternoon with more.
[00:02:19] [SPEAKER_02] Anthropic's Claude is AI for problem solvers. Here's Cognition's Scott Wu on how the model made his vision possible.
[00:02:26] [SPEAKER_01] What we do at Cognition is we build Devon, the first AI software engineer, and a suite of tools around that. Our whole mission is to help build software around the world 10 times faster. From the beginning, I always loved that you could take any idea that you had and turn it into reality. Everyone will be able to turn those ideas into reality. By getting to work with Anthropic, we're able to go and deliver customers the exact capabilities that they're looking for. We've been able to help bring folks to a new era of software engineering.
[00:02:55] [SPEAKER_01] This is a world where building software is just as easy as telling your computer what to do.
[00:02:59] [SPEAKER_02] What problems will you solve with Claude? Learn more at claude.com slash problem solvers.