Plus: Chinese automaker BYD unveils autonomous-driving chip. And shares of space companies plummet following Thursday night’s Blue Origin rocket explosion. Julie Chang hosts.
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[00:00:31] [SPEAKER_02] Here's your afternoon TNB Tech Minute for Friday, May 29th. I'm Julie Chang for The Wall Street Journal. Venture capital firms in Silicon Valley are shifting investments from software to physical technologies and materials as they grow desperate for bets that can survive the AI reckoning. Investors historically focused on firms like Snap and Uber are now targeting AI infrastructure like chips, power, and manufacturing, as well as physical AI,
[00:00:59] [SPEAKER_02] such as autonomous robotics. According to PitchBook data, venture capital investment in global robotics and physical AI grew to $26 billion last year, up from $4.2 billion in 2019. And this year, companies in those sectors have already raised more than $23 billion as of May 20th. Chinese automaker BYD unveiled an autonomous driving chip and said it has already entered mass production.
[00:01:28] [SPEAKER_02] BYD said it aims to invest roughly $14.75 billion in intelligent technology R&D over the next three years. The launch marks the automaker's latest effort to showcase its edge in technology, as growth in China's EV market slows and pricing pressure weighs on profitability across the sector. Chinese EV makers, including NIO, Li Auto, and XPeng have also been developing their own autonomous driving chips.
[00:01:54] [SPEAKER_02] Finally, shares of space companies, which have been surging in recent weeks, fell today, following Thursday night's Blue Origin rocket explosion. Shares tied to AST Space Mobile, which is building a cellular broadband network in space and has a launch agreement with Blue Origin closed down over 14%. Voyager Technologies, which is helping develop a commercial space station with NASA funding, fell over 4%.
[00:02:20] [SPEAKER_02] Shares of space exploration company Intuitive Machines also dropped more than 4%. And Rocket Lab, which is working to compete with Blue Origin and SpaceX, dropped 3%. And that's your TNB Tech Minutes. Check back Monday for another Quick Tech Update.
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[00:02:57] [SPEAKER_00] Thoughts on the Market is your daily market snapshot, covering trends across the global investment landscape and offering perspectives from Morgan Stanley's leading economists and strategists. It's one of the only daily podcasts providing real-time commentary from a financial institution on the day's biggest questions and topics. And with most episodes under five minutes long, market clarity can fit seamlessly into your daily routine. Staying informed has never been easier.
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