TNB Tech Minute: Bank of America’s $250 Billion AI and Energy Infrastructure Push

**SPEAKER_1** (0:00)
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**Julie Chang** (0:32)
Here's your afternoon TNB Tech Minute for Wednesday, August 12th. I'm Julie Chang for the Wall Street Journal. We exclusively report that Bank of America plans to inject $250 billion into an infrastructure push that aims to boost US investments in data centers, energy and critical minerals. The second largest bank in the nation by assets said the initiative would involve lending and investing, as well as capital markets, banking and advisory work. Bank of America's initiative will run from the start of this year into the middle of next. The move marks the latest big bank initiative to enhance national competitiveness following similar campaigns by rivals Morgan Stanley and JP Morgan Chase. The endeavors come against a backdrop of an administration that has exerted extraordinary pressure on American companies.
Foxconn's second-quarter net profit beat expectations, rising 35% to $1.86 billion, and the company's revenue jumped 41% from a year earlier. Server-related sales saw the strongest growth, accounting for more than half of total revenue. Once mainly associated with manufacturing Apple's devices, the company now derived significant revenue from building AI servers for industry leaders such as NVIDIA. Foxconn said it expects its AI server rack shipments to grow in the third quarter.
And Tencent Holdings' second-quarter net profit rose 0.7% to $8.3 billion, missing market expectations and ending its double-digit earnings growth streak since 2023
Revenue climbed 11% while its capital expenditure more than doubled from a year earlier. The profit slowdown for the Shenzhen-based company, China's largest by-market capitalization, comes as it more than doubles its AI spending this year, targeting both foundational models and AI agents. And that's it for your TNB Tech Minutes. We'll have another Quick Tech Update in the morning.

**SPEAKER_1** (2:33)
The browser is your business's first line of defense against online threats. Keep your employees and data safe with Chrome Enterprise, the most trusted enterprise browser. Create controls that enforce company policies, like rules that prevent employees from printing, pasting or sharing company data. Access in-depth reports that show the apps and extensions your employees are using and where data is going and coming from. And prevent phishing and malware attacks from reaching your employees with automatic proactive protections. Visit chromeenterprise.google to learn more.