TNB Tech Minute: Nvidia’s $250 Billion Plan To Back Data Center Sends Shares Lower

**SPEAKER_1** (0:00)
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.

**Imani Moise** (0:16)
Here's your afternoon TNB Tech Minute for Monday, July 27th. I'm Imani Moise for the Wall Street Journal. Nvidia's doc tumbled today after an exclusive Wall Street Journal report detailing the chip giant's plans to provide a roughly $250 billion backstop for a massive OpenAI data center project. The report intensified investor concerns about circular financing in the AI economy and the extent to which Nvidia is investing in its own customers, which in some cases need the chip maker's financial backing to purchase its chips. The $250 billion guarantee would cover a data center lease in southern Ohio, and debt needed to fund its buildout, but not the Nvidia chips that would go inside it. Nvidia is also discussing a deal to finance the chip purchase for OpenAI, which could total $350 billion.
After Nvidia shares fell, Apple took back its crown as the largest US company by market cap for the first time since May of last year, snapping Nvidia's 272-day trading streak with that title. The iPhone maker hit an all-time intraday high today, pushing its market value to nearly $5 trillion, a new milestone for the company. Apple is set to report earnings this Thursday.
AstraZeneca says it's on track to hit its revenue target for 2030 after a pivotal trial missed the mark earlier this month. The CEO of the UK drug maker said that the company assumed from the outset that some of its drug candidates would fail, and that its target was based on sales forecast adjusted for that risk. AstraZeneca is due to provide updates on 20 high-profile studies over the next year and a half with potential to strengthen its portfolio beyond 2030 The company also reported higher second quarter sales today, driven by its cancer medicines.
And that's it for your TNB Tech Minutes. We'll have another Quick Tech Update in the morning.

**SPEAKER_1** (2:10)
Anthropic's Claude is AI for problem solvers. Here's Cognition's Scott Wu on how the model made his vision possible.

**Scott Wu** (2:17)
What we do at Cognition is we build Devin, 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. This is a world where building software is just as easy as telling your computer what to do.

**SPEAKER_1** (2:51)
What problems will you solve with Claude? Learn more at claude.com/problemsolvers.