AI

• Technology Megacaps Slump as Rotation Trade Gathers Momentum
  US stocks touched session lows Tuesday afternoon before paring their losses as a rotation out of the technology stocks that had propelled the market higher for most of the year gained traction.
• US Trade Gap Narrows as Oil Exports Offset AI-Driven Imports
  The US trade deficit narrowed in April as a surge in oil exports helped offset ongoing increases in imports of equipment powering the data center buildout.
• Standard Bots Raises $200 Million to Manufacture Robots in US
  Standard Bots has raised $200 million in a new round of funding to ramp up manufacturing of robotic arms in the US as the country vies to keep pace with China in building more advanced robots.
• Taiwan Eyes Curbs on AI Chip Sales to China to Align With US
  Taiwan authorities are considering much stricter export controls on AI chip sales to China to further align with US measures, according to people familiar with the matter, an effort to address semiconductor smuggling that risks drawing a rebuke from Beijing.
• Iconiq-Backed IT Startup NinjaOne Hits $12.3 Billion Valuation
  NinjaOne, an IT management platform, has more than doubled its valuation to $12.3 billion in a new financing deal, bucking the trend of investors shying away from software-as-a-service companies over AI fears. The startup is set to announce Tuesday that it’s raised $400 million in a secondary share sale. Wellington Management, Iconiq Capital, Alphabet Inc.’s CapitalG and Sequoia Capital participated in the deal, which saw some early investors and longtime employees sell equity. NinjaOne was prev
• Emerging Assets Stage Rebound as Sharp Losses Lure Dip Buyers
  Emerging-market assets rallied on Tuesday, with investors buying the dip in shares of Asian companies tied to the artificial intelligence theme and currencies rebounding after Iran and Israel paused hostilities.
• China Preps $295 Billion Plan to Fund Nationwide AI Buildout
  China is preparing to spend around 2 trillion yuan ($295 billion) over the next five years on building data centers across the country, fueling Beijing’s ambition to propel the domestic AI sector and surpass the US in a potentially game-changing technology.
• Korean Stocks Jump 8% as Chip Shares Rebound After AI Selloff
  Memory chipmaker shares led a rebound in South Korean stocks, demonstrating investors aren’t quite ready to throw in the towel on the artificial intelligence boom.