TNB Tech Minute: Moonshot AI Confidentially Files Hong Kong IPO

0:01Here's your afternoon TNB Tech Minute for Thursday, September 3rd. I'm Julie Chang for The Wall Street Journal. China's Moonshot AI has confidentially submitted an application for an initial public offering to Hong Kong Stock Exchange. That's according to people familiar with the matter. The Beijing-based AI startup was valued at$50 billion in its latest private funding round, and surprised the industry in July with its new large language model Kimi-K3 that rivaled top-tier American offerings. The potential listing is subject to approval by Chinese regulators. Moonshot declined to comment on the IPO plan.

0:38If successful, it could become one of the largest IPOs in Hong Kong in recent years. Lawmakers are calling to reverse cuts at the Cybersecurity and Infrastructure Security Agency, or CISA, as it faces adversaries armed with advanced AI. In recent weeks, Iran-linked hackers used AI to disrupt water and wastewater facilities across several states. At a House Intelligence Committee hearing yesterday, Representative Raja Krishnamoorthy, an Illinois Democrat, argued CISA needs increased resourcing to protect infrastructure. However, the agency announced it's closing six regional security assessment programs and replacing them with a single consolidated assessment to streamline data.

1:20The move follows deep spending and job cuts over the past year. And activist investor Elliott Investment Management acquired a stake in Deutsche Telekom and is urging it to drop plans to merge with T-Mobile US. That's according to people familiar with the matter. Deutsche Telekom owns 54 % of T-Mobile and has held discussions this year about combining the two to streamline operations. The current status of any talks couldn't be learned. A source tells the journal that instead of a merger, Elliot wants Deutsche Telekom to boost shareholder returns through larger share buybacks. For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.

2:01See what's next at claude.ai.