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Here's your afternoon TNB Tech Minute for Tuesday, July 22nd.

I'm Adriana Aspuru for the Wall Street Journal.

We are exclusively reporting that Elon Musk's artificial intelligence startup,

XAI, is looking to raise up to $12 billion to fuel its ambitious expansion plans.

That's according to people familiar with the matter.

The money would be

used to buy a massive supply of advanced Nvidia chips for a new jumbo-sized data center to help

train and power its AI chatbot grok. This comes just weeks after the startup raised $10 billion

through the sales of stock and debt, And it will likely have to raise even more

in the coming months, given how expensive it is to train large AI models. And as of May,

there were 14 million electric vehicle charging points in China, which is nine times as many

as there were at the end of 2020. This massive expansion comes as Beijing has

moved to wean China off imported oil in the name of national security and build the world's

leading EV industry. The campaign has also been expensive. According to the Center for Strategic

and International Studies, Beijing's support for the industry has cost $231 billion from 2009 to 2023.

Finally, Nokia cut its earnings expectations, as currency headwinds like a weaker dollar and tariff costs weigh on their outlook for the year.

The Finnish telecommunications company now anticipates a comparable operating profit

between $1.6 billion and $2.1 billion in 2025, which is a bit below a previous forecast

in a range of $1.9 billion and $2.4 billion.

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