TNB Tech Minute: Crypto Firm Circle Posts Loss in First Earnings After IPO - Tech News Briefing
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Ariana Aspuru: Here's your morning TNB Tech Minute for Tuesday, August 12th. I'm Ariana Aspuru for The Wall Street Journal. Circle Internet Group, the issuer of the world's second-largest stablecoin, has posted a net loss of $482 million in the second quarter. It comes after one-time costs related to stock compensation and convertible notes after the company's June initial public offering. But the company is also riding on the Trump administration's embrace of the crypto industry. Its second-quarter revenue exceeded Wall Street's expectations, lifting shares by 6% in morning trading. Plus, we are exclusively reporting that the venture capital firm General Catalyst is leading a $74 million investment in Titan, a holding company that says it aims to transform the mundane aspects of IT services with AI. General Catalyst hopes to boost profitability by automating 30% of Titan's IT tasks for its customers. Titan said it's building an AI platform that it says will work alongside its human staff, with much of that work involving AI agents. And finally, General Electric and United Nuclear have agreed to a U.S. consent decree that requires the two companies to excavate and remove around 1 million cubic yards of uranium mine waste in New Mexico and the Navajo Nation. The Justice Department said the companies will transfer the waste to the UNC Mill Site, which is a federally-licensed disposal facility located adjacent to Navajo Nation. The cleanup is expected to take over a decade to complete and cost $63 million. That's your TNB Tech Minute. Join us again this afternoon for more.
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