WSJ Tech News Briefing: Norway’s Wealth Fund Trims Holdings of U.S. Tech Stocks

Date: January 29, 2026
Host: Julie Chang
Podcast: WSJ Tech News Briefing

Episode Overview

This TNB Tech Minute delivers key updates in the tech landscape, focusing on investment shifts by Norway’s oil wealth fund, major strategic changes at Tesla, and workforce restructuring at Dow Chemicals leveraging AI and automation. The episode gives listeners insight into global tech investing trends, major manufacturing pivots and the growing role of AI in traditional industries—all in a crisp daily format.

Key Discussion Points & Insights

1. Norway’s Wealth Fund Adjusts Tech Holdings

• Norway’s Government Pension Fund Global (GPFG), valued at over $2 trillion, has modified its investments in major U.S. tech stocks:
  • Reduced stakes: Nvidia (down to 1.26% from 1.32% between June and year-end), as well as Alphabet, Apple, and Microsoft.
  • Increased stakes: Amazon and the Dutch semiconductor equipment maker ASML.
• The fund’s recent gains are largely attributed to the surge in U.S. tech stocks, but leadership voices caution about the possibility of a tech stock bubble.
• Notable Quote:

  “The surge in US Tech stocks has benefited the fund, but its CEO expressed uncertainty today about whether it's a bubble.”
  — Julie Chang [00:46]

2. Tesla Shifts Toward Robotics and Autonomy

• Tesla announces the conversion of its Fremont factory (which currently produces Models S and X) into a dedicated Optimus robot production facility.
• Key points:
  • Production of Models S and X to wind down next quarter.
  • Reflects Tesla’s long-term vision to focus exclusively on autonomous vehicle and robotics technology.
  • Ambition: Targeting output of one million Optimus units per year from the revamped facility.
• Notable Quote:

  “Musk said Tesla is targeting production of a million units of Optimus a year at the factory over the long term.”
  — Julie Chang [01:23]

3. Dow Chemicals Cuts Jobs, Leans on AI

• Dow will eliminate 4,500 jobs under a cost-saving program called “Transform to Outperform.”
• The company is set to utilize AI and automation to reduce expenditures and boost productivity:
  • Projected $2 billion boost in operational earnings.
  • Resultant one-time restructuring charges estimated at $1.1–1.5 billion.
  • The move follows widening losses due to rising costs and lower revenue.
• Notable Quote:

  “The chemicals company said it's embarking on a program dubbed Transform to Outperform, which would employ AI and automation to reduce expenditure and capitalize growth and productivity.”
  — Julie Chang [01:42]

Notable Quotes & Memorable Moments

• On the tech bubble concern:

  “... its CEO expressed uncertainty today about whether it's a bubble.”
  — Julie Chang [00:46]

• On Tesla’s robotics pivot:

  “Tesla is targeting production of a million units of Optimus a year at the factory over the long term.”
  — Julie Chang [01:23]

• On Dow’s automation move:

  “... a program dubbed Transform to Outperform, which would employ AI and automation...”
  — Julie Chang [01:42]

Important Timestamps

• 00:08 – Norway’s fund trims and raises stakes in various tech companies
• 00:46 – Fund CEO on tech stock bubble worries
• 01:11 – Tesla’s factory transformation into an Optimus robot facility
• 01:42 – Dow launches AI-driven cost-cutting program
• 01:58 – Financial impacts and layoff specifics at Dow

Tone and Language

The briefing maintains a concise and matter-of-fact tone, providing essential facts and direct quotations from key participants (e.g., WSJ correspondents and referenced CEOs) without editorializing.

Summary

This episode underscores the shifting strategies of tech investors, the industrial pivot of stalwart tech firms like Tesla towards AI and robotics, and the acceleration of digital transformation in legacy sectors with Dow’s restructuring. Concerns about market exuberance are voiced even as investments and innovation strategies adapt rapidly in response to global trends.