WSJ Tech News Briefing

Episode: TNB Tech Minute: Trump Clamps Down on Investment in Chinese Tech Firms
Date: December 19, 2025
Host: Julie Chang

Episode Overview

This TNB Tech Minute delivers concise updates on three headline tech stories: President Trump’s newly signed law tightening US investment in Chinese tech, a major biotech acquisition, and a $4 billion lawsuit stemming from the collapse of Terraform Labs. The segment is characterized by clear reporting, rapid-fire facts, and occasional direct quotes from officials and company spokespeople. The tone is direct, urgent, and fact-driven, catering to professionals and those tracking fast-moving developments in tech and policy.

Key Discussion Points & Insights

1. U.S. Crackdown on Investment in Chinese Tech (00:32-01:42)

• Legislative Action:
  President Trump has signed into law new powers for the US to screen and restrict investments into Chinese technology firms, part of the annual National Defense Authorization Act.
• Scope:
  Targets “entities in China and other nations of concern” that develop dual-use technologies (both commercial and military), including AI, quantum computing, and advanced semiconductors.
• Policy Context:
  The law formalizes a 2023 Biden executive order, giving it permanence and broader reach on blocking or monitoring outbound US capital.
• International Response:
  The Chinese Embassy in Washington has criticized the law, stating it "overstretches the concept of national security and would distort normal investment flows between the two countries."
  • Memorable Quote (Julie Chang quoting Chinese Embassy):
    “The legislation overstretches the concept of national security and would distort normal investment flows between the two countries.” [01:23]
• Significance:
  This move signals sustained bipartisan concern over tech transfer to China, escalating investment restrictions beyond export controls.

2. BioMarin’s $4.8 Billion Biotech Deal (01:43-02:02)

• Major Acquisition:
  BioMarin Pharmaceutical has agreed to buy Amicus Therapeutics for about $4.8 billion in cash.
• Strategic Rationale:
  BioMarin focuses on rare genetic diseases; this deal adds treatments for Fabry enzyme disease and Pompe muscle disorder to their portfolio.
• Projected Timeline:
  The acquisition is expected to close in the second quarter of 2026.

3. Terraform Labs Lawsuit Against Jump Trading (02:03-02:33)

• Legal Action:
  In an exclusive scoop, the WSJ reports that the administrator for bankrupt Terraform Labs has filed a $4 billion lawsuit against Jump Trading.
• Allegations:
  Jump Trading is accused of unlawfully profiting from—and contributing to—the collapse of Terraform Labs by entering a “secret deal” to prop up its stablecoin TerraUSD before its collapse.
• Aftermath:
  Terraform Labs collapsed in 2022 after TerraUSD lost its peg and its related token, Luna, crashed.
• Defense:
  Jump Trading denies the allegations; a spokeswoman calls the claim “baseless and said the company will defend itself.” [02:24]

Notable Quotes & Memorable Moments

• On US Policy (Julie Chang quoting Chinese Embassy):
  “The legislation overstretches the concept of national security and would distort normal investment flows between the two countries.” [01:23]

• On Terraform Lawsuit (Julie Chang quoting Jump spokesperson):
  “Jump called the claim baseless and said the company will defend itself.” [02:24]

• On Quantum Computing (Katie Pizzolato, IBM Quantum Platform, pre-news segment):
  “Personally, I'm most excited about the potential applications we don't know yet... Quantum computers are poised to accelerate time and cost efficiencies in really important fields like drug development, materials discovery, optimization—things that impact all industries.” [00:06–00:32]

Timestamps for Key Segments

• Quantum Computing Intro & Commentary (Katie Pizzolato, IBM): 00:00–00:32
• Trump Signs Law Restricting US Investment in Chinese Tech: 00:32–01:42
• BioMarin–Amicus $4.8B Acquisition: 01:43–02:02
• Terraform Labs $4B Lawsuit Against Jump Trading: 02:03–02:33

Episode Tone & Takeaways

• Direct, Factual, and Urgent: Fast-paced headlines with brief analysis and direct attribution.
• Clear Attribution: Key quotes from official spokespeople and subjects frame stories and stakes.
• Broad Impact: Each item touches on significant regulatory, business, or tech sector shifts.

For listeners who missed the episode, this summary delivers the essence of the afternoon: a brisk, information-dense roundup of US policy escalation against Chinese tech, consequential biotech dealmaking, and high-stakes crypto litigation.