Julie Chang

I'm Julie Chang for The Wall Street Journal.

Norway's more than $2 trillion oil wealth fund, one of the world's largest investors, paired its exposure to some U.S.

tech stocks last year.

New figures from the fund show it has trimmed its Nvidia stake to 1.26% by year-end from 1.32% in June.

It also paired holdings of Alphabet, Apple, and Microsoft.

but the fund raised its stakes in some tech companies like Amazon and Dutch chip machine company ASML.

The surge in U.S.

tech stocks has benefited the fund, but its CEO expressed uncertainty today about whether it's a bubble.

Tesla plans to convert the factory it uses to produce its Model S and X vehicles into a facility for its Optimus robots.

That's according to CEO Elon Musk during a call with analysts.

He said the company is winding down production of those vehicle models at its Fremont factory next quarter, and that it's part of its shift toward eventually making only autonomous vehicles.

Musk said Tesla is targeting production of a million units of Optimus a year at the factory over the long term.

And Dow is cutting 4,500 employees as part of a cost-saving program that will lean on AI.

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.

It said the program will yield an additional $2 billion in operating earnings before interest, depreciation, and amortization.

These cuts come as Dow's quarterly loss widened due to increased costs and lower revenue, and they will lead to one-time charges between $1.1 and $1.5 billion.

And that's your TMB Tech Minute.

We'll be back this afternoon with more.

Custom content from WSJ is a unit of the Wall Street Journal Advertising Department.

The Wall Street Journal News Organization was not involved in the creation of this content.