Arm files for IPO to raise $10B at $60-70B valuation, 3rd largest IPO ever
Bay Area Times
August 22, 2023
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Top stories today:
- Arm files for IPO to raise $10B at $60-70B valuation
- Microsoft to sell streaming rights to secure Activision deal
- Zoom revenue +4% to $1.14B in Q1, net margin expands to 16%
- Friend.tech reaches 100K users since Aug. 10 launch
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Arm files for IPO to raise $10B at $60-70B valuation, 3rd largest IPO ever
🇨🇳 3,500 words to explain its China risk. - Bloomberg
With $2.68B in revenue, Arm would IPO at around a 24 P/S (price-to-sales), comparable to its peers
The AI chips market is very hot, as the average P/S among cloud stocks is 6 and among the S&P 500 is 2.5. - S&P 500 data, Bessemer Cloud Index
Our view: this IPO could lead to a reboot of the startup IPO market, which has significantly slowed down since a record 2021
2. Microsoft close to securing UK approval of Activision deal, will sell streaming rights to Ubisoft
Microsoft's proposal “transfers the cloud streaming rights for all current and new Activision Blizzard PC and console games released over the next 15 years to Ubisoft.”
Oct. 18: deadline for the UK's CMA to approve or not the deal. - The Verge
U.S. courts already stopped the FTC's attempt to block the deal, so the UK regulator appears to be the last hurdle.
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4. Zoom revenue +4% to $1.14B in Q1, net income 4x to $0.18M, 16% net margin
Enterprise revenue is 58% of total revenue. - CNBC, Zoom earnings
Our view: competition is likely causing the slowdown of growth
Microsoft and many others have similar products, although Zoom is seen by many as the best quality one, and remains the most popular.
5. Friend.tech reaches 100K users since Aug. 10 launch
Platform to buy and sell “shares” of their friends on Twitter.
Shares grant certain privileges, including chatting with the person. - Coindesk
6. Quant manager Alex Gerko jumps to #6 in list of modern financier billionaires
7. Moon south pole landing: if India fails on Wed, U.S. will have their shot in November
8. Dallas, Boston seen as safest U.S. cities, while Chicago, Detroit to least safe
9. Rolex by far the most stolen watch (among those reported)
10. Interesting tweets, memes, and videos
11. Other headlines
AI
NVIDIA keeps its AI chips lead in part by leveraging partnerships: analysis.
Snapchat's “Dreams” will generate new pictures of you in diverse scenarios.
NYT blocks OpenAI's GPT crawler.
Tech
Elon told Pentagon he spoke to Putin directly, then retracted it: sources.
TikTok has plan to avoid U.S. ban by giving gov't unprecedented power.
Twitter plans to remove titles from shared links.
Fixes bug that broke images, links from before 2014.
Google scrambles to find execs as company becomes AI-first.
BeReal launches Friends of Friends feature.
Apple Podcasts launches Subscription Analytics.
Triller's S-1 claims 550M users, vs. Apptopia's 73M estimate.
Biotech
Genesis, AI-led small molecule drug developer, raises $200M led by a16z.
Viome gets $86.5M Series B for at-home microbiome tests.
FDA approves Pfizer maternal RSV vaccine for infants.
Dementia risk correlated to impaired vision.
Business
Crypto
Coinbase, Circle renegotiate deal to govern USDC, revenue split.
Beijing wants to control the metaverse, with information shared with gov't.
SBF, DOJ file competing jury instructions.
Blockchain Capital co-founder loses $6M in SIM-swap hack.
U.S. politics
Trump 42%, DeSantis 19% in Iowa poll.
To surrender Thu in Georgia case.
73% of GOP think he should debate.
Immigration plan includes more measures to stop illegality.
Biden-connected super PAC has $12M gap: report.
DOJ pushes back against 2026 trial date, seeks Jan. 2 start (TBD Aug. 28).
World
Moscow shuts down airports as kamikaze drone siege occurs.
North Korea to do 1st passenger flight in 3 years.
Satellite launch planned for Aug. 24-31.
Belarus: U.S. tells citizens to leave immediately.
Wagner recruiting “strongmen” for Africa.
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