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  • Arm stock +28% on 1st day of trading, reaching $70B market cap, 26 P/S

Arm stock +28% on 1st day of trading, reaching $70B market cap, 26 P/S

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Top stories today:

  1. Arm stock +28% on 1st day, reaching $70B market cap, 26 P/S
  2. Google gives access to Gemini AI to select partners
  3. Instacart to price IPO at $10B market cap, from $9B
  4. Artificial womb group seeks 1st human clinical trial
  5. Flexport revenue -70% to $0.7B in H1 2023

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 stock +28% on 1st day of trading, reaching $70B market cap, 26 P/S

The stock reached a price-to-sales ratio of 26

  • Vs. 35 P/S for NVIDIA, which grew revenue +101% YoY and profits +9x in the July quarter. Arm's revenue is flat, in contrast. - CNBC

  • Arm likely left money on the table, even with its already premium valuation of $54.5B in the IPO (20x P/S). - Bloomberg

  • Can Arm grow into its valuation? - Semianalysis

2. Google gives access to Gemini AI to select partners as it nears release

  • Trained on Google’s proprietary data, leading to fewer hallucinations and making it especially accurate in understanding user intentions.

  • Google did not give access to its top model, still in development, which will challenge GPT-4. - The Information

Prediction markets give 72% odds of Gemini being released in Q4

Google's top AI model today ranks #13, behind models built by OpenAI, Anthropic, Meta, and MosaicML

  • Once accepted, Sidebar gives you a Personal Board of Directors, matching you with a small group of brilliant peers.

  • Users can message their group 24/7 and attend fast-paced meetings to solve their biggest challenges at work, faster.

  • Employer reimbursements possible: many Sidebar members get their membership fees covered by their employer.

Why spend a decade finding your people – join Sidebar today. Sign up for the growing waitlist of over 4,000 top senior leaders, and apply to become a founding member. - Sidebar


4. Instacart expected to price IPO at $10B market cap, rather than $9B

Still -74% vs. its ATH valuation of $39B in 2021:

Read more: WSJ.

5. Artificial womb group seeks 1st human clinical trial

  • $100M raised to test artificial wombs for babies that are born before 37 weeks.

    • 13.4M preterm births/year.

    • 0.9M deaths/year.

  • Sep. 19-20: FDA to convene a meeting of independent advisers to discuss the trial. - Nature

6. Flexport revenue -70% to $0.7B in H1 2023, worse than broader freight collapse

  • Expeditors (competitor) had its revenue -50% in H1 2023.

  • Flexport 2021 revenue had been +2x to $3.2B, with positive EBIT.

  • Flexport burned $300M of cash in H1 2023.

  • Founder Ryan Petersen just came back as CEO. - The Information

7. U.S. attempts to catch up China, Russia in hypersonic missiles

Read more: WSJ.

8. Interesting tweets, memes, and videos

9. Other headlines


  • Databricks raises $500M at $43B.

  • MSN publishes embarrassing AI-written obituary.

  • Anthropic, BCG partner up to deliver LLMs to enterprise.


  • Twitter launches government ID verification.

  • WhatsApp denies it is exploring ads.

  • Adobe sales +10% to $4.89B, weak guidance even with AI.

  • Amazon updates visual search, AR search.

  • Microsoft, Oracle expand cloud partnership, to share servers.

  • Unity closes offices following death threat after price hike.

  • Twitter CEO Yaccarino brings in new exec team.

  • Salesforce to hire 3K employees after firing 8K in January.

  • Trust & Will makes online estate planning easy & affordable.*

  • Range, backed by Google's AI Fund, has revolutionized wealth management.*


Tech & law

  • SCOTUS pauses order for WH to stop contact with social media.

  • Elon's denial of Starlink in Crimea being probed by Senate Dems.

    • Netanyahu to meet him in SF amid antisemitism accusations.

  • Teams unbundling doesn't satisfy EU regulators, readying complaint.

  • Googlers told to avoid using words like “bundle,” “lock up”: trial.

  • Google reaches $93M settlement with CA over location tracking.


  • MDMA works for PTSD in Phase 3 trial.

  • Evodiff, Microsoft's version of AlphaFold, open sourced.

  • Clock Bio raises $4M for reprogramming.

  • Gain-of-function research: scientists ask for standards.



  • SBF's defense notes leaks to NYT.

  • Paradigm's 2021 fund has -5% IRR.

  • Binance US accused by SEC of not cooperating with probe.

    • Lost head of legal and CRO.

  • Genesis ceases crypto trading operations.

U.S. politics


  • Zelensky to visit D.C. next week as Congress debates $24B in aid.

  • Russia seeks to expand naval presence in Mediterranean via Libya.

  • New U.S. sanctions hit Russian military supply chains, leaders.

  • Chinese defense minister under investigation for corruption: U.S.

  • Saudi Arabia's crown prince to be interviewed by FOX on Sep. 20.

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