Arm stock +28% on 1st day of trading, reaching $70B market cap, 26 P/S
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Top stories today:
- Arm stock +28% on 1st day, reaching $70B market cap, 26 P/S
- Google gives access to Gemini AI to select partners
- Instacart to price IPO at $10B market cap, from $9B
- Artificial womb group seeks 1st human clinical trial
- 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
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
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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.
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
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.
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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.
Hunter Biden indictment on gun charges: max. sentence of 10 years.
Trump: “very unlikely” he'd pardon himself.
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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