Arm targets $50B - $54B valuation in IPO
Bay Area Times
September 06, 2023
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Top stories today:
- Arm targets $50B - $54B valuation in IPO
- Evergrande stock +66% after Country Garden avoids default
- Crypto bankruptcies generate $714M in consulting fees
- 14% of academics say AI can't be regulated
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 targets $50B - $54B valuation in IPO
Arm's performance has significantly lagged the S&P and its peers since becoming private in 2016:
Softbank paid a valuation of $64B for the 25% it did not already own, buying from its own Vision Fund.
TTM revenue of $2.68B.
Likely investors: T Rowe Price, Apple, Alphabet, NVIDIA, AMD, Intel, and Samsung
2. Evergrande stock +66% after Country Garden avoids default
Property stimulus may be coming: The government website Securities Times published a piece asking for “policies restricting property purchases in cities other than the hottest top tier cities” as soon as possible. - CNBC
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4. Crypto bankruptcy cases have already generated $714M in fees for lawyers, consultants
Legal fees are expected to consume $1B of FTX's assets, a bankruptcy claims buyer tells us.
The top 10 firms making money from the cases are large law, management consulting firms
5. 14% of academics say AI can't be regulated, only 3% say it shouldn't be
Academics generally recommend computer science careers, to keep up with AI
41% say that there is (probably or definitely) a threshold in AI after which humans cannot take back control
6. Messi drives 8x monthly signups to MLS Season Pass in July
7. Medicare cost stability since 2010 avoided $3.9T additional spend
Potential causes, according to the NYT:
Americans having fewer heart attacks and strokes due to cheap cholesterol and blood pressure drugs.
Fewer new drugs, ironically and unfortunately (they usually start high-priced).
2010 ACA law.
Only 11% of Medicare spending is on drugs; the majority is on hospital and physician services
Most people blame the wrong cause of high healthcare prices:
8. Suburban rent rising faster than urban rent since Covid
9. Interesting tweets, memes, and videos
10. Other headlines
AI
Meta had internal AI teams fighting, 50%+ of Llama authors left.
Pentagon plans AI fleet to counter China.
Midjourney at $200M ARR with 40 employees, no VC.
Senate AI meeting in Sep./Oct. to be “closed-door.”
Google celebrates 25th birthday, promoting AI.
AI child porn: prosecutors urge Congress to act.
Tech
Elon borrowed $1B from SpaceX, paying it back shortly.
Pixel 8 Pro 360-degree view leaked by Google.
Amazon now charges $1.99 fee for in-garage delivery.
visionOS developer beta to include iOS store in fall.
All iPhone, iPad apps to be included by default.
Mentra, AI-powered job marketplace for neurodivergents, launches.
GitLab revenue +38% YoY to $140M in Q2 FY23.
Android releases new features, including logo.
Tech & law
EU to investigate if Bing, Edge, iMessage are exempt from new rules.
Amazon offers no concessions to FTC, which is expected to sue in Sep.
Meta to remove news in Europe, after Canada.
TikTok starts moving European data to Europe, migration exp. by Q4 2024.
Google reaches tentative settlement in U.S. Play Store case.
Zoom CEO wants Teams unbundled in U.S., after EU.
ADL CEO: Elon's move “threat of a frivolous lawsuit.”
Biotech
Bryan Johnson: a profile of him and new podcast The Immortals.
Beta Bionics raises $100M for diabetes tech.
Business
Commerce Secretary: U.S. businesses “desperate” for dialogue with China.
Strive, Vivek's ETF firm, reaches $1B in AUM.
Saudi Arabia extends 1M barrel/day cut to year-end, oil hits $90.
Warner Bros: strikes to cost $300M-$500M in earnings in 2023.
United issued nationwide ground stop for 1h due to tech issue.
U.S. Open: American Ben Shelton advances to semifinal with Djokovic.
Crypto
Grayscale to SEC: “no grounds” for Bitcoin ETF rejection.
Visa adds Solana to stablecoin settlement pilot.
Metamask adds Sell button, for conversion into fiat.
Story Protocol, blockchain IP protection, launches with $54M from a16z.
Coinbase creates institutional lending service, $57M raised.
Genesis to close trading desk for U.S.
U.S. politics
Proud Boys leader Enrique Tarrio sentenced to 22 years for sedition.
Trump plans more tariffs, tax cuts for 2024.
Trump SPAC shareholders vote to delay merger deadline by 12 months.
Gaetz want to force Biden impeachment vote.
McConnell returns to Senate after 2nd freeze, says no stroke.
64% of D.C. residents would find Trump guilty, 8% innocent, 28% unsure.
DOJ: Trump comments risks tainting jury pool.
Murdaugh seeks new trial, claiming jury tampering.
World
Xi reprimanded by retired party elders over China's direction.
Russian pilot who defected to Ukraine will get $500K.
“Escalation”: Russia warns about U.S. nuclear missiles in UK.
Russia covering aircrafts with tires to avoid drone attacks.
Blinken goes to Kyiv.
Sullivan: North Korea will “pay a price” for Russia weapons deal.
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