CoreWeave seeks to sell $500M in secondary shares at ~$6B
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Top stories today:
- CoreWeave seeks to sell $500M in secondary shares at ~$6B
- Tesla unveils sleeker Model 3, again cuts prices
- OpenAI launches ChatGPT guide for teachers
- Elon's purchase of Twitter: behind the scenes
- PCE inflation came as expected: 3.3%, core 4.2%
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. CoreWeave seeks to sell $500M in secondary shares at ~$6B
Coreweave is an AII chip cloud provider that has NVIDIA as a major backer.
Co-founders + some employees would sell 8% common shares in an unusually large secondary sale. - The Information
Hired Morgan Stanley as an advisor.
Valuation of $5-8B; at $6B, it would mean 12× exp. 2023 revenue, 2x the forward P/S among public cloud firms. - Bloomberg
Coreweave is known for its aggressive financial engineering, with its capital structure being 80% funded by debt
2. Tesla unveils sleeker Model 3, again cuts prices of Models S, X in China
EV competition is stiff, particularly in China.
Model S -14% to $96K in China, vs. $75K in the U.S.
Model X -18% to $102K in China, vs. $80K in the U.S.
The New Model 3 is surprisingly +12% more expensive than the older model in China, starting at $36K. It is launching in Europe but not yet in the U.S. - Electrek
All China price moves are coordinated with the CCP, in line with the pledge Tesla has signed to adhere to the country's “socialist values.” - Daily Caller
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4. OpenAI launches ChatGPT guide for teachers
5. Elon's purchase of Twitter: behind the scenes into his ruthlessness
An excerpt from Walter Isaacson's biography of Elon Musk was published in the WSJ.
Sep 12. release date.
He bought Twitter not to leave $10B in the bank: “I didn’t want to just leave it in the bank, so I asked myself what product I liked, and that was an easy question. It was Twitter.”
On former CEO Agrawal: “What Twitter needs is a fire-breathing dragon. [He’s] a really nice guy. ”
On SBF: “My bullshit detector went off like red alert on a Geiger counter. He was talking like he was on speed or Adderall, a mile a minute. I thought he was supposed to be asking me questions about the deal, but he kept telling me the things he was doing. And I was thinking, ‘Dude, calm down.’” - WSJ
6. PCE inflation comes in as expected in July, at 3.3% YoY, with core PCE at 4.2%
PCE: 0.2% MoM / 3.3% YoY in July, vs. 0.2% / 3.3% expected, from 0.2% / 3.0% in June.
Core PCE: 0.2% / 4.2%, vs. 0.2% / 4.2%, from 0.2% / 4.1%.
Core PCE ex-housing: 0.5%, from 0.3%. - Reuters
7. Bankers are working 3-4 days/week in office, but want more flexible schedule
8. Interesting tweets, memes, and videos
9. Other headlines
Twitter has licenses in multiple states to process payments, crypto.
Shopify introduces TikTok Shop integration.
Flannery has bought $900M in lands to build new Bay Area city.
Threads snippets featured on Instagram to encourage usage.
Range, backed by Google's AI Fund, has revolutionized wealth management.*
Tech & law
Federal judge blocks AR law requiring parental consent for social media.
Judge blocks TX law requiring age verification for adult sites.
ASML to ship restricted chip-making machines to China until year-end.
Commerce Dept.: U.S. “has not blocked chip sales to the Middle East.”
Google: DOJ antitrust chief has ethical conflict, bias.
Babylon, bankrupt, sold most parts to eMed.
China's new stimulus: currency deposits, property sector, tax breaks.
ESPN out of Charter while they renegotiate higher cable fees.
Kylie Jenner considers buying back Coty's $600M stake, stock unchanged.
Messi: next game most expensive yet, at $690 average ticket.
Dell revenue -13% YoY to $22.9B in Q2 FY.
Russia agrees to further OPEC+ oil-export cuts.
Shutdown: WH asks Congress to pass funding bill by Oct. 1.
Fentanyl: WH offers $450M program for combating epidemic.
Trump GA trial to be livestreamed on Youtube.
McConnell may be removed as GOP Senate leader.
“Medically clear” to work, attending physician says.
DeSantis-aligned super PAC asks for $50M from donors.
Proud Boys leader gets 17 years for seditious conspiracy.
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