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  • FTX bankruptcy assets at $7B+, suggesting potential for full recovery for customers

FTX bankruptcy assets at $7B+, suggesting potential for full recovery for customers

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Top stories today:

  1. FTX assets at $7B+, suggesting potential for 100% recovery
  2. NVIDIA re-renting cloud storage to enterprise customers
  3. iPhone 15 with USB-C, titanium edges to be announced today
  4. Arm IPO already 10x oversubscribed, could reach 15x by Wed
  5. Fear of becoming obsolete (FOBO) reaches high of 22%

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. FTX bankruptcy assets at $7B+, suggesting potential for full recovery for customers

There is also $4.5B in venture investments, in addition to illiquid tokens and real estate

FTX recognizes $10.6B in customer liabilities: if those are prioritized vs. other claims, it is possible to see 100% recovery for users

The earliest we can see distributions starting is Q4 2024

Read more: Coindesk.

2. NVIDIA renting out cloud storage and re-renting out to enterprise customers

  • $37K/mo: vs. $24K-$30K/mo: a server of 8 A100 GPUs at NVIDIA's DGX Cloud vs. at AWS. - The Information

*Sponsored.

4. iPhone 15 with USB-C, titanium edges expected to be announced today at 1 PM ET

Apple event invite.

Expected products include:

  • iPhone 15 lineup with USB-C, thinner borders, titanium edges, action buttons, and better processors and cameras (potentially an iPhone Ultra with 6x periscope lenses).

    • Made-in-India iPhones on launch day. - Bloomberg

  • New Watches.

  • AirPods with USB-C. - Techcrunch

5. Arm IPO already 10x oversubscribed, could reach 15x by Wed (pricing date)

  • Yesterday: 5x oversubscribed.

    • Wed: pricing date.

    • Thu: IPO date.

  • $50B - $54.5B: original valuation range.

    • 19 - 20 P/S (price-to-sales).

    • The initial price could be even higher than the upper range, given the high demand. - Bloomberg

6. Fear of becoming obsolete (FOBO) reaches high of 22%

It is more present among those 18-34, <$100K in household income:

7. Mexico tops China to become U.S.'s #1 trade partner, Canada right behind

8. 24-hour options interest continues to surge in 2023

Its high volatility has similarities to crypto or gambling:

9. Developed countries, India see China as major threat to world

10. Hawaii, D.C., California lead cost of homeownership in U.S.

11. GOP's electoral college edge shrinks, as 2024 election is increasingly a 50/50 flip

Polling averages have Biden +0.4 vs. Trump

Betting markets have Dems as a slight favorite for the Presidency (51% vs. 47% vs. 2% for other parties)

12. Interesting tweets, memes, and videos

13. Other headlines

AI

  • NVIDIA says new open-source software will 2x H100 speed.

  • Current LLMs memorize, can't reason (yet).

Tech

  • Instacart starts IPO roadshow at $9.3B valuation, as prev. reported.

  • Apple renews Qualcomm deal for 3 years.

    • Arizona plant to still require assembly in Taiwan.

  • Elon's biography out today.

  • Hyperloop tech still being tried by companies.

  • Divvy Homes lays off another 50% of staff.

  • Sidebar is a private community for exceptional leaders with bold goals.*

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

*Sponsored.

Tech & law

Biotech

Business

  • Arm IPO oversubscribed by 10x, could reach 15x by Wed.

  • Oracle revenue +9% YoY to $12.45B, shares -9% on lower guidance.

  • Jamie Dimon criticizes higher capital requirements proposal.

  • Guyana to grow by 38% YoY, led by oil.

  • Disney, Charter reach deal to end ESPN blackout for 15M customers.

Crypto

  • SBF case: DOJ says defense overreaching in trying to block witnesses.

  • Lightspark CEO: BTC “not the currency” to be used in commerce.

  • Cryptoization: IMF warns of crypto taking over smaller countries.

  • Venture investment in crypto hurt by AI.

  • Gensler to repeat “wide-ranging noncompliance” testimony today.

U.S. politics

  • Trump may seek 15% corporate tax (from 21%), new 10% universal tariff.

  • Dems urge Biden to allow undocumented immigrants to work legally.

  • Trump lawyers seek recusal of Judge Chutkan in federal election case.

  • Redistricting in Congressional seats to favor Dems in 2024.

  • AI bad for elections: Axios poll.

World

  • North Korea's Kim Jong Un crosses into Russia to meet Putin.

  • Putin calls Trump charges political “persecution.”

  • Ukraine could get long-range missiles armed with U.S. cluster bombs.

  • Netanyahu's anti-Supreme Court law to be heard by Supreme Court.

  • Iran to exchange 5 U.S. prisoners for $6B in unfrozen money.

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