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Top stories today:
- Intel receives $2B investment from SoftBank, stock +6% after hours
- Novo cuts Ozempic price by ~50% to $499 for cash-paying patients
- OpenAI rolls out its cheapest ChatGPT plan at $4.6/month in India
- Figure Technology files publicly for IPO amid crypto market rush
- Chamath returns with $250M āAmerican Exceptionalismā SPAC
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Intel receives $2B investment from SoftBank, stock +6% after hours
$23 price paid per share, vs. $23.66 closing price.
Big vote of confidence for Intel.
Intel is currently behind NVIDIA on AI, but could become a national champion if China invades Taiwan, as NVIDIA and TSMC has its fabs mostly in those 2 countries.
Few weeks ago: Masa Son had met the Intel CEO about buying its chipmaking business.
The Trump admin is said to be in talks to take 10% stake in Intel
Representational image generated using ChatGPT.
Would involve converting some or all of Intelās grants from the U.S. Chips and Science Act into equity.
Intel has been slated to receive a combined $10.9B in Chips Act grants for commercial and military production.
Up to $11B can also be drawn in loans by the company under the 2022 law.
A 10% stake would be worth ~$10.5B at Intelās current market value.
85%+ of direct funding committed under the Chips Act has been allocated through binding contracts
Other Chips Act awards into equity stakes could also be converted by the Trump admin.
-4% in Intel stock Mon. after Trump adminās stake news (before the SoftBank announcement).
2. Novo slashes Ozempic price by ~50% to $499/month for cash-paying U.S. patients
Novo has also partnered with GoodRx Holdings to make Ozempic and Wegovy available at the same price in pharmacies across the U.S.
The new offering will expand Ozempicās availability to patients without insurance coverage, Novo said.
Insurance plans for diabetes widely covered Ozempic, unlike weight-loss treatments.
+8% in Novoās shares following the announcement.
+39% in GoodRxās stock, its biggest intraday jump since Sep. 2020.
The Biden admin previously tried to negotiate lower prices for Ozempic but failed.
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