Top stories today:

1. Intel receives $2B investment from SoftBank, stock +6% after hours
2. Novo cuts Ozempic price by ~50% to $499 for cash-paying patients
3. OpenAI rolls out its cheapest ChatGPT plan at $4.6/month in India
4. Figure Technology files publicly for IPO amid crypto market rush
5. Chamath returns with $250M “American Exceptionalism” SPAC

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s 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

• Would involve converting some or all of Intel’s 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 Intel’s 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 admin’s 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 Ozempic’s availability to patients without insurance coverage, Novo said.

  • Insurance plans for diabetes widely covered Ozempic, unlike weight-loss treatments.

• +8% in Novo’s shares following the announcement.

• +39% in GoodRx’s stock, its biggest intraday jump since Sep. 2020.

• The Biden admin previously tried to negotiate lower prices for Ozempic but failed.

4. OpenAI rolls out its cheapest ChatGPT plan at $4.6/month in India