Top stories today:

1. SoftBank stock +3% as it seeks $100B to compete with NVIDIA
2. OpenAI allows employees to sell shares at $86B
3. Vision Pro: demo-to-purchase rate 10-15%, return rate “pretty low”
4. China cuts 5-year loan prime rate by 25 bps to 3.95%

0. Data and calendar

1. SoftBank stock +3% after report it seeks $100B to compete with NVIDIA on AI chips

• Stock +3% on Mon. in Japan, and flat on Tue.

• SoftBank would provide $30B, and raise the remaining $70B, possibly from the Middle East.

• SoftBank could sell part of its ~$120B stake in Arm, which is now worth more than SoftBank itself:

• SoftBank may have problems cashing out its position, due to Arm’s small public float and SoftBank's 90% position.

Arm now trades at 40 P/S, much ahead of NVIDIA and AMD

2. OpenAI allows employees to sell shares at $86B, as it seeks to raise at $100B+

Read more: Bloomberg.

4. Vision Pro: demo-to-purchase rate 10-15%, return rate “pretty low”

• In-store demos may be “too effective,” making impressive numbers for a $3,500 product.

• Return rates “pretty low,” according to Apple Insider, in contrast to social media reports.

5. China cuts 5-year loan prime rate by 25 bps to 3.95%, largest cut ever

• Exp. of 5-15 bps, according to Reuters.

• 1st cut since June.

• Suggests Beijing is worried about economic activity, particularly in the real estate sector.

• 1-year loan prime rate unchanged at 3.45%.

6. Interesting videos, posts, and memes

7. Other headlines

AI

• Microsoft to expand AI infrastructure in Spain with $2.1B investment.

• Sam Altman seeks U.S. officials’ nod to boost semiconductor production.

• Recogni raises $102M for AI chip design.

• Google Deepmind CEO: more than new chips necessary for next AI.

• Reddit signs AI content licensing deal preceding $5B IPO.

• Scale AI seeks to raise at $14B, Perplexity receives offers at $1B+.

Tech

• Nintendo stock -7% on Mon-Tue after Switch 2 delayed to 2025.

• Tech leaders are moving back to San Francisco.

• CapitalG's new head: interview on managing $7B AUM.

• Wyze cameras glitch exposed 13,000 customer cameras to other users.

• citizenM has 14 tech-ready hotels stateside for the best night's sleep of your life.*

*Sponsored.

Tech & law

• SpaceX entered $1.8B classified contract with U.S. in 2021.

• Intel seeks $10B in subsidies for manufacturing semiconductors in U.S.

• U.S. govt. to give $1.5B to produce advanced chips in NY.

• Apple expected to be fined €500M over EU competition law.

• FBI says Chinese malware threatens critical US infrastructure.

• EU opening formal proceedings against TikTok.

Biotech

• Covid vaccine: 99M-person study shows link to blood clots, heart inflammation.

• Ozempic facing shortages in China.

Business

• Capital One to buy Discover for $35B, 2024's largest deal so far.

• Russia loses bid to overturn $50B award ruling in Yukos case.

• Raw materials stockpiled by U.S. in EV metals fight with China.

• Roger Federer movie in productions by Amazon.

Crypto

• FTX investors sue law firm over aiding multi-billion dollar fraud.

• Deltec Bank lawsuit suggests SBF’s secret line of credit fraud scheme.

U.S. politics

• Biden officials trying to neutralize concerns about age and vitality.

• Trump: Navalny's death made him “more aware” of political rivals.

World

• UN ceasefire resolution in Gaza may be pushed by U.S.

• Israel defines Mar. 10 deadline for Rafah ground offensive.

• Navalny's wife, Yulia Navalnaya, says his body being hidden.

• Evan Gershkovich's detention extended Mar. 30+.

• Houthis attack ship, crew abandons cargo for 1st time.

• North Korea reopens to Russian tourists.

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