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

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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

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.

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”

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


  • 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+.


  • 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.*


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.


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

  • Ozempic facing shortages in China.


  • 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.


  • 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.


  • 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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