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Top stories today:
- TikTok lands U.S. deal with non-Chinese investors, valuing at ~$14B
- Capital One to buy Brex for $5.15B in cash-and-stock deal
- Intel Q4 revenue -4% YoY to $13.7B vs. $13.4B est., net loss widens
- World Labs, Fei-Fei Liās AI startup, seeks ~$500M at $5B valuation
- U.S. Q3 GDP revised up to 4.4% on stronger exports
- Google launches free SAT practice exams in Gemini app
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. TikTok lands U.S. deal with non-Chinese investors, valuing new unit at ~$14B
Oracle, Silver Lake, and MGX are the managing investors, collectively owning 45% of the new TikTok U.S. JV:
ByteDance will retain ~20% of the JV.
Michael Dellās family office, Alpha Wave, and Revolution are joining as new investors.
~$14B valuation looks low, given TikTok generates ~$14B a year in U.S. ad revenue alone.
Adam Presser will serve as CEO, while Shou Chew will join the board.
ByteDance will keep and license the algorithm, while continuing to run TikTokās commercial operations.
2. Capital One to buy Brex for $5.15B in cash-and-stock deal
Capital One shares were -3% in pre-market trading:
Q2: the deal is expected to close.
Brex was valued at $12B+ in 2022 amid a COVID-era surge.
Brex adds more corporate card and expense-management firepower for Capital One.
Brex customers include TikTok, Robinhood, and Intel.
Capital Oneās Q4 net income was $2.1B, roughly 2x YoY.
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4. Intel Q4 revenue -4% YoY to $13.7B vs. $13.4B est., net loss widens to $0.6B
