Top stories today:

1. TikTok lands U.S. deal with non-Chinese investors, valuing at ~$14B
2. Capital One to buy Brex for $5.15B in cash-and-stock deal
3. Intel Q4 revenue -4% YoY to $13.7B vs. $13.4B est., net loss widens
4. World Labs, Fei-Fei Li’s AI startup, seeks ~$500M at $5B valuation
5. U.S. Q3 GDP revised up to 4.4% on stronger exports
6. Google launches free SAT practice exams in Gemini app

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s 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 Dell’s 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 TikTok’s 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 One’s Q4 net income was $2.1B, roughly 2x YoY.

4. Intel Q4 revenue -4% YoY to $13.7B vs. $13.4B est., net loss widens to $0.6B