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11-15-2023

TECH

• Google CEO Sundar Pichai defends Google Play Store’s business practices against Epic Games’ allegations in an antitrust trial. Pichai acknowledged marking documents as “privileged” and allowing internal chats to automatically delete.

• Michael Burry, famous for his successful bets against the housing market, has taken a bearish position on semiconductor stocks, including Nvidia.

• Nvidia’s shares rise as Bank of America raises price target to $650 per share, citing AI chips as a decent upgrade. Airbnb acquires GamePlanner.AI to expand AI capabilities. Amazon to run shopping ads on Snapchat. Nvidia stock has been performing exceptionally well, leading the chip stocks rally and experiencing its longest winning streak in 7 years.

• Sea Ltd. saw a 22% stock drop after reporting a surprise loss in Q3 due to competition from Alibaba and ByteDance.

• More than three dozen states have filed lawsuits against Meta, alleging illegal targeting and addiction of children. A US district judge has ruled that lawsuits against social media apps can proceed, rejecting immunity arguments. Major social media companies must face child safety lawsuits, as ruled by a judge in California.

• Former President Donald Trump’s social media platform, Truth Social, has suffered significant financial losses, with a net loss of nearly $23 million in the first half of 2022. The platform has reported an operating loss of over $35 million since its inception in early 2021 and has lost a total of $73 million since its launch. Accountants warn that the platform may not survive as it has lost 10 times its sales. The financial losses raise doubts about the future of Truth Social and its ability to continue operating.

• YouTube has introduced new rules requiring creators to disclose if their videos were made using AI, with penalties for non-compliance.

• Google pays Apple 36% of search ad revenue from Safari browser users, potentially exceeding $20 billion for 2022.

• Infineon Technologies, a semiconductor company, exceeded expectations with its Q4 results and expects modest growth and revenue of EUR17 billion in 2024.

• Palantir’s stock price has more than tripled this year, with strong financial performance and a growing customer base. However, weak spots in Q3 raise concerns.

• Apple is extending the free usage period of the Emergency SOS via satellite feature on iPhone 14 for an extra year.

• Apple has released the third round of developer betas for iOS 17.2 and iPadOS 17.2, with updates and improvements. They also released the sixth beta of visionOS for the Vision Pro headset, featuring new onboarding videos. Additionally, Apple released the third macOS Sonoma 14.2 developer beta, which includes iMessage sticker reactions and Apple Music playlists.

• Chinese companies are bypassing export curbs by purchasing US chipmaking equipment to produce advanced semiconductors, according to a congressional report.

• Nvidia introduced the H200 AI chip, featuring improved memory design and performance, aiming to compete with AMD. It targets AI and data center markets.

• Apple has announced the finalists for its 2023 App Store Awards, with 37 apps nominated across 10 categories.

• London-based tech company Nothing is launching an app called Nothing Chats for its Nothing Phone (2) that allows Android users to send messages in iPhone’s blue bubbles. The app will be available on November 17 and supports RCS for messaging Android friends.

MEDIA

• Ridley Scott’s biopic ”Napoleon” starring Joaquin Phoenix had its global premiere in Paris, exploring war, power, and sex.

• ESPN has launched ESPN Bet, a sports gambling service, in 17 US states in partnership with Penn Entertainment.

• San Diego Padres owner Peter Seidler, known for his big spending and love for the team, has died at 63.

• Manchester City reports record profits of £80.4 million and highest revenue of £712.8 million for the 2022-23 season, becoming the world’s most valuable soccer brand.

• Aristocrat Leisure, an Australian gaming company, reported a 53% increase in annual profit to AUD 1.45 billion ($924.8 million) and raised its final dividend.

• During a game between the Golden State Warriors and Minnesota Timberwolves, three players, including Klay Thompson and Draymond Green, were ejected after a scuffle.

• The strikes in Hollywood have caused an estimated $6 billion economic toll, impacting industries and costing entertainment studios millions annually.

• Disney’s stock hits a low point since 2014, but the company’s direct-to-consumer segment shows reduced losses and potential profitability.

• Charter Communications will pay a $25 million penalty to settle SEC charges for unauthorized stock buybacks from 2017 to 2021.

• Disney’s economic impact in Florida is $40.3 billion, supporting 263,000 jobs, amid a feud with Governor DeSantis over control.

• Vitru Ltd, a Brazilian digital education company, reported a 20% increase in net revenue and a 29% increase in adjusted EBITDA for Q3 2023. VirTra Inc had a strong Q3 2023 with over $2.4 million increase in net income and a 54% increase in revenue. They also introduced a new V-XR training solution that received a strong market response.

• Michael Pietsch, CEO of Hachette Book Group, will retire at the end of the year and be replaced by David Shelley.

CONSUMER

• Giorgio Armani has developed a detailed succession plan for his fashion empire, including guidelines for style, IPOs, mergers, and potential stock market listings.

• Thailand’s Central Group has gained majority control of Selfridges department stores and other luxury department stores in Europe by converting a loan into equity.

• Jeremy Darroch has been chosen as the new chairman of Reckitt Benckiser Group, succeeding Chris Sinclair in May 2024.

• Amazon has introduced new features for its Buy With Prime service, including order tracking, customer service, and more return locations.

• Yahoo Finance created a list of the best credit cards for Disney vacations, considering factors like flight costs and rewards potential.

• Jumia Technologies, an African e-commerce firm, has cut its Q3 losses by 67% through cost savings and anticipates further reductions.

• SPAR Group Inc. experienced a 3.6% drop in Q3 revenue due to declines in Asia Pacific businesses, but saw growth in merchandising services. SPS Commerce (SPSC) also reported an 11% decline in Q3.

• Crocs and McDonald’s have teamed up to create a limited-edition line of footwear, socks, and charms featuring McDonald’s characters.

• Mobivity Holdings Corp. had a successful Q3 2023, highlighting their Connected Rewards platform and expanding brand partnerships. They utilize POS and mobile data for customer insights.

REAL ESTATE

• Airbnb acquires AI startup Gameplanner.AI for about $200 million to enhance its platform with personalized travel recommendations and AI-driven experiences.

• San Francisco’s efforts to clean up homelessness and improve security ahead of the APEC summit have drawn both skepticism and praise.

• UK house prices saw their first annual decline since 2012, dropping by 0.1% in September, while rental prices continued to rise.

• Citadel CEO Ken Griffin warns that remote work weakens corporate culture and makes it easier for companies to lay off employees.

• Fibra Next, a Mexican real estate trust, aims to raise $865 million in an IPO to take advantage of nearshoring.

TRAVEL

• In October, Japan welcomed 2.52 million visitors, surpassing pre-COVID levels and marking a full recovery in arrivals since border controls were relaxed.

• Airfares to popular destinations have plummeted to their lowest levels in months, with Thanksgiving flights down 9% and Christmas flights down 18%.

ECONOMIC

• Shares of Charles Schwab Corp. rose 1.54% on Tuesday but underperformed compared to some of its competitors in the stock market.

• Chinese state media is promoting positive U.S.-China ties and Xi Jinping’s experiences in the U.S. ahead of his meeting with President Biden in San Francisco. The summit will address trade, human rights, Taiwan, climate agreements, and the fentanyl pipeline issue.

• Speaker Mike Johnson, an uncompromising conservative, passed a temporary spending bill to avoid a government shutdown, earning bipartisan support.

• Baxter, Halliburton, Baker Hughes, Hess, AIG, AFLAC, Western Union, Allstate, AT&T, Netflix, Public Storage, Berkshire Hathaway, and Constellation Brands stocks rose but underperformed the market. Elevance Health has seen a 76% return for investors.

• FiscalNote Holdings, Inc. exceeded expectations with $700,000 adjusted EBITDA in Q3 2023, while Nu Holdings saw a 53% YoY revenue increase and gross profit of $915 million. CV Sciences, iSun Inc, Navigator Holdings, Converge Technology Solutions, QuickLogic Corporation, Danimer Scientific Inc, and Tingo Group Inc also reported positive financial results in Q3 2023.

• ALTi Global, Inc reported Q3 2023 revenues of $49 million, with 97% from recurring fees, but had a net loss of $171 million due to impairment charges. Alcon Inc. reported lower-than-expected Q3 net sales and narrowed its full-year outlook due to inflation and currency effects. Eagle Point Income Company Inc had increased portfolio cash flows and an 11% rise in monthly distributions in Q3 2023. Eagle Point Credit Company had strong performance in Q3 2023 with NAV growth of 7% and $119 million deployed into new investments.

• Suella Braverman accuses Rishi Sunak of weak leadership and broken promises, potentially damaging his leadership. Priti Patel emerges as a contender.

• The People’s Bank of China injects CNY 1.45 trillion ($200 billion) into the banking system to support the weak economy, keeping rates unchanged.

• The European Commission predicts Ukraine’s GDP will rebound in 2023 after a 29.1% plunge in 2022 due to the Russian invasion, and inflation is expected to fall. Eurozone growth is weakened by high inflation, interest rates, and trade weakness. The German and Swedish economies are forecasted to contract in 2023 due to inflation and financing conditions.

• Sam Miele, a former fundraiser for Rep. George Santos, pleaded guilty to wire fraud and identity theft charges.

CRYPTO

• Bakkt Holdings Inc. reports Q3 2023 earnings, showcasing growth in crypto platform, global expansion, and expense management, with strong revenue growth expected in 2024.

• Andrea Enria, the European Central Bank’s chief supervisor, is urging action to close a legal loophole in EU rules that allows banks to bypass safeguards in cryptocurrency supervision. Enria emphasizes the need for comprehensive regulation to protect the financial system.

• Commerzbank becomes the first full-service bank in Germany to receive a cryptocurrency custody license, allowing it to offer digital asset services.

• Families of Israeli hostages taken by Hamas march from Tel Aviv to Jerusalem, pressuring for their release from Gaza.

• Cathie Wood, CEO of Ark Investment Management, is optimistic about bitcoin ETF approval as the SEC shows interest.

HEALTH

• Efforts to evacuate young cancer patients from Gaza’s Al Shifa Hospital have been hindered by violence and communication issues. Israeli forces have raided the hospital, claiming it is being used by Hamas for military operations. The hospital is facing power outages and a lack of resources.

• The UK Supreme Court has ruled the government’s plan to deport asylum seekers to Rwanda as unlawful, raising questions about the future of the policy.

• Apogee Therapeutics, RAPT Therapeutics, MeiraGTx Holdings, Akero Therapeutics, DiaMedica Therapeutics, and SAB Biotherapeutics reported Q3 2023 net losses due to increased R&D expenses. MediPharm Labs focuses on profitable revenue growth. iCAD reported a decline in revenue. DiaMedica Therapeutics and MeiraGTx Holdings provided additional details on strategic investments and progress in gene therapy programs. The details of DiaMedica Therapeutics’ Q3 earnings are not provided.

• Roivant Sciences reported Q2 2023 earnings of -$0.4 EPS, missing expectations. Wolfspeed beat Q1 2024 earnings with an EPS of -$0.99. Heliogen and Heron Therapeutics exceeded earnings expectations.

SPORTS

• John Rogers, through Ariel Investment, has increased their stake in Manchester United PLC to 10.40%. Richard Arnold is stepping down as CEO. British billionaire Jim Ratcliffe is reportedly close to acquiring a minority stake. Patrick Stewart will serve as interim CEO. Former hedge fund manager Leon Cooperman has purchased a $17.5 million stake in Manchester United.

• A man has been arrested on suspicion of manslaughter in connection with the on-ice death of hockey player Adam Johnson in the UK.

• Emma Hayes, current Chelsea Women’s manager, will become the head coach of the US women’s national soccer team in May 2024.