Two years ago, a wave of electric vehicle, battery and mining companies went public with boasts of coming profits. Today, things look very different. Just this week, Lordstown Motors filed for bankruptcy protection, the U.K.’s Cornish Lithium warned that it might go bust, and Ford, whose EV division will lose $3 billion this year, reportedly plans to lay off 1,000 workers on top of the 6,800 it has already let... Read more ›
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The Great Wall dividing the U.S. from China is about to get higher. A Wall Street Journal report that the Biden administration is considering further tightening exports of artificial intelligence chips to China triggered a sell-off in chip stocks on Wednesday. Shares of Nvidia, the dominant provider of chips for generative AI, fell 1.8%. To be sure, that’s not much of a reaction for a stock that has risen 181%... Read more ›
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When enterprise software firm Databricks revealed on Monday it would pay $1.3 billion for a two-year-old artificial intelligence startup, MosaicML, the deal looked overpriced. Databricks is paying 65 times Mosaic’s $20 million in annual recurring revenue, a measure of customer commitments to pay for its software, according to Databricks CEO Ali Ghodsi. In reality, the value of the deal is much less. Databricks is paying for Mosaic in stock at... Read more ›
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For the past three years, Spotify has been trying to beef up its video podcasts as it tries to keep up with the TikTok-driven explosion in short-form video. The efforts are starting to show some progress. The music streaming service now hosts more than 100,000 podcast shows that publish video episodes, a 40% increase from March though still a sliver of its 5 million total shows, according to new data... Read more ›
0
Last month Netflix poached the co-heads of AMC Networks’ Scripted Programming, responsible for spinoffs of the hit series “The Walking Dead” and “Interview With the Vampire,” as well as Apple TV+’s new drama “Silo.” Executive poaching is nothing new or unusual. But the move raises a provocative question: Why didn’t Netflix simply buy AMC Networks, whose enterprise value is roughly $3 billion, or less than 2% of Netflix’s current market... Read more ›
0
Bitcoin is having a moment. Since the start of June, the most popular cryptocurrency by market capitalization has surged 12%. That jump has coincided with traditional financial firms, which have long been wary of crypto, embracing bitcoin in a big way. BlackRock, the world’s largest asset manager, applied for a bitcoin exchange-traded fund on June 15. That kicked off a string of copy cat moves by BlackRock competitors like Invesco.... Read more ›
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It's not surprising that an analysis of activist investors shows Starboard Value and Elliott Management are among the most, well, active of activists. Both feature frequently in high-profile fights ranging from Salesforce to eBay. What is more surprising is that some smaller firms, such as Engaged Capital and Legion Capital Management, are heavily in the fray and making waves. As it turns out, you don’t have to be huge to... Read more ›
0
I’ll just say it: Things are starting to look ridiculous in Silicon Valley again. Two of our most at times admired, at times reviled tech leaders are getting ready to fight each other in a mixed martial arts cage match. And, as The Wall Street Journal reported today, boards and businesses across tech are dealing with a new problem: workplace drug use by employees and executives. I was confronted with... Read more ›
0
The term “pivot to video” has become a shorthand for the ill-fated strategic shifts undertaken by digital media companies such as Buzzfeed and Mic in the middle of the past decade to capitalize on Facebook’s prioritization of videos. Fast forward to 2023, and there’s a new pivot happening—this time with audio. The latest is Bloomberg, the privately owned news and data company that operates radio and web-streaming shows such as... Read more ›
23
When Josh Rogers, CEO of data integrity firm Precisely, was looking for a buyer in 2021, he tapped Jason Auerbach, then a top investment banker at UBS. Auerbach ended up helping sell Precisely to private equity firms Clearlake Capital Group and TA Associates. Twelve months later, when Precisely needed to raise money, Auerbach—by this time at Silicon Valley Bank’s investment banking arm, SVB Securities—found investors in Insight Partners and Partners... Read more ›
0
The deal market lives. For the second time this month, we woke up Monday morning to a big enterprise software acquisition. This time, it was IBM (remember that company?) buying data management firm Apptio for $4.6 billion from Vista Equity Partners. People with long memories of obscure enterprise software firms (you know who you are) will recall that Vista paid $1.94 billion to buy Apptio in January 2019. So, while... Read more ›
11
I’m back in San Francisco and still recovering from last week’s VidCon. (Coffee, Emma Chamberlain-branded or not, sounds extremely compelling right about now.)By the numbers, VidCon was a success. Yesterday, VidCon announced that 55,000 people attended this year’s conference, up 10% from 2022 but still lower than pre-pandemic records. Overwhelmingly, though, attendees told me that VidCon this year felt more subdued than in previous years. The Cannes Lions advertising festival,... Read more ›
1
In the span of half a year, ChatGPT has become one of the world’s best-known internet brands. Now its creator, OpenAI, has bigger plans for the chatbot: CEO Sam Altman privately told some developers OpenAI wants to turn it into a “supersmart personal assistant for work.” With built-in knowledge about an individual and their workplace, such an assistant could carry out tasks such as drafting emails or documents in that... Read more ›
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Until two weeks ago, Thoma Bravo had sold just one company worth more than $10 billion in the past three years, when it offloaded Ellie Mae to Intercontinental Exchange for $11 billion in 2020. That drought is why Thoma Bravo’s deal to sell its financial software firm, Adenza, to Nasdaq Inc. for $10.5 billion—nearly twice what it paid for the business—is so remarkable. Thoma Bravo hit the home run by... Read more ›
3
U.S. auto and battery makers are racing to build battery assembly plants for the transition to electric vehicles. But mining companies and metals processors have moved excruciatingly slowly to establish a domestic supply chain of raw materials and finished electrodes for those batteries. They blame regulators who stretch out permit approvals, activist groups that sue to keep mines from going ahead, and local residents hostile to having hard industry near... Read more ›
0
A group of investors led by Apollo Global Management is making a more than $1 billion debt investment in Wolfspeed, a publicly traded semiconductor maker with a $6 billion market capitalization, according to a person with direct knowledge of the matter. The deal could be announced in the coming days and would be one of the largest direct lending deals of the year that doesn’t involve a takeover. Direct lending—when... Read more ›
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Drew Romero’s hikes were weighing on him, literally. A Reston, VA-based senior software developer for technology consulting company Tkxel, Romero thought heavy accessories—battery packs and bottles of water—would hamstring him on a challenging five-day hike through a remote mountain range in Skardu in the Gilgit-Baltistan region of Pakistan. That is, until he discovered solar-powered hiking gear: “It opened up a whole new world of possibilities,” he said. Romero isn’t alone... Read more ›
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Hi, welcome to your Weekend.For about 11 months after OpenAI released its text-to-image generator Dall-E 2 in April 2022, many of us wondered when Adobe would come to market with a rival product, which could be neatly integrated into design programs like Photoshop, Illustrator and Premiere. The wait felt long, especially considering how rapidly startups like Open AI, Stability AI, Midjourney and Runway ML were shipping mind-boggling new tools. Finally,... Read more ›
0
Last year, the CEO of messaging app IRL repeatedly said it had 20 million monthly active users, who chatted about shared interests and planned real-world events together. Today, a spokesperson for the startup said an investigation by the board of directors concluded 95% of those users were “automated or from bots.” As a result of the probe, the spokesperson said the company would shut down and return capital to shareholders,... Read more ›
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TikTok has signed logistics deals to ensure that the products people buy on its app arrive smoothly at their front doors—a key part of the video app’s efforts to transform itself into a shopping destination. It’s currently testing the fulfillment services with U.S. sellers, a person familiar with the matter said. TikTok is partnering with outside logistics firms that lease and operate warehouses to store inventory and to pack and... Read more ›
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05.04.2026 04:08
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