Plus, Biden's tech hubs...
October 24, 2023 | Read Online | | | | | *past 24-hour performance |
| | Slick deals: Not to be outdone by Exxon, Chevron (CVX) has announced they will be acquiring Hess (HES) in an all-stock deal valued at $53 billion. (CNBC)
Spurring innovation: The Biden administration is designating 31 technology hubs touching 32 states and Puerto Rico to help spur innovation and create jobs in the industries that are concentrated in these areas. (AP)
Roche bets $7b on bowels: Roche (RHHBY) has agreed to buy the developer of a bowel-disease treatment from Roivant Sciences (ROIV), a company started by Republican presidential candidate Vivek Ramaswamy, and Pfizer (PFE) in a deal worth more than $7 billion. (WSJ)
FaZe's fall: FaZe Holdings (FAZE), the struggling video-game-influencer company which went public in a $725 million SPAC, is being acquired for $27 million by GameSquare, an analytics and esports company backed by Dallas Cowboys owner Jerry Jones (Verge)
Auto loan defaults are racking up: The percent of subprime auto borrowers at least 60 days past due on their loans rose to 6.11% in September, the highest in data going back to 1994. (Bloomberg)
Foxconn under fire: Beijing has launched a tax probe into Foxconn, the Taiwanese tech company that is the largest producer of iPhones. The investigation comes as Foxconn’s founder, Terry Gou, ramps up his presidential campaign on the island, raising concerns about Beijing’s intentions. (Semafor)
MicroStrategy's bitcoin bounce back: The bitcoin (BTC) holdings of MicroStrategy (MSTR) have again turned profitable as prices hit $33,000. The company owns 158,245 bitcoins at an aggregate purchase price of roughly $4.68 billion, or an average price of $29,582 each. (CoinDesk)
Microsoft in the land down under: Microsoft (MSFT) will spend $3.2 billion expanding its AI & cloud computing abilities in Australia over two years as part of a wide-ranging effort that includes skills training and cyber security (Reuters) | | | | | Better than oil stocks | The best way to profit from energy is NOT a stock... Rather, it's this little-known alternative investment. Click here to find out more » | SPONSOR |
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| | There’s never been a worse time to buy instead of rent: The cost of buying a home versus renting one is at its most extreme since at least 1996. The average monthly new mortgage payment is 52% higher than the average apartment rent. Read more » | Insurance companies have discovered devious new ways to rip you off: Insurance is supposed to make you feel secure from tragedies — but companies are eager to make dealing with them a nightmare. Read more » |
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| | The big risk behind the AI investment boom (Axios) A few laws of getting rich (Collab Fund) Gavin Newsom wants to export California’s climate laws to the world (NYT) Coal and Machining: Summary of US trip (Calvin Froedge) | | | | | Quality Wines, Matched to Your Palate | If your wines aren’t chosen for you based on an algorithm created by two MIT grads, are you even drinking? | Take the Bright Cellars quiz and get custom-curated wine boxes delivered every month. Get started here » | SPONSOR |
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