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☆ SoftBank's Masayoshi Son says AI-fueled technology can surpass human intelligence 'big time'
▼ + stars: | 2023-09-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Artificial intelligence is capable of helping solve some of the world's biggest problems and could potentially surpass the intelligence of humankind, according to SoftBank's Masayoshi Son. "Mankind was the smartest animal on the earth — AI is going to surpass, and surpass big time." The SoftBank founder and CEO called himself a "big believer" in AI, adding that Arm is a "core" beneficiary of the AI revolution. Arm's initial public offering Thursday may bring an end to a nearly two-year-long drought in large-scale technology initial public offerings. I'm optimistic that AI is going to solve the issues that mankind couldn't solve in the past."

Persons: Masayoshi, SoftBank's, CNBC's David Faber, Mankind, Son, he's, —, Scott Schnipper Organizations: Arm Holdings, Nasdaq, Federal Reserve, University of California, Forbes, Yahoo Locations: Tokyo, Berkeley

☆ Arm IPO: Should you buy shares? Here's what 4 analysts are saying
▼ + stars: | 2023-09-14 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

China risks Analysts have also noted Arm's limited control over its China joint venture, Arm China, which contributes 24% of revenue. "Plus, Arm can only sell to China customers via the Arm China channel, and they can offer competing product. With no direct stake in Arm China, they currently have very little control over their only means to sell in China." Valuation Analysts at New Constructs have also challenged Arm's valuation. Growth Analysts at Bernstein were also cautious, while expecting cloud, automotive, and mobile royalties to drive healthy top-line growth for Arm.

Persons: Rohit Kulkarni, Roth, SoftBank, Bernstein, Sara Russo, Russo, it's, Timm Schulze, Schulze, Melander, — CNBC's Michael Bloom Organizations: Apple, Nvidia, SoftBank Locations: British, New York, SoftBank, China, Arm China

☆ SoftBank's involvement in the ARM IPO is a red flag, says NYU's Aswath Damodaran
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSoftBank's involvement in the ARM IPO is a red flag, says NYU's Aswath DamodaranAswath Damodaran, professor of finance at NYU Stern School of Business, joins 'The Exchange' to discuss a potentially over-zealous hype going into the ARM IPO valuation, concerns about SoftBank's involvement in the ARM IPO, and expectations for upcoming IPOs in the pipeline.

Persons: NYU's, Damodaran Organizations: ARM, NYU Stern School of Business

☆ SoftBank's Arm discusses pricing IPO at $52 per share-source
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. If this pricing is finalized, it would be above Arm's indicated $47-$51 price range and would raise $4.97 billion for SoftBank, based on 95.5 million shares sold. It would infer a valuation on Arm on a fully diluted basis of $55.5 billion. Arm did not immediately respond to a request for comment. Reporting by Anirban Sen in New YorkOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Anirban Sen Organizations: REUTERS, Arm Holdings, Thomson Locations: New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The IPO raised $4.87 billion for SoftBank based on 95.5 million shares sold. It infers a valuation on Arm on a fully diluted basis of $54.5 billion, making it the largest stock market debut since electric car maker Rivian Automotive Inc (RIVN.O) in 2021. Arm did not immediately respond to a request for comment. Reporting by Echo Wang and Anirban Sen in New York Editing by Greg RoumeliotisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, Arm Holdings, Rivian Automotive Inc, Thomson Locations: New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Yet even with this lower valuation, SoftBank fares better than its $40 billion deal to sell Arm to Nvidia Corp (NVDA.O), which it abandoned last year amid opposition from antitrust regulators. Arm priced its IPO at $51 per share, at the top of its indicated range, raising $4.87 billion for SoftBank based on 95.5 million shares sold, the company said on Wednesday. Weak mobile demand during a global economic slowdown has caused Arm's revenue to stagnate. Sales in China contributed 24.5% of Arm's $2.68 billion revenue in fiscal 2023.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Sandra Maler, Greg Roumeliotis, Richard Chang Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Nvidia Corp, Reuters, Apple, Nvidia, Devices, Intel, Samsung Electronics, stagnate, Sales, Thomson Locations: New York, China, United States

☆ Grocery delivery app Instacart aims for up to $7.7 bln valuation in US IPO
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

As the Federal Reserve raised borrowing costs to tame inflation, several high-flying startups have had to raise funds at lower valuations. Instacart too has had to cut its internal valuation to as low as $10 billion in December in its long walk toward a Nasdaq debut. Instacart would join SoftBank's (9984.T) chip designer Arm and marketing automation firm Klaviyo, which are also gearing up for market debuts in September. Instacart and its selling shareholders are looking to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing. Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Niket Nishant, Manya, Arun Koyyur Organizations: Federal Reserve, Nasdaq, Reuters, Instacart, Fed, Cornerstone, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Manya Saini, Thomson Locations: United States, San Francisco, U.S, Ukraine, TCV, Sequoia, Bengaluru

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Arm is discussing the possibility of raising the price range and seeking a valuation of more than $54.5 billion, in light of the IPO's oversubscription, the sources said. Alternatively, Arm is also considering keeping the price range as is and pricing the IPO above it on Wednesday, which would also lead to a valuation higher than $54.5 billion, the sources added. Arm will not, however, offer more shares, given that SoftBank wants to retain a 90.6% stake in Arm following the approximately $5 billion IPO, as originally planned, the sources said. Sales in China contributed 24.5% of Arm's $2.68 billion revenue in fiscal 2023.

Persons: Dado Ruvic, SoftBank, Echo Wang, Anirban Sen, Greg Roumeliotis, Diane Craft Organizations: REUTERS, SoftBank Group Corp, underwriters, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, ., stagnate, Sales, Thomson Locations: New York, China, United States

☆ Instacart to target valuation of up to $9.3 billion in IPO, source says
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr Acquire Licensing RightsSept 10 (Reuters) - Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter. The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on SundayInstacart declined to comment. The Wall Street Journal was the first to report on Sunday on Instacart's IPO valuation target. Unlike an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public. For the six months ended June 30, Instacart last month reported revenue of $1.48 billion, up 31% from the same period last year.

Persons: Eric Cohn, Cheney Orr, Instacart, Andreessen Horowitz, Rowe Price, Anirudh Saligrama, Manya Saini, Niket, Echo Wang, Cynthia Osterman, Leslie Adler Organizations: Safeway, REUTERS, Arm Holdings Ltd, Reuters, Sequoia Capital, Fidelity Management & Research, Thomson Locations: Tucson , Arizona, U.S, Bengaluru, Echo, New York

☆ Cramer: These things could soon break the bulls' way, plus 4 stocks to buy
▼ + stars: | 2023-09-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

If you don’t know a soul that is bullish — and I mean flat-out positive — you may need some new friends. I say I am a naked opportunist and I feel naked and alone right now in saying we might have a bunch of things that could break the bulls' way. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: —, We’ve, sotto, Shawn Fain, Leon Trotsky, Fain, Lululemon, LULU, Robert Bradway, Amgen, Lina Khan, Khan, Trump, Estee Lauder, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Virginia Sherwood Organizations: Federal Reserve, Softbank's Arm Holdings, United Auto Workers, UAW, Federal Trade, Activision Blizzard, Horizon Therapeutics, FTC, Apple, GE HealthCare, Disney, Bausch Health, Honeywell, Jim Cramer's Charitable, CNBC, NYSE Locations: Russian, U.S, Wells

☆ Instacart to target valuation of up to $9.3 bln in IPO -source
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

Sept 10 (Reuters) - Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter. The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on SundayInstacart declined to comment. The Wall Street Journal was the first to report on Sunday on Instacart's IPO valuation target. The targeted valuation is a steep drop from the firm's $39 billion valuationin 2021, when the coronavirus pandemic was raging and doorstep delivery boomed. Like SoftBank's chip designer Arm Holdings Ltd and marketing automation firm Klaviyo, Instacart is expected to list its shares in September - part of a wave of high-profile names testing investor appetite for new listings.

Persons: Instacart, Anirudh Saligrama, Manya Saini, Niket, Echo Wang, Cynthia Osterman, Leslie Adler Organizations: Arm Holdings Ltd, Thomson Locations: Bengaluru, Echo, New York

☆ Venture capital firm discusses the Arm IPO and investing in generative AI startups
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVenture capital firm discusses the Arm IPO and investing in generative AI startupsEdith Yeung of Race Capital says that Softbank's Arm needs a "more AI story" ahead of its IPO and shares how she approaches investing in generative AI companies.

Persons: Edith Yeung Organizations: Email Venture, Race Capital

That price range values Arm at $50 billion to $54.5 billion on a fully diluted basis. It remains unclear whether Arm will attract enough investor demand to seek a higher valuation ahead of its IPO pricing on Sept. 13. The sources said Arm will decide early next week whether to raise its IPO price range. Weak mobile demand during a global economic slowdown has caused Arm's revenue to stagnate. Sales in China contributed 24.5% of Arm's $2.68 billion revenue in fiscal 2023.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Greg Roumeliotis, Richard Chang Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Financial Times, stagnate, Sales, Thomson Locations: New York, China, United States

The deal would give privately held C&S, primarily a supplier rather than an operator of grocery stores, a much more significant footprint. The stores that Kroger and Albertsons plan to shed are primarily in the Pacific Northwest and the Mountain states, along with some in California, Texas, Illinois, and the East Coast, the sources said. Bloomberg News reported about the talks between C&S, Kroger and Albertsons on Monday, as well as SoftBank's involvement but gave no information about the deal terms. Previously, Kroger and Albertsons said they may divest between 100 and 375 stores by placing them in a new company that Albertsons shareholders would own. In a regulatory filing Kroger said the upper limit for divestitures was 650 stores.

Persons: Rick Cohen, Cohen, SoftBank, Kroger, Ahold, Anirban Sen, Abigail Summerville, Juby Babu, Sherry Jacob, Phillips, Rashmi Aich, David Gregorio Our Organizations: Kroger, Albertsons Cos Inc, S Wholesale Grocers, Grand Union, Piggly, SoftBank Group Corp, Symbotic Inc, Albertsons, Bloomberg News, Thomson, & $ Locations: Pacific Northwest, California , Texas , Illinois, East Coast, New York, Bengaluru

Arm kicked off its roadshow in Baltimore, where influential asset manager T Rowe Price is headquartered, underscoring the fund manager's significance in big IPOs. Arm disclosed the proposed range would value it at between $48 billion and $52 billion. The valuation that Arm is chasing represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from its $100 billion Vision Fund. Jamie Mills O’Brien, portfolio manager at British fund manager Abrdn, said he found SoftBank's valuation ask in the IPO "more palatable than initially discussed." Unlike most loss-making but high-growth tech companies that debut with lofty valuations but later plummet below list price, Arm is profitable.

Persons: Group's, T Rowe Price, SoftBank, Jamie Mills O’Brien, Abrdn, Arm, Dado Ruvic, Sara Russo, Bernstein, Goldman Sachs, JPMorgan Chase, Manya Saini, Pablo Mayo, Arun Koyyur, Nick Zieminski Organizations: Arm Holdings, Rivian Automotive Inc, Sands, Cambridge, Vision, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, REUTERS, Acorn Computers, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, SoftBank, Inc, Reuters, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Pablo Mayo Cerqueiro, Thomson Locations: Baltimore, Arlington , Virginia, England, China, United States, Bengaluru, London, Lincoln

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Arm is also meeting with other potential investors, including Arlington, Virginia-based Sands Capital, in Baltimore on Tuesday, the sources said. The chip designer is expected to meet with other investors in cities including New York in the days leading up to the pricing of its IPO on September 13, the sources said. T Rowe Price and Sands Capital did not immediately respond to requests for comments. Reporting by Echo Wang and Anirban Sen in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Rowe Price, Arm, Echo Wang, Anirban Sen, Nick Zieminski Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Sands Capital, Thomson Locations: Baltimore, Arlington , Virginia, New York

☆ SoftBank's Arm aims for over $52 bln valuation in biggest US IPO of the year
▼ + stars: | 2023-09-05 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +5 min

The valuation that Arm is chasing now represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from its $100 billion Vision Fund. Jamie Mills O’Brien, portfolio manager at British fund manager Abrdn, said he found SoftBank's valuation ask in the IPO "more palatable than initially discussed." REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsReuters first reported on SoftBank's proposed price range for the IPO on Saturday. If the underwriters exercise their right to buy shares in Arm in full as part of 'greenshoe option', it would take the IPO amount to be raised to $5.2 billion. Arm expects to trade on the Nasdaq Global Select Market under the symbol "ARM".

Persons: Group's, SoftBank, Jamie Mills O’Brien, Abrdn, Kim Kyung, Sara Russo, Bernstein, Goldman Sachs, JPMorgan Chase, Manya Saini, Pablo Mayo, Arun Koyyur, Nick Zieminski Organizations: Vision, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, REUTERS, Rights Reuters, Acorn Computers, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, SoftBank, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Pablo Mayo Cerqueiro, Thomson Locations: United Kingdom, China, United States, New York, Tokyo, Japan, Bengaluru, London

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Arm is also meeting with other potential investors, including Arlington, Virginia-based Sands Capital, in Baltimore on Tuesday, according to people familiar with the matter. T. Rowe Price and Sands Capital did not immediately respond to requests for comment. Arm has signed up many of its major clients as investors in its IPO, including Apple (AAPL.O), Nvidia (NVDA.O), Alphabet (GOOGL.O), Advanced Micro Devices (AMD.O), Intel (INTC.O) and Samsung Electronics (005930.KS). Reporting by Echo Wang and Anirban Sen in New York; Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Rowe Price, Arm, Echo Wang, Anirban Sen, Nick Zieminski Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Sands Capital, Apple, Nvidia, Devices, Intel, Samsung Electronics, Thomson Locations: Baltimore, Arlington , Virginia, New York

☆ Chip design firm Arm seeks up to $52 billion valuation in blockbuster U.S. IPO
▼ + stars: | 2023-09-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

As a British company, Arm qualifies as a foreign private issuer in the U.S. and its shares will count as American depositary shares, or ADSs. At the upper end of that range, CNBC estimates that Arm will likely raise up to $4.87 billion. At the lower end, the IPO would fetch $4.49 billion of fresh capital for Arm. At the upper end of the pricing range, Arm would also attain a total valuation of $52 billion, according to CNBC calculations. If they choose to purchase these shares, SoftBank's ownership of Arm will be reduced to 89.9%, the company said.

Persons: Chip, SoftBank Organizations: Nasdaq, U.S . Securities, Exchange Commission, CNBC, underwriters Locations: New York, London, British, U.S

☆ Arm is headed for a $52 billion IPO that's set to draw tech titans like Apple and Nvidia. Here's what to know about the biggest US stock debut of the year.
▼ + stars: | 2023-09-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Softbank Group-owned chip designer Arm is targeting a $52 billion IPO in September. The launch is set to draw big investment from tech giants like Apple, Nvidia, Samsung, and Google. The debut is expected to be the largest of 2023, and it could mark a turning point for the sluggish IPO market. A revival of IPOsIt's possible that the blockbuster stock launch marks a turning point for what's been a relatively muted IPO market since 2022. Arm could help pave the way for other tech firms and startups who's plans for an IPO have stalled through the downturn.

Persons: Softbank, Goldman Sachs, JPMorgan Chase, what's, Rob Wotczak, Masayoshi, Instacart, Wotczak Organizations: Softbank, Apple, Nvidia, Samsung, Google, Service, New York Stock Exchange, Wall Street Journal, Fund, Nasdaq, Intel, TSMC, Devices, underwriters, Arm's, Barclays, JPMorgan, Mizuho Financial Group, Bloomberg, Freedom Capital Markets, Vision Locations: Wall, Silicon, London, New York, Saudi

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The price range, which has not been previously reported, would translate into a valuation for Arm of roughly between $50 billion and $54 billion, and an offering of $5 billion to $5.4 billion. It would make Arm the most valuable company to list in New York since electric car maker Rivian Automotive (RIVN.O) debuted in 2021. The valuation Arm is currently seeking represents a climb-down from the $64 billion valuation at which SoftBank acquired the 25% stake in the company it did not already own from its $100 billion Vision Fund last month. Arm has already signed up many of its major clients as investors in its IPO, Reuters reported on Friday.

Persons: Dado Ruvic, SoftBank, Echo Wang, Greg Roumeliotis, Matthew Lewis, Chizu Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Rivian, Reuters, Apple Inc, Nvidia Corp, Inc, Devices Inc, Intel Corp, Samsung Electronics Co, Cadence Design Systems, Synopsys Inc, Thomson Locations: New York

☆ Exclusive: Line Man Wongnai targets listing as early as 2025 -exec
▼ + stars: | 2023-09-01 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

The logo of Thailand Stock exchange is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsTOKYO, Sept 1 (Reuters) - Thai food delivery startup Line Man Wongnai has begun appointing advisors to prepare for an initial public offering and is targeting a listing as soon as 2025, according to a senior executive at the Southeast Asian unicorn. Line Man Wongnai competes with Singapore-based Grab (GRAB.O), Foodpanda, and the food delivery business of Siam Commercial Bank. It was formed in 2020 from a merger of Line Man, the Thai food delivery business of Line, and restaurant aggregator Wongnai. "We are in a position to really help digitalise Thailand," said Chung, a former Goldman Sachs banker from South Korea who previously worked for Line, adding that the food delivery business is gaining market share.

Persons: Athit, Wongnai, Young Chung, Chung, Goldman Sachs, Sam Nussey, Yantoultra Ngui, Stephen Coates Organizations: Thailand Stock, REUTERS, Rights, Reuters, Siam Commercial Bank, Siam Cement, FoodStory, Thomson Locations: Bangkok, Thailand, United States, Asia, Singapore, Siam, South Korea

☆ Vision 2030 is Saudi Arabia's grand plan to future-proof its oil-based economy. Experts say it's a huge risk.
▼ + stars: | 2023-08-27 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +9 min

Vision 2030 is Saudi Arabia's grand plan to transform its economy and reduce its reliance on oil. The centerpiece of Vision 2030 is Neom, which includes a $1 trillion megacity known as The Line. But time is ticking: Seven years after announcing Vision 2030, Saudi Arabia has reached the midway point of its timeline, with just seven years left to the finish line. That said, much of this is being financed by the Public Investment Fund, Saudi Arabia's powerful sovereign wealth fund, which manages assets worth about $700 billion. NeomA key factor that could determine this project's success involves Saudi Arabia's changing appeal to the West.

Persons: Saud, who's, Simon Mabon, Prince Mohammed Bin Salman, Saudi Crown Prince Mohammed bin Salman, McKinsey —, —, Gerald Feierstein, Barack Obama, Feierstein, Richard Callis, Prince Mohammed, Yasir Othman al, Mabon, Prince Mohammed's, there's, Muslimi, they're Organizations: Foreign Policy Center, Saudi Royal Court, REUTERS, Saudi Crown, McKinsey, Middle East Institute, Public Investment Fund, Saudi, SoftBank's Vision, Newcastle United soccer, Newcastle United FC, Saudi Aramco, International Monetary Fund, Chatham House, Neom, United, Bloomberg, Amnesty International Locations: Saudi, Dhahran, Saudi Arabia, London, NEOM, Bandar, Yemen, Ukraine, Riyadh, Jeddah, they're, United Arab Emirates, Neom

☆ CNBC Daily Open: Jackson Hole anxiety overshadows Nvidia
▼ + stars: | 2023-08-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, Chair of the Federal Reserve, arrives to a dinner at the start of the Jackson Hole Economic Symposium on August 24, 2023 at Grand Teton National Park near Jackson Hole, Wyoming. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally fizzles outU.S. stocks closed lower Thursday as an earlier Nvidia-sparked rally fizzled out, while Treasury yields climbed higher. But there are other market themes that investors should know about, according to Goldman Sachs.

Persons: Jerome Powell, paring, CNBC's Lucy Handley, Singh Puri, CNBC's Tanvir Gill, Puri, Goldman Sachs Organizations: Federal Reserve, Jackson, Grand Teton, CNBC, Nvidia, Nikkei, AMD, Intel, Petroleum, Natural Gas Locations: Jackson Hole , Wyoming, Asia, Pacific, China, Europe, India, Moscow

☆ The CEO who brutally fired hundreds of the people on Zoom is taking his startup public in a move that could make or break him
▼ + stars: | 2023-08-24 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

Vishal Garg is taking Better, a mortgage startup, public through a long-delayed SPAC deal. Read what he said about making strategic acquisitions and the millions in company loans that stand to be forgiven. But CEO Vishal Garg, known for brutally laying off hundreds of employees via Zoom, insists he has a plan. One former employee told Insider that the move seems like a "Hail Mary," both for Garg personally and for the business more broadly. Here is what Garg said about his vision for the company and how he will spend the money Better receives from the IPO.

Persons: Vishal Garg, Garg, SPACs, Mary, refinancings, it's, SoftBank, indemnifying, —, It'll Organizations: & Finance, Aurora Acquisition Corp, Nasdaq, World Trade Center, Federal Reserve, Silicon, Better, Mortgage, SEC, Scotsman, Aurora, Insider Locations: Garg, refinancings, Queens , NY

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