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As technology titans jockey to back hot new startups, they are extracting explicit or implicit promises of revenue in return. loadingMicrosoft’s injection of $10 billion into OpenAI in January helped kick off the craze. As part of their deal, the ChatGPT operator agreed to exclusively use its new investor’s cloud computing services. Much of the invested capital should be returned relatively quickly as AI firms buy back-end services. Nvidia (NVDA.O) has at least 80% and as much as 95% of the AI market, according to estimates by analysts.
Persons: Sam Altman, Satya Nadella, OpenAI, Optimists, cynics, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav, Streisand Neto Organizations: Reuters, Microsoft, Financial Times, Apple, Nasdaq, Big Tech, OpenAI, Wall Street, Google, Reuters Graphics Reuters, Cisco Systems, Lucent Technologies, Nortel Technologies, Company, Global, Telecom, Nortel, Network, Nvidia, Thomson Locations: OpenAI, Silicon Valley
Binance mega-fine fits go-big-or-go-home vibe
  + stars: | 2023-11-22 | by ( Anita Ramaswamy | )   time to read: +3 min
NEW YORK, Nov 21 (Reuters Breakingviews) - Cryptocurrency is a precocious industry, in its lows as well as its highs. So it makes sense that Binance, the world’s largest crypto exchange, has agreed to pay a $4.3 billion fine for anti-money laundering, effortlessly surpassing penalties paid by miscreant financial firms that have been around for more than a century longer. Binance boss Changpeng Zhao, a kingpin of crypto and the man who precipitated the downfall of bankrupt rival FTX, pleaded personally guilty on Tuesday to criminal violations. HSBC (HSBA.L), (0005.HK) in 2012 agreed to pay $1.9 billion for its role in facilitating drug cartels’ money laundering. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Changpeng Zhao, FTX, Zhao, Binance, Al Qaeda, It’s, Goldman Sachs, Goldman, David Solomon, Sam Bankman, John Foley, Sharon Lam Organizations: Reuters, HSBC, HK, Malaysian, U.S . Treasury Department, Thomson Locations: Iran, North Korea, U.S
NEW YORK, Nov 20 (Reuters Breakingviews) - Microsoft (MSFT.O) boss Satya Nadella’s stressful weekend is probably only the beginning. A lack of corporate governance protections left Nadella with few options to salvage his company’s $13 billion investment in OpenAI. As a 49% owner of OpenAI, Microsoft could have hedged itself by getting more directly involved in oversight. Recruiting Altman is at least a better outcome for Microsoft than standing by and watching him go to Google, a rival startup or opening his own AI shop. Money and salesmanship are two essential elements of developing AI, but so are the proper controls, risk management and strategic clarity.
Persons: Satya Nadella’s, OpenAI, Sam Altman, Altman, Reid Hoffman, Elon Musk’s, Satya Nadella, Greg Brockman, OpenAI’s, Brockman, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Microsoft, Google, Altman, Thomson Locations: OpenAI
Silicon Valley saw OpenAI with eyes wide shut
  + stars: | 2023-11-20 | by ( Anita Ramaswamy | )   time to read: +4 min
NEW YORK, Nov 19 (Reuters Breakingviews) - Silicon Valley’s weekend episode with artificial intelligence company OpenAI seems much like the technology: the input is a mishmash, so the output is flawed. The Microsoft-backed (MSFT.O) company’s board fired boss Sam Altman, and now, according to reports, may bring him back. OpenAI has been the leader in AI technology, which is bolstering valuations in the face of slowing growth in Silicon Valley. By September, OpenAI was seeking a valuation of nearly triple that, according to Reuters. Yet with or without Altman, OpenAI’s issues are clear and abundant.
Persons: Sam Altman, Altman, Greg Brockman, Satya Nadella, OpenAI, , OpenAI’s, chipmaker, chatbot, Brockman, Greg, Lauren Silva Laughlin, Thomas Shum Organizations: Reuters, Microsoft, Stanford, UC Berkley, OpenAI’s, San Francisco, Wall Street, Thomson Locations: Silicon Valley, U.S
Ransomware targets will pay one way or another
  + stars: | 2023-11-17 | by ( Anita Ramaswamy | )   time to read: +3 min
The White House has even considered an outright ban on firms making ransom payments. If companies can’t pay ransom, there’s no point in asking for it. ICBC’s self-identified attacker, a gang of digital extortionists called Lockbit, says ICBC paid up. Follow @AnitaRamaswamy on XCONTEXT NEWSThe Industrial and Commercial Bank of China’s U.S. arm was hit by a ransomware attack that disrupted some trades in the U.S. Treasury market on Nov. 9. A senior White House official said on Oct. 31 that the U.S. government planned to lead an alliance of 40 countries in a pledge to never pay ransom to cybercriminals.
Persons: Joe Biden’s, cybercriminals, it’s, there’s, ICBC, , reckons, John Foley, Aditya Sriwatsav Organizations: Reuters, Industrial, Commercial Bank of China, SS, Treasuries, Companies, Caesars Entertainment, Commercial Bank of China’s, U.S . Treasury, White House, ., Thomson Locations: U.S, United States, Commercial Bank of China’s U.S
Meta’s China quest thaws thin layer of dense cube
  + stars: | 2023-11-10 | by ( Anita Ramaswamy | )   time to read: +4 min
In August, the United States banned domestic companies from making some new investments in Chinese tech, including computer chips and artificial intelligence systems. Chinese-based ByteDance, the owner of TikTok, counts the United States as its largest market. Selling virtual reality hardware primarily used for gaming is also an easier way of entering China. CONTEXT NEWSMeta Platforms struck a preliminary deal to sell virtual reality headsets in China through an exclusive partnership with Tencent, the Wall Street Journal reported on Nov. 9. China banned Meta’s Facebook platform from the country in 2009 and subsequently banned its WhatsApp and Instagram services as well.
Persons: Carlos Barria, Susan Li, Joe Biden, China’s Xi, Biden, Meta’s, Meta, ByteDance’s, Apple’s, Lauren Silva Laughlin, Sharon Lam Organizations: Meta, REUTERS, Reuters, HK, Wall Street, Facebook, United, Huawei, Companies, Republican, Tencent, Google, New York Times, Thomson Locations: Menlo Park , California, U.S, China, Beijing, Washington, United States, San Francisco, Texas, Florida, Montana
NEW YORK, Nov 6 (Reuters Breakingviews) - Elon Musk does well when his back is against the wall. His investment in X now fills the longshot role, which leaves him little to lose. Grok, as it is called, has “real-time access to info via the X platform,” Musk noted in a post, which gives it a “massive advantage” over other AI models. Although the product is still being tested, Musk says it already can out-compute OpenAI’s GPT-3.5 and Meta Platforms' (META.O) Llama 2. X may be near, or already has hit, rock bottom, right where Musk often does his best work.
Persons: Elon, Tesla, Musk, ” Musk, Linda Yaccarino, X, Billionaire Elon Musk, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Twitter, New York Times, Microsoft, New, Billionaire, OpenAI, Thomson
REUTERS/Jane Rosenberg Acquire Licensing RightsNEW YORK, Nov 2 (Reuters Breakingviews) - Just over a year ago, Sam Bankman-Fried might have been counting his large stash of virtual coins. A Manhattan jury on Thursday convicted the FTX founder of seven counts related to crimes he committed at the helm of the now-bankrupt cryptocurrency exchange. With some $8 billion in customer funds stolen, his misdeeds will go down as one of the biggest financial frauds on record. To be sure, the speculative bubble in crypto would probably have deflated even without Bankman-Fried. The bankrupt exchange is also negotiating with three bidders to help it relaunch trading services, Bloomberg reported last month.
Persons: Lewis Kaplan, Sam Bankman, Fried, Jane Rosenberg, FTX, John J, Ray III, Nicolas Roos, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Reuters, Galaxy Digital, Three, BlackRock, Bloomberg, Thomson Locations: New York City, U.S, Manhattan
U.S. President Joe Biden speaks about his administration's commitment to seizing the opportunities and managing the risks of Artificial Intelligence, in San Francisco, California, U.S., June 20, 2023. On Monday, U.S. President Joe Biden signed an executive order establishing regulatory guardrails for the technology that looks set to upend humanity. The announcement closes some of the rulemaking gap between the United States and its international counterparts. But now, because of the lack of clarity, some firms are considering ditching the United States. If important technologies do move outside of the United States, the country effectively loses its chance to steer development.
Persons: Joe Biden, Kevin Lamarque, Sam Altman, Andreessen Horowitz, Forrester, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Artificial Intelligence, REUTERS, Reuters, European Union, Cyberspace Administration, OpenAI, Securities, Exchange Commission, Venture, country’s, Thomson Locations: San Francisco , California, U.S, United States, London
Pepsi has long way to go to win Ozempic challenge
  + stars: | 2023-10-10 | by ( Anita Ramaswamy | )   time to read: +3 min
The purveyor of Gatorade and Cheetos boosted operating profit 14%, to about $4 billion, after hiking prices by at least 10% for the seventh consecutive quarter. The quantity of drinks and snacks sold is slumping, however, and anti-obesity drugs are just starting to make their mark. Pepsi’s shares have tumbled 14% since May, lagging the 5% gain in the S&P 500 Index (.SPX) over the same period. The head of Walmart’s (WMT.N) U.S. drugstores told Bloomberg that customers taking Ozempic, Wegovy and others are pulling back on junk-food purchases. The latest results from Pepsi quelled fears of any immediate impact, but also raise questions about the future.
Persons: Brendan McDermid, Eli Lilly, drugstores, Morgan Stanley, Boss Ramon Laguarta, Laguarta, Lay, Hugh Johnston, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, PepsiCo, Gatorade, Novo Nordisk, Bloomberg, Pepsi, Frito, Thomson Locations: New York City, U.S, Wegovy
Bankman-Fried circus will be a singular clown show
  + stars: | 2023-10-04 | by ( Anita Ramaswamy | )   time to read: +3 min
NEW YORK, Oct 4 (Reuters Breakingviews) - All eyes are on Sam Bankman-Fried as the cryptocurrency founder’s criminal trial gets underway this week. The high-profile case bears similarities to past scandals such as Enron and Countrywide Financial, when regulation followed investigations. Lawmakers hauled Wall Street analysts up to Capitol Hill to grill them about their “buy” ratings. Importantly, legislators passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, forcing banks to hold more capital, among other stipulations. It also is less prevalent – less than 20% of Americans have invested in crypto, according to the Pew Research Center.
Persons: Sam Bankman, FTX’s, Ken Lay, Arthur Andersen, Dodd, Frank Wall, Tom Brady, Bill Clinton, Fried, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Enron, Countrywide Financial, Countrywide, Bank of America, Lawmakers, Sarbanes, Oxley, Frank Wall Street Reform, Consumer, The Securities, Exchange Commission, Pew Research Center, Louis Federal Reserve, Southern, Thomson Locations: Manhattan, New
Planet Fitness races against rate hikes
  + stars: | 2023-09-18 | by ( )   time to read: +2 min
View of the Planet Fitness logo at the their location in Clifton, New Jersey, U.S., January 6, 2023. REUTERS/Jennifer Saba Acquire Licensing RightsNEW YORK, Sept 18 (Reuters Breakingviews) - Planet Fitness (PLNT.N) is struggling to adapt to a high-interest-rate diet. Under Rondeau, Planet Fitness benefited from a post-pandemic exercise rebound, notching annual sales growth of over 40% in the last two years as location count expanded by 13%. Its stock is up 32% this year, while Planet Fitness’s is down by roughly the same amount. Life Time boss Bahram Akradi said his old approach of keeping prices low was a “mistake.” Planet Fitness can fix the same error.
Persons: Jennifer Saba, Chris Rondeau, Rondeau, Fitness’s, Bahram Akradi, Anita Ramaswamy, Jonathan Guilford, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Reuters, Planet, X, Thomson Locations: Clifton , New Jersey, U.S
Twinkies maker will give food brands a sugar high
  + stars: | 2023-09-01 | by ( Anita Ramaswamy | )   time to read: +4 min
Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Acquire Licensing RightsNEW YORK, Sept 1 (Reuters Breakingviews) - Urban legend says Hostess Brands’ (TWNK.O) infamous Twinkie is so highly processed it could survive a nuclear war. Executives at both Hostess and Mondelez have noted that snacking is getting more popular, even as people are indulging in smaller portions. Add a 30% premium to its undisturbed stock price, and its enterprise value is 15 times forward EBITDA, according to Refinitiv data. A deal is possible, but it has a good chance of leaving a short-lived sugar high.
Persons: Mills, Metropoulos, Andy Callahan, Mondelez, Callahan, isn’t, Morgan Stanley, General Mills, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Mondelez, Apollo Global Management, New York Times, Reuters Graphics Reuters, Planters, Hostess Brands, Hershey, PepsiCo, General, Thomson Locations: Manhattan, New York City, U.S
Alphabet moonshots are ready for launch
  + stars: | 2023-08-29 | by ( Anita Ramaswamy | )   time to read: +4 min
Alphabet logo and AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - Alphabet (GOOGL.O) is poised to welcome the autumn harvest. Verily boss Stephen Gillett told employees this month that it will cut its ties to several of Alphabet’s services next year. Such a financial services business strays from Alphabet’s wheelhouse, and with artificial intelligence demanding fresh attention, it’s wise to be prudent about capital allocation. Waymo, the autonomous vehicle technology business, secured a vote of approval this month from San Francisco to operate driverless rideshares in the city.
Persons: Dado Ruvic, Ruth Porat, Morgan Stanley, , Stephen Gillett, wheelhouse, Chris Hohn’s, Ford, Porat, Verily, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: REUTERS, Reuters, Life Sciences, Wall Street Journal, Temasek, TCI Fund Investments, Google, Sciences, Wall, Thomson Locations: San Francisco
Instacart’s mixed bag has valuation opportunities
  + stars: | 2023-08-28 | by ( Anita Ramaswamy | )   time to read: +4 min
If it doesn’t push valuation too hard, a public listing could be seamless. Instacart booked net income in 2022, a rarity for a growth company hitting the public market. That brings Instacart’s enterprise value to roughly $17 billion, less than half of what it was worth in 2021 but still higher than the internal valuation it inked last year. Follow @AnitaRamaswamy on XCONTEXT NEWSGrocery-delivery business Instacart filed paperwork to go public on Aug. 25 under the formal name Maplebear. The company, which did not share its target price range in the filing, grew revenue by 39% in 2022 to $2.6 billion.
Persons: Eric Cohn, Cheney Orr, Fidji Simo, Instacart, Simo, Apoorva Mehta, Domino's, Lauren Silva Laughlin, Sharon Lam Organizations: Safeway, REUTERS, Reuters, Nasdaq, Kroger, Aldi, Costco Wholesale, Companies, Thomson Locations: Tucson , Arizona, U.S, Cava
SPACs can't be killed
  + stars: | 2023-08-25 | by ( )   time to read: +2 min
Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. Although SPACs raised just $13 billion last year, this week produced a deal that looks like it could have happened during the heyday. From U.S. presidential hopefuls’ forays to a continued SPAC king’s virality, SPACs’ reach is a reminder that they are hard to kill. This week, one of those SPACs bought, a mortgage lender led by Vishal Garg and backed by SoftBank Group (9984.T). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Chamath Palihapitiya, Brendan McDermid, SPACs, Vishal Garg, Donald Trump, Vivek Ramaswamy, lister Chamath Palihapitiya, Anita Ramaswamy, Lauren Silva Laughlin, Sharon Lam Organizations: Social Capital, Investment, REUTERS, Reuters, SoftBank Group, Securities and Exchange Commission, X, KKR, Thomson Locations: New York City, U.S
Coinbase’s stablecoin bet pegs to wishful thinking
  + stars: | 2023-08-22 | by ( )   time to read: +2 min
The crypto exchange will take a minority stake in Circle Internet Financial, issuer of stablecoin USDC. Such tokens, designed to track the U.S. dollar, haven’t delivered on promises of transforming finance. Coinbase already earns interest from reserves backing USDC through a partnership with Circle, and doesn’t expect any new major financial benefit. Meanwhile, U.S. legislation to regulate the tokens is stalled, and PayPal’s (PYPL.O) stablecoin launch last month drew criticism from Representative Maxine Waters, among others. Coinbase, meanwhile, is cozying up to pillars of traditional finance like BlackRock (BLK.N).
Persons: haven’t, Coinbase, Maxine Waters, Brian Armstrong, Anita Ramaswamy, EY’s loveless, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S ., Wall Street Journal, BlackRock, Twitter, TPG, Thomson
TikTok challenger backpedals into public arena
  + stars: | 2023-08-21 | by ( Anita Ramaswamy | )   time to read: +3 min
Acquire Licensing RightsNEW YORK, Aug 21 (Reuters Breakingviews) - A celebrity-studded video app is fighting to contend in the public arena. The Triller app, started in 2015, runs a TikTok-like feed, but it has backed away from the battle. Brands generated most of Triller’s $48 million in revenue last year, but recent acquisitions have fueled much of the latest growth. Details are scant on Triller’s user count beyond the 550 million accounts it says it has signed up since inception. Follow @AnitaRamaswamy on TwitterCONTEXT NEWSVideo-sharing app Triller said on Aug. 2 that it plans to pursue a direct listing of its shares on the New York Stock Exchange.
Persons: Triller, Snoop Dogg, Mike Tyson, Charli, Mahi de Silva, Swizz Beatz, Timbaland, Black, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, New York Stock, Walmart, Facebook, Meta, Apple, Google, New York Stock Exchange, SeaChange International, Thomson Locations: New York, U.S
cosmetic products are seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. NEW YORK, Aug 15 (Reuters Breakingviews) - Despite rising inflation and sluggish spending, beauty and skincare have bucked the trends dragging on other parts of retail. Beauty, explains in this Exchange podcast how the $400 bln-plus segment can survive economic hardship. Listen to the podcastFollow @AnitaRamaswamy on TwitterSubscribe to Breakingviews' podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Tarang Amin, Thomas Shum Organizations: NEW, Reuters, Twitter, Thomson Locations: Manhattan , New York City, U.S
Coinbase dangerously raises the stakes
  + stars: | 2023-08-04 | by ( )   time to read: +2 min
A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado RuvicNEW YORK, Aug 4 (Reuters Breakingviews) - Coinbase Global (COIN.O) just showed its hand in a dangerous game. Because trading activity is notoriously volatile, Coinbase boss Brian Armstrong is sensibly seeking new lines of business. After a 170% rise in the company’s share price this year, the legal limbo raises the stakes in a more worrisome way. models beauty’s new look read moreEditing by Jeffrey Goldfarb and Sharon LamOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado, Brian Armstrong, Coinbase, Armstrong, Anita Ramaswamy, headwinds, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Ten, U.S . Securities, Exchange Commission, California and, Twitter, Maersk, Adidas, InBev, Thomson Locations: Ten U.S, California, California and New Jersey
PayPal pays price for prolonged CEO hunt
  + stars: | 2023-08-03 | by ( Anita Ramaswamy | )   time to read: +3 min
NEW YORK, Aug 3 (Reuters Breakingviews) - The price of PayPal’s (PYPL.O) CEO hunt just grew by some $9 billion. An e-commerce boom during the pandemic lifted PayPal’s stock price to a record high of about $308 in mid-2021. PayPal fell short of the 22% operating margin forecast it told investors it would deliver in May, and it remains below its pre-pandemic 23% rate. The company’s shares were down 11% around midday New York time on Aug. 3. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Dan Schulman, It’s, Gabrielle Rabinovitch, Russell Reynolds, Schulman, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Nasdaq, PayPal, Apple Pay, Braintree, Thomson Locations: New York
TikTok trendsetter e.l.f. models beauty's new look
  + stars: | 2023-08-02 | by ( )   time to read: +2 min
cosmetic products are seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew KellyNEW YORK, Aug 2 (Reuters Breakingviews) - Social-media savvy makeup brand e.l.f. Boss Tarang Amin has chased this growth through heavy online advertising, including collaborations with TikTok influencers. While not necessarily cheaper than the old guard’s approach - sales, general and administrative spend is a similar share of revenue at both e.l.f. With Amin promising to ramp up marketing spending even further, the pressure for older peers to touch up their look grows.
Persons: Andrew Kelly NEW, Boss Tarang Amin, TikTok, Nielsen, Estee Lauder, Amin, Anita Ramaswamy, Aston Martin, Jonathan Guilford, Sharon Lam Organizations: REUTERS, Andrew Kelly NEW YORK, Reuters, Jefferies, Twitter, Thomson Locations: Manhattan , New York City, U.S, e.l.f
Sequoia picks the right moment to ditch deadwood
  + stars: | 2023-07-31 | by ( )   time to read: +2 min
The $85 billion venture firm downsized the commitments it expects its investors to make to vehicles targeting cryptocurrency and its own peers, the Wall Street Journal reported. With those investors, known as limited partners, now less pressed to flee private markets, it’s a smart time for Sequoia to help them shift into more promising opportunities. As last year's downturn tanked their public investments, LPs found themselves relatively overinvested in still-highly-valued private markets, forcing them to pull back from the likes of venture funds. As public markets recover – the S&P 500 Index (.SPX) is up almost 20% this year – this “denominator effect” is fading, a Capstone Partners survey suggests. And with LPs once again keen on private markets, they may be more likely to stick around, despite Sequoia’s self-admitted mistakes on investments like now-bankrupt FTX.
Persons: Sequoia’s, Anita Ramaswamy, , Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Wall Street Journal, Capstone Partners, Twitter, Walmart, BT boss’s, Thomson Locations: Sequoia
Consumers will win in cannabis-credit card clash
  + stars: | 2023-07-27 | by ( )   time to read: +2 min
The $376 billion payments network wants its financial partners in transactions for cannabis to crack down on using its debit cards, Bloomberg reported on July 26. The budding industry is running out of convenient options for customers to pay for its products. By definition, payments networks such as Mastercard and Visa (V.N) are middlemen, facilitating the movement of money between parties. In the weed business, that means they take the money from the buyer’s bank account and ship it into the dispensary’s. In Washington, D.C., some cannabis shops peddle quasi-worthless knickknacks such as stickers to customers while “gifting” small amounts of pot.
Persons: workarounds, Mastercard’s, Anita Ramaswamy, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Mastercard, Bloomberg, Visa, D.C, Twitter, Thomson Locations: Washington
AMC can build Dreamhouse on Barbenheimer buzz
  + stars: | 2023-07-24 | by ( Anita Ramaswamy | )   time to read: +3 min
AMC Entertainment (AMC.N), the struggling movie theater chain wrestling with a meme-stock hangover, saw its busiest day since 2019 this past Saturday. The company needs cash to survive, and this weekend might add enough fantasy to help it. AMC has refiled to try again, and in some ways, Barbenheimer helps. The biggest risk to the movie theater business was that it would never return to pre-pandemic levels. AMC Entertainment, one of the U.S.’s largest theater chains, recorded over 7 million moviegoers in attendance over that weekend.
Persons: Barbie, “ Oppenheimer ”, Adam Aron, Aron, , “ Barbie ”, “ Oppenheimer, , Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Warner Bros, Comcast, Universal Pictures, AMC Entertainment, Monday, AMC, Malibu, Thomson Locations: Barbenheimer, Delaware
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