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☆ Startups are ready to thrive under Trump, but some uncertainty remains in a key corner of the space
▼ + stars: | 2024-11-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . What's on deck:Markets: The Wall Streeters advising Trump's transition team on key economic appointments . But regulators launched investigations and filed lawsuits against Big Tech during Trump's first term. News briefTop headlinesAdvertisement3 things in marketsChip Somodevilla/Getty Images; Getty; Rebecca Zisser/BIWho Trump is turning to on Wall Street for advice.

Persons: —, Drew Brees, Donald Trump's, Elon, Jenny Chang, Rodriguez, Donald Trump, Elon Musk, Trump, Samantha Stokes, Riddhi Kanetkar, Helen Li, Biden, Lina Khan's, Money, Chip Somodevilla, Meta's Mark Zuckerberg, JD Vance, Khan, Zuckerberg, Amazon's Jeff Bezos, OpenAI's Sam Altman, Somodevilla, Rebecca Zisser, Cantor Fitzgerald, Howard Lutnick, Marc Rowan, Blackstone, Steve Schwarzman, Charles Schwab, Herb Sutter, Ken Griffin's, Sutter, he's, Jordan Strauss, Elon Musk's, Reddit, Lebaredian, Chelsea Jia Feng, Kamala Harris, it's, Dan DeFrancesco, Grace Lett, Hallam Bullock, Ella Hopkins, Amanda Yen, Milan Sehmbi Organizations: Business, Service, Super Bowl, Tech, Trump, Microsoft, Nvidia, Big Tech, Wall, Citadel Securities, White, BI, Google, Veterans, World Meteorological Organization Locations: States, Anthropic, Reddit's, New York City, State, Azerbaijan, New York, Chicago, London

☆ Two big Fidelity funds own more than $100 million in OpenAI stock, filings show
▼ + stars: | 2024-10-30 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Two of the firm's big funds valued their OpenAI stock at more than $100 million, according to new filings. AdvertisementTwo of Fidelity's biggest funds have stakes in OpenAI that the mutual fund giant valued at more than $100 million in total, according to filings on Wednesday. According to the Contrafund's monthly report, which was published on October 30 and includes financial information for the month of September, Fidelity valued those OpenAI shares at $74,801,903. AdvertisementIt was not immediately clear how many OpenAI shares Fidelity owns in total. Representatives for OpenAI and Fidelity did not immediately respond to requests for comment.

Persons: Fidelity, — Organizations: Fidelity, Service, Growth, OpenAI Locations: OpenAI

☆ What to know about Perplexity, the buzzy — and controversial — AI startup targeting a big funding round
▼ + stars: | 2024-10-21 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +5 min

Perplexity is eyeing a massive funding round this year, The Wall Street Journal had reported. The Times alleged that Perplexity was violating copyright laws by using its content to create news summaries, according to Reuters. In a statement to Reuters, Srinivas said: "We are very much interested in working with every single publisher, including The New York Times. AdvertisementOn Monday, the Journal and New York Post owner News Corp. filed a lawsuit against Perplexity, also alleging copyright infringement. While Perplexity has dealt with criticism from media outlets, its rival OpenAI has struck deals with publishers to use their content.

Persons: —, Perplexity, Aravind Srinivas, Denis Yarats, Johnny Ho, Andy Konwinski, Srinivas —, Jeff Bezos, Forbes, Srinivas, OpenAI, Microsoft — Organizations: Corp, Street Journal, Service, Google, Street, New York Post, Business, Nvidia, SoftBank's, Forbes, Wired, New York Times, News Corp, The New York Times, Microsoft, Reuters, The Times, Perplexity

☆ China chip stocks are soaring as excitement grows for another round of stimulus from Beijing
▼ + stars: | 2024-10-07 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Chinese chip stocks gained $13 billion on Monday, led by a 22% rise in shares of SMIC. The gains come as traders expect Beijing to extend stimulus support to the semiconductor industry. AdvertisementChinese chip stocks soared Monday, fueled by hopes that Beijing's next round of stimulus will boost the country's semiconductor industry. The new round of stimulus could include support for its chip companies. China first announced its stimulus measures last month, pledging to rescue the economy from a struggling property sector and weak domestic demand.

Persons: —, Beijing's Organizations: Service, Semiconductor Manufacturing International Corp, CSI Locations: SMIC, Beijing, China, Hong Kong

☆ OpenAI CFO tells investors funding round should close by next week despite executive departures
▼ + stars: | 2024-09-26 | by ( Kate Rooney | ) www.cnbc.com time to read: +2 min

OpenAI CFO Sarah Friar is looking to reassure its investors that the richly valued artificial intelligence startup is still in a strong position and is poised to close a big funding round soon, despite losing top talent this week. In an email to OpenAI's investors seen by CNBC, Friar addressed the departure of Chief Technology Officer Mira Murati, who announced her departure on Wednesday. "I wanted to personally reach out following the news of Mira's departure from OpenAI," Friar wrote in the letter, which was viewed by CNBC. Friar said in the email that the funding round was oversubscribed and would close by next week. "Collectively, we remain laser-focused on bringing AI to everyone and building sustainable revenue models that fuel our operations and deliver value to our investors and employees," Friar wrote.

Persons: Sarah Friar, Friar, Mira Murati, Sam Altman, Bob McGrew, Barret Zoph, she's, OpenAI, Altman, Murati Organizations: CNBC, Microsoft, Apple Locations: OpenAI, San Francisco

☆ Europe has admitted it's fallen behind US innovation. Now it's plotting a comeback.
▼ + stars: | 2024-09-10 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

How Europe fell behindThe US and China have outpaced the EU on innovation. One of its biggest tech companies, Dutch semiconductor firm ASML, was founded 40 years ago. Europe's strategy to close the innovation gapMario Draghi thinks the EU should focus its attentions on AI. REUTERS/Yves HermanDespite its weaker position relative to the US and China, Draghi thinks the EU can devise a plan to close the innovation gap. Beyond AI, Draghi points to other measures to close the innovation gap, such as reforms to policies that he thinks hinder innovation, as well as addressing big funding issues.

Persons: —, Mario Draghi, Draghi, European Central Bank —, Pedro Pardo, There's, Yves Herman, Musk, Mario Organizations: Service, Union, European Central Bank, Business, AFP, EU, Novo Nordisk, REUTERS, Tiger Global, Elon Musk Locations: Europe, China, EU, Silicon

☆ It Was a Hot Real Estate Trade. Now Investors Are Worried.
▼ + stars: | 2024-08-12 | by ( Maureen Farrell | ) www.nytimes.com time to read: +1 min

Given the opportunity to park money with the world’s largest private equity firms, ordinary investors rushed in. The private equity firms began to seek out smaller investors almost a decade ago. It was a major shift for firms like Blackstone, Starwood Capital Group and KKR that had previously been funded by enormous pensions, endowments and sovereign wealth funds. But it was also a way for the big fund managers to grow their assets and rake in ever larger fees. The private equity firms had an allure, created by stellar track records, including during the 2008 financial crisis, and the fact that they had been off limits to ordinary (although wealthy) investors.

Persons: Wall Organizations: Blackstone, Starwood Capital Group, KKR

☆ Clintons privately urge donors to keep giving to Biden as long as he remains presumptive nominee
▼ + stars: | 2024-07-20 | by ( Mj Lee | Priscilla Alvarez | ) edition.cnn.com time to read: +3 min

Still, the Biden campaign has boasted record-breaking grassroots fundraising. On Friday, Vice President Kamala Harris joined a call with donors amid ongoing party panic. The vice president was asked to do the call by the West Wing, according to campaign officials. Harris’ aides have repeatedly stressed that there’s no daylight between the vice president and the president, and she maintained her defense of Biden on Friday. “He will be doing big fundraisers and focusing on continuing to bolster grassroots fundraising,” Biden campaign spokesperson Kevin Munoz said on MSNBC on Saturday.

Persons: Bill Clinton, Hillary Clinton, Joe Biden’s, Biden, “ I’ve, ”, Kamala Harris, Harris ’, Harris, ” Biden, Kevin Munoz Organizations: CNN, Democratic, West, MSNBC Locations: Massachusetts, Chicago, Northern, Southern California

☆ China's $47.5 billion chip fund will likely focus on AI amid U.S. export curbs, NYU professor says
▼ + stars: | 2024-05-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Digitally Generated Images Wong Yu Liang | Moment | Getty ImagesChina set up a multibillion-dollar state-backed investment chip fund last week — and one observer says it will likely focus on advanced chips for AI and establishing the entire supply chain. "Fund 3 will focus on [establishing] the total supply chain. watch nowChina has piled 344 billion Chinese yuan ($47.5 billion) into a third investment fund that aims to boost its domestic semiconductor industry amid an escalating technology war with the U.S. The China Integrated Circuit Industry Investment Fund, also known as the National Integrated Circuit Industry Investment Fund and the Big Fund, is part of China's efforts to reduce foreign reliance in its domestic chip industry. The first two funds raised 138.7 billion yuan and 204 billion yuan in 2014 and 2019 respectively.

Persons: Wong Yu Liang, Winston Ma, Ma, CNBC's Organizations: NYU School of Law, U.S, China Integrated Circuit Industry Investment Fund, National Integrated Circuit Industry Investment Fund, Big Locations: China, Netherlands

☆ This is the word of the summer on Wall Street
▼ + stars: | 2024-05-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Bifurcation is the word of the summer. Or it’s the word of the summer among investors, at least. It’s a word that the market gets hung up on and then all you do is hear that word. But I think that’s nearing an end, and so I would expect a slowdown in consumer spending. I’m not so sure that’s going to happen this time because their balance sheets and cash flows aren’t as strong.

Persons: Bell, Scott Wren, I’ve, We’ve, You’ve, you’ve, they’ve, That’s, hasn’t, you’re, I’m, Elon Musk’s, Elon Musk, Anna Cooban, Andreesen Horowitz, Saudi Prince Alwaleed Bin Talal, xAI, Musk, Grok, Laura He, Xi Jinping’s Organizations: CNN Business, Bell, New York CNN, Nvidia, Fed, Elon, Investors, Sequoia Capital, xAI, Worth, China Construction Bank, China Integrated Circuit Industry Investment Fund, National Enterprise Locations: New York, United States, Wells Fargo, Silicon, Saudi, OpenAI, China, ICBC, Beijing

☆ China chip industry gets $47.5 billion in new funding
▼ + stars: | 2024-05-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Worth $47.5 billion, the fund is being created as the US imposes sweeping restrictions on the export of American chips and chip technology in a bid to throttle Beijing’s ambitions. The latest investment vehicle is the third phase of the China Integrated Circuit Industry Investment Fund. The first phase of the fund was set up in 2014 with 138.7 billion yuan ($19.2 billion). In 2022, the country’s anti-graft watchdog launched a crackdown on the semiconductor industry, investigating some of China’s top figures in state-owned chip companies. Last year, China’s Huawei shocked industry experts by introducing a new smartphone powered by a 7-nanometer processor made by China’s Semiconductor Manufacturing International Corporation (SMIC).

Persons: Xi Jinping’s, Lu Jun, ”, Xi’s, Biden, China’s, Mark Rutte, Xi Organizations: Hong Kong CNN, Worth, China Construction Bank, China Integrated Circuit Industry Investment Fund, National Enterprise, Ministry of Industry, Information Technology, IC, US, China’s Huawei, China’s Semiconductor Manufacturing International Corporation, Huawei, Dutch Locations: Hong Kong, China, ICBC, Beijing, Netherlands, Japan, United States, ASML

☆ Opinion: Diddy’s apology to Cassie Ventura rings hollow
▼ + stars: | 2024-05-21 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +6 min

He is happy they got to a mutual settlement and wishes Ms. Ventura the best.”Well, now there’s a video. My behavior on that video is inexcusable.”Combs added: “I take full responsibility for my actions in that video. I’m disgusted now.”Here’s the thing, though: Combs had the opportunity to take full responsibility last year, when Cassie filed her claim. Resources for victims of domestic violenceNational Domestic Violence Hotline Call 1-800-799-7233 or text LOVEIS to 22522. If you, or someone you know, is being affected by domestic violence, a worldwide list of directories is provided by UN Women.

Persons: Jill Filipovic, CNN —, Cassie Ventura, “ Cassie ”, Sean “ Diddy ” Combs, Combs, ” Ben Brafman, “ Mr, Ventura, “, ”, ” Combs, I’m, Cassie, Combs ’ Organizations: Twitter, CNN, US, Facebook, UN Locations: New York, ”

☆ 'This is what you live for': How to handle GameStop's jaw-dropping swings as meme stocks make a comeback, according to a momentum-obsessed technical strategist
▼ + stars: | 2024-05-15 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

He believes the stock market is rational — even when it doesn't appear to be. Related stories"The market is ruthlessly efficient, both long term and short term," Lundgren said. The strategist added: "The market doesn't care one iota about fundamentals in the short term. Like any market, stock exchanges determine prices based on what buyers and sellers will pay and sell for. Just because it's taking place in a mall doesn't make that mall an insane asylum."

Persons: —, Tuesday's, Redditors, David Lundgren, Lundgren, who's, that's, It's, Benjamin Graham, Mark Minervini Organizations: Service, GameStop, Business, Street, MOTR Capital Management & Research, Little Harbor Advisors, AMC

The numbers behind a big fundOn Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone’s flagship real estate fund? The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust — more commonly known as BREIT — has managed to keep an “appraised” value of its assets that far exceeds virtually every other real estate fund. Many rivals have fallen in value, some quite dramatically, in the face of high interest rates and a flagging property market. BREIT’s performance has floated above its competition, and it has boasted a 10.5 percent annual return since its 2017 debut. (Those appraisals help to determine a firm’s management fees: The higher the appraisal value, the higher the fees.)

Persons: —, Blackstone, DealBook’s Andrew Ross Sorkin, Michael de la Organizations: Blackstone Real Locations: Michael de la Merced

CNN —For South Dakota Gov. A bipartisan group of members of Congress set up a Congressional Dog Lovers Caucus in a not so subtle dig to the South Dakota governor. Some Republicans came to her defense, like South Dakota Rep. As many questioned why she volunteered this story in her book, Noem said it demonstrates how she doesn’t run from the truth. As governor of South Dakota during the height of the Covid-19 pandemic, she resisted lockdowns.

Persons: Kristi Noem, –, Donald Trump’s, ”, Noem, Dusty Johnson, Dakota Sen, Mike Rounds, “, ” Noem, ” Trump, Stephen Colbert, Kim Jong, Emmanuel Macron, Kim, Nikki Haley, Haley, Ian Fury, ” Fury, ” Jesse Hunt, Trump, She’s, Corey Lewandowski, That’s, ” Nancy Pallozzi, Matt Gorman, Gorman, it’d Organizations: CNN, South Dakota Gov, Cricket, The Guardian, Caucus, South Dakota Rep, Fox News, Dakota Scout, US House Armed Services Committee, North Korean, Scout, Politico, South Carolina Gov, Republicans, Republican, Republican Governors Association, National Rifle Association, Trump, Trump loyalists, Mar, California GOP, Jefferson County Republicans, Jefferson County Republican Party Locations: Dakota, America, Texas, South Dakota, California, Denver, Jefferson

☆ Maybe Kristi Noem doesn't want to be Trump's vice president
▼ + stars: | 2024-05-01 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +6 min

Kristi Noem keeps hurting her chances to become Donald Trump's running mate. Kristi Noem has campaigned so badly to be former President Donald Trump's vice president that even some of the most controversial Trumpworld figures are turned off. If Noem truly wants to be vice president, this has been one of the worst efforts to obtain the job. AdvertisementIt's a difficult balance trying to become vice president. At worst, a potential vice president could lose all the leverage to shape the role in a way that would benefit him or her the most.

Persons: Kristi Noem, Donald Trump's, Noem, —, I've, Steve Bannon, Donald Trump Jr, Bannon, Trump, Tim Walz, Nicole Malliotakis, Joe Biden, Barack Obama, Harry Truman, FDR, Sen, JD Vance, Trump . Sen, Marco Rubio, Doug Burgum, Tim Scott of, George Costanza, Saul Goodman, Saul, Biden, Los Angeles Mayor Eric Garcetti, Karen Bass, Susan Rice, Gretchen Whitmer, Elizabeth Warren Organizations: South Dakota Gov, Service, White, Trump Jr, Cricket, The Guardian, Minnesota Gov, GOP, New, New York Republican, Politico, Gov, Ohio Republican, Trump ., Trump, Trump . North Dakota Gov, Wall Street, Los Angeles Mayor, New York Times, Michigan Gov Locations: New York, Texas, Ohio, Trump ., Tim Scott of South Carolina, Los Angeles, Biden's White

☆ Disney and its rivals are breaking spending records for this week's shareholder fight
▼ + stars: | 2024-04-01 | by ( Peter Kafka | ) www.businessinsider.com time to read: +2 min

Disney's proxy battle is expected to cost the company and rival hedge funds at least $70 million. Retail investors make up a big chunk of Disney shareholders, and it's expensive to reach them. The outcome of the shareholder vote could change Disney's direction, but its impact is still unclear. AdvertisementThis week's big Disney shareholder vote is supposed to be a seismic event — a referendum on the future of one of the world's most important entertainment companies. But we can definitively say that the Disney proxy battle, which concludes on Wednesday, has been a nice boost for a collection of consultants and media companies.

Persons: —, — Nelson Peltz's, Bob Iger Organizations: Disney, Service, New York Times, Vanguard, Partners, Okapi Partners, Business

☆ Some VCs are over the Sam Altman hype
▼ + stars: | 2024-03-26 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +8 min

In late 2023, when OpenAI sought $300 million from investors, CEO Sam Altman chose a different approach. In some corners of this clubby world, over $7 coffee and artisanal cocktails, the meteoric rise of OpenAI and Sam Altman is giving way to an inevitable backlash. "He's a kingmaker," a Silicon Valley startup founder and angel investor who knows Altman. Sam Altman and OpenAI did not respond to requests for comment. A certain somethingMany of the VCs who spoke with BI said Altman has a certain something.

Persons: —, OpenAI, Sam Altman, Altman, they'd, I've, Ali Ghodsi, Altman's, Ghodsi, Steve Jobs's, Paul Graham, he's, Sam, Jack Altman, It's, it's, Elon, Alexander the Great, Adam Neumann Organizations: Service, NEA, Business, Altman's, The Washington Post, The, YC, BI, WeWork Locations: Sequoia, Silicon Valley, The, San Francisco

18-22 View All 11 ImagesMeanwhile, Trump's campaign – and the national Republican Party – are having cash problems of their own. President Joe Biden's campaign raised $21.3 million in February – almost twice the $10.9 million Trump's campaign raised during the same period, according to filing with the Federal Election Commission. The Democratic National Committee also outraised its counterpart, with the Democratic group pulling in $16.6 million in February, compared to the $10.7 million the Republican National Committee raised in the same period. The amounts for both parties and candidates do not include money raised by outside groups or coordinated committees on behalf of each candidate. Big donors might be reluctant to contribute money to a Trump or GOP committee if they think it will go to pay Trump's private legal bills.

Persons: Donald Trump, Trump, boastful Trump, Letitia James, –, Republican Party –, Joe Biden's, Richard Lau, Lau, Biden, “, I’m, ” Biden, Donald, ’, it's, Sarah Bryner, Bryner, Donald Trump Jr Organizations: Republican National Committee, Republicans, Republican Party, Federal, Commission, Democrat, Trump, Democratic National Committee, Democratic, Save America PAC, RNC, Republican, GOP, Rutgers University, Biden –, Responsive, Trump Media, Acquisition Corporation Locations: New York, Dallas

☆ McCarthy foes face blowback as primary threats grow and GOP donors shut wallets
▼ + stars: | 2024-02-11 | by ( Melanie Zanona | Manu Raju | ) edition.cnn.com time to read: +12 min

CNN —Donors no longer want to contribute to their campaigns. So we obliged her,” one House Republican told CNN. Rep. Tim Burchett of Tennessee told CNN some “very wealthy folks” shut their wallets to him in the aftermath of his vote. “If you’ve watched, just her philosophy and the flip-flopping, I don’t believe she wins reelection,” McCarthy told CNN. “We are an incumbent-driven organization and support all House Republican incumbents call,” said a spokesman for the National Republican Campaign Committee.

Persons: Kevin McCarthy, Manu Raju ”, Nancy Mace, Bob Good, Matt Rosendale, McCarthy, Mace, “ I’m, Trump, Kevin McCarthy’s, ” Mace, “, ”, Ron DeSantis, Donald Trump, Good, Mace aren’t, Tim Burchett, “ They’ve, ” Burchett, I’m, Burchett —, —, “ He’s, I’d, Andy Biggs of, Biggs, Matt Gaetz, ” Biggs, Bob, Nancy, Mike Johnson, “ McCarthy couldn’t, ” Gaetz, he’s, Gaez, Drew Angerer, Brian O, Walsh, you’ve, Catherine Templeton, John McGuire, Jeff Miller, Marjorie Taylor Greene, McGuire, Tim Sheehy, Rosendale, McCarthy’s, Mark Lamb, Eli Crane, Lamb, Crane, hasn’t, ” Crane, “ Crane, there’s, Mace —, Mace doesn’t, ” McCarthy, Tom Williams, Johnson, Greg Steele, CNN’s David Wright, Sam Fossum, Morgan Rimmer Organizations: Republicans, CNN, Capitol, GOP, Senate, Good, Main Street Caucus, Republican Governance Group, Republican, 1st Congressional District, Freedom Caucus, Florida, ”, Politico, Navy SEAL, Montana Senate, Trump’s, Burchett, Tennessee Republican, Caucus, National Republican Campaign Locations: Washington, South Carolina, Virginia, Montana, Tennessee, Andy Biggs of Arizona, Florida, Washington ,, Marjorie Taylor Greene of Georgia, Rosendale, California, Arizona, Crane, Trump’s Nevada, Las Vegas, Israel

☆ Investors spy value in cheap Finnish stocks after China and Russia pain
▼ + stars: | 2023-11-29 | by ( Danilo Masoni | ) www.reuters.com time to read: +4 min

Finnish stocks are Europe's biggest laggards this year, as risks stemming from tensions with Russia and concerns over China's stuttering recovery have hurt its exporters. The top 25 stocks in Helsinki are worth a combined $150 billion. The OMX Helsinki 25 (.OMXH25) has lost 10% this year, versus the STOXX 600's (.STOXX) 8% rally. "Finnish stocks are attractively valued and a lot of bad news is priced in," Alava said. "If the European economy recovers in 2024 as I expect, Finnish cyclical stocks should recover too... this could be a good time for long-term investors to increase holdings".

Persons: Finland's, Tomas Hildebrandt, EVLI, Hilderbrant, Hertta Alava, Henrik Ehrnrooth, Schindler, Nordea's Alava, LSEG, Danilo Masoni, Christina Fincher Organizations: OMX Helsinki, STOXX, Nordic, Novo Nordisk, Deutsche Bank, NATO, Russia, Zurich, Otis, Metsa Board, Thomson Locations: Russia, Helsinki, Finland, Europe, China, Ukraine, U.S, French, OMX Helsinki, Alava

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

☆ China's semiconductor state fund invests $2 billion in memory chip firm
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/Illustration//File Photo Acquire Licensing RightsBEIJING, Oct 31 (Reuters) - China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. According to company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei city, in the eastern Anhui province. Its general manager is Zhao Lun, who is the general manager of ChangXin Memory Technologies, one of China's leading memory chip companies. Changxin Xinqiao and the Big Fund did not immediately respond to Reuters' requests for comment. The organization raised 138.7 billion yuan for its first fund, and 204 billion yuan for its second fund.

Persons: Florence Lo, Changxin Xinqiao, Zhao Lun, YMTC, Changxin, Yelin Mo, Roxanne Liu, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Rights, China Integrated Circuit Industry Investment Fund, National Enterprise, Technologies, Big Fund, Memory Technologies, Huawei Technologies Co, Big, Reuters, Thomson Locations: China, Rights BEIJING, Changxin, Hefei city, Anhui, United States, Changxin Xinan, Hefei Xinyi, Taiwan, South Korea, Beijing, Shanghai

☆ One $16 bln deal travels lonely dual track
▼ + stars: | 2023-10-09 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 9 (Reuters Breakingviews) - When courting buyers, sellers like to make it seem as if there are plenty of options. So it is with buyout firms GTCR and Apax Partners as they explore ways to cash in on AssuredPartners, the insurance broker they own together. This parallel process, colloquially called a dual track, can build competitive tension to wheedle a higher price, but it’s too soon for the idea to pose a plausible threat. For example, cybersecurity provider AppDynamics was planning an IPO that would have valued it at around $2 billion in late 2016. Reuters Graphics Reuters GraphicsHigher interest rates have made it harder to borrow and for buyers and sellers to agree on valuations.

Persons: it’s, AppDynamics, Apax, AssuredPartners, GTCR, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Apax Partners, Cisco Systems, Bloomberg, Reuters Graphics, Cisco, SoftBank, Thomson Locations: AssuredPartners

☆ Metro Bank plunges on talk of big fundraising to fix finances
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. As of Wednesday's close, Metro Bank was valued at 87 million pounds. The fundraising could include more than 100 million pounds from selling shares to bolster capital, three sources familiar with the matter told Reuters on Wednesday. Metro Bank recently brought in Morgan Stanley as adviser, the people said. Metro Bank is subject to higher capital requirements set by the regulator if unable to use its own models, a concern that has been weighing on the stock.

Persons: Hannah McKay, Gary Greenwood, Morgan Stanley, Danilo Masoni, Iain Withers, Sinead Cruise, Mark Potter Organizations: Metro Bank, REUTERS, Reuters, Shore Capital, Bank of England's Prudential, Authority, Metro, Thomson Locations: London, Britain

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