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☆ Dud IPO market closes 2023 with a whimper for the second year in a row
▼ + stars: | 2023-12-08 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

Another year, another lousy IPO market. The 2023 IPO market is closing with a whimper, not a bang. You'd think the IPO market would be bubbling, but it's dead quiet. Source: Renaissance Capital For a good part of the year, the excuse was interest rates were rising, the market was too volatile, and the after market performance of 2023 IPOs was terrible. The November rally is too little too late to save the IPO market Unfortunately, it all came a little too late to rescue 2023.

Persons: Birkenstock, You'd, Rivian, Doordash, IPOs, Matt Kennedy, Don Short, you've, haven't, confidentially, Waystar, Kim Kardashian's, Musk, Howe Ng, Ng, Kyle Stanford, Instacart, it's, James Ulan, Stanford, Pitchbook, Greg Martin Organizations: Renaissance, That's, IPOs, Hertz, Sotera, ARM, Renaissance Capital, Klarna, Microsoft, Forge Global, Bloomberg, SpaceX, Nvidia, Rainmaker Securities Locations: Pitchbook

CNBC is now accepting nominations for the 2024 Disruptor 50 list — our annual look at the most innovative venture-backed companies using breakthrough technology to meet increasing economic and consumer challenges. A notable past Disruptor 50 company that made it to the public market this year, Instacart , has failed to maintain its IPO pricing. Business failures, too, have occurred for formerly high-flying, high-profile backed Disruptor 50 companies, including Convoy and WeWork. This is especially true of companies involved in the booming AI hype cycle sparked by 2023's top Disruptor 50 company, OpenAI, just over a year ago. 2024 honorees will be notified in April, and the list will be released in May across CNBC's TV and digital platforms.

Persons: Jan Organizations: CNBC, U.S, Convoy, CNBC's

☆ Ghost kitchens were supposed to revolutionize restaurants. They’re crashing
▼ + stars: | 2023-12-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

But ghost kitchens are now crashing. Ghost kitchens are stripped-down commercial kitchens with no dine-in option. Sometimes called cloud kitchens, dark kitchens or virtual kitchens, ghost kitchens fulfill online orders from delivery apps like Grubhub and Uber Eats. Ghost kitchens also offered big chains a way to test new menu concepts, items and brands at lower rents and with less labor. So restaurants have shut down their ghost kitchens and funding for the concept has dried up.

Persons: Uber, Pat Greenhouse, ”, John Gordon, ” Wendy’s, Travis Kalanick, Applebee’s, “, Stephen Zagor, ” John Gordon, Tiffany Hagler, Wendy’s, Kalanick’s CloudKitchens, ” Gordon Organizations: New, New York CNN, Big, Kroger, Reef Technology, Boston Globe, Technology, Wings, Columbia Business School, National Restaurant Association, Geard, Bloomberg, Getty, Butler Locations: New York, South Boston, Dobbs Ferry , New York, U.S

☆ Orchid tests embryos for genetic diseases. It just raised $12 million with this 11-slide pitch deck.
▼ + stars: | 2023-12-05 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +4 min

Orchid, a startup that tests embryos for genetic diseases, has just raised $12 million. "The way that IVF and embryo screening works today is the amount of information available is really limited," Orchid CEO and cofounder Noor Siddiqui said. Genetic testing has been around for years, but it has been usually limited in the diseases it can identify, which include cystic fibrosis, Bloomberg reported. Orchid produces reports with two types of genetic testing: monogenic and polygenic. The cost of the test depends on the number of embryos that Orchid tests.

Persons: Noor Siddiqui, Siddiqui, Orchid, Dylan, Anne Wojcicki, Fidji Simo, Peter Kraft Organizations: Business, Bloomberg, Prometheus Fund, Starbloom Capital, One Ventures, Los Angeles Times Locations: San Francisco, Pebblebed

☆ The digital world remade itself and now every company has become an ad seller
▼ + stars: | 2023-12-04 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +8 min

To use precise consumer data, advertisers now must work directly with the company that owns that data — like the retailer that knows what its customers bought or the media company that knows what its audience watched. Streamers including Netflix are building new ad businesses, while platforms like YouTube are trying to bolster their existing ad businesses with more content, such as live sports. "In a world of less data or worse data, whoever has the least-bad data wins," Brian Wieser, an advertising-industry analyst, told Business Insider. Even companies that aren't traditional retailers, such as Uber and Marriott, have kick-started ad businesses. The pandemic pushed the world to embrace streaming services.

Persons: Ana Milicevic, Brian Wieser, Sephora, Morgan Stanley, Milicevic, Neal Mohan, Vinny Rinaldi, Hershey's, Taylor, it's, Weiser, Wieser, influencers Organizations: Data, Apple, Sparrow Advisers, Walmart, Netflix, Companies, Retailers, Target, Marriott, Amazon, Major League Soccer, NFL, Columbia, Bose, YouTube, Advertising, Comcast, Hulu, Meta Locations: California, influencers

☆ OpenAI investor Vinod Khosla, who's 68, says he still works 80 hours a week and plans to keep investing for the next 25 years
▼ + stars: | 2023-12-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

OpenAI investor Vinod Khosla said he still works 80 hours a week during an episode of "The Cerebral Valley Podcast." AdvertisementVinod Khosla, a Silicon Valley investor for almost 40 years, said in the past that he works 80-hour weeks. In 2004, he started his own VC firm he called Khosla Ventures, which backed companies like Instacart, Impossible Foods, and DoorDash. Over the last three months, Khosla Ventures has made multi-million dollar bets on startups in the beverage, insurance, and climate tech space, according to Pitchbook. AdvertisementKhosla didn't immediately respond to Business Insider's request for comment made through Khosla Ventures.

Persons: Vinod Khosla, —, Eric Newcomer, Khosla, Peter Thiel, I've, Warren, he's, Kleiner Perkins Caufield, Byers, toils, Elon Musk, Steve Squeri Organizations: Service, Khosla Ventures, Foods, Tesla, American Express, Financial Times Locations: Silicon, OpenAI

☆ The cofounder of Allbirds has some advice for startups looking to IPO: make money ahead of going public
▼ + stars: | 2023-11-30 | by ( Melia Russell | ) www.businessinsider.com time to read: +5 min

Allbirds was one of the last startups to go public in 2021's IPO biltz. "You need to be a great company, you need to be profitable," says Allbirds cofounder Tim Brown. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Going public before turning profitable is a thing of the past, according to Allbirds cofounder and chief innovation officer Tim Brown. "You need to be a great company, you need to be profitable," he told Business Insider.

Persons: Allbirds, Tim Brown, —, Klaviyo, Lerer, confidentially, PwC, Spencer Platt, Champagne, Brown, Joanna Glasner, Didi, Rivian Organizations: Service, Time Magazine, Maveron, Tiger Global, Casper Locations: Instacart, Silicon, Americas, Allbirds, Ukraine

☆ I got stabbed while shopping for Instacart. I was shocked by how difficult it was to get support as an injured gig worker.
▼ + stars: | 2023-11-29 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

AdvertisementThis as-told-to story is based on a conversation with Owen Dwyer, an Instacart shopper in Maryland. Business Insider has verified his identity and employment; corroborated details of the stabbing through police records; and viewed messages from Instacart support and insurance claims Dwyer filed after he was stabbed. Instacart's insurance provider responded to Dwyer's second claim after Business Insider reached out to Instacart for comment on this story. Dwyer told Business Insider he had not received an estimated payment total as of press time. "The safety of the entire Instacart community is incredibly important to us, and we take immediate action when we receive reports of violence against any member of the Instacart community," an Instacart spokesperson told Business Insider.

Persons: Instacart, —, Owen Dwyer, Dwyer, I'd, doesn't, I'm, It's, I've, who've Organizations: Walmart, Service, Instacart, Chrysler, Costco, CVS, Business Locations: Maryland, Baltimore, pec, Instacart

NEW YORK, Nov 29 (Reuters) - Shares of German sandal maker Birkenstock (BIRK.N) extended their gains on Wednesday, hitting the initial public offering price for the first time, following a buoyant holiday shopping season. The company's shares opened at $41 on Oct. 11 and have traded below the IPO price of $46 and dropped to as low as $35.83 just days after listing. The median price target of the 17 analysts covering Birkenstock is $47.21 and the current recommendation is "buy", according to LSEG data. Birkenstock is heavily shorted, with 5.71 million shares worth roughly $259 million having short interest, according to data and analytics firm Ortex. About 32.3 million shares were sold on the IPO.

Persons: Bernard Arnault, Louis Vuitton Moet Hennessy, Chibuike Oguh, Medha Singh, Lance Tupper, Lisa Shumaker Organizations: Birkenstock, Arm Holdings, U.S, Thomson Locations: Birkenstock, French, New York, Bengaluru

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant's decision now comes at a time when the broader market for new issues remains laggard. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap (GPS.N) as shoppers look for fresher styles and trendier clothing. Shein's confidential IPO was first reported by the Wall Street Journal earlier on Monday.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Anirban Sen, Rishabh Jaiswal, Arun Koyyur, Sherry Jacob, Phillips Organizations: REUTERS, Reuters, JPMorgan, chipmaker Arm Holdings, New York Stock Exchange, Nasdaq, SPARC Group, Forever, Brands, Simon, Wall Street, Thomson Locations: New York City, U.S, China, United States, Singapore, Bengaluru, New York

☆ There's a wave of pre-IPO startups with pandemic-era price tags stuck in limbo right now
▼ + stars: | 2023-11-21 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

There is a wave of pandemic-era startups stuck in limbo right now. The days of seeing 80% to 100% year-on-year revenue growth are gone, Hussein Kanji from early-stage fund Hoxton Ventures told Business Insider. Hoxton Ventures' Hussein Kanji said the days of companies racking up 100% year-on-year revenue growth are over. Investors tend to assess whether a company is IPO-ready on the rule of 40, which is revenue growth plus EBIT margin. Kanji added: "This is a lesson for a lot of people – if the IPO window opens up, take the company public."

Persons: they're, James Ulan, Klarna, Ulan, Karna's, Hussein Kanji, Morgan Stanley, Kanji, Kamil Mieczakowski, Fabian Heilemann, Graphcore Organizations: Business, Hoxton Ventures, Hoxton, Nvidia, Sequoia Locations: Ulan

☆ Sam Altman out as OpenAI CEO after board loses confidence in him
▼ + stars: | 2023-11-17 | by ( Madeline Berg | Aaron Mok | ) www.businessinsider.com time to read: +4 min

OpenAI's board announced CEO Sam Altman is out, effective immediately. "We are grateful for Sam's many contributions to the founding and growth of OpenAI," a statement from OpenAI's board said. Prior to OpenAI, Sam Altman was the president of Y Combinator, after his startup Loopt was part of the accelerator's first class. Taking the reins from Altman as interim CEO is Murati, who formerly led the technology team at OpenAI. AdvertisementIf you have any insight into the culture at OpenAI or Sam Altman, please reach out to the author at mberg@businessinsider.com.

Persons: Sam Altman, Mira Murati, —, ChatGPT, Altman, what's, OpenAI, Elon Musk, Greg Brockman, Trevor Blackwell, Reid Hoffman, Peter Thiel, Satya Nadella, Y Organizations: Service, Silicon, Microsoft, Google, MIT Technology, New Yorker, OpenAI Locations: OpenAI, openai

☆ It's time for retailers to stop blaming theft for so many of their problems
▼ + stars: | 2023-11-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +7 min

Shrink includes customer theft, but it also accounts lost or destroyed inventory and employee theft, to name a couple of other examples. But companies such as Target and Walgreens have cumulatively reported billions of dollars in losses from theft by citing shrink numbers. Often, company executives use "shrink" and "theft" interchangeably, while providing no breakdown of how much of their shrink is attributable to theft. Retailers could be pointing to theft to prompt government action or distract from operational issuesIf so many elements contribute to shrink, then why are some retailers pointing to theft only? Do you work at a major retail store such as Walmart and have a story idea to share?

Persons: —, Matthew Schroeder, Melodie van der, William Blair, Gillian Flaccus, der Baan, van der Baan, Jennifer Ortakales Dawkins, Blair Organizations: Service, Target, Walgreens, Aid, Home Depot, Max Retail, National Retail Federation, Walmart, AP Locations: Harlem , New York, Manhattan , New York

☆ D1 Capital adds to Big Tech bets in third quarter, reveals new top holding
▼ + stars: | 2023-11-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Daniel Sundheim's D1 Capital made significant buys in Big Tech stocks during the third quarter and saw one large private holding enter the public market, according to securities filings . The hedge fund increased its stake in Microsoft by nearly 78% while more than doubling its shares in Meta Platforms during the third quarter. Elsewhere in tech, D1 sold more than a third of its shares in Alphabet but added a new stake worth roughly $115 million in Amazon . The buying of Big Tech stock marks a reversal from D1 Capital's moves earlier this year . D1 Capital has more than $27 billion in assets under management, according to WhaleWisdom.com.

Persons: Daniel Sundheim's, Instacart, Philip Morris, Sundheim, Andreas Halvorsen Organizations: Capital, Big, Microsoft, D1, Big Tech, South, Nu Holdings, PNC, Viking Global Locations: Big Tech, Meta, Instacart

☆ 'Tiger Cub' hedge fund Coatue reveals Instacart bet, keeps AI plays as top holdings
▼ + stars: | 2023-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Coatue Management's Philippe Laffont bought into Instacart 's initial public offering last quarter, while maintaining his artificial intelligence plays as top holdings. Laffont, one of the so-called Tiger Cubs who worked under the late Julian Robertson at Tiger Management, revealed a $305 million stake in Instacart, according to a new filing. The grocery delivery company went public in September, and shares have dropped about 40% from their opening price of $42. Other popular AI plays can also be found in Coatue's top holdings, including Amazon , Advanced Micro Devices , Microsoft and Alphabet. Elsewhere, Coatue doubled its stake in Eaton Public , an American-Irish power management company, last quarter, according to the filing.

Persons: Coatue Management's Philippe Laffont, Julian Robertson, Instacart, Coatue Organizations: Tiger Cubs, Tiger Management, Nvidia, Devices, Microsoft, Eaton Public Locations: Instacart, U.S, New York, Meta, American

☆ Biden Is Losing Black Voters. Here’s Why It Matters.
▼ + stars: | 2023-11-13 | by ( Catherine Lucey | ) www.wsj.com time to read: 1 min

PHILADELPHIA—When Michelle Smith voted for President Biden in 2020, she thought he would help people like her, a Black mother working two jobs and raising three teenage boys in North Philadelphia. Now she says she won’t vote for him again, citing higher prices, skyrocketing rent and a feeling she has been left behind. “I really did think he was going to help people in my situation,” said Smith, 46 years old, who earns $12.50 an hour working as a home health aide and makes Instacart deliveries for extra money. “It’s like all of them talk a good game until they get elected.”

Persons: Michelle Smith, Biden, “, ”, Smith Organizations: PHILADELPHIA Locations: North Philadelphia

☆ Black Voters Show Signs of Slipping Away From Biden in 2024
▼ + stars: | 2023-11-13 | by ( Catherine Lucey | ) www.wsj.com time to read: 1 min

Persons: Michelle Smith, Biden, “, ”, Smith Organizations: PHILADELPHIA Locations: North Philadelphia

☆ The Charts That Could Predict the IPO Market’s Comeback
▼ + stars: | 2023-11-13 | by ( Corrie Driebusch | Peter Santilli | ) www.wsj.com time to read: 1 min

The reopening of the IPO market is, once again, delayed. For a moment this fall, it looked like the window for initial public offerings would be pushed open. Four big companies, three of them in the technology sector, moved forward with their plans to sell stock in blockbuster IPOs. Chip designer Arm Holdings , grocery-delivery company Instacart and e-commerce marketing company Klaviyo all priced their IPOs at the high end of or above expectations and initially traded higher.

Organizations: Arm Holdings

☆ Just How Bad Is the IPO Market? Really Bad
▼ + stars: | 2023-11-13 | by ( Corrie Driebusch | Peter Santilli | ) www.wsj.com time to read: 1 min

Organizations: Arm Holdings

☆ Workers at these 15 companies are happiest with their pay, says new report
▼ + stars: | 2023-11-12 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +4 min

Even so, they remain some of the top companies where employees feel happiest with their pay. 1 spot where workers felt happiest with their pay, according to the analysis. Overall, Herring points out, many tech companies, and especially cybersecurity firms, scored highly on the compensation analysis. 5, respectively), but they remain in the top 15 companies where workers are satisfied with their pay. While workers may feel satisfied with their compensation there, the two tech giants did not fall into the top 100 companies with the happiest workers overall.

Persons: they're, Chad Herring, Herring, Uber —, Warren Buffett Organizations: Big Tech, Boston, Palo Alto, SAP, Google, Boston Consulting, Workers, Employees, Adobe Locations: Palo, California

☆ I assume Instacart will maintain market share of online grocery, says NYU's Aswath Damodaran
▼ + stars: | 2023-11-09 | 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 EmailI assume Instacart will maintain market share of online grocery, says NYU's Aswath DamodaranAswath Damodaran, NYU Stern School of Business professor, and CNBC's Bob Pisani join 'The Exchange' to discuss the health of the IPO market, Instacart's valuation, and more.

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

☆ Here are Thursday's biggest analyst calls: Nvidia, Disney, Tesla, Instacart, Arm, Rivian, Target & more
▼ + stars: | 2023-11-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs initiates Apellis Pharmaceuticals as buy Goldman initiated the biotech company with a buy and says it sees "continued execution." Bank of America reiterates Disney as buy Bank of America said it's standing by its buy rating after Wednesday's earnings report. Goldman Sachs reiterates Arm as overweight Goldman said it's sticking with its buy rating after the stock's earnings report on Wednesday. Goldman Sachs reiterates Instacart as buy Goldman said it's sticking with its buy rating on the grocery delivery company after Instacart's earnings report on Wednesday. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's sticking with its overweight rating on the electric vehicle company. "

Persons: Goldman Sachs, Goldman, Tesla, WK Kellogg, Kellogg, Wolfe, Instacart, Morgan Stanley, Rivian, Eli Lilly, MRK's Keytruda, Evercore, it's bullish, Parker, Wells, it's, Hein Schumacher Organizations: Apellis Pharmaceuticals, HSBC, Tesla, Barclays, JPMorgan, Bank of America, Disney, ARM, Deutsche Bank, Deutsche, Merck, pharma, TAP, Industrial, Nvidia, Anheuser, Busch InBev, Bud, Offshore, Unilever, OW, Citi Locations: North America, Montrose

☆ Andreessen Horowitz is in the midst of a reshuffle to sharpen its focus on AI, sources say
▼ + stars: | 2023-11-09 | by ( Ben Bergman | Melia Russell | ) www.businessinsider.com time to read: +4 min

Andreessen Horowitz is reshuffling parts of its investment organization to sharpen its focus on artificial intelligence, according to people with knowledge of the situation. The changes will center the venture capital firm on two main themes: AI applications and AI infrastructure, the people said. The AI applications group is being headed by general partner Alex Rampell, according to the sources. General partner Martin Casado, who focuses on enterprise deals, will oversee another group investing in AI infrastructure, the people said. Do you have information about A16z or another venture firm?

Persons: Andreessen Horowitz, Alex Rampell, Rampell, Martin Casado, Margit Wennmachers, Casado, Jeff Jordan, Databricks, A16z, Pretzels, Vinod Khosla, Khosla, Ben Bergman, Melia Russell, mrussell@insider.com Organizations: US, A16z, VMware Locations: Silicon Valley, Airbnb, bbergman@insider.com

☆ The IPO market has grown quiet again. Here's what is behind the shift in sentiment
▼ + stars: | 2023-11-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

"That was a big wet blanket" for the IPO market, Greg Martin from Rainmaker Securities told me. Buy now, pay later firm Klarna, another oft-mentioned IPO candidate, told CNBC it has no immediate plans to go public. This is in stark contrast to most years, when big IPOs went public in November and December. A month earlier, in November 2020, Sotera Health raised $1.1 billion, and Miravai Life Sciences raised $1.6 billion. By contrast, a normal year should see at least $50 billion raised.

Persons: Don Short, Matt Kennedy, Greg Martin, IPOs, Klarna, Rivian, Hertz, Braze, Sweetgreen, Allbirds, Airbnb, Doordash, it's fizzling, Instacart, Kennedy, Homebuilder Smith Douglas, Morgan Stanley, there's Organizations: New York Stock Exchange, NYSE, Renaissance Capital, Rainmaker Securities, Wall Street Journal, CNBC, Bloomberg, Sciences, Renaissance, That's, IPOs, Healthcare Locations: Cava, U.S

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