MARKET RECAP → The three major US stock indexes closed with mixed performance on Wednesday as the technology-heavy Nasdaq Composite (QQQ) managed a small gain amidst the headwinds of rising Treasury yields and oil prices. In other news… shares of Peloton (PTON) jumped nearly 30% after hours today following news it inked a partnership with Lululemon (LULU).
OPENAI EYES $90 BILLION VALUATION → ? OpenAI, the mastermind behind ChatGPT, eyed a towering $80-$90 billion valuation, aiming to sell shares while ensuring autonomy and a steadfast focus on innovative and safe AI development amidst a global AI gold rush.
TARGET SHUTTERS NINE STORES → ? Amidst a surge in theft and violence, Target (TGT) bid adieu to nine stores, spotlighting a $500 million profitability plunge and sparking a call for robust legislation against organized retail crime. |
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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OPENAI EYES $90 BILLION VALUATION |
? Tripled Valuation in Play: OpenAI, the genius behind ChatGPT, was in talks for a share sale valuing it between $80 billion to $90 billion, a stark climb from its earlier valuation this year. The deal, still in negotiation, would let employees sell their existing shares without an additional capital infusion.
? Revenue and Rivalry: Projected to hit $1 billion in revenue, OpenAI stood as a beacon in the AI world, with Google (GOOG) and Meta (META) crafting their own AI models in response. The company’s ambitious revenue goals and its position alongside giants like SpaceX and ByteDance highlighted its significant impact on the global startup landscape.
? Selling Shares, Steering Clear: Despite the hefty valuation and intense interest from investment giants, OpenAI is maintaining a clear course. The company, under CEO Sam Altman, aims to sell existing shares without increasing Microsoft’s (MSFT) stake above 50%, ensuring its autonomy and commitment to AI safety and innovation amidst the rush for profits.
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TARGET SHUTTERS NINE STORES |
? Safety and Sustainability Concerns: Target (TGT) announced the permanent closure of nine stores across major US cities, including New York City, Seattle, San Francisco-Oakland area, and Portland, Oregon, effective from October 21. Citing rampant theft, violence, and organized retail crime, the company emphasized the imperative of ensuring the safety and sustainable operation of its stores.
? Impact on Profitability: The decision followed CEO Brian Cornell’s disclosure of the significant financial dent, with an expected reduction in Target’s full-year profitability by more than $500 million due to organized retail crime. Despite the company’s efforts to combat theft, the persistent challenges overshadowed the effectiveness of security measures. ? Legislative Support Sought: Amidst the closures, Target, along with other retailers, advocated for the passage of the Combating Organized Retail Crime Act. The proposed legislation aims to impose stiffer penalties for theft offenses, providing a structured platform for retailers and law enforcement to collaboratively address organized retail crime. |
Target (TGT) 1 Year Stock Price Performance |
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Here’s what Hollywood writers are getting in their new deal (Mashable) |
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife) |
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