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∆ Tech in the News
#2 Company Globally - Nvidia's market captopped $3Tto surpass Apple as the world'ssecond most valuable company behind Microsoft’s $3.15T.
AI Antitrust - The FTC and DOJ will launch an investigationinto Microsoft, OpenAI, and Nvidia over possible antitrust violations.
AI ‘Right to Warn’ - Insiders from top AI firms signedan open letterurging more transparency and protections for AI whistleblowers.
Space Race - 1. Boeing's new Starliner capsule docked at the ISS with two astronauts & 760 lb of cargo. | 2. SpaceXsuccessfully test-flewand landed its Starship rocket and booster on Thursday.
First Cuts - The European Central Bank (ECB)cutits key interest rate by 0.25%, in its first rate cut since 2019 as inflation in the eurozone cools.
The Texas Stock Exchange - The NYSE and Nasdaq rival had BlackRock and Citadel backing to raise ~$120M and plans to file with the SEC this year.
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A Meme Stock Influencer Billionaire?
Meme stock season is back as Youtuber Keith Gill aka Roaring Kitty returns to social media after a three-year hiatus, sparking a massive short-squeezing rally. Gill was prominent in the frenzy on GameStop and other meme stocks in 2021, and on Sunday posted a cryptic image on X hinting at his pending livestreaming return, followed up by two more cryptic posts on Monday.
This sparked speculation and a surge in trading activity, with GameStop's shares jumping over 70% on Monday to more than $30. $GME is now above $65, up over 500% since since May 1st. The KobeissiLetter calculates Gill is set to be a billionaire if $GME opens at or above current levels today, with shares worth ~$325M and options worth ~$700M for a combined ~$1 billion - an $850 million gain on his position. $GME, short sellers on the other hand it calculates have lost $2.1 billion today and counting.
Party Like it’s 2021
This resurgence echoes the meme stock mania of 2021 when Gill and other influencers caused havoc for hedge funds short-selling companies like GameStop with challenging fundamentals. It highlights the growing influence of retail investors in the financial markets with the combination of easier access through platforms like Robinhood, with the viral nature of social media and the “meme culture” of crypto trading. Speaking of crypto, a Solana-based purely meme token (ie not a derivative), GME, is up over 3,000% since mid-May and has a $120M market capitalization.
Game Over?
The 2021 meme stock season led to increased regulatory and legislative interest, with the SEC monitoring the situation closely. It also had a direct impact on Robinhood, with market volatility leading to temporary trading halts and restrictions on meme stocks, which sparked outrage among retail investors and led to further scrutiny of trading platforms' practices. The WSJ reported last week that E*Trade was considering banning Gill amid concerns his social media actions could amount to market manipulation.
So despite 2021’s discussions about market manipulation and the need for regulatory changes, here we are three years later and nothing seems to have changed. E*Trade has already “halted” trading on $GME a number of times, and no changes seem to have been made to protect retail investors’ rights.
“The only logical outcome here is he becomes a Billionaire, gets arrested for market manipulation, riots break out everywhere, the FED cut rates to zero, New President Trump gives him a presidential pardon, he becomes new FED chairman.”
— Anon, X Post
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Founders to Watch and Opportunities to Catch
Open Deals:
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Multilingual Messaging Portal - Sydney, AU - Global, AWS-backed SaaS platform for businesses to communicate with clients without language barriers. $300k secured, seeking $650k for U.S. expansion. (Series A)
AI Agent Employees - New York - Sophisticated workflow automation for businesses, by a previously-exited founder. Building towards fully autonomous organizations. Backed by Tribe & Kenetic, rolling out to extensive waitlist.
Outbound B2B Campaign AI Co-Pilot - Lexington, MA - Turn any CRM into an AI optimized sales agent for personalized customer campaigns. Founder previous exit to PE. Notable Angel on board. Top Hubspot App. Post revenue.(Seed)
Tools
Asana - "AI teammates"automate work tasks, improve productivity.
Zoom - Wants to create AI "digital twins"to attend meetings for you.
X - New ‘video-only’ feed to target TikTok, Youtube, Reels
Meta - To test Whatsapp AI assistant for businesses to sell products.
Tech
World's Largest Supercomputer - xAI’s unit to be located in Memphis.
Antibiotic Resistance - AI model predicts ~1M new potential antibiotics.
Humane - Recalled its AI Pin device’s charging case due to fire safety risk.
Closed Deals:
$5B Valuation - Canadian Enterprise AI startup Cohereraised $450M from Nvidia, Salesforce, Cisco, & Canadian pension fund PSP Investments.
Laser Nuclear Fusion - Denver startup Xcimer Energy raised a $100M Series A backed byBreakthrough Energy, Prelude, & Emerson Collective.
Deals to Watch:
ByteDance - Aims to raise between $700M - $800M for its online auto marketplace business, Dongchedi, ahead of an IPO. The round is led by HongShan (fka Sequoia Capital China) joined by KKR and General Atlantic.
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