Three Things (11/24)

Commentary5 days ago
"Consider a turkey that is fed every day… On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief." —Nassim Taleb
We're on a brief holiday hiatus: you'll next receive Three Things on Tuesday, 11/30. The Editorial Team at Titan wishes you a happy and healthy Thanksgiving!
1) China fines tech giants over anti-monopoly violations dating back to 2013 as regulatory crackdown continues
  • Titan Offshore holdings Alibaba and Tencent were among companies fined for failing report acquisitions.
  • China’s State Administration for Market Regulation said companies failed to report 43 acquisitions under its rules on “operating concentration.”
  • Each violation carried a penalty of 500,000 yuan, or $80,000.
Titan’s Takeaway: Regulatory actions from Chinese regulators have come in a steady stream over the last few months, unnerving some investors along the way. As we’ve outlined time and again, at Titan we believe penalties or proposed new rules remove uncertainty and may bring us closer to long-term clarity on China’s regulatory ambitions.
2) Niantic raises $300 million to build the “real-world metaverse” as investments in the metaverse continue to surge
  • This latest funding round values Niantic at $9 billion.
  • Niantic is the augmented reality platform behind games like Pokémon GO and was initially spun out of Google.
  • Niantic’s AR developer kit has already been used by entertainment companies including Coachella, Universal Pictures, and Warner Music Group.
Titan’s Takeaway: We believe the tech industry is entering a new metaverse-first era, and Niantic’s latest fundraise shows this phase involves a lot more than Facebook changing its name. In our view, this new era will center on new ways for companies to integrate hardware and software, opportunities we’ll be alert for as investors.
3) Hulu could lose NBCUniversal content next year as Comcast sharpens focus on growth of its wholly-owned streaming platform, Peacock
  • NBC-produced shows like “SNL” and “The Voice,” as well as back catalog shows like “30 Rock,” currently stream on Hulu.
  • NBCU owns a 30% stake in Hulu while Disney owns a controlling stake in the platform following its merger with 21st Century Fox.
  • Disney and Comcast can exercise options to end their partnership in Hulu in 2024.
Titan’s Takeaway: Today, nearly every content producer operates its own streaming platform, leaving Hulu as a vestige of an era when companies teamed up to take on Netflix. And as streaming services sharpen the focus of their offerings, Hulu’s shifting basket of available content makes it hard to establish an identity in such a competitive market.

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