Three Things (1/26)
Jan 26, 2022
The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.
1) YouTube weighs NFT strategy as platforms continue to evolve monetization efforts for creators
- YouTube CEO Susan Wojcicki published a letter Tuesday outlining the company’s current view on web3-related opportunities, including NFT integrations.
- Wojcicki said the number of channels around the world making more than $10,000 a year is up 40% year over year.
- YouTube joins Twitter, Instagram, and Facebook among major platforms that have either launched or are reportedly exploring NFT integrations.
Titan’s Takeaway: As we’ve written time and again, the creator economy reshapes the relationship platforms have with their users — platforms like YouTube and Instagram now compete for creators as much as they compete for users. So if a creator wants to sell, display, or trade NFTs with or to their audience, platforms make sure they can facilitate these relationships.
2) Chinese fast-fashion retailer SHEIN revives plans for U.S. IPO in sign China’s capital market crackdown could be easing
- The retailer could go public in the U.S. this year in what would be the first major Chinese company to go public in the U.S. since July 2021.
- SHEIN founder Chris Xu is considering a citizenship change to Singapore from China to bypass tougher Chinese listing regulations.
- SHEIN’s revenue totaled just under $16 billion in 2021, according to Reuters. The company was last valued at around $50 billion in early 2021.
Titan’s Takeaway: The relationship between Chinese companies and U.S. capital markets has been at a standstill for months, but this report suggests a thaw could be coming in this relationship. Combine this report with more accommodative monetary policy from the People’s Bank of China, and signs are pointing to improving conditions for investors in the world’s second largest economy.
3) U.S. Department of Commerce finds chip inventories down 80% from 2019, bolstering our view of a secular growth cycle for the industry
- Median inventory for chip consumers was less than five days in 2021, down from 40 in 2019.
- Demand from chip buyers was up 17% in 2021 compared to 2019 with no resulting increase in supply, the Commerce Department’s report found.
- The report suggests supply challenges won’t be resolved for at least six months.
Titan’s Takeaway: This report from the White House offers another perspective on what we know about the chip market right now: there is not nearly enough supply in the market. Our investment team sees the semiconductor industry transitioning from cyclical to secular demand, and this report is another data point to support that view.
Cash Management
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