Three Things (5/31)
May 31, 2023
“The Web as I envisaged it, we have not seen it yet. The future is still so much bigger than the past." – Tim Berners-Lee, Inventor of the World Wide Web
Nvidia celebrity status
Chip maker Nvidia became a $1 trillion company on Tuesday (joining only five other companies in the elite club). Jensen Huang, chief executive officer of chip maker Nvidia, was treated with celebrity status during his trip to Taiwan, navigating through paparazzi and taking photos with fans.
The stock is up 134% in the last six months, fueled by tech companies' race to add generative AI tools to their products — the last quarterly earnings report from Nvidia noted over $2 billion in profit in three months. One analyst responded with a research note titled "Greatest Beat of All Time?” (Bloomberg)
SPAC bust
Early investors and executives in companies that went public through special-purpose acquisition companies (SPACs), or “blank check” companies, made $22 billion by selling shares before prices collapsed. Among the beneficiaries were figures like Detroit Pistons owner Tom Gores and Trevor Milton, the founder of Nikola. On the other side of the deal were the companies themselves, which lost more than $100 billion in market value.
“It wasn’t because it was a better financial technology—it was because it was just better for them” NYU Law professor Michael Ohlrogge said of company executives who went with the SPAC option. As investor skepticism remains high, the SPAC market is unlikely to regain its former glory anytime soon. (WSJ)
Gemini vs. the SEC
Billionaire twins Tyler and Cameron Winklevos, early crypto adopters also known for their portrayal in “The Social Network,” are currently facing numerous challenges with their crypto exchange, Gemini. Gemini has filed a motion to fight back against an SEC lawsuit targeting their yield-bearing product called Earn; regulators alleged that Gemini raised billions of dollars' from hundreds of thousands of investors through the offering, an unregistered security.
The back and forth between Gemini and the SEC underscores the challenges faced by the crypto industry as it strives for clarity and stability in the regulatory landscape. Until the rules are clear, conflict can be expected.
Cash Management
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