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ResearchThree Things (9/5)

Three Things (9/5)

Sep 5, 2023

“Think big; think disruptive. Execute with full passion." - Masayoshi Son, CEO of SoftBank

A dose of reality

Chip designer Arm kicks off their roadshow this week as expectations for both the valuation and the amount to be raised have been meaningfully lowered. The SoftBank owned chip unit is seeking to raise $5 billion to $7 billion with a valuation of ~$50 billion - both meaningfully down from initial reports. Strategic investors include the likes of Apple, Google, Nvidia, AMD, Intel and Samsung. 

The projected valuation is a set back for SoftBank and reflective of the market’s appetite for risk on growth investing. Although the IPO will be one of, if not the biggest deal to hit the markets in 2023, the lack of solid price discovery leaves investors worried about the path forward for other technology peers.

AI 🤝 Biotech

Andreessen Horowitz announced plans to co-lead a $200 million investment in Genesis Therapeutics, a biotechnology startup that uses artificial intelligence to uncover novel medicines and make drug discovery more successful. Genesis hasn’t disclosed specifics about its internal drug pipeline, but CEO Evan Feinberg said cancer is one of the diseases it’s targeting. The company plans to use the infusion of capital to launch its first clinical trials.

The growth stage venture capital markets are back open for some, as truly disruptive technology has always been able to rise to the top. Drug development is a capital intensive business that has often been riddled with red tape and bureaucracy. The intersection of AI and biotech may be the golden goose that unlocks cutting edge advancements at scale. 

Cooling job market

A pre-Labor Day flurry of data last week indicated the US job market is shifting to a lower gear but still capable of delivering enough fuel to keep the economy from sputtering. Friday’s jobs report showed a 187,000 increase in August employment after downward revisions in the prior two months. At the same time, figures earlier last week showed hiring appetites are easing. (Bloomberg)

The strength of the job market has been the last and hardest nut to crack, as wage pressures have been the primary factor contributing to the Fed’s positioning on interest rates. “These were good numbers,” former US Treasury Secretary Lawrence Summers said. “I still think the road to a soft landing is a very difficult one, but this was a step down that road.”

As of writing this newsletter, AAPL, AMD, and GOOG are holdings in Titan's Flagship strategy. Andreessen Horowitz LSV Fund II, LP is a series B preferred shareholder in Titan Global Capital Management, Inc.


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