Monopoly: Google Edition

Google is DOJ’s first monopoly trial of modern internet era, U.S. gov investigating Huawei’s breakthrough smartphone, Apple and Arm sign deal that goes beyond 2040, 70K+ daycare programs at risk of closure, and are you ready to stream some football?

Author

Market Briefing
September 07, 2023

☕️ Good Morning.

The Fast Five → Google is DOJ’s first monopoly trial of modern internet era, U.S. gov investigating Huawei’s breakthrough smartphone, Apple and Arm sign deal that goes beyond 2040, 70K+ daycare programs at risk of closure, and are you ready to stream some football?

Here’s your MarketBriefing for Thursday:

BEFORE THE OPEN

As of market close 9/6/2023.

MARKETS:

  • Stock futures steady amid Fed rate concerns

  • Dow futures dip 28 points; S&P 500 and Nasdaq drop 0.07% and 0.1% respectively

  • Tech stocks lag: Nasdaq down 1.1%; Apple and Nvidia decline over 3%

  • Rising Treasury yields fuel tech stock pressure; Fed rate hike fears grow

  • ISM services index hits six-month peak at 58.9%

  • LPL Financial's Roach anticipates Fed's "hawkish pause" and market turbulence

  • 93% traders predict no September rate change; November hike expectations hit 40%

  • Post-close: C3.ai drops 5.3%, GameStop rises 6%, ChargePoint down 10% on revenue miss

EARNINGS

Here’s what we’re watching this week:

NEWS BRIEFING

The DOJ has spent three years preparing to take Google to court since it first accused Google of illegally eliminating competitors by paying billions of dollars each year to smartphone makers to make sure its search engine is pre-loaded as the default onto their web browsers.

More football games will be streamed exclusively on services such as ESPN+ this year than ever before. Media companies are offering more exclusive content to lock in long-term customers.

  • US government is investigating China’s breakthrough smartphone (more)

  • Congress returns with the clock ticking to avert government shutdown (more)

  • Mortgage demand drops to 27-year low as interest rates pull back (more)

  • Oil prices shuffle back as markets shrug off supply jitters (more)

  • US to cancel Alaska oil, gas leases issued under Trump (more)

  • Oaktree’s Howard Marks expects more companies to default on debt (more)

  • Over 70,000 daycare programs at risk of closure, threatening US women’s workforce gains (more)

  • EU lists Alphabet, Amazon, Meta and three other tech giants as ‘gatekeepers’ under strict competition rules (more)

  • Apple and Arm sign deal for chip technology that goes beyond 2040 (more)

  • Instacart prepares to set IPO price range as early as Monday (more)

  • As UAW nears strike deadline, Detroit 3 brace for losses (more)

  • Australia gas strike delayed until Friday as talks continue (more)

  • WeWork will renegotiate ‘nearly all leases’ (more)

  • Kroger, Albertsons plan to offload over 400 stores for close to $2 billion (more)

  • Flexport CEO Dave Clark resigns from logistics startup after one year in the role (more)

Was this briefing forwarded to you?  (Sign up here.)

DEALFLOW

  • Apple inks new long-term deal with Arm for chip technology, according to filing (more)

  • C&S, SoftBank near deal to buy stores from Kroger, Albertsons (more)

  • Hungary's government makes new offer to buy Budapest Airport, says owner (more)

  • Enbridge bets big on US gas with $14 billion bid for Dominion utilities (more)

  • Livefront, a digital product consultancy provider, received a strategic growth capital investment from Rallyday Partners (more)

  • Brillio, a digital transformation services and solutions provider, received a strategic investment from The Orogen Group (more)

  • PayJoy, a San Francisco, CA-based provider of smartphone-based finance solutions, closed a $360M capital raise (more)

  • Boston Metal, a MA-based global metals technology solutions company, closed its Series C fundraising, bringing the series total to $262M (more)

  • d-Matrix, a CA-based company specializing in generative AI compute for data centers, raised $110M in Series B funding (more)

  • Story Protocol, a San Francisco, CA-based provider of a framework to manage IP development, raised over $54M in funding (more)

  • Momnt, an Atlanta, GA-based fintech company specializing in real-time lending and payment solutions for businesses, raised $15M in funding (more)

  • Comminsignia, a CA-based company focusing on providing vehicle-to-everything (V2X) solutions, raised $15M in Series B funding (more)

  • Lydian, a Cambridge, MA-based startup providing sustainable, CO2-derived fuels and chemicals, raised $12M in Seed funding (more)

  • SkinnyDipped, a Seattle, WA-based brand of snacks, raised $12M in Series A funding (more)

  • Rejuvenation Technologies, a CA-based biotechnology company developing mRNA-based therapeutics to address mechanisms of aging, raised $10.6M in Seed funding (more)

  • Pynt, a Tel Aviv, Israel-based provider of an autopilot platform for API security, raised $6M in Seed funding (more)

  • TRLab, a New York-based fine art-focused tech startup, raised $5M in Seed funding (more)

  • Firstcard, a Palo Alto, CA-based fintech startup building banking for college students, raised $4.7M in Seed funding (more)

  • Levee Medical, a NC-based clinical-stage medical device company, raised $4.3M in Seed funding (more)

  • Blooming Health, a New York-based digital engagement and referral solution provider, raised $4.2M in Seed funding (more)

  • Antaris, a Los Angeles, CA-based provider of a software platform for space, raised $3.5M in Seed funding (more)

  • SaaSGrid, a San Francisco, CA and NYC-based provider of a data and analysis platform for SaaS metrics, raised $3.3M in seed funding (more)

  • Delphi, a Miami, Florida-based provider of a digital cloning platform, raised $2.7M in funding (more)

  • pumpspotting, a Kittery, ME-based provider of a community-driven breastfeeding support platform, raised $2.2M in Seed II funding (more)

  • MessageDesk, a Reno, NV-based provider of text messaging software, raised $1.6M in Seed funding (more)

M & A:

  • Liberty Strategic Capital, a PE firm led by Steve Mnuchin, acquired a 5.5% stake in Lions Gate Entertainment (more)

  • Otsuka Pharmaceutical of Japan agreed to buy Toronto-based psychedelic biotech Mindset Pharma (CNQ: MSET) for C$80M (more)

  • CoachCare acquired WebCare Health, an Iowa-based patient monitoring system developer. Financial terms not disclosed (more)

  • Conair acquired The Fulham Group, a MA-based home and outdoor products maker. Financial terms were not disclosed (more)

  • Abbott (NYSE: ABT) to acquire Bigfoot Biomedical, a CA-based company developing smart insulin management systems for people with diabetes (more)

CRYPTO

  • Coinbase launches crypto lending platform for US institutions (more)

  • Texas paid Bitcoin miner Riot $31.7 million to shut down during heat wave in August (more)

  • Bankrupt Genesis sues DCG over $620M of unpaid loans (more)

  • US Bitcoin mining giant Marathon Digital reports 228% revenue boost In 2023 (more)

  • Japanese financial giant goes big on Ripple with XRP-based remittance service (more)

BULLISH BITES

🎢 Disney’s Wildest Ride: Iger, Chapek And the Making of an Epic Succession Mess…
What did a private bathroom, Oogie Boogie and a hippo have to do with the behind-the-scenes chaos between Bob Iger and Bob Chapek at Disney?Here’s the inside story of a CEO succession plan gone awry — a cautionary tale about ego and hubris at the highest levels of corporate America. Read more → CNBC

🎉 Favorite Startups From YC’s Summer 2023 Demo Day, Day 1…
On Wednesday, the first half of Y Combinator’s Summer 2023 cohort told a group of collected investors and media members what they are working on and how much progress they have made. What follows are our favorites from the first day’s pitches… → TechCrunch

DAILY SHARES

Know someone who would enjoy this?

Like what you see? Subscribe Now

Keep the curation going! Buy the team a coffee! ☕️

Have any suggestions for MarketBriefing? We’d love to hear it.
Share your thoughts here -mb

Reply

or to participate.