Business and Tech News - 4.9.24

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Skool Projekt Staff
April 09, 2024

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US Grants TSMC $6.6B, Loans $5B for Arizona Chip Boost

Under the CHIPS Act, TSMC's Arizona subsidiary is poised to receive up to $6.6 billion in funding, with an additional eligibility for $5 billion in loans, to support its commitment of over $65 billion towards establishing three semiconductor plants in Arizona. This move is part of a broader effort to bolster U.S. semiconductor production, which includes restricting certain semiconductor expansions in China. The funding also aims to enhance job creation and training in Arizona, marking a significant step in the U.S.'s strategy to strengthen its position in the global semiconductor industry.

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Missed out on Ring and Nest? Don’t let RYSE slip away!

Ring 一 Acquired by Amazon for $1.2B

Nest 一 Acquired by Google for $3.2B

If you missed out on these spectacular early investments in the Smart Home space, here’s your chance to grab hold of the next one.

RYSE is a tech firm poised to dominate the Smart Shades market (growing at an astonishing 55% annually), and their public offering of shares priced at just $1.50 has opened. 

They have generated over 20X growth in share price for early shareholders, with significant upside remaining as they just launched in over 100 Best Buy stores.

Retail distribution was the main driver behind the acquisitions of both Ring and Nest, and their exclusive deal with Best Buy puts them in pole position to dominate this burgeoning industry.

 

Spirit Airlines Defers Airbus Orders, Furloughs 260 Pilots

Spirit Airlines announced the deferral of Airbus plane deliveries and the furlough of 260 pilots as strategic moves to enhance liquidity, projecting an increase of $340 million over two years. The airline's planned merger with JetBlue was halted by a federal judge citing anti-competitive concerns, while compensation for grounded planes is expected to further boost liquidity by $150-$200 million. Despite the pilot furloughs, there are no plans for cabin crew layoffs, with the pilot union investigating voluntary options to minimize the impact.

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Microsoft Opening AI Hub In London

Microsoft has established a new hub in London for its consumer AI division, headed by Jordan Hoffmann, who was recruited from Inflection AI. The division is focused on drawing AI expertise to develop new language models and tools from its Paddington office, with an eye on significant expansion. This move is part of a broader £2.5 billion investment in the U.K.'s AI sector, positioning the country as a key battleground for AI talent, notably against competitors like Google's DeepMind.

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Target Launches Paid Membership, "Target 360," This Week

Target counters Amazon and Walmart's discount events with its own Circle Week, promising steep discounts until April 13. It also unveils the Target Circle 360 paid membership, featuring benefits like same-day delivery and an extended return period, at an introductory price of $49 until May 18, after which it will cost $99 per year. For those not interested in the paid program, Target offers free membership options that still provide access to deals and reward points at checkout.

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China Credits Innovation, Not Subsidies, for EV Dominance

China's Commerce Minister, Wang Wentao, has dismissed accusations from the U.S. and Europe regarding "overcapacity" in Chinese industries as unfounded, highlighting innovation as the key driver behind China's electric vehicle (EV) sector's success. Amid an EU probe into potential subsidies, U.S. Treasury Secretary Janet Yellen voiced concerns over the economic repercussions of China's industrial strategies. Yellen's visit to China aims to tackle macroeconomic disparities and seek equitable conditions for American businesses and workers.

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Here’s how the markets closed yesterday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.