Chip designer Arm is reportedly in talks with Nvidia to bring them on board as an anchor investor. This comes as Arm moves forward with plans for a New York listing, which may happen as soon as September. The potential investment from Nvidia adds an interesting twist to the ongoing saga of Arm’s listing and could have significant implications for the tech industry.
In other news, Microsoft’s $75bn takeover bid for Activision Blizzard is back in play. Despite initial skepticism, a US federal judge rejected the US Federal Trade Commission’s attempt to halt the transaction. This development has opened the door for Microsoft to negotiate a compromise with the UK’s Competition and Markets Authority (CMA), which previously blocked the deal on the grounds of potential negative effects on cloud gaming. Time is running out, however, as Microsoft has until July 18 to reach an agreement with the CMA or obtain an extension from Activision. Investors have shown excitement about the possibility of the deal going through, with shares in Activision experiencing a significant increase.
Meanwhile, Sam Altman, the CEO of OpenAI, has made headlines with his SPAC (special purpose acquisition company) AltC Acquisition Corporation. With just hours to spare before the SPAC’s deadline, AltC announced a merger with Oklo, a nuclear fission start-up. Altman’s involvement with Oklo as an early backer and board chair adds an interesting dynamic to the deal. AltC shareholders will need to be convinced not to redeem their cash, a common challenge in SPAC deals. This merger could lead to exciting developments in modular nuclear power generation.
Lastly, Sandwich Hub, a restaurant in Hong Kong, has found itself entangled in an alleged fraud case involving commodities group Trafigura. Aman Chourasia, the owner of Sandwich Hub, has been linked to the fraud through a company called Spring Metal. Trafigura claims that Chourasia and other companies duped them into buying non-existent nickel. The case raises questions about Trafigura’s due diligence and their ability to assess counterparties.
In job news, JPMorgan Chase has hired John China, president of SVB Capital, to co-head their innovation economy division. Carlyle has named Shane Clifford as head of private wealth strategy, Citigroup has promoted Flavio Figueiredo to global head of foreign exchange, and Houlihan Lokey has agreed to acquire 7 Mile Advisors, adding new capabilities to their IT investment banking team.
That’s it for today’s briefing. Stay tuned for more updates on the latest deals, private equity news, and corporate finance developments.
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