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- First Step to Final Offer (12/12/23)
First Step to Final Offer (12/12/23)
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Class of 2026
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Class of 2027
MARKET NEWS
Exxon CEO dismisses worries FTC could hold up Pioneer deal, does not see competition concerns (CNBC)
Exxon Mobil CEO Darren Woods is confident that the Federal Trade Commission's scrutiny of the $60 billion acquisition of Pioneer Natural Resources will not reveal competition concerns, emphasizing the deal's relatively small impact on the broader U.S. oil market. Despite political calls for investigation, Woods remains optimistic about resolving international border issues and securing support for responsible resource development in the Permian Basin and Guyana.
Meta and Microsoft say they will buy AMD’s new AI chip as an alternative to Nvidia’s (CNBC)
Meta, OpenAI, and Microsoft have revealed plans to adopt AMD's latest AI chip, the Instinct MI300X, signaling a notable departure from Nvidia's expensive graphics processors that have been widely used in AI program development. The move suggests a growing interest among technology companies in alternatives to Nvidia's products and could introduce competitive pressure on Nvidia's AI chip sales growth. AMD's MI300X, with its advanced architecture and 192GB of HBM3 memory, has already secured interest from major players like Meta and Microsoft, potentially challenging Nvidia's market dominance and influencing the landscape of AI development.
Nuclear’s share of world power output at multi-decade low (RT)
Global nuclear energy production fell by 4% in 2022, reaching its lowest share of electricity generation since the 1980s, as reported by the World Nuclear Industry Status Report. The decline is attributed to challenges such as aging plants, construction delays, and higher costs compared to renewables, with nuclear's adjusted cost nearly four times that of onshore wind.
Apple’s market cap closes above $3T (CNBC)
Apple's market cap reached $3 trillion again as its shares rose 2% to $193.42, reflecting the company's resilience with a 48% stock price increase in the year despite challenges. Despite a 3% decrease in total revenue for fiscal year 2023, Apple remains a strong contender with popular products and upcoming releases like the Vision Pro virtual reality headset.
Ex-OpenAI director Reid Hoffman says we still don’t ‘fully know’ why board forced out Altman (CNBC)
Three weeks after OpenAI ousted CEO Sam Altman, former director Reid Hoffman expressed ongoing confusion about the incident, stating that the reasons remain unclear. Reports have cited factors such as Altman seeking funds for a new AI chip startup and disagreements within the board, but the specifics remain elusive. Altman was reinstated after investor pressure and the threat of a workforce exodus, raising questions about OpenAI's internal dynamics and its relationship with Microsoft, which provides cloud infrastructure to the company.
M&A DEAL OVERVIEW
Allen & Overy's $3.4bn merger with Shearman & Sterling
Law firms Allen & Overy and Shearman & Sterling agreed to a $3.4 billion merger, forming Allen Overy Shearman Sterling (A&O Shearman), the third-largest integrated law firm globally with $3.5 billion in revenue. The short-term consequences involve consolidating offices, potentially leading to role redundancies and the merging of litigation teams. A&O Shearman plans to implement a modified lockstep pay model based on performance and time served. Long-term upsides include combining legal expertise to create a 'one-stop shop' globally, exploring new markets, and becoming a top-tier player in US securities and project finance.
TECHNICAL TOPIC OF THE WEEK
How To Calculate Cost of Equity
Cost of Equity = Risk-Free Rate + Beta*(Equity Risk Premium)
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