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🥵 A New Rainmaker for the Tech Drought?

GM Money Masters, 👋

Thursday was a good day, indeed, with tech stocks rallying 😁 and the Nasdaq jumping over a point.

Some companies, ahem Apple, recovered from earlier losses. (By the way, Apple Watch no longer has the blood oxygen feature) Talk about a bipolar market!

This year, though, it seems like it may be THAT YEAR the tech market needed — IPOs rising from the depths of eternal hell, and Reddit is now eyeing its listing.

Also, the king of social media is aiming to crown himself the king of AI, too. 👑

Let’s drop the bomb already. 💣

MONEY MASTERY BRIEF

  • 👀 Reddit Eyes March IPO Amid Tech Drought
  • 🤖 Zuckerberg’s Quest for Next-Level AI
  • 📍 FTC Cracks Down on Location Tracker Auction

💹 Reddit Takes Its Chit-Chat Club to Wall Street

Wall Street is buzzing these days, and it’s not all about the crypto this time. Social media giant Reddit is gearing up to launch its long-awaited IPO in March, making it the first major social media debut since Pinterest strutted its stuff in 2019.

But, these guys are facing some rather fierce competition from TikTok and Facebook in the race for advertising dollars. Regardless though, this is what the market needs considering 2023’s IPO runway resembled something more akin to a deserted catwalk.

Reddit actually filed for its IPO confidentially back in December 2021 (valued at $10B G’s), and insiders spilled some tea that the public filing is set for late February.

The IPO is expected to wrap up by the end of March, with Reddit aiming to sell around 10% of its shares. Sure, the $5.99/month premium access option may seem to sweeten the company’s public persona, but let’s face it, these guys have yet to turn a profit.

If we think about it, this is more than just a financial gamble; it’s a test of Reddit users’ loyalty. Known for fueling meme stock rallies like GameStop and AMC, Redditors are now invited to back their platform in the stock market debut.

Will the army of meme enthusiasts, who’ve practically turned “YOLO” into an investment strategy, rally behind Reddit’s stock?

We shall see if Reddit’s market prices are as unpredictable as its often deranged comment section.

🦸 Zuckerberg Dons the AI Avengers Cape

Meta, the AL Capone of social media, is reshuffling its AI squads. Why? Well, they’re joining the Avengers league of companies attempting to conjure up Artificial General Intelligence (AGI).

Basically, it looks like he wants to merge the two technologies of AI and the metaverse, which is a concept that was bound to happen at some point.

In a video on Threads, Zuckerberg is seen rather somewhat ‘enthusiastic’ in his announcement for future plans.

Meta is clearly reorganizing its AI teams, merging the Fundamental AI Research (FAIR) team with the group focused on creating AI experiences for users. Zuckerberg believes this collaboration will accelerate research and improve the metaverse experience.

Now, despite cutting over 20,000 jobs recently, Zuckerberg aims to position Meta as a leading AI company, investing in some pretty hefty infrastructure.

This includes 350k Nvidia H100s by year-end, and “overall ~600k H100s H100 equivalents of compute if you include other GPUs,” according to Zuckerberg.

In addition, they’re currently training Llama 3.

The goal is to feed this incessant need for “new devices” which can only be sufficiently accomplished with both AI and metaverse concepts, specifically 3D glasses because according to him, people are gonna be doing a whole lot of chit-chatting with AI’s on a daily basis.

Surely, this can’t be just another marketing tactic for buying his new product…because…

“Glasses are the ideal form factor for letting an AI see what you see and hear what you hear,” according to Zuckerberg.

📍 FTC Cracks the Whip on GPS Tracking

The Federal Trade Commission (FTC) just slapped X-Mode Social and its successor, Outlogic, with a groundbreaking settlement. The FTC accused these guys of casually auctioning off app users’ precise location information.

X-Mode and Outlogic have literally been caught red-handed selling app users’ location, including some personal traces to places like medical clinics, religious sanctuaries, and domestic abuse shelters. Imagine the embarrassment…

The settlement? A data compliance program stricter than your childhood curfew rules, essentially erasing any traces of users near “sensitive locations,” and letting users give the middle finger to data-sharing if they so please.

The story behind this data buzz can be linked to X-Mode’s own apps, Drunk Mode and Walk Against Humanity, which led to their location-tracking software spreading to third-party apps.
Drunk Mode, which had its roots in a University of Virginia project, set out with the commendable mission of sparing individuals from making regrettable decisions, especially the infamous act of drunk texting exes.

Meanwhile, Walk Against Humanity took a different route, positioning itself as a “snarky fitness tracker.” It played the role of a fitness companion, using a dash of humor to motivate users on their journey to better health.

So, carry on, dear readers. No need to fret as it seems the FTC has us covered.

With more regulations put in place, you can safely assume that no one is going to track your next awkward visit to that adult shop around the corner or that late night “dinner with the boys” guile.

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“AI is foundational technology, like electricity. It’s so nascent now, we don’t know how quickly we’ll see the impact at a macro level.”

– Karen Harris, managing director of Bain & Company’s Macro Trends Group

$2 billion. This is how much it costs to build Austrian’s Migaloo M5: a 541-foot-long submersible private yacht that carries 20 passengers and 40 crew members, dives to a depth of 820 feet, and stays submerged for four weeks. Some of these babies even feature extra specs like a helipad, pool, cinema, and minisubmarines. Yes, guys, it’s a YACHT that stays underwater.

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Apple (NASDAQ:AAPL) is prohibited AGAIN from selling watches featuring blood oxygen sensors, as declared by the U.S. Court of Appeals for the Federal Circuit. While the court order doesn’t address Apple’s attempt to overturn a U.S. International Trade Commission ban on the watches, it does lift the injunction that had temporarily prevented the ban from being enforced during the appeal process. Full story

Samsung (KRX: 005930) launched its latest premium smartphones on Wednesday, featuring multiple AI functions to challenge Apple (NASDAQ:AAPL). The Galaxy S24 models boast innovative features, including real-time two-way voice translation for live phone calls in different languages—a smartphone first according to the company. Full story

OpenAI has shifted gears, partnering with the Pentagon to create robust cybersecurity tools. This marks a notable change from their previous stance of avoiding military collaborations. The focus extends to open-source cybersecurity software, with discussions on aiding veteran suicide prevention. Full story

Meta (NASDAQ:META): Sheryl Sandberg is saying buh-bye to Meta Platforms’ board of directors, just under two years after resigning as the company’s chief operating officer. In a Facebook post on Wednesday evening, Sandberg revealed that she won’t seek re-election to the board in May but will continue to advise the company. Full story

Microsoft (NASDAQ:MSFT) is launching Reading Coach as a standalone app, enhancing its educational tools within Microsoft Teams. As part of the Reading Progress suite, the app employs AI to offer personalized feedback on improving reading scores, including pronunciation suggestions. It’s free for users with a Microsoft account, aiming to assist students in enhancing literacy both in the classroom and at home. Full story

Amazon (NASDAQ:AMZN) introduced an AI tool designed to respond to inquiries from shoppers regarding a product, in its attempt to explore generative AI. Within the Amazon mobile app, the new feature encourages users to pose questions about a particular item, delivering prompt responses by summarizing information gathered from both product reviews and the product listing. Full story

BMW (ETR: BMW): Figure has revealed a “commercial agreement” to deploy its initial humanoid robot at a BMW manufacturing facility in South Carolina. The robot is anticipated to handle standard manufacturing tasks like box moving, pick-and-place, and pallet unloading/loading, addressing challenges in retaining human workers for repetitive tasks. Figure plans to ship its first commercial robot within a year. Full story

Apple (NASDAQ:AAPL) unveiled the Vision Pro headset, emphasizing its entertainment features with dedicated apps from Disney+, Max, Amazon Prime Video, and Paramount+. Notably absent from the lineup, however, is the biggest player in streaming: Netflix. Full story

Instagram (NASDAQ:META) is rolling out nighttime reminders for teen accounts to curb their app usage, as revealed on Thursday. These prompts will pop up if teens spend over 10 minutes on Instagram, especially in areas like Reels or DMs, during late hours. The reminders gently suggest that it’s time to hit the hay and encourage them to close the app. Full story

So, the folks in charge are kind of hinting to investors that they might be a tad too optimistic about expecting a bunch of interest rate cuts this year. Surprisingly, though, these comments don’t seem to be putting much of a damper on the markets.

Dear investors, looks like this year is going to be “that” year that wakes up a dead tech IPO market. Other hot contenders for 2024 IPOs include digital payments platform Stripe and fast-fashion giant Shein, adding more sizzle to the market. And let’s not forget Circle, the top dawgs behind the stablecoin USDC.

So what do you guys think?

Do you believe these IPOs stand a chance, or will they be a flop?

Let us know your thoughts by replying to this email.

Thanks for reading, and may your investments thrive. 🙂

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