Must Read of the Day: Softbank’s Vision Fund is arguably the most important VC fund in the world, already having invested $30 billion compared to the $33 billion that the US venture capital industry raised last year. The fund is particularly interested in revolutionary technologies, such as automated vehicles, robotics and AI and is putting pressure on Silicon Valley. You can read all about the fund and its strategy here in the Economist.
Apple and Goldman Sachs are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic. Its record in consumer finance is scarcely two years old, notes the WSJ.
Societe Generale’s Andrew Lapthorne cautions about stock buybacks as “typically it is the weakest not the strongest businesses that buyback” and “there is also a strong tendency to use debt rather than spare cash, which has led to a dangerous build up in US leverage”. He also said “it looks like the bulk of last quarter’s repurchases went on stock options (aka wages)”. Source: Zero Hedge
The Supreme Court rejected a federal law that had banned sports gambling in most states in a 6 to 3 decision, providing a huge tailwind to online betting companies and media companies with live-streaming sporting events. Source: TechCrunch
“Tesla CEO Elon Musk told employees Monday that the company plans to ‘flatten’ its structure as it works to improve communication and trim activities ‘that are not vital’ to its success.” You can read Musk’s full memo here on CNBC.
HSBC said it has “performed the world’s first trade finance transaction using a single blockchain platform, in a push to boost efficiency in the multi-trillion-dollar funding of international trade”. Source: Reuters
Apple CEO Tim Cook distanced himself from other tech companies during his commencement speech this past weekend at Duke University: “We reject the notion that getting the most out of technology means trading away your right to privacy, so we choose a different path: collecting as little of your data as possible, and being thoughtful and respectful when it’s in our care. Because we know it belongs to you”. Source: CNBC
Carnegie Mellon just launched an undergraduate degree in artificial intelligence.
An Intro from M.I.T: