What we’re reading (2/22)
“Nvidia Nears $2 Trillion Valuation On Insatiable AI Chip Demand” (Wall Street Journal). “The journey to become one of the three most-valuable U.S. companies might have started at a Denny’s in 1993, but it has been fast-tracked by Nvidia’s dominance of GPUs, or graphics processing units. These chips, worth tens of thousands of dollars each, have become a scarce, treasured commodity like Silicon Valley has seldom seen, and Nvidia is estimated to have more than 80% of the market.”
“Reddit Files To List IPO On NYSE Under The Ticker RDDT” (CNBC). “Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol ‘RDDT.’ Its market debut, expected in March, will be the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.”
“Sam Altman Secretly Owned Way More Reddit stock Than We Thought” (Business Insider). “In preparation for its highly-anticipated IPO, the online social forum filed an S-1 form with the Securities and Exchange Commission on Thursday, detailing the company's financial background. The filing revealed that Altman, the CEO of OpenAI, owns an 8.7% stake in the company.”
“A U.S.-Built Spacecraft Lands On The Moon For The First Time Since 1972” (New York Times). “For the first time in a half-century, an American-built spacecraft has landed on the moon. The robotic lander was the first U.S. vehicle on the moon since Apollo 17 in 1972, the closing chapter in humanity’s astonishing achievement of sending people to the moon and bringing them all back alive. That is a feat that has not been repeated or even tried since.”
“A $150 Billion Question: What Will Warren Buffett Do With All That Cash?” (Wall Street Journal). “One tantalizing mystery: Berkshire wrote for a second consecutive quarter that it was requesting confidential treatment from the Securities and Exchange Commission for one or more holdings it omitted from its public 13F filing. One reason institutional investors can ask the SEC to keep a holding private is that disclosing it would reveal a continuing program of buying or selling a security. Investors can initially ask the SEC for confidentiality for up to one year.”
