Liberty

Taxman will get much more $$$ with the taxable dividend. That's how I read it first too, but someone shared with me a RBC note that says that it appears like it's going to be tax-efficient and the taxable amount will be small. But I'm not sure exactly what that means number-wise.. Update: Ok, after talking with some people and reading more, I think I have a better idea.. It's a very clever structure. I'll be sharing some thoughts in my newsletter tomorrow morning (it's free).

Topicus spin prospectus is out. Some highlights by Pearnick: Filing itself is on SEDAR.

https://www.extremetech.com/computing/315186-apple-books-tsmcs-entire-5nm-production-capability

Most car companies promise you 30 and deliver 32, hurrah! Musk promises 100 and delivers 75, boo!

https://www.prnewswire.com/news-releases/microsoft-to-acquire-zenimax-media-and-its-game-publisher-bethesda-softworks-301134492.html "Microsoft to Acquire ZeniMax Media and Its Game Publisher Bethesda" ($7.5bn cash, "franchises include The Elder Scrolls, Fallout, DOOM, Quake, Wolfenstein, and Dishonored")

Where did I ever say that Tesla did/does nothing wrong? What's different is everything else. They're very very very very very different companies that happen to have some overlap in certain aspects (exaggeration, misleading claims). That doesn't mean that they'll end up in the same place, and you can't handwave away the fact that Nikola doesn't seem to have anything else than smoke and mirrors while Tesla does have a bunch of real strong products and real high-velocity development capacity and real manufacturing capacity and a very strong brand, etc.

[Wolf of Wall Street style] I'm not leaving :-* [/Wolf of Wall Street style] It blows my mind that the fact that Tesla is the EV leader seems to give them in your book the right to lie about the solar roof product and autonomous driving. So let's make an analogy. Suppose NKLA was world class leader in hydrogen powered motor scooters. Would you consider the mockups and renders related to the truck to be less fraudulent than you consider them now? I never said that, please stop putting words in my mouth and trying to pick fights based on third rate analogies just to waste our time.

Tweeted this before it opened based on the indicated trading: Peaked even higher than that briefly.

Going into podcasts: https://press.aboutamazon.com/news-releases/news-release-details/amazon-music-launches-podcasts-customers-across-us-uk-germany

You're still here? Make up your mind. Do you consider yourself a Teslemming? No. Didn't you say you were leaving this thread and not coming back? Finally! Yeah, just the same. A company with nothing but non-functional mockups and renders is just like the company that made all the best-in-class EVs I see driving around my neighborhood every day.

https://stratechery.com/2020/nvidias-integration-dreams/

Found this writeup on TDG: https://yhamiltonblog.substack.com/p/agb-20204-transdigm-group-tdg

You're still here? Make up your mind.

Smells like Theranos

Btw, this won't cause any problems for Apple. Apple is a founding partner of the company and has a perpetual license. They use their own in-house design and don't use the Cortex designs made by ARM. Jense also said that he plans to keep the open license model for ARM (he'd be crazy not to.. and would get antitrust trouble).

That's just (fake) advertising. Most people at Google cannot spend 20% of their time on the projects that they like. https://www.hrzone.com/lead/culture/why-did-google-abandon-20-time-for-innovation

Check out the call this morning, Jensen's pretty clear about their plans there, both to keep the open license model, and how they will integrate the ARM stack to compete in the data-center. If you want the cliffs notes, i'll publish my notes via email on the call on Wed morning.

New acquisition at Volaris in Australia: https://www.volarisgroup.com/news/article/volaris-group-acquires-infoview "$500M Telco spend managed yearly 360k Billing services validated per month 98% client retention 30 employees" And one at Perseus in the UK: https://csiperseus.com/news/catalyst-computer-systems-acquisition/ "Founded in 1989 30 employees" h/t @pearnick

Global Foundries still exists (my group switched from TSMC to Global about two years ago, although my company as a whole uses TSMC more) and there are a lot of smaller internal company fabs around for older or specialty processes, which still produce a lot of chips and revenue. The company I work for still operates a number of such fabs. For the cutting edge stuff you are correct, but the vast majority of semiconductor products do not need 10nm, 7nm, or 5nm ... processes. Yeah, people forget that there's a crapload of chips out there that don't need to be on the latest node... TI and ADI make a zillion of these things

https://blog.google/outreach-initiatives/sustainability/our-third-decade-climate-action-realizing-carbon-free-future/

More details here: https://s22.q4cdn.com/364334381/files/doc_presentations/2020/09/NVIDIA-Acquires-Arm-FINAL.pdf a few ARM financials were revealed: Pro-forma revenues of ˜$1.8bn (so price about 22.2x sales) Pro-forma gross margins of ˜94% Adjusted EBITDA margins of ˜35%

Bytedance rejected Microsoft's bid, now in exclusive talks with Oracle: https://www.cnbc.com/2020/09/14/microsoft-bid-for-tiktoks-us-operations-rejected-by-bytedance.html https://blogs.microsoft.com/blog/2020/09/13/microsoft-statement-on-tiktok/

Bytedance rejected Microsoft's bid, now in exclusive talks with Oracle: https://www.cnbc.com/2020/09/14/microsoft-bid-for-tiktoks-us-operations-rejected-by-bytedance.html https://blogs.microsoft.com/blog/2020/09/13/microsoft-statement-on-tiktok/

Well, it's now official: https://nvidianews.nvidia.com/news/nvidia-to-acquire-arm-for-40-billion-creating-worlds-premier-computing-company-for-the-age-of-ai

https://www.scmp.com/economy/china-economy/article/3101362/tiktoks-algorithm-not-sale-bytedance-tells-us-source "ByteDance... will not sell or transfer the algorithm behind [TikTok] in any sale or divestment deal... [byteDance] will not hand out source code to any US buyer, but the technology team of TikTok in the US can develop a new algorithm”