{"id":14409,"date":"2023-09-19T12:35:23","date_gmt":"2023-09-19T12:35:23","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/ipo-roller-coaster-arm-shares-drop-instacart-to-debut\/"},"modified":"2023-09-19T12:35:24","modified_gmt":"2023-09-19T12:35:24","slug":"ipo-roller-coaster-arm-shares-drop-instacart-to-debut","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=14409","title":{"rendered":"IPO Roller Coaster, Arm Shares Drop, Instacart to Debut"},"content":{"rendered":"
\n

This is a published version of the <\/em>Forbes Daily newsletter<\/em><\/strong>, you can sign-up to get Forbes Daily in your inbox <\/em>here<\/em>.<\/em><\/p>\n

Good morning,<\/p>\n

Like many people, I logged endless hours playing Animal Crossing <\/em>on my Nintendo Switch during the pandemic. But the next evolution of the Nintendo console could open up the door to playing third-party titles that the Switch has often missed out on, like Call of Duty<\/em>.<\/p>\n

The successor to the wildly popular Nintendo Switch, which has sold 129 million units<\/strong>, will have \u201ccloser alignment to gen8 platforms,\u201d referring to Sony\u2019s PlayStation 4 and Microsoft\u2019s Xbox One. That\u2019s according to new, heavily redacted documents uncovered in the FTC\u2019s antitrust investigation into Microsoft and Activision-Blizzard’s merger.<\/p>\n

Many, including Eurogamer and Tom\u2019s Guide, say it’s widely expected the company will announce the new console some time in 2024.<\/p>\n

<\/fbs-ad><\/p>\n

BREAKING NEWS<\/strong><\/h2>\n

India\u2019s foreign ministry rejected accusations that its \u201cagents\u201d were involved in the killing of Sikh leader Hardeep Singh Nijjar, after Canadian Prime Minister Justin Trudeau on Monday said his country\u2019s security agencies were pursuing \u201ccredible allegations\u201d into the killing<\/strong>. Nijjar had been labeled a \u201cterrorist\u201d by his country of birth for supporting the formation of an independent Sikh homeland of Khalistan. Tensions between the two nations have been fraught recently, with Indian Prime Minister Narendra Modi declining to meet with Trudeau at the G20 Summit.<\/p>\n

The U.S. military found a debris field Monday afternoon near the base where an F-35 fighter jet had gone missing after a U.S. Marine pilot ejected from it Sunday afternoon. The discovery comes amid a two-day-long search in which military personnel recruited the public\u2019s assistance in finding the jet, going so far as to post on social media and work with the press to ask residents that might\u2019ve seen the fighter jet to call a hotline<\/strong> they\u2019d set up.<\/p>\n

BUSINESS + FINANCE<\/strong><\/h2>\n

Shares of British chip designer Arm are down about 18% from its intraday high last week after it went public in the largest IPO since 2021. The slump puts a potential damper on the reemergent IPO market ahead of two other high-profile IPOs<\/strong> scheduled for this week: grocery deliverer Instacart and marketing automation firm Klaviyo.<\/p>\n

Oil prices hit another high for the year on Monday, sending shares of energy companies soaring. Chevron CEO Mike Wirth said in an interview with Bloomberg that it \u201csure looks like\u201d oil will surpass $100 per barrel, which would be the most expensive price for oil since August 2022<\/strong>.<\/p>\n

TECH + INNOVATION<\/strong><\/h2>\n

Generative AI startup Writer, used by firms like Spotify, Uber and Accenture,<\/strong> has raised $100 million to compete with OpenAI\u2019s ChatGPT Enterprise. But despite the crowded generative AI space, Writer CEO and cofounder May Habib told Forbes<\/em> that enterprise customers are switching over to Writer because the quality of outputs generated by ChatGPT has deteriorated. <\/strong>Her startup\u2019s revenue has increased by 10 times in the last two years and four times since the start of this year alone.<\/p>\n

Elon Musk said users of X, formerly known as Twitter, may have to pay a monthly fee in what he described as an effort to keep bots off the platform. Musk has been working to monetize more of the site<\/strong> since he acquired it in October of last year, and even before his arrival to the company, X has been in need of revenue streams.<\/p>\n

MONEY + POLITICS<\/strong><\/h2>\n

Hunter Biden sued the IRS on Monday, alleging agents unlawfully disclosed confidential information about his taxes when giving interviews to the media about the ongoing investigation into him. The lawsuit comes days after the president\u2019s son was indicted<\/strong> on three counts for separate allegations regarding his possession of a firearm while being a drug user and allegedly lying on his application for the gun.<\/p>\n

Congress must pass a fiscal year 2024 budget by the end of September, but a coalition of hard-right Republicans said they would vote against the budget Republican leaders proposed Sunday, which could force a government shutdown. It\u2019s the latest consequence of a deep ideological divide<\/strong> within the Republican Party, and a shutdown would almost certainly hurt the nation\u2019s economy.<\/p>\n

SPORTS + ENTERTAINMENT<\/strong><\/h2>\n

Pop singer Katy Perry, one of the best-selling music artists of all time, sold the rights to music she released between 2008 and 2020 to music rights company Litmus Music for a reported $225 million,<\/strong> the latest artist to give up the rights to their back catalog for a major payout. Forbes<\/em> estimates Perry, 38, has a net worth of $38.5 million and ranked her among the highest-paid women in music between 2011 and 2019.<\/p>\n

ABC will broadcast more Monday Night Football<\/em> games this season than in almost two decades as the network struggles to fill its schedule without scripted originals like Grey’s Anatomy<\/em>, Will Trent<\/em>, 911<\/em> and Station 19<\/em> due to the Hollywood strikes.<\/strong> All games between October 2 and December 4\u2014which were previously exclusive to ESPN\u2014will air on both networks, which are owned by parent company Disney.<\/p>\n

TRENDS + EXPLAINERS<\/h2>\n

Five U.S. prisoners were freed from Iran as part of an exchange with the U.S. government that includes the release of five Iranian prisoners imprisoned in the U.S. and unfreezing nearly $6 billion in Iranian assets. Negotiations between the U.S. and Iran have been ongoing for months<\/strong>, per ABC News, and President Joe Biden said \u201cfive innocent Americans who were imprisoned in Iran are finally coming home\u201d after \u201cmany months of difficult and principled American diplomacy.\u201d<\/p>\n

DAILY COVER STORY<\/strong><\/h2>\n

Do You Speak Droidish? The Pentagon Is Spending Millions On A Language For Drones<\/h3>\n

TOPLINE <\/strong>The Pentagon\u2019s dream of autonomous drones executing military maneuvers in the heat of battle with little need for human involvement is closer than ever thanks to AI. There\u2019s just one big problem: getting a swarm of drones from different manufacturers to talk to one another during warfare.<\/p>\n

That\u2019s where Droidish comes in.<\/p>\n

\u201cIt lets R2-D2 talk to C-3PO,\u201d Keven Gambold, Droidish\u2019s mastermind and the CEO of government contractor Unmanned Experts, explained to Forbes<\/em>, recalling the iconic robot duo from Star Wars.<\/p>\n

Alongside the University of North Texas, Gambold has been experimenting with a language to help drones talk to each other since 2020, backed with over $7 million in Air Force contracts.<\/p>\n

While Droidish is designed purely for \u201cmachine-to-machine discussions,\u201d<\/strong> humans are needed to expand the language\u2019s vocabulary as tasks get more sophisticated. Eventually, Gambold hopes the language will expand enough where any vehicle-to-vehicle system could use it to communicate, from self-driving cars to futuristic flying vehicles.<\/p>\n

Cynics, though, say that removing most human participation from war maneuvers like these is an ethical quandary. <\/strong>What happens if autonomous systems target people they aren\u2019t legally allowed to kill, like civilians, asks military drone expert Lucy Suchman.<\/p>\n

The Air Force has been careful to position AI as a tool, not a weapon.<\/strong> Dr. Lee Seversky, a senior scientist for information superiority at the U.S. Air Force Research Lab, told Forbes<\/em> that his department\u2019s focus is on developing AI technologies to augment pilots.<\/p>\n

\u201cIt allows us to pair what the machine is good at\u2014to crunch numbers quickly, physics and models\u2014with what the human is good at,\u201d he said.<\/p>\n

WHY IT MATTERS <\/strong>Spurred on by Ukraine\u2019s extensive use of drones to defend against Russian invasion, and by fears of China\u2019s advancing technological prowess, the Pentagon is spending big across research labs, academia and AI tech companies to ensure the U.S. is at the bleeding edge of next-generation drone warfare<\/strong>.<\/p>\n

MORE<\/strong> Drones With ‘Most Advanced AI Ever’ Coming Soon To Your Local Police Department<\/p>\n

FACTS AND COMMENTS<\/strong><\/h2>\n

The IRS is hiring thousands of new workers after announcing its plans to ramp up enforcement on millionaires, complex partnerships and large corporations. IRS Commissioner Danny Werfel said the hiring will help reverse a decade-long decline of audits for the wealthy<\/strong>:<\/p>\n

3,700: <\/strong>The number of new employees the IRS is hiring in more than 250 locations<\/p>\n

Approximately $80 billion: <\/strong>Additional funding for the IRS from the Inflation Reduction Act, which funded some of the new hires<\/p>\n

$400,000: <\/strong>The IRS has said it will not increase audit rates for filers earning less than that<\/p>\n

STRATEGY AND SUCCESS<\/strong><\/h2>\n

While many employees want at least some flexibility to work from home<\/strong>, not everyone has the ability to. The information sector, as well as industries like finance, insurance, and professional and business services had the most remote work, according to Stanford researchers. Meanwhile, manufacturing, retail, transportation and warehousing, and hospitality and food services had the least. Black and Hispanic workers are more likely to be in jobs that don\u2019t offer remote work, data shows.<\/p>\n

VIDEO<\/h2>\n

QUIZ<\/strong><\/h2>\n

In a new TikTok trend, users are asking men how often they think about a historic empire, and surprisingly some say they think about it daily or even more frequently. Which fallen empire does the trend<\/strong> that\u2019s garnered more than a billion views reference?<\/p>\n

A. Ottoman Empire<\/p>\n

B. Byzantine Empire<\/p>\n

C. Egyptian Empire<\/p>\n

D. Roman Empire<\/p>\n

Check your answer.<\/p>\n

ACROSS THE NEWSROOM<\/strong><\/h2>\n
    \n
  • From cutting-edge science to biotech to VC deals, Forbes’<\/em> InnovationRx newsletter<\/strong> offers the latest headlines at the intersection of health and business. Click here to sign-up, and we’ll see you in your inbox Wednesdays.<\/li>\n<\/ul>\n

    Thanks for reading! Follow along with us on Twitter<\/a> for by-the-minute updates on the latest business and financial news throughout the day.<\/p>\n<\/div>\n