Key Takeaways:
- Former President Donald Trump was injured in a shooting at a rally in Butler, Pennsylvania, a crucial swing state, with the FBI identifying the suspect as Thomas Matthew Crooks, who was killed on site.
- Keir Starmer signals that Ukraine can strike military targets inside Russia with Britain’s Storm Shadow missiles.
- A jury found Bill Hwang, founder of Archegos Capital Management, guilty on 10 charges related to the firm’s 2021 collapse, ending a two-month trial.
- Microsoft orders employees in China to use iPhones for work starting September, cutting off android.
IPOs in the week:
- Talen Energy (Ticker: TLN), a leading energy and power generation company, has successfully priced its initial public offering on the NASDAQ on July 10, 2024. The IPO saw 36,825,683 shares priced at $125.01 each. This significant offering underscores Talen Energy’s position in the market and its commitment to expanding its energy solutions.
- SIM Acquisition Corp. I (Ticker: SIMAU) recently priced its initial public offering on the NASDAQ Global Market on July 10, 2024. The IPO was priced at $10.00 per share, with a total of 20,000,000 shares offered. The offering raised a substantial $200,000,000.
- Launch One Acquisition Corp. (Ticker: LPAAU) has successfully priced its initial public offering on the NASDAQ Global Market on July 12, 2024. Each share was priced at $10.00, with a total of 20,000,000 shares offered. The IPO raised $200,000,000.
- Icon Energy Corp. (Ticker: ICON), a company specializing in renewable energy solutions, priced its initial public offering on the NASDAQ Capital Market on July 12, 2024. Each share was priced at $4.00, with a total of 1,250,000 shares offered. The IPO raised $5,000,000, supporting Icon Energy Corp.’s mission to advance sustainable energy initiatives and expand its operations in the renewable energy sector.
Markets this week:
- Bill Hwang, the founder of Archegos Capital Management, has been found guilty on 10 of 11 criminal charges stemming from the firm’s collapse in 2021, which led to significant declines in banking shares across Europe and the U.S. Hwang, alongside former CFO Patrick Halligan who was found guilty on all three charges he faced, was convicted of securities fraud, wire fraud, conspiracy, racketeering, and market manipulation. Prosecutors accused Hwang and his associates of deceiving banks to secure billions in loans, which were then used to inflate stock prices, resulting in a rapid increase in Archegos’ portfolio value from $1.5 billion to $35 billion within a year. Hwang’s sentencing is scheduled for October 28, where he faces up to 20 years in prison for each charge, potentially leading to a life sentence.
- Investors are eyeing distressed US real estate at a discount as the market struggles post-pandemic. Private equity firms are holding $400 billion to invest in North America, awaiting further price drops.
- HSBC has restructured its investment bank, merging teams for efficiency, while PwC has laid off over 100 staff in China due to declining revenue.
- Taiwan is targeting tourists from Thailand, Singapore, and Malaysia to boost its industry amid plummeting Chinese visitor numbers.
Politics weekly:
- Former President Donald Trump sustained injuries to his right ear during a shooting at a presidential rally in Butler, Pennsylvania, one of the pivotal swing states in the election. The attack left his face streaked with blood. The suspect, Thomas Matthew Crooks, 20, from Bethel Park, Pennsylvania, was approximately 450 feet away from Trump when he fired from an elevated position. Crooks was killed on site by Secret Service agents after also injuring three other individuals, one fatally. The FBI has confirmed the identity of the suspect, and an investigation into the incident is ongoing.
- Following the assassination attempt of Donald Trump, Elon Musk revealed two assassination attempts on his life in the past eight months. Elon Musk has made a significant move, donating to a super PAC supporting Donald Trump’s presidential campaign. Musk stated, “The last time America had a candidate this tough was Theodore Roosevelt.”
- Keir Starmer has confirmed that Ukraine can strike military targets inside Russia using Britain’s Storm Shadow missiles, a continuation of the UK’s existing policy regarding its long-range weaponry in the Russia-Ukraine war. Speaking to journalists on his way to the NATO summit in Washington, Starmer emphasized that it is up to Ukraine to decide how to use the Storm Shadow missiles donated by the UK, provided they are used in accordance with international humanitarian law. He clarified that while the missiles are meant for defensive purposes, the decision on their deployment rests with Ukraine. The Storm Shadow missiles are precision-guided cruise missiles with a firing range exceeding 250 kilometers (155 miles).
- Saudi Arabia has warned G7 nations against seizing Russian assets.
Technology Advancements this week:
- OpenAI has established a tier system to categorize the capabilities of its AI, which it plans to share with investors and external parties. The tiers range from Level 1, where AI can engage in conversational language, to Level 5, where AI can perform the work of an entire organization. Currently, OpenAI is at Level 1 but is approaching Level 2, called
“Reasoners.” This level involves AI systems capable of basic problem-solving tasks at the level of a human with a doctorate, but without access to any tools. - Helsing, an AI defense software startup, has secured €450 million ($487 million) in venture capital to expand in European nations bordering Russia. Founded in 2021, Helsing enhances weapons capabilities and battlefield decisions, and has been active in Ukraine since 2022. It is currently in talks with NATO’s eastern flank countries facing Russian aggression. The funding round, led by General Catalyst, values Helsing at
€4.95 billion ($5.4 billion). - Microsoft orders China-based employees to use iPhones for work, citing security concerns. The company will block corporate access from Android devices in China as part of its efforts to strengthen cybersecurity following recent attacks.
Don’t miss out on next week’s market insights and updates!
👉 Sign up now to get Byte Advisory’s weekly markets newsletter delivered straight to your inbox. Stay informed and ahead of the curve!