It has been an exciting week! Reddit is soaring during its IPO debut, Jensen Huang blows our minds with a new AI chip and introduces project GROOT (Humanoid Robots) like Tony Stark in Iron Man 2, and Intel rakes in the big bucks for US chip production.

TL;DR

• Reddit IPO: Shares Surge 38% in Market Debut

• Nvidia Reveals New AI Chip

• + Introduces Project GR00T

• Intel Secures $20 Billion to Boost US Chip Output

• MVP Company Reports

Reddit to da mooooon

Reddit's IPO soared, opening 38% above its offer price, valuing the platform at $8.87 billion. Priced at the top end of its range at $31 to $34, Reddit raised $748 million, initially valuing it at $6.4 billion. The journey to the public market, spanning two years, faced delays due to market volatility. Despite this, amidst a tech stock frenzy, optimism prevails for a strong start. Yet, the coming weeks' trading will be pivotal, potentially impacting the broader IPO landscape. The first big ipo of 2024, a massive pop from the private market where it was trading below $30/share

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Nvidia’s “Beyond Physics” AI Chip

Nvidia's latest AI chip, the B200 "Blackwell," promises speeds 30 times faster than its predecessor, reinforcing its 80% market share. CEO Jensen Huang unveiled this advancement along with new software tools at the company's annual developer conference. Amidst soaring shares and a market value of $2 trillion, Nvidia continues to lead in AI innovation, attracting major tech players like Amazon and Google.

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+ Nvidia Wizardry Extends to Humanoids

Nvidia's GTC unveils Project GR00T, revolutionizing humanoid robotics with advanced AI. GR00T enables robots to comprehend language and emulate human movements, enhancing adaptability. The announcement features Jetson Thor, a specialized computing platform, and significant upgrades to the Isaac robotics platform.

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Intel Raking in the Biden Bucks

President Biden allocates nearly $20 billion to Intel to bolster U.S. chip production, a historic investment aimed at mitigating semiconductor shortages. Funding supports new factories in Arizona, marking a significant push for domestic manufacturing. The move aligns with Biden's goal to reduce reliance on foreign chipmakers, enhancing national security and economic resilience.

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REPORTS: Manhattan Venture Research Quick Takes

Our friends over at Manhattan Venture Partners and their Research team have consistently been producing some excellent content. Their Quick Take reports break down the core business, differentiations, market opportunities for each company, and investment risks. They also provide revenue multiples of comparable public companies to give you a sense of the assessed company actual value. Check out their 3 latest companies.

Lambda Labs

Anyscale

Abridge

More News and Links

Astera Labs prices IPO at $36/share, well above target range

AI venture funding may be hot, but M&A remains slow

Apple lawsuit: US accuses tech giant of monopolising smartphone market

Thanks for reading.

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Adam Valenta

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