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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Wondering what Uber's new bus shuttle service is like? We tested out the ride that'll get you from <a target="_blank" rel="noopener" href="https://www.businessinsider.com/uber-shuttle-nyc-airport-review-photos-2024-10">Midtown Manhattan to LaGuardia Airport for $18</a>.In today's big story, Goldman Sachs' earnings result might be a sign of the <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">long-awaited return of M&amp;A</a>.What's on deck:<ul><li>Markets: An updated ASML forecast just sent a shock wave <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10">through the chipmaker industry</a>.</li><li>Tech: Apple's Made-in-the-USA chips signal a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">turnaround for the US' big semiconductor bet</a>.</li><li>Business: We now know how much <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">Elon Musk is willing to spend</a> to get Donald Trump re-elected.</li></ul>But first, let's (finally) make a deal.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">M&amp;A for all</h2><div type="image" title="David Solomon, CEO of Goldman Sachs." height="683" width="1024" msid="114285715" hostid="261" sizebytes="20362"></div>Don't look now, but M&amp;A might finally be coming back.Predicting dealmaking's return in the wake of the post-pandemic frenzy has been a bit like Bigfoot sightings: Plenty of claims but very little evidence.But, at the risk of sounding like all the others, this time might be different.Goldman Sachs, Wall Street's perennial M&amp;A king, <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-earnings-third-quarter-profits-banking-economy-2024-10">smashed analysts' third-quarter expectations</a>, notching $3 billion in profits.That included a 20% bump in investment banking fees to $1.9 billion, which <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">points toward a dealmaking rebound</a>, writes Business Insider's Reed Alexander.Granted, just about anything was bound to be an improvement over 2023's ice age of an M&amp;A environment, but there's reason for optimism.Bank CEO David Solomon said on the earnings call there is "significant pent-up demand from our clients." The Fed's rate cut last month "renewed optimism" that a soft landing is coming, which would spark more deals, he added.One analyst took things a step further, floating the idea of an "M&amp;A supercycle" once the money that's been sitting on the sidelines finally gets put to work.<div type="image" title="Photo illustration of balancing shapes." height="1800" width="2400" msid="114285712" hostid="261" sizebytes="226012"></div>Bankers aren't the only ones set to benefit from an M&amp;A boom.Just like consumers, many businesses have largely been <a target="_blank" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">dealing with a stuck-in-place economy</a>.High rates and an uncertain economy left companies in a holding pattern. You're not likely to buy a new business or ramp up hiring when it seems like things can fall apart at any moment. But now that the worst appears behind us and rates are slowly coming down, the floodgates can open.And it's not just about the return of the <a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">$1 billion-plus mega deals</a> that draw headlines. A more promising M&amp;A environment means boomers will be willing to sell off the small businesses they spent their entire lives building.The great boomer fire sale, <a target="_blank" href="https://www.businessinsider.com/boomers-selling-small-businesses-investment-opportunity-millennials-gen-z-retirement-2024-10">as we dubbed it</a>, is serious business, representing businesses worth about $10 trillion.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Citi's regulatory nightmare <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulators-occ-frb-consent-orders-asset-cap-2024-10">still haunts CEO Jane Fraser</a>.</li><li>Boeing is raising $10 billion from 4 major banks — <a target="_blank" href="https://www.businessinsider.com/boeing-raising-10-billion-strike-job-cuts-2024-10">and could sell another $25 billion in securities</a>.</li><li>There are 2 things that could go wrong for the US economy and spark a recession, <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-layoffs-inflation-spending-job-market-tariffs-morgan-stanley-2024-10">Morgan Stanley says</a>.</li><li>The 'godfather' of driverless cars says <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/waymo-cofounder-tesla-robotaxi-data-strategy-self-driving-2024-10">Tesla has a major advantage in the self-driving race</a>.</li><li>Tom Brady is set to become the NFL's newest minority owner after <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/tom-brady-nfl-approves-stake-las-vegas-raiders-2024-10">league approves Las Vegas Raiders deal</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A person stacking wads of cash." height="650" width="1300" msid="114285714" hostid="261" sizebytes="152592"></div><ol><li>The world's governments have racked up quite the bill. Led by the US and China, global public debt is set to surpass $100 trillion, <a target="_blank" href="https://www.businessinsider.com/global-government-borrowing-public-debt-imf-spending-taxes-harris-trump-2024-10">reaching about 93% of worldwide GDP</a>. The International Monetary Fund warned that debt could lead to a "broader financial crisis."</li><li>The stock market's darlings take a hit. Chipmaker ASML cut its 2025 sales guidance, sending its stock tumbling and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10">pulling down other semiconductor companies</a>. It comes as the US considers putting a cap on chip exports.</li><li>Bitcoin might break another record before the US election. Standard Chartered said the token could hit a <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-record-price-crypto-election-outcome-microstrategy-cryptocurrency-outlook-trump-2024-10">new all-time high of $73,800 in the coming weeks</a>. It cited the recent surge in MicroStrategy, a bitcoin-focused stock that usually trades in lockstep with the asset, which could hint at a pending bitcoin rally.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="An old and broken phone on a pedestal with heart emojis" height="1000" width="2000" msid="114285713" hostid="261" sizebytes="136754"></div><ol><li>Apple has a new — er, old — competitor. Seventeen years after the debut of the first iPhone, Apple is struggling to get people excited about its newest models. Instead, consumers are turning to the secondhand market to buy refurbished smartphones. <a target="_blank" href="https://www.businessinsider.com/refurbished-iphones-market-apple-sales-slump-android-cell-phones-cheaper-2024-10">Apple should be worried</a>.</li><li>The tide may be turning for the US' big semiconductor bet. TSMC has begun <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">producing A16 chips for Apple at one of its Phoenix semiconductor chip fabs</a> (or factories), two people familiar with the matter told BI. This development bodes well for the future of the US semiconductor industry, to which the Biden administration pledged $52 billion.</li><li>Donald Trump weighs in on Google's antitrust challenges. In an interview with Bloomberg, the former president said Google "has a lot of power" and he would do "something" about it, but <a target="_blank" href="https://www.businessinsider.com/trump-google-break-up-china-comments-2024-10">didn't say he favored a break-up</a>. A ruling in August said Google illegally acted as a monopoly in its search business.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Elon Musk and Donald Trump" height="1333" width="2000" msid="114285718" hostid="261" sizebytes="55710"></div><ol><li>Elon Musk gave his pro-Trump PAC $75 million in 3 months. A new filing offers the clearest picture yet of <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">how much the world's richest man is willing to spend</a> to get the former president re-elected. The billionaire has reportedly floated the idea of personally <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-knock-doors-donald-trump-pennsylvania-2024-10">knocking on swing-state voters' doors</a> for Trump.</li><li>All the single ladies are voting for Kamala Harris. In just a few years, single women have become a largely united voting bloc, <a target="_blank" href="https://www.businessinsider.com/single-women-political-power-voting-kamala-harris-election-2024-10">overwhelmingly supporting Democrats</a>. Unmarried women now make up 25% of the electorate — and that's bad news for Donald Trump.</li><li>Netflix's new games boss is shaking things up. Alain Tascan, who became president of games in July, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/netflix-shakes-up-gaming-division-new-epic-hire-layoffs-2024-10">has brought in Jeet Shroff</a> for a newly created role as a VP over games tech and portfolio development. Shroff, formerly of Epic Games, is charged with promoting consistency across Netflix's portfolio of games, both licensed and homegrown.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Walgreens is <a target="_blank" href="https://www.businessinsider.com/walgreens-pharmacy-closing-1200-stores-turnaround-effort-2024-10">closing 1,200 stores</a>.</li><li>Taboola is looking to compete with Google and Facebook for small-business clients using <a target="_blank" href="https://www.businessinsider.com/taboola-generative-ai-ad-assistant-abby-google-facebook-competition-2024-10">a new generative AI tool for ad campaigns</a>.</li><li>Your old images stored on Photobucket <a target="_blank" rel="noopener" href="https://www.businessinsider.com/photobucket-my-photos-images-licensed-ai-training-account-how-to-2024-10">could soon be used to train AI</a>.</li><li>Google is taking the nuclear option to power soaring demand for AI. <a target="_blank" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">Here's why it's such a big deal</a>.</li><li>Why best-selling novelist James Patterson loves Substack — <a target="_blank" href="https://www.businessinsider.com/james-patterson-substack-ai-interview-2024-10">and hates AI</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Today's earnings: Morgan Stanley, Discover Financial Services, and other companies are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London.

An incoming 'M&A supercycle' wouldn't just be a win for dealmakers 

Global M&A market dropped by 15%, the lowest in a decade!

<ul class="summary-list"><li>Canaccord Genuity is hiring ex-WPP dealmaker Lance Maerov to work on ad and media M&amp;A.</li><li>Maerov's hiring suggests there could be a coming rise in deals on Madison Avenue.</li></ul>Canadian investment bank Canaccord Genuity is hiring a former top dealmaker at advertising giant <a target="_blank" class="" href="https://www.businessinsider.com/inside-wpps-volatile-year-2023-12">WPP</a> to join its advertising and media mergers and acquisitions practice, Business Insider can exclusively reveal.<a target="_blank" class="" href="https://www.businessinsider.com/top-execs-leading-ad-industry-mergers-aquisitions-2021-8#andrew-scott-chief-operating-officer-wpp-11">Lance Maerov</a>, who left WPP in December, is set to join Canaccord Genuity's technology, media, marketing, and information M&amp;A practice, two people familiar with the matter told BI. The company informed staff earlier this week, one of the people said. They requested anonymity in order to maintain business relationships. Their identities are known to BI.Canaccord Genuity didn't respond to requests for comment.The move to expand the bank's media and advertising practice by hiring a prolific Madison Avenue dealmaker is a strong signal that acquisitions in the agency space could heat up. Recent Canaccord Genuity deals in the ad and media space include the sale of <a target="_blank" class="" href="https://www.marketingdive.com/news/publicis-acquires-mars-united-commerce-full-funnel-marketing/727539/">Mars United Commerce</a> to Publicis Groupe, Verve Group's acquisition of <a target="_blank" class="" href="https://www.adexchanger.com/mobile/verve-acquires-jun-group-a-mobile-video-and-gaming-network-for-185-million/">Jun Group</a>, and <a target="_blank" class="" href="https://www.adexchanger.com/omnichannel-2/cadent-acquires-adtheorent-for-324-million-with-a-plan-for-performance-tv/">AdTheorent</a>'s sale to Novacap-owned Cadent.<h2 id="7487460d-0072-4efb-a442-7c2e88683789">The advertising industry is undergoing radical change that's fueling deal activity</h2>The advertising agency landscape has transformed in recent years amid the advent of digital marketing and the emergence of new technology and practices, from <a target="_blank" class="" href="https://www.businessinsider.com/how-ai-changing-advertising-agency-business-2023-9">artificial intelligence</a> to <a target="_blank" class="" href="https://www.businessinsider.com/retail-media-advertising-surges-challenging-google-traditional-channels-2023-9">retail media</a>. Agencies have responded by adapting their services to suit a broader array of client needs than simply creating and buying their ads, as in decades past.It's been marked by a wave of high-profile acquisitions, such as Publicis Groupe's $4.4 billion purchase of the data business <a target="_blank" class="" href="https://www.businessinsider.com/publicis-acquires-epsilon-for-44-billion-but-marketers-say-combining-forces-will-be-a-challenge-2019-4">Epsilon in 2019</a> and, more recently, Omnicom acquiring e-commerce specialist <a target="_blank" class="" href="https://www.thedrum.com/news/2024/01/19/inside-the-omnicom-flywheel-merger-with-john-wren-jonathan-nelson-duncan-painter">Flywheel Digital</a> for $835 million last year.The varying fortunes of different ad-holding companies, as well as an emergence of new entrants — and a growing interest in the space <a target="_blank" class="" href="https://www.businessinsider.com/private-equity-firms-investing-in-advertising-and-marketing-companies-2024-3">from private equity</a> — have also fueled speculation that agency groups, too, could be merged or acquired.Rumors continue to buzz in the industry about what might be <a target="_blank" class="" href="https://www.businessinsider.com/insiders-question-ad-giant-wpp-ceo-mark-reads-bounceback-plan-2023-10">next for WPP</a>, once the leader of the pack, whose market value has dropped well below that of arch-rivals Publicis and Omnicom. (On Wednesday, WPP reported <a target="_blank" class="" href="https://www.wsj.com/business/earnings/wpp-returns-to-growth-beating-expectations-9a85cd15?mod=media_news_article_pos1">a return to revenue growth</a> in its third quarter, which analysts generally hadn't expected.)The Wall Street Journal reported this summer that IPG was in talks to sell R/GA, its digital agency famed for its work on Nike, <a target="_blank" class="" href="https://www.wsj.com/business/media/interpublic-explores-sale-of-prominent-digital-agency-to-consulting-giant-b96f8eed">to Tata Global Consulting</a>. S4 Capital, led by former WPP chief Martin Sorrell, turned down an acquisition offer from <a target="_blank" class="" href="https://www.wsj.com/business/media/he-was-the-ad-industrys-hunter-now-hes-the-prey-65a12b99">rival firm Stagwell</a> earlier this year, The Wall Street Journal first reported.Maerov, who worked under Sorrell at WPP as its EVP of corporate development, was responsible for the company's M&amp;A and venture capital investments. He also worked closely with current CEO Mark Read and chief operating officer Andrew Scott.Maerov worked for WPP for more than 20 years, during which time it made transformative acquisitions, such as the 2007 purchase of digital marketing company <a target="_blank" class="" href="https://techcrunch.com/2007/05/17/wpp-acquires-247-real-media-for-649m/">24/7 Real Media</a> and the 2015 acquisition of <a target="_blank" href="https://www.businessinsider.com/rob-norman-on-why-wpps-groupm-acquired-essence-digital-2015-11">British media agency Essence</a>.Through WPP's investments, Maerov sat on the board of companies including The Weinstein Company, Vice Media, IT firm Globant, and the lifestyle website Refinery29. He would later <a target="_blank" class="" href="https://www.hollywoodreporter.com/business/business-news/weinstein-board-member-lance-maerov-testifies-harvey-weinstein-1272131/">testify</a> against Harvey Weinstein in the trial that ultimately sent the movie mogul to <a target="_blank" class="" href="https://www.businessinsider.com/harvey-weinstein-found-guilty-sexual-assault-rape-in-trial-verdict-2020-2">jail</a>.This year, Maerov branched out on his own, launching Dinmont Ridge, a strategic advice and investment-capital consulting firm.

WPP's former dealmaker is joining investment bank Canaccord Genuity — a sign advertising M&A could heat up

Work-life balance is the buzzword these days and ample studies have shown how GenZ prefers a job which is flexible in terms of timings. In January this year, a study conducted by Randstad revealed that workers prioritise work-life balance over salary when evaluating potential job opportunities. According to the study, 57 percent of employees would reject a job offer if it negatively impacted their work-life balance. However, even though employees want greater work-life balance, there have been billionaires who disagree with the concept and promote hustle culture instead. From advocating for longer work hours to dismissing the idea of balance altogether, these tech leaders have taken stances that have often stirred the hornet's nest. <h2><keyword id="20068610" type="General" weightage="100" keywordseo="NR-Narayana-Murthy" source="keywords">NR Narayana Murthy</keyword>: Advocating 70-Hour work weeks</h2><keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> founder NR <keyword id="19920910" type="General" weightage="20" keywordseo="narayana-murthy" source="keywords">Narayana Murthy</keyword> made headlines in October 2023 when he suggested that young people in India should be prepared to work 70 hours a week. Speaking on 3one4 Capital's podcast "The Record," Murthy argued that such an intense work ethic is necessary for India to improve its productivity and compete on the global stage. His remarks sparked a wide-ranging debate online, with some agreeing that increased effort is required to drive progress, while others criticised him for promoting an unsustainable work culture. <h2><keyword id="21042158" type="General" weightage="20" keywordseo="Alexis-Ohanian" source="keywords">Alexis Ohanian</keyword>: Dismissing work-life balance as a farce</h2>Reddit co-founder Alexis Ohanian also shared his views on work-life balance, which he dismisses as an unrealistic ideal. In an August 2023 Twitter thread, Ohanian said that work-life balance is a "farce" and that trying to achieve it is misguided. Instead, he emphasised the importance of knowing when to prioritise work and when to focus on personal life, suggesting that balance is more about shifting priorities rather than achieving a perfect equilibrium. <h2><keyword id="20054707" type="General" weightage="20" keywordseo="Jeff-Bezos" source="keywords">Jeff Bezos</keyword>: Rejecting the trade-off</h2>Amazon founder Jeff Bezos has long been a critic of the term "work-life balance." Speaking at an event in 2018, Bezos explained that he finds the concept debilitating because it implies a trade-off between work and life. He said that he prefers to view it as a "circle" where both aspects are interconnected. In earlier interviews, Bezos had mentioned that his happiness at work positively influences his personal life, and vice versa, suggesting that the two are more intertwined than balanced. <h2> <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>: Sleeping in offices</h2>Elon Musk, known for his demanding work ethic, has also been vocal about his approach to work-life balance—or the lack thereof. During the 29th Annual Baron Investment Conference in 2022, Musk revealed that he used to live in his factories and would sleep on the floor to show his commitment to his work. He believed that demonstrating his dedication in such a visible way would inspire his employees to work harder. Musk has also been critical of what he perceives as a declining work ethic in America, contrasting it with the intense dedication he observes among workers in China. <h2><keyword id="19915280" type="General" weightage="20" keywordseo="Jack-Ma" source="keywords">Jack Ma</keyword>: Endorsing China's "996" work culture</h2>Alibaba co-founder Jack Ma had expressed support for China's controversial "996" work schedule, which involves working from 9 a.m. to 9 p.m., six days a week. In 2019, Ma referred to the "996" culture as a "huge blessing" for young workers, arguing that the opportunity to work such hours is something to be grateful for, especially if one is passionate about their job. He downplayed concerns about overwork, suggesting that those who love their work won't find such hours burdensome.

70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires

<ul class="summary-list"><li>Nvidia has made four acquisitions so far in 2024, matching its 2020 total.</li><li>Regulatory scrutiny is delaying the closure of some of Nvidia's deals, including Run:ai.</li></ul>Nvidia is entering the summer of what could be its most acquisitive year yet.According to public announcements, the firm has made four acquisition deals so far in 2024, exactly even with Nvidia's 2020 deal total. But some of this year's deals have yet to close, in part due to regulatory scrutiny.Nvidia, along with Microsoft and OpenAI, is the subject of a Department of Justice and Federal Trade Commission investigation into <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-doj-investigation-runai-big-tech-crackdown-antitrust-acquisition-competition-2024-8">possible antitrust violations</a>.Nvidia declined to discuss its acquisition strategy for this report, citing a quiet period before it announces earnings on August 28. It also declined to confirm its acquisition count for this year or if it is indeed tied for most deals with 2020.That was a remarkable year, and not only because of the wrenching global pandemic panic followed by a surprising economic rebound. In April of 2020, Nvidia<a target="_blank" class="" href="https://www.businessinsider.com/how-nvidia-beat-six-other-companies-6-9-billion-mellanox-acquisition-2019-4"> acquired Mellanox for $6.9 billion</a>. The Israeli networking company has been touted as key to the AI data center strategy as we know it. And in September 2020, Nvidia announced an ill-fated $40 billion deal to acquire chip designer <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-arm-softbank-acquisition-price-2020-9">ARM from Softbank</a>. The parties terminated the deal in February 2022 citing regulator interference.Nvidia's latest deals don't necessarily rise to the profile of those, but they're notable all the same since the company has seemingly limitless resources and a firm spot as the foundation of the AI ecosystem.<h2 id="b89e09e4-6809-4659-85cc-81e337e98c0e">Meet the deals</h2>In April Nvidia agreed to acquire Israeli firm Run:ai, but the deal has not yet closed and is receiving scrutiny from the Department of Justice, according to <a target="_blank" class="" href="https://www.politico.com/news/2024/08/01/feds-nvidia-ai-deal-chips-00172322">Politico</a>. Run:ai's technology makes GPUs run compute more efficiently, allowing more work to be done on fewer chips.In May, Nvidia agreed to <a target="_blank" class="" href="https://www.calcalistech.com/ctechnews/article/bkj6phggr">acquire Deci AI</a>, another Israeli startup that makes tools for developers to build AI models, for $300 million.Months later in July, investors in California firm <a target="_blank" class="" href="https://www.linkedin.com/pulse/canvas-backed-shorelineio-acquired-nvidia-bolster-cloud-bsbac/?trackingId=Uf%2BqmHx4mOEvbcuLrj0G5g%3D%3D">Shoreline</a> confirmed that Nvidia would acquire the company, which uses automation to reduce and address service-disrupting incidents in cloud computing.Later in July, Nvidia acquired <a target="_blank" href="http://Brev.dev">Brev.dev</a>, run by a small team out of San Francisco that seeks to lower the barrier to entry for AI development. The two companies had been collaborating for roughly 11 months, according to founder Nader Khalil speaking in a video posted to <a target="_blank" class="" href="https://www.linkedin.com/posts/naderlikeladder_brevdev-has-been-acquired-by-nvidia-activity-7219052262373957633-fGsz?utm_source=share&amp;utm_medium=member_desktop">LinkedIn. </a>The value of this acquisition remains undisclosed and may fall far below the usual threshold for regulator scrutiny.Though the company isn't keen to discuss its strategy publicly, Nvidia executives recently gave some indication of what it looks for."Small and medium M&amp;A will always be an area that we research. We take a strong look at these types of companies that we think could help bolt on," said CFO Colette Kress at a Citi Global technology conference in 2023. At another investor conference around the same time, Kress said it's unlikely the company would find another acquisition as consequential as Mellanox, but would still look for small companies with additive technologies.<h2 id="b712dd54-09f7-4888-ae6c-2f32ff2b0c3f">Slower and quieter but still going</h2>AI industry watchers and investors told Business Insider that acquisitions are slowing down among the big technology players who are under the microscope from the DOJ and FTC. But small deals are still going through and even some larger ones.In June, Amazon hired the majority of the team from Adept, a company with a foundation model aiming to rival OpenAI, and licensed the company's technology in a move commonly called a "<a target="_blank" class="" href="https://www.theverge.com/2024/7/1/24190060/amazon-adept-ai-acquisition-playbook-microsoft-inflection">reverse acquihire</a>."In July <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-defends-dominance-competition-increases-2024-6">Nvidia competitor</a> AMD announced an agreement to acquire <a target="_blank" class="" href="https://www.reuters.com/markets/deals/amd-acquire-finnish-startup-silo-ai-665-mln-step-up-ai-race-2024-07-10/">Silo AI</a>, a Finnish AI startup, for $655 million.And this quiet trickle of deals in various forms is unlikely to stop since the market for AI talent is so tight."It's $200,000 to $800,000 for an AI engineer right now," Paul Baier, CEO of GAI Insights, said. And that's if you can find one.<a target="_blank" class="" href="https://www.businessinsider.com/wave-ai-acquisitions-deals-who-could-get-bought-2024-5">Acquihires</a> are a common solution in such conditions. "When you do an acquihire for a failed AI startup, it's $4 million per engineer. That's how scarce this talent is," Baier continued.High valuations for startups that raised funds amid the initial AI frenzy, plus a severe talent shortage, equals, more acquihire deals, Umesh Pavdal, managing director of Thomvest, said, even with the more intense regulatory attention.Got a tip or an insight to share? Contact senior reporter Emma Cosgrove at <a target="_blank" href="mailto:ecosgrove@businessinsider.com">ecosgrove@businessinsider.com</a> or use the secure messaging app Signal: 443-333-9088.

Nvidia is on an acquisition spree even as regulatory scrutiny heats up and AI M&A cools

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Amazon Prime Day is back today and tomorrow, and our Reviews team has a rundown of all the best deals. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/guides/deals/best-amazon-prime-day-deals-2024-7">Check them out here</a>.Meanwhile, former President Donald Trump has picked Sen. JD Vance of Ohio <a target="_blank" href="https://www.businessinsider.com/trump-selects-jd-vance-running-mate-vice-president-2024-6">as his running mate</a>. More than just a VP pick, Vance could be the heir apparent to <a target="_blank" href="https://www.businessinsider.com/why-trump-selected-jd-dance-running-mate-vice-president-2024-7">Trump's MAGA empire</a>.In today's big story, we're looking at Goldman Sachs CEO David Solomon <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">predicting the long-awaited return of M&amp;A</a>.What's on deck:<ul><li>Markets: Coatue's Philippe Laffont on <a target="_blank" href="https://www.businessinsider.com/coatue-philippe-laffont-ai-impact-emw-conference-2024-7">how he's investing for an AI future</a>.</li><li>Tech: For Gen Z, <a target="_blank" href="https://www.businessinsider.com/gen-z-hot-jobs-tech-layoffs-healthcare-government-careers-2024-7">working in tech has a negative aura</a>.</li><li>Business: The CEO of a PE firm explains <a target="_blank" href="https://www.businessinsider.com/executive-coaching-benefits-according-to-graham-weaver-ceo-alpine-investors-2024-7">why he swears by executive coaches</a>.</li></ul>But first, let's make a deal.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="94c776a0-20fd-4b5a-a7ce-4efa10fc2206">The big story</h3><h2 id="b6355757-303a-4d1d-ae3a-b8115cb70f14">Back to the negotiation table</h2><div type="image" title="Goldman Sachs' CEO Jamie Dimon" height="874" width="1166" msid="111789521" hostid="261" sizebytes="110242"></div>The M&amp;A drought that's kept investment bankers on the sidelines is on its last legs, according to Wall Street's top dealmaker.Goldman Sachs' CEO David Solomon <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">offered an optimistic view on the dealmaking landscape</a> during the bank's second-quarter earnings calls on Monday, writes Business Insider's Reed Alexander.Solomon said the bank is seeing a "backlog" of transactions, calling it the "early innings" of a turnaround for a sector that's been all but dead over the past few years.If anyone would know about M&amp;A's return, it's Goldman Sachs. The bank traditionally sits atop league tables ranking advisors of deals. Reed previously spoke to a dozen insiders about <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">how Goldman bankers are raring to go</a> after a tumultuous few years for the firm.But even if Solomon's prediction is self-serving, that doesn't make it wrong. The bank's underwriting revenue rose 39% last quarter thanks to more leveraged finance. Translation: Private-equity firms, whose inactivity has been a big piece of the M&amp;A slowdown, are borrowing cash in preparation to cut deals.An M&amp;A return isn't just good for bankers. The lack of deals has been a massive dam to the flow of the broader economy.When dealmaking comes back, founders and early employees of startups can cash out and move on to fresh projects. Larger companies can make acquisitions that help them push into new areas.<div type="image" title="Wall Street sign surrounded by a pile of cash" height="900" width="1200" msid="111789523" hostid="261" sizebytes="65158"></div>The return of deals is one thing. Getting them done is something else entirely.The last time M&amp;A came back in a big way after a downturn was in the aftermath of the pandemic. By early 2021, junior bankers <a target="_blank" href="https://www.businessinsider.com/wall-street-junior-investment-bankers-burnt-out-demoralized-pandemic-2021-3">were burnt out from the onslaught of deals</a> they were working on.Goldman sat at the center of it. Some of the bank's young employees made <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-analysts-wfh-expenses-equipment-junior-banker-wall-street-2021-3">presentations</a> — How else do you expect a banker to communicate? — outlining their complaints to senior management, <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-ceo-responds-junior-analysts-work-conditions-2021-3">which eventually leaked and went viral</a>.A September rate cut and switch to a deal-friendly White House in November are near-term sparks that would set the industry off and running quickly again.But the <a target="_blank" href="https://www.businessinsider.com/wall-street-transfixed-by-bofa-banker-leo-lukenas-untimely-death-2024-5">untimely death of a Bank of America investment banker</a> in early May put Wall Street's working conditions back in the spotlight. So this time around, banks might look to AI for help.Solomon said on Monday's call he sees AI helping "the factory of the business" by <a target="_blank" href="https://www.businessinsider.com/goldmans-sachs-george-lee-ai-tools-for-workforce-2024-6">prepping info for clients</a>.That's the type of work that often falls to junior bankers. Analysts are responsible for building out presentations ahead of client meetings, during which more senior bankers lead.While junior bankers might appreciate some help, it could ultimately spell trouble for them. The more work banks can farm out to generative AI, <a target="_blank" href="https://www.businessinsider.com/how-ai-will-change-the-investment-banking-career-path-2023-9">the less need they'll eventually have for them altogether</a>.<h2 id="bf15597b-307d-4d7b-9a94-f4fb9960f7bc">3 things in markets</h2><div type="image" title="Photo illustration of George Milling-Stanley." height="3000" width="4000" msid="111789517" hostid="261" sizebytes="658312"></div><ol><li>The "Trump trade" is in full swing. The failed assassination attempt of the former president is impacting the market, as investors reposition their portfolios for <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-trade-dominate-markets-weekend-shooting-bitcoin-dollar-inflation-bonds-2024-7">Donald Trump's potential return to the White House</a>. In the short-term, one asset is thriving: <a target="_blank" href="https://www.businessinsider.com/why-bitcoin-is-surging-after-donald-trump-assassination-attempt-2024-7">bitcoin</a>.</li><li>Why investors should be going for the gold, literally. George Milling-Stanley, State Street's chief gold strategist, believes the precious metal's price could rise more than 10% before year-end, reaching $2,700 per ounce. He made his case for why future rate cuts and geopolitical tension <a target="_blank" href="https://www.businessinsider.com/gold-price-prediction-outlook-2700-state-street-top-strategist-stanley-2024-7">will be beneficial for gold</a>.</li><li>Coatue's founder on the art of "buying high and selling low." French billionaire Philippe Laffont said at a recent conference there is no shame in investing in stocks that are already up big. It's why he sees no problem with the <a target="_blank" href="https://www.businessinsider.com/coatue-philippe-laffont-ai-impact-emw-conference-2024-7">astronomical rise of some big semiconductor companies' stock prices</a>. "If there is a bubble, it's not a valuation bubble," Laffont said.</li></ol><h2 id="399700ae-6739-4b82-997b-87d16dab2f31">3 things in tech</h2><div type="image" title="A pixelated briefcase" height="1500" width="2000" msid="111789524" hostid="261" sizebytes="11358"></div><ol><li>For Gen Z jobseekers, tech's vibes have gone rancid. Tech is losing its luster among high-achieving high schoolers. Promising young Gen Zers are turned off by the industry's ethical problems and non-commitments — <a target="_blank" href="https://www.businessinsider.com/gen-z-hot-jobs-tech-layoffs-healthcare-government-careers-2024-7">and they see one surprising sector as a viable alternative</a>.</li><li>Laid-off DEI chief blasts Microsoft for reneging ethical commitment. After Microsoft gutted an entire diversity, equity, and inclusion team, the team's leader skewered the company in an <a target="_blank" href="https://www.businessinsider.com/microsoft-layoffs-dei-leader-email-2024-7">internal email sent to thousands of employees</a>. The leader accused the giant of failing to invest in DEI and backsliding on its 2020 commitments.</li><li>A big potential acquisition for Google could lead to a regulatory showdown. The tech giant is eyeing a $23 billion deal to acquire the cybersecurity startup Wiz. If approved, it would be the company's biggest acquisition ever. Here's why Google's <a target="_blank" href="https://www.businessinsider.com/google-wiz-deal-cybersecurity-cloud-computing-ai-risks-regulatory-battle-2024-7">willing to risk the wrath of the FTC</a> to do it.</li></ol><h2 id="520641b9-bddd-41a5-98bf-45f262a23ed7">3 things in business</h2><div type="image" title="Graham Weaver on a green background" height="1500" width="2000" msid="111789519" hostid="261" sizebytes="269684"></div><ol><li>A key shift in strategy (thanks to some coaching) revolutionized a private-equity firm. Alpine Investors, the firm behind a prestigious <a target="_blank" href="https://www.businessinsider.com/alpine-investors-ceo-training-program-application-interview-tips-2024-6">CEO-in-training program</a>, struggled until it started working with executive coaches. <a target="_blank" href="https://www.businessinsider.com/executive-coaching-benefits-according-to-graham-weaver-ceo-alpine-investors-2024-7">The result was a new focus on talent</a> that launched the firm to new heights.</li><li>What's Vivek doing with BuzzFeed? Vivek Ramaswamy spent millions snapping up the media company's shares in what seemed like a takeover attempt. But one of the deadlines he set has come and gone with no change whatsoever, <a target="_blank" href="https://www.businessinsider.com/vivek-ramaswamy-buzzfeed-july-15-deadline-2024-7">which leaves us wondering: Now what?</a></li><li>BlackRock CEO says the answer to the US' debt problem is deregulation. In a CNBC appearance, Larry Fink said growth led by the private sector is essential to escape the rising national deficit. But that can only be achieved <a target="_blank" href="https://www.businessinsider.com/us-deficit-debt-crisis-regulation-business-trump-biden-fink-7">if businesses aren't restrained by overregulation</a>, said Fink, who also argued against tax cuts and tax raises</li></ol><h2 id="2223dfc3-0ed3-43ea-a30e-11e814819d19">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/donald-trump-luck-classified-documents-assassination-debate-2024-7">For 18 unprecedented days, Trump has kept coming out on top</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-email-trump-assassination-attempt-shooting-2024-7">Read the email CEO Jamie Dimon sent to JPMorgan employees after the assassination attempt on Trump</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/donald-trump-new-speech-rnc-assassination-attempt-2024-7">Trump says he'll give a 'whole different speech' at the RNC after assassination attempt</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/the-delivery-reckoning-is-here-doordash-uber-instacart-gig-work-2024-7">The delivery reckoning is here</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/inflation-surge-pricing-dynamic-prices-save-money-walmart-wendys-risks-2024-7">Wendy's CEO got ripped for pushing dynamic pricing. It could be coming to a store near you</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/ai-startup-anysphere-raises-a-new-funding-round-from-a16z-2024-7">Exclusive: AI coding startup Anysphere is raising a new funding round with at least a $400 million valuation from A16z</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/disney-internal-slack-message-data-leaked-in-hack-2024-7">Disney's internal Slack message data leaked in latest hack targeting a major company</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chatgpt-gpt-4o-productivity-hacks-for-work-2024-7">4 ways OpenAI's newest AI model GPT-4o can make you more productive at work</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-says-tesla-robotaxi-event-delay-due-to-redesign-2024-7">Elon Musk says Tesla needs 'extra time' to redesign the front of its Robotaxi before the big reveal</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amazon-flex-delivery-workers-plan-early-morning-shifts-prime-day-2024-7">Amazon Prime Day delivery workers say they're planning to grab early-morning shifts and take toilet paper with them</a>.</li></ul><h2 id="8ee86193-926e-4e74-a8ac-ce17538dec79">What's happening today</h2><ul><li>It's Amazon Prime Day.</li><li>Morgan Stanley, Bank of America, UnitedHealth and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> report earnings.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Goldman Sachs CEO David Solomon is predicting the long-awaited return of M&A

Her long-cherished Olympic dream shattered by a cruel twist of fate, <keyword id="19895499" type="General" weightage="100" keywordseo="Vinesh-Phogat" source="keywords">Vinesh Phogat</keyword> on Thursday bid adieu to her international wrestling career, saying she doesn't have the strength to continue anymore. The 29-year-old, who was disqualified for being 100gm overweight ahead of her 50kg category gold medal bout in the Olympics on Wednesday, announced her decision on social media, seeking forgiveness from everyone who supported her. Addressing her mother Premlata, Vinesh wrote, "Ma, wrestling has won, I have lost. Please forgive me, your dreams and my courage, everything is broken." "I don't have any more strength now. Goodbye wrestling 2001-2024. I shall be indebted to you all. Forgive (me)," added the two-time world championships bronze-medallist. <div type="twitter" handle="Phogat_Vinesh" handlename="Phogat_Vinesh" favoritecount="0" retweetcount="0" id="1821332432701779982"></div> Her stunning decision comes a day after Vinesh appealed against her disqualification from the Olympic finals on Wednesday in the Court of Arbitration for Sports (CAS), demanding that she be awarded a joint silver medal. An ad-hoc division of the CAS, which has been set up here for resolution of any disputes arising during the Olympic Games or during a period of 10 days preceding the Opening Ceremony, will take up her appeal in the next few hours. She spent a good part of the day at a polyclinic inside the Games village owing to severe dehydration caused by her desperate measures to make the cut, which included going hungry, avoiding fluids and staying up all night to sweat it out. Cuban wrestler Yusneylis Guzman Lopez, who lost to Vinesh in the semifinals, replaced her in the final against American Sarah Ann Hildebrandt. Hildebrandt won the bout to claim gold and Vinesh is now banking on CAS to be a joint silver-medallist with Lopez. However, the sport's international governing body, United World Wrestling (UWW) has made it clear on its part that the current weigh-in rule will not be changed as of now. "On IOA's suggestion that a wrestler's results from the day on which the athlete met the weigh-in requirements should not be disqualified, the UWW President was sympathetic. "UWW will also discuss the suggestion at an appropriate platform but it could not be done retrospectively," the world body said in a statement late on Wednesday after its President Nenad Lalovic met IOA chief P T Usha. Vinesh had scripted history by becoming the first Indian woman wrestler to reach the gold medal bout in her category on Tuesday night. She was assured of at least a silver medal before the disqualification. Vinesh is a three-time Olympian and has won gold medals in both the Asian and Commonwealth Games. For the past one year, she had also been the face of fierce protests against former Wrestling Federation of India head Brij Bhushan Sharan Singh, who has been accused of sexual harassment by women grapplers. Vinesh, who has always competed in the 53kg category, was forced to come down to 50kg just months before the Games after the Paris quota place in that division was locked by Antim Panghal. Panghal lost in the opening round itself and is facing deportation after trying to facilitate her sister Nisha's access to the Games Village on her accreditation card.

"Ma, wrestling has won, I have lost": Vinesh Phogat says goodbye to wrestling in a heartbreaking post

Chennai on Sunday witnessed a rain-free morning, but cloudy weather returned ahead of the Indian Premier League (IPL) 2024 final between <keyword id="6354467" type="General" weightage="20" keywordseo="kolkata-knight-riders" source="Orion">Kolkata Knight Riders</keyword> (KKR) and <keyword id="1494441" type="General" weightage="20" keywordseo="sunrisers-hyderabad" source="Orion">Sunrisers Hyderabad</keyword> (SRH) at the <keyword id="20899355" type="General" weightage="20" keywordseo="ma-chidambaram-stadium" source="keywords">MA Chidambaram Stadium</keyword>. As per ESPNcricinfo, KKR's training session was disturbed by a sharp spell of rain lasting over an hour. However, at the time of 1 pm on Sunday afternoon, the rain peril appeared to be removed, having just a 4 per cent chance of precipitation according to Accuweather. In case the weather becomes the hurdle in the summit clash, there is a provision for a <keyword id="21810472" type="General" weightage="20" keywordseo="reserve-day" source="keywords">reserve day</keyword>. Notably, the 2023 <keyword id="19931" type="General" weightage="20" keywordseo="IPL-final" source="Orion">IPL final</keyword> in Ahmedabad went into the reserve day, where due to the rain the match was pushed to the finish of the match. In the match, Chennai Super Kings (CSK) chased down the revised total target of 171 in 15 against Gujarat Titans (GT) - at 1:35 am on what was actually day three. KKR finished the league stage on the top of the points table with nine wins, three losses and two no results, giving them 20 points. They earned a direct spot in the final by defeating SRH in the qualifier one. SRH got a second shot at the title in the qualifier two against Rajasthan Royals (RR) and they made the most of it by defeating the Men in Pink by 36 runs. Meanwhile, SRH captain Pat Cummins remarked that his golden run as captain in all formats of cricket has to end at some point in time. "It has been great. The run has got to stop at some point. It has been a great couple of years. I had not captained in T20 before this tournament. I did not know what to expect. It is quite fast-paced (in T20Is). Drawing on ODI captaincy last year, it (T20Is) did not feel too foreign," Cummins said in the pre-match press conference. The pitch for the final is a red-soil strip which was also used for CSK's match against Punjab Kings (PBKS) on May 1. On the playing surface, KKR captain Shreyas Iyer the wicket is different from what it was yesterday during the qualifier two between SRH and Rajasthan Royals (RR). "It is red soil, yesterday it was black. Looking through TV, we thought dew was going to play a role, but it did not the ball started spinning," he concluded. Irrespective of who comes out on top, the cricket fans and the sport itself will win, fortunate enough to witness what could the final game of a game-changing IPL.

IPL 2024 final: Will rain play spoilsport in blockbuster title clash between KKR-SRH?

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/jack-ma-alibaba#ma-stepped-down-from-his-post-as-ceo-in-2013-9">Jack Ma</a> has some words of encouragement for Alibaba Group employees.</li><li>In a roughly page-long memo, he addressed the company's shortcomings, Reuters reported.</li></ul>Alibaba employees received a rare memo from cofounder Jack Ma, and the message was motivational.Ma spent years out of the public eye but <a target="_blank" href="https://www.businessinsider.com/jack-ma-teacher-alibaba-tech-titan-high-tech-farmer-agriculture-2023-12">resurfaced with some appearances and quiet business moves</a> in 2023. His most recent venture into the spotlight is a long message shared to employees on an internal Alibaba forum, Reuters <a target="_blank" href="https://www.reuters.com/business/retail-consumer/alibaba-founder-jack-ma-steps-out-shadows-with-long-internal-post-2024-04-10/">reported</a>.He acknowledged Alibaba's past mistakes, but the former CEO had kind words for the new chief executive Eddie Wu and <a target="_blank" href="https://www.businessinsider.com/billionaire-joe-tsai-wnba-charter-planes-avoid-team-travel-disasters-2021-10">Chairman Joe Tsai</a>."This year, amid the many doubts and pressures on the company internally and externally, I saw the birth of a strong and brave Alibaba team," Ma said in the memo viewed by Reuters, which reported it was the longest from Ma sent in five years.It has been a tough year for his company, which announced a big shake-up in March 2023 that entailed <a target="_blank" href="https://www.businessinsider.com/alibaba-new-ceo-eddie-wu-cofounder-jack-ma-2023-6">Alibaba Group dividing into six new groups</a>. The company appointed Wu CEO months later.Although Ma reportedly praised the restructuring in his page-long memo, he still encouraged Alibaba to right issues from the past.Since 2021, the company has dealt with scrutiny from the Chinese government, <a target="_blank" href="https://www.businessinsider.com/jack-ma-alibaba-group-28-billion-antitrust-fine-china-2021-4">a $2.8 billion antitrust fine, </a>and successful rivals in e-commerce. Around the same time, Ma began to retreat from the public eye."We must not only have the courage to admit and correct yesterday's problems in a timely manner but also make reforms for the future," he said, according to Reuters.Over the past three years, Alibaba has faced fierce competition in the <a target="_blank" href="https://www.businessinsider.com/jack-ma-alibaba-pdd-temu-market-value-shares-china-tech-2023-12">Chinese e-commerce space</a>. Ma congratulated PDD Holdings — Temu's parent company — in a previous memo to employees one day before the company surpassed Alibaba in market value.Ma once had plans to sell his shares in Alibaba, but reversed them when he began buying more in Q4 of 2023. He spent an estimated $50 million Alibaba shares, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-earnings-01-24-2024/card/alibaba-stock-rallies-after-jack-ma-buys-shares-PdZIZwLpLbBI6KMmM5m2">reported</a>.

Jack Ma sends longest memo to Alibaba employees in 5 years

<ul class="summary-list"><li>The US oil boom is set to fade because of an M&amp;A bonanza. </li><li>Public companies are buying up private oil firms responsible for a blockbuster 2023 for US oil.</li></ul>The US oil boom was a major story for energy markets in 2023, and the record output from American producers caught many by surprise. But don't expect this year to be a repeat, energy experts say, and there's one big reason why US supply could be crimped: M&amp;A. In 2024, there has already been $55 billion worth of merger deals announced in the oil and gas exploration sector, according to analytics firm Enverus. In 2023, there was a total of $190 billion worth of mergers and acquisitions announced, the <a href="https://www.enverus.com/newsroom/144b-of-transactions-in-recording-setting-4q23-for-upstream-ma/">highest on record for the sector.</a>That's a game changer for US oil production growth.Driving last year's oil boom was growth from private companies, like Endeavor Energy Resources and CrownRock. The top five privately held oil exploration and production companies (E&amp;Ps) have represented a combined third of annual Permian crude production growth on average since 2019, according to Rapidan Energy.Then the tides began to shift. Last year, ExxonMobil announced it was buying Pioneer, a move that would give it access to a major chunk of US oil inventory in the Permian Basin. Shortly after, Chevron said it was buying Hess. This year, Diamondback has announced it is buying Endeavor, and Occidental is set to acquire CrownRock.<div type="image" title="Deal values per quarter, broken down into share of transaction by buyer and seller peer groups" height="638" width="1390" msid="108353706" hostid="261" sizebytes="28414"></div>With larger public companies cannibalizing private operations, <a href="https://markets.businessinsider.com/news/commodities/us-crude-oil-price-outlook-production-supply-outflows-market-eia-2024-2">US oil production growth</a> is expected to flatten."The core drivers behind last year's production surge – private E&amp;P output growth, improved drilling and completion efficiencies, and a rapid drawdown of drilled but uncompleted (DUC) wells – are unlikely to repeat, leading to a deceleration in growth this year," Rapidan analysts said in a note last month.Unlike the US's crude oil production growth of 1 million barrels of oil a day last year, Rapidan forecasts that slowing to 300,000 barrels per day in 2024.Diamondback's deal to buy Endeavor is expected to shift one of the last large private sources of Permian acreage — the epicenter of the oil boom — into the hands of a public company. According to Morningstar, Diamondback and ExxonMobil now control about 50% of the Midland side of the Permian Basin.Public and private companies have very different financial priorities."Public firms are largely seeking to cut costs, reduce drilling activity, and maximize returning cash to shareholders," a Morningstar oil outlook report stated. "This is in sharp contrast to private entities, which were far more focused on growth over the past few years since they did not have to deal with public shareholders."That has implications like reducing the number of oil rigs, Morningstar analyst Stephen Ellis explained."They're going to cull the number of rigs that are drilling some of the least-profitable, lowest-return type wells that might have been efficient for a private producer to produce, but wouldn't necessarily meet a US public producer's standards," Ellis said.It's a principle followed by many large companies, known as "capital discipline," which means focusing less on output volume and prioritizing bang for the buck.Take the example of Endeavor, an oil company that has added 100,000 to 200,000 barrels of oil a day to oil output on average since 2019."Diamondback, who has followed capital discipline, who has committed to that strategy, who has kept production growth low while return cash to shareholders — that 200,000 barrels a day that they acquired will hypothetically fall under that capital discipline strategy," Hunter Kornfeind, a Rapidan Energy oil analyst, said.In a <a href="https://www.diamondbackenergy.com/news-releases/news-release-details/letter-stockholders-issued-diamondback-energy-inc-2#:~:text=As%20a%20result%20of%20this,year%2C%20despite%20closing%20two%20acquisitions.">letter to shareholders</a> on Feb. 20, Diamondback wrote that it plans to keep 2023 fourth-quarter oil production flat with less capital than last year, emphasizing their "commitment to capital efficiency and 'value over volumes.'"Unlike private companies, public firms have to care about things like dividends and stock prices. So while a private company could ramp up production when oil prices are high, public companies don't have the same leeway. "These wildcat private producers that have been just ramping up production because WTI [crude oil] has been $80 to $120 over the past three years, can't do that anymore," Kornfeind said.The wave of M&amp;A has drawn scrutiny from Democrats in Congress. This week, 50 lawmakers led by Chuck Schumer have <a href="https://www.bnnbloomberg.ca/schumer-calls-on-ftc-to-investigate-wave-of-oil-company-mergers-1.2043494">called on the FTC to investigate</a> the dealmaking boom in the sector.

A wave of M&A means the US oil-production boom may be over

New Delhi, M&amp;A deal value in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> fell 27 per cent in 2023 to USD 136 billion but the deals market is expected to remain steady in the current year, Deloitte India said in a report on Monday. "Amidst significant global challenges posed by high-interest rates, macroeconomic uncertainty, regulatory scrutiny, and geopolitical risks, India's M&amp;A landscape stood resilient in 2023," 'India M&amp;A Trends 2024' report said. "Despite global economic and geopolitical challenges, India's deals market is expected to remain steady, reflecting strong confidence from businesses and investors amidst a global economic slowdown," it added. In 2024, M&amp;A (Merger and Acquisition) momentum is expected to remain steady with the manufacturing sector, driven by automotive, with deal growth expected in auto-components and <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs). Also, the government's proactive initiatives to promote clean energy are expected to catalyse a significant rise in M&amp;A within the energy sector. M&amp;A in the financial services sector is anticipated to be driven by large-scale consolidations and responses to regulatory shifts. Private Equity (PE) is projected to remain consistent in 2024, while deal momentum is expected to revive post-2024, supported by flattening interest rates and recovering economic growth. <keyword id="20733110" type="General" weightage="20" keywordseo="sumeet-salwan" source="keywords">Sumeet Salwan</keyword>, <keyword id="19964686" type="General" weightage="20" keywordseo="partner" source="keywords">Partner</keyword>, Consulting, Deloitte India, said, "The global challenges posed by high interest rates, macroeconomic uncertainty, and geopolitical risks, that characterised 2023 are expected to continue into 2024 as well. While the global M&amp;A market remains soft, Indian companies continue to be steered by a strong domestic economy. They may increasingly see M&amp;A as a crucial strategy to help them expand, integrate supply chains, and reinforce market positions." According to the report, M&amp;A deal value in India reduced to USD 136 billion in 2023 from USD 186 billion in 2022. Financial services, technology, media, and telecom (<keyword id="20147197" type="General" weightage="20" keywordseo="tmt" source="keywords">TMT</keyword>) continue to be the top sectors driving M&amp;A. Financial services sector witnessed a 45 per cent decline in deal value and a 23 per cent increase in deal volume from 2022. TMT sector encountered a 33 per cent YoY (Year on Year) reduction in deal value, while deal volume fell 34 per cent. Overall cross-border deal value declined 11 per cent in 2023. However, inbound deals saw significant growth, with their share increasing to 41 per cent from 27 per cent in 2022, it said, adding that outbound M&amp;A deal value experienced a notable 49 per cent decline compared to 2022. The energy sector saw a sharp 63 per cent increase in deal value in 2023 as compared to 2022, driven by renewable energy and rising interest in clean energy from foreign investors. The construction and transport sector witnessed a 44 per cent decline in deal value compared to 2022. The sector also had the highest share in outbound deal value, contributing 29 per cent to the same. The medical and pharma sector witnessed a 17 per cent fall in deal value from 2022, driven largely by strategic buyers seeking to expand scale. The industrial and manufacturing sector witnessed a significant 33 per cent and 22 per cent rise in deal value and volume, respectively, in 2023 compared to 2022. "The rise in the manufacturing sector was driven by the automotive segment," the report said.

M&A deal value in India drops 27% in 2023 says Deloitte report

<ul><li>In the year-till-date, 1,321 deals were recorded amounting to $45.9 billion.</li><li>That’s 62% lower in value, and 29% lower in volume as compared to 2022.</li><li>November’s deal value went up 143% MoM, even as volumes fell. </li></ul>India’s deal making activity saw a surge in November — both in terms of value and volume. With only one month to go, the deal-making activity is unlikely to reach 2022 levels for the full year, let alone surpass it, as per <keyword id="131240" type="General" weightage="20" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword>. The calendar year so far has seen 1,321 deals amounting to $45.9 billion. That’s 62% lower in value, and 29% lower in volume as compared to the same period last year. “The prevailing economic factors, including rising inflation, soaring gold prices, and escalating interest rates, suggest a challenging environment. The strength of the dollar and more stringent global financial conditions pose additional threats affecting capital flows and investor risk sentiments,” says Shanthi Vijetha, partner at Grant Thornton Bharat. November makes its mark with big deals In November 2023, 132 deals were sealed, amounting to $6.5 billion. This is the second best month of the year, after August. Thanks to big ticket deals, November’s deal value went up 143% on a month-on-month basis, even as volumes fell 21% from October. “This month set a record for the highest mergers and acquisition values in 2023, reaching a remarkable four-billion-dollar mark in a single month,” said Vijetha. The biggest deal of the month is Siemens AG increasing its stake in Siemens to 69% for $2.28 billion. This transaction alone was responsible for 35% of the month’s overall values. The other top deals include transactions in the financial sector – like AU Small Finance Bank’s acquisition of Fincare Small Finance Bank for $529 million. Zurich Insurance also acquired a controlling stake in Kotak General Insurance for $494 million. The inbound space drove the values with a 63% contribution while continuing the trend. Domestic deals dominated in terms of deal volumes with a 78% contribution. November deal tracker <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of deal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Volume </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4.4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 81 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPOs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIPs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">132 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.5 billion </td></tr></tbody></table>Source: Grant Thornton Size does matter with <keyword id="124574" type="General" weightage="20" keywordseo="pe-deals" source="Orion">PE deals</keyword> As many as 81 PE deals were closed during the month, totalling $2.1 billion. While there was a 28% decline in PE volumes compared to October 2023, the values stood unchanged – indicating that big deals are back. The average deal size for November 2023 reached $26 million, marking an increase compared to the preceding months. Three of the top five PE deals were above $200 million – including Blackstone acquiring a stake in Quality Care, undisclosed investors buying a stake in PhamEasy and Alta Capital’s acquisition of Capella Eduinfra. As compared to September 2023, November the month witnessed a 15% increase in values, driven by four high-value deals totalling $1.4 billion.

India’s deal activity in the slow lane in 2023 both in value & volume

<ul class="summary-list"><li>Alibaba cofounder Jack Ma just set up a new company called "Hangzhou Ma's Kitchen Food," per media reports.</li><li>It's involved in sales of pre-packaged food and the processing and retail of agricultural products, per SCMP.</li></ul>For years, Alibaba cofounder <a target="_blank" href="https://www.businessinsider.com/inspiring-life-story-of-alibaba-founder-jack-ma-2017-2">Jack Ma</a> has been the poster boy for China's tech industry — but it looks like he's moving on to the food business.On Wednesday, Ma incorporated a company called "Hangzhou Ma's Kitchen Food" in the city where Alibaba is based, according to <a target="_blank" href="https://www.yicaiglobal.com/news/alibaba-founder-jack-ma-enters-ready-meals-sector">media reports.</a> Hangzhou is also Ma's hometown.The company's registered capital is 10 million Chinese yuan, or $1.4 million, Alibaba-owned <a target="_blank" href="https://www.scmp.com/tech/big-tech/article/3242821/alibabas-jack-ma-has-new-venture-selling-pre-packaged-food-amid-bets-agriculture-leaving-e-commerce">South China Morning Post</a> reported, citing the official National Enterprise Credit Information Publicity System, a corporate registry.Hangzhou Ma's Kitchen Food is wholly owned by Ma's investment vehicle, Hangzhou Dajingtou. No 22 Arts and Culture. The company is involved in the sales of pre-packaged food and the processing and retail of agricultural products, per SCMP.Ma's interest in agriculture appears to have taken off in the wake of the government's crackdown on his businesses, which started in 2020 after he <a target="_blank" rel="noopener nofollow" href="https://www.hkubs.hku.hk/people/jack-ma/">angered Beijing</a> with a critical speech about China's financial-regulatory system.The tech titan — who's known for his outspoken and <a target="_blank" rel="" href="https://www.businessinsider.com/alibaba-founder-jack-ma-steps-down-from-460-billion-empire-2019-9">flamboyant</a> personality — vanished from public view for two years after the crackdown. His personal wealth also <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jack-ma-alibaba-ant-financial-criticism-beijing-valuation-net-worth-2023-7">tanked</a>, and his companies lost hundreds of billions of dollars. He's kept a low profile ever since, making only <a target="_blank" href="https://www.businessinsider.com/jack-ma-alibaba-founder-back-china-anger-beijing-disappear-public-2023-3">rare public appearances</a>.Instead, over the last few years, he has been traveling the world while studying agrotech.<a target="_blank" href="https://www.scmp.com/business/companies/article/3152901/jack-ma-study-tour-agriculture-europe-alibabas-founder-travels">In October 2021,</a> Ma was in Spain learning about agriculture and technology related to environmental issues. He has also traveled to the <a target="_blank" rel="noopener nofollow" href="https://www.wur.nl/en/newsarticle/jack-ma-visits-wur-to-learn-more-about-sustainable-food-production.htm">Netherlands</a>, <a target="_blank" rel="" href="https://www.businessinsider.com/alibaba-jack-ma-tokyo-japan-china-beijing-tech-crackdown-2022-11">Japan</a>, and <a target="_blank" rel="" href="https://www.businessinsider.com/jack-ma-appears-resurface-thailand-gives-up-control-ant-group-2023-1">Thailand</a> to study agrotech.In May, Tokyo College <a target="_blank" rel="noopener nofollow" href="https://www.tc.u-tokyo.ac.jp/en/9351/">announced</a> that Ma would be taking up a teaching position while researching sustainable agriculture and food production.In January, he was in <a target="_blank" href="https://www.businessinsider.com/jack-ma-appears-resurface-thailand-gives-up-control-ant-group-2023-1">Thailand,</a> where he dined with Supakit Chearavanont, the chairman of Charoen Pokphand Group, a major <a target="_blank" href="https://www.feedstrategy.com/business-markets/feed-production-by-region/article/15443042/top-feed-companies-144-global-producers-rank-in-2022">animal feed producer</a>.Ma retired from Alibaba in 2019. His foundation, the Jack Ma Foundation, did not immediately respond to a request for comment from Business Insider.Correction: November 27, 2023 — An earlier version of this story stated that the registered capital of Hangzhou Ma's Kitchen Food is 10 million Chinese yuan, or $1.4 billion. It is $1.4 million, not $1.4 billion.

Jack Ma, the poster boy of China's tech scene, is moving into the food business

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.<ul class="summary-list"><li>PwC expects dealmaking to ramp up with war chests of cash on the sidelines ready to be deployed.</li><li>Companies are "figuring out which businesses are better in their hands versus someone else's hands."</li></ul>PwC expects M&amp;A activity to "emphatically" pick up.<a target="_blank" href="https://www.pwc.com/gx/en/services/deals/trends.html">Dealmaking</a> was busy in 2021 and 2022, with "massive amounts of capital" deployed, <a target="_blank" href="https://affiliate.insider.com?h=1230c7154a772256105d7a24fc32cdaaf5bb5b822f26fc18decb8bda911ac930&amp;postID=6515e921b970ec721e96f570&amp;postSlug=dealmaking-activity-outlook-mergers-will-pick-up-bullish-pwc-2023-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fneildhar%2F">Neil Dhar</a>, vice chairman and co-head of consulting at PwC, told Insider. Of course a natural slowdown followed, he said.Many companies, having "done just fine" on recent fundraising tours, have built up war chests of capital they're now ready to deploy."I think now they feel a lot more comfortable about the deal markets," he said."We have a ton of capital on the sidelines," he added. That's both cash on corporate balance sheets and in private equity. "I'm a big believer that private capital is — has been — and will continue to be a massive stimulant of the economy — of overall growth and deal activity."Dealmaking has dried up this year. The total value of M&amp;A fell to $732.82 billion in the second quarter of 2023 from $1.14 trillion in the second quarter of 2022, according to Dealogic data as of June 29, Reuters said.Companies have had time to adjust, though, and as we head into the final quarter of the year, they're more comfortable with the way the market is now. Everyone, including CEOs understand that high interest rates and relatively high inflation are here to stay."We know now the tight band of what the Fed is going to do and what interest rates are going to look like," Dhar said.This means that sellers understand they're "not going to get 2021-2022 prices," so the gap between buyers and sellers "is starting to equalize."Dhar said corporate clients are reviewing portfolios and "figuring out which businesses are better in their hands versus someone else's hands."He pinpointed healthcare — specifically biotech, broader biology, and life sciences — as an industry poised to bounce back from a slow period.And like many others, Dhar is bullish on the future of generative AI, as well as so-called cyber and climate businesses."These are all going to fetch massive valuations," Dhar said.He continued: I'm very bullish that the M&amp;A market will come back later this year or early next. And I think you'll see things like the capital markets IPOs and things come back toward the back end of '24."

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You Searched For "MA" and got 14 results

An incoming 'M&A supercycle' wouldn't just be a win for dealmakers

Dan DeFrancesco

Global M&A market dropped by 15%, the lowest in a decade!

Prerna Tyagi

WPP's former dealmaker is joining investment bank Canaccord Genuity — a sign advertising M&A could heat up

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70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires

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A wave of M&A means the US oil-production boom may be over

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M&A deal value in India drops 27% in 2023 says Deloitte report

PTI

India’s deal activity in the slow lane in 2023 both in value & volume

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Jack Ma, the poster boy of China's tech scene, is moving into the food business

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