A new class of meme stocks has arrived. Trump Media, or DJT, is perhaps the most divorced from fundamentals. The newly-merged SPAC closed yesterday with a nearly $8 billion market cap and is up 17% today. Newly-public Reddit has also been also volatile – up nearly 70% since its IPO but falling 11% today. It all underscores a market that is increasingly driven by momentum… and retail investors. 

Return of the Meme Stock? 3/27/24

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Silicon Valley investors held a mega fundraiser for former President Trump in the heart of San Francisco - what was once an overwhelmingly liberal bastion of America. It’s the most visible sign yet of a growing circle of tech elites switching camps -- and they’re vocal, emboldened and rich. This week on a special edition of  TechCheck, we go to David Sacks’ mansion, as tech shifts to Trump.

TechCheck+ Tech for Trump: Silicon Valley investors turn against Biden 6/7/24

A mega-fundraiser for former president Trump is about to kick off in the heart of San Francisco, what was once a liberal bastion of America, and could raise more than $12 million. Hosted by the prominent venture capitalists David Sacks and Chamath Palihapitiya, the event is an example of a growing circle of tech elites now switching camps – turning against President Biden and warming to Trump.  

Silicon Valley’s Political Shift 6/6/24

It worked the first time -- Elliott Management might be hoping the playbook works again. It's now rebuilding a more than $2 billion stake in Softbank and calling for a $15B buyback after pushing successfully for changes in early 2020. At the center of the push is that Softbank as a whole’s market value is far less than the sum of its parts: its 90% stake in Arm alone is worth more than $100 billion, far more than its market cap of around $85 billion.    

Elliott Takes Aim at Softbank… Again 6/5/24

Elon Musk and Sam Altman are both now facing scrutiny for balancing conflicts of interest with their side ventures. Musk has now seemed to confirm a report that he diverted Nvidia AI chips reserved for Tesla, prioritizing getting them to X and xAI instead, while Altman has a sprawling empire of investments, raising questions of side dealing. The two are also CEOs who best exemplify the Silicon Valley view of the cult of the founder, with some investors willing to look the other way when developing paradigm-shifting technology. 

Elon Musk, Sam Altman and the Cult of the Founder 6/4/24

Spotify is hiking prices for the second time in a year, raising a premium individual plan to $11.99 a month. But not all streamflation is the equal. Users are more loyal to audio services than video – plus Spotify’s main competitors are megacaps like Apple and Amazon, which also have other giant businesses that its audio streaming only compliments. 

Return of the Meme Stock? 3/27/24

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