In today’s briefing:
- Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear
- Taiwan Tech Weekly: Samsung Will Keep Expanding Capacity, China Chip Restrictions Tighten Further
- The 10 Defining Market Events of 2022
- What Will Crypto SPACs Look Like in 2023?
Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear
- Freshworks (FRSH US) shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year.
- Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of Freshworks (FRSH US) shares in 2H22. Strong insider buying indicates the stock could hit bottom.
- We estimate Freshworks (FRSH US) crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.
Taiwan Tech Weekly: Samsung Will Keep Expanding Capacity, China Chip Restrictions Tighten Further
- While most of the semi industry is reducing capex due to market weakness — Samsung says it will still expand capacity next year.
- China chip restrictions get more severe — Now Arm is not selling its most advanced chip architectures to Chinese firms.
- TSMC in advanced talks to set up its first European production capacity in Germany.
The 10 Defining Market Events of 2022
- The crypto safe-haven narrative gained traction in the beginning of the year after the start of the Russia-Ukraine war.
- Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.
- Interestingly, the increase was mainly driven by stablecoin volumes rather than BTC, with weekly Tether (USDT) volumes jumping more than five-fold in early March relative to the start of the year.
What Will Crypto SPACs Look Like in 2023?
- If 2021 was the year when crypto SPACs became mainstream, 2022 was the year of what could have been.
- This week, Peter Theil-backed crypto exchange Bullish finally called it quits on its $9 billion merger with Far Peak Acquisition Corp, nearly seventeen months after announcing the transaction in July 2021.
- Bullish isn’t the only though; several large Crypto SPAC transactions, like Circle, Roxe, and eToro, have all been called off their mega-mergers this year due to regulatory hell.
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