In today’s briefing:
- Fuji Soft (9749 JP) – Bain Bumps UnBigly, and FSI Responds
- ServiceTitan IPO: Pricing and First Trading-Day, The Stock Jumped ~42% As A Public Company
- Nvidia Asserts Commitment to Fair Competition Amid China Antitrust Probe
- Tech Supply Chain Tracker (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.
- MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.
Fuji Soft (9749 JP) – Bain Bumps UnBigly, and FSI Responds
- ~4 weeks ago, Fuji Soft Inc (9749 JP) responded to Bain’s Proposal to take over the company but got KKR to bid ¥1 more, then said that covered it.
- The Special Committee then asked the FSI Board to halt further negotiations with Bain, and to ask Bain to destroy all confidential documentation.
- Bain rejected saying it contravened METI Guidelines on Corporate Takeovers and reappeared 2 days ago with a ¥9,600 bid. The structure/details of Bain’s bid was probably a strategy mistake.
ServiceTitan IPO: Pricing and First Trading-Day, The Stock Jumped ~42% As A Public Company
- ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.
- ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.
- The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.
Nvidia Asserts Commitment to Fair Competition Amid China Antitrust Probe
- Nvidia Corp. on Tuesday asserted its commitment to fair competition, after China’s market regulators opened an antitrust investigation into the U.S. chip giant over suspected violations linked to a 2020 deal.
- The probe, announced on Monday by the State Administration for Market Regulation (SAMR), concerns Nvidia’s compliance with the country’s Anti-Monopoly Law and conditions tied to its $6.9 billion acquisition of Israeli network-equipment maker Mellanox Technologies Ltd.
- The deal — the largest acquisition Nvidia has ever made — faced intense scrutiny from Chinese regulators, who conditionally approved it after nearly a year-long process.
Tech Supply Chain Tracker (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.
- Samsung Display appoints new VP to lead strategic product realignment, driving focus on key areas.
- BYD expands EV production in Europe, while Gotion aims for battery growth in Morocco and Slovakia.
- Google unveils Gemini 2.0 and next-gen TPU Trillium, ushering in the era of AI agents; Morris Chang shares insights on Intel’s leadership crisis. Samsung shifts 2,000 engineers to Pyeongtaek to tackle HBM hurdles.
MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.
- Although the outlook for 1Q25 might be somewhat negative, we believe that it is a reasonably typical result.
- We understand that MediaTek did not succeed in qualifying its Apple iPad and iWatch CPUs originally, but we believe it is now preparing for a re-qualification process.
- Looking ahead to 2025, we anticipate a more favorable outlook for MediaTek.
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