☕️ AI sigh

Semiconductor stocks shed US$73 billion

Good morning.

Semiconductor stocks fell after the US said it will exports of Nvida’s AI chips to China, the world’s largest market for the product.

The Biden administration will block China’s access to Nvida Corps’s AI chips to cut off its military’s access to semiconductor technology.

China is the world’s largest buyer of AI chips and Nvida designed two of its products specifically for the Chinese market, while two Chinese AI chip companies are also under trade restrictions.

Nvida’s stock fell by as around 7.8% on the news, while semiconductor stocks lost US$73 billion.

*Stock data as of the market close. Commodities and crypto data in USD.

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Market News: The Bapcor share price dropped yesterday as the company revealed a weakening retail market will hamper its full-year result.

The car accessories seller, which operates the Autobarn, Autopro, Midas and ABS brands, blamed inflation as analysts downgraded profit expectations by 14%.

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  • China’s largest property developer Country Garden’s offshore debt will be in default if it does not make an incoming US$15 million payment. (Reuters)

  • Goldman Sachs’ profits slipped 36% in third-quarter profits on a retreat from retail banking and losses on real estate. (Financial Times)

  • European private equity play CVC Capital Partners is reported to be readying its IPO in Amsterdam. (Bloomberg)

  • General Motors will delay opening a Michigan EV factory, which points to a weakening demand and slowing sales. (WSJ)

  • Crypto exchange Binance has halted taking on new UK customers after the Financial Conduct Authority barred its expansion ambitions. (Financial Times)

  • New York VC firm Greycroft is firing five investors after it missed its fundraising targets. (The Information)



  • Digital Classifieds Group is set to purchase Dubizzle's assets in Indonesia and the Philippines. (AFR)

  • Bendix Brakes has tasked Macquarie Capital's bankers with finding a new buyer for the entire business. (AFR)

  • LOVE BUDS and vEEF are combining to form a new entity known as The Aussie Plant Based Co. (BNA)

  • A2 Milk and Synlait are headed into confidential binding arbitration due to their unresolved dispute concerning exclusivity rights in the supply of specific infant milk formula products. (Capital Brief)

  • The Federal Court of Australia has approved the acquisition of Australian mining company Newcrest by US gold corporation Newmont. (Capital Brief)

  • Starboard Value has acquired a stake in News Corp and intends to advocate for significant changes in the media company's structure, governance, and strategy. (Capital Brief)

  • David Di Pilla's HMC Capital has revealed its new 6.54% ownership stake in Ingenia, a land lease communities business, to the public. (The Australian)

  • A private equity firm from the US or Europe is expressing interest in acquiring Sky Network Television. (The Australian)

  • One of the buyout funds seeking Pernod Ricard's assets through JPMorgan and Morgan Stanley is also exploring the possibility of acquiring another wine business in the market. (The Australian)

  • Alternative lenders may join in to finance Whitehaven Coal's anticipated acquisition of BHP's Queensland mines, Daunia and Blackwater. (The Australian)

Capital Markets:

  • Star Entertainment Group raises $750m in equity for a $1.2bn debt refinancing. (BNA)

  • Outland Denim has started a crowdfunding campaign to boost its global brand expansion. (BNA)

  • Nido provided Alceon's investors with an impressive net 80% internal rate of return. (AFR)

  • Salter Brothers is set to launch this week with the aim of securing $50m in commitments for investment in private and publicly traded multi-stage tech companies. (AFR)

  • Canva postpones its IPO until 2025 or 2026 but offers early exit options for employees and VC backers. (AFR)

  • Investors are gauging the market's interest in high-value assets as ISPT presents a $600m portfolio of retail and office properties in Sydney and Melbourne. (SMH)


  • None


  • As Albemarle walks away from Liontown, Gina Rinehart is plotting her next move in lithium. (Capital Brief)

  • Moelis Australia (MA) has appointed Adam Bill, former executive director at Treadstone Resource Partners, as the new resource sector coverage lead and managing director. (AFR)

  • David Marr, the Chief Development Officer at Virgin Australia, who was responsible for leading the airline's proposed IPO, has resigned from his position. (AFR)

  • In 2021, AirTree executed a transaction where they bought and sold Canva stock at the height of the company's valuation. (AFR)

  • Pfizer's $14.2bn sales cut eases investor concerns about its post-pandemic strategy. (SMH)


Whitehaven Coal management is putting shareholder returns and future income at risk. Vote against Resolutions 1 and 2 at the WHC AGM on October 26.