☕️ Broken Dreams

Apple scraps driverless vehicle project in favour of Gen-AI.

Good morning.

Apple has finally pulled the plug on its electric vehicle dreams according to Bloomberg, and will instead relocate the (almost 2,000) car team workforce to its generative AI division. The company reached a turning point last month, revising its 10+ year goal of creating a truly driverless car to a less elaborate EV design. It seems the pivot wasn’t enough, and the tech giant told staff yesterday that it will scrap the project altogether. The move is perhaps unsurprising given both the global slowdown in demand for EVs and a monumental surge in appetite for generative AI.  

ASX as at market close. Commodities and crypto in USD.

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Market movers

Reece Limited was an ASX top-performer yesterday as shares jumped over 18% during trading to close at $28.50, after the plumbing supplier reported a first-half profit that beat market expectations. Net profit for the six months to December 2023 rose 20% to $224 million, ahead of analyst estimates. Reece group chief executive Peter Wilson said the company delivered a very solid half-year result despite subdued demand and a softening macro environment.

The quick sync

  • Amazon reported 50% growth in its Australian advertising business last year, cashing in almost $500 million. (Capital Brief)

  • Chinese fast fashion label Shein mulls shifting its IPO from New York to London after facing significant regulatory scrutiny from US regulators. (Bloomberg)

  • The G20 believes the global economy is on track for a soft landing. (Capital Brief)

  • Swedish buy-now-pay-later fintech, Klarna Bank AB, is reportedly moving forward with plans to list in the US with a potential valuation of US$20 billion. (Bloomberg)

  • Sydney construction subcontractor manages to avoid $23 million tax debt after business collapse, claims business sale was “not a phoenix.” (AFR)

Trading floor


  • QANTM Intellectual Property confirms takeover bid, refuses to disclose further details. (AFR)

  • Salter Brothers Tech Fund set to acquire Prospa at $74m. (BNA)

  • PwC seeks a buyer for 1300TempFence, Australia's largest fencing business. (AFR)

  • Jarden's shares unclear financial details amid division sale. (AFR)

  • Allianz Australia is set to sell Hunter Premium Funding. (AFR)

  • Audeara expands into music sector with a $2.1m deal. (BNA)

  • Adbri's independent directors support CRH's $2.1b buyout bid. (AFR)

  • Macquarie Group delays AirTrunk sale to end of next month. (The Australian)

Capital Markets

  • None


  • Tracksuit secures $20.5m Series A led by Altos Ventures and Footwork, with backing from Allbirds and Airbnb alumni. (Smart Company)

People moves

  • Chorus confirms CEO JB Rousselot's departure in April. (Capital Brief)

  • Speculation grows over the new CEO for Growthpoint Australia after Timothy Collyer's departure announcement last July. (The Australian)

  • Former NZ Prime Minister John Key to retire from ANZ boards. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

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