☕️Mind Reader

Good morning.

In a very sci-fi move, Elon Musk’s Neuralink has successfully implanted a chip into a human brain. Musk has previously said the chip’s “ultimate goal” is to achieve symbiosis with AI. The trial (FDA approved of course), aims to help people who’ve suffered traumatic brain injuries to control computers using their mind. However, as Bloomberg points out, despite AI’s potential to unleash endless benefits for productivity, perhaps we should give a little more thought to the paradox that “putting powerful AI into our skulls also brings its risks closer to home.”

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Market movers

Megaport shares shot up 27.61% by close of trading on Tuesday, after posting a strong lift in revenue for Q4 2023. The tech firm reported revenue of $48.6 million for the quarter, a 31% increase from the year prior. Earnings for the quarter jumped to $15.1 million, a leap from just $2.4 million a year earlier. The company said an increase in expenditure was offset by its 5% quarter-on-quarter revenue growth.

The quick sync

• How Australian app developers are wrestling with Apple’s controversial EU rule. (Capital Brief)

• The IMF has upgraded its global growth forecast to 3.1%, saying that the likelihood of a hard landing for the global economy has decreased. (Financial Times)

• US job openings reach three month high ahead of the Federal Reserve’s policy meeting. (Bloomberg)

• The ASX is focusing on convincing local tech startups to call Australia home, rather than shipping their IPOs elsewhere. (Capital Brief)

• The Business Council of Australia has called for a tax reform summit. (AFR)

• Mills Oakley bags another Minter Ellison partner, Taline Chater, for its insolvency team. (Capital Brief)

• Boeing withdraws bid for safety exemption on its 737 Max 7 jet ahead of posting Q4 2023 earnings. (Reuters)

Trading floor

M&A

• City Chic confirms talks on North American business, shares surge 23%. (Capital Brief)

• Luxury rehab center Hills & Ranges Private, founded by Edward Handley, is for sale. (AFR)

• Morgan Stanley's analysis highlights Silver Lake Resources, Cooper Energy, Argosy Minerals, and BlueScope Steel as potential takeover targets. (The Australian)

• Optus is reportedly exploring options to create value for long-time shareholder Singtel, which has held its stake for over 23 years. (AFR)

• Cloudwerx, a Sydney-based IT consulting firm, has acquired Brisbane-headquartered Lightfold for an undisclosed amount. (BNA)

• Steel and recycling firms are expressing interest in acquiring Sims UK Metal, which has been under strategic review since November. (The Australian)

• Hong Kong's TA Associates and Sweden's EQT are eyeing a breakup of venerable financial services titan Perpetual. (AFR)

• Godfreys, the vacuum cleaner retailer, has entered administration, leading to the closure of 54 stores and the loss of nearly 200 jobs within two weeks. (SMH)

• Spheria Asset Management is poised to wield influence in ARN Media's bid to acquire Southern Cross Media Group. (The Australian)

• Macquarie’s Infrastructure and Energy Capital division is set to invest in ultra-fast internet provider, GigaComm. (AFR)

Capital Markets

• Genmin to resume ASX trading, aims for cash flows in 18 months with $30.1m equity raise. (AFR)

• Renault delays Ampere IPO due to market conditions. (Capital Brief)

• Propel Funeral Partners launches $90m equity raise to cut leverage and fund acquisitions. (AFR)

• ANZ plans $1b-plus deal size for latest hybrid issue, which includes reinvestment option for ANZ Capital Notes 4 holders. (AFR)

VC

• Advent Partners kicks off 2024 with investment in MySite. (AFR)

• Yume secures $2m seed funding led by Investible for global expansion. (BNA)

• Eucalyptus is preparing for an $8m share sale, set to benefit its long-serving employees. (Smart Company)

People moves

• None

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The watercooler