Sunday, December 24, 2023

Shipping chaos continues / OpenAI's potential $100B valuation round / Universal looks to beat Disney

Plus: Super Saturday's effect on the retail industry

Inside Business

For December 24, 2023

Let us look at what you need to know about the world of business to start your week.

Happy holidays!

Arbër
p/Arber

What to look for: The world's largest shipping transportation company, MSC, along with numerous others, has stopped traveling via the Suez Canal due to attacks from Houthi militants who have vowed to attack any ship that has ties with Israel in any way. The event has caused a major logistical challenge as these ships now have to travel through Africa, resulting in an increase in costs. Expect more news on the potential rise in prices for essential products and port traffic.

What to look for: OpenAI is looking to raise a new funding round at a $100B valuation, according to reports. If it raises its fresh funding round at this valuation, it would make OpenAI America's second most valuable startup after SpaceX. Expect more news on this front this week.

What to look for: Migration, Universal's latest animated movie, debuted this weekend. Based on the movie's performance, Universal could establish itself as one of the new forces in a market that Disney has dominated for a long time. The latter has struggled with its recent movies, failing to garner public interest and scoring mixed reviews.

What to look for: Retail industry experts expected that there would be around 142 million Christmas shoppers who would go last-minute holiday shopping during the "Super Saturday" on Dec. 23. The event is being seen as retail's last major opportunity to generate revenue in a year that has been characterized by worries over inflation. Expect official numbers to be released, which could hint at how 2024 will look for retailers.

What to look for: Ubisoft, the gaming giant known for creating video games such as Assasin's Creed, Far Cry, and Just Dance, has announced that it is investigating a potential hacking incident after screenshots of what appears to be the company's internal software tools appeared online. The hackers gained access to the company's system for 48 hours before being removed by the company's internal team. Expect more news regarding the damage that the cyberattack caused and its implications for Ubisoft.

What to look for: Inflation in Argentina continues to be rampant, as the newly elected president Javier Milei has begun implementing the first policies. Milei has vowed to make radical changes in the government structure and has even promised to dissolve the Central Bank. Expect more news this week on how increasing prices during the holidays affect public perception of his economic policies.

Quick Hits:

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The U.S. has accused Iran of an attack in the Indian Ocean toward a chemical tanker, signaling a potential worsening of the shipping crisis.
A report claims that some Teslas have an issue that leads to wheels flying off during high-speed driving, only days after the company recalled two million vehicles due to an issue with the autopilot feature and problems with doors.
Fiber optic technology company Luna has raised a $50M funding round. The round was led by White Hat Capital Partners.
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Arbër Musliu

Writer

Arbër is an Inside analyst who has previously incubated his startup at the largest incubator in Southeastern Europe. He has collaborated with multiple major publications and holds a business degree from XAMK University in Finland.

This newsletter was edited by Vibha Chapparike

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