E127: SHEIN to IPO at $64b, pre-IPOs future impact on public market indexes; OpenAI wins Apple Siri deal, +14% on news; Cohere $5b round, how many AI LLM platforms winners?

Send us Fan MailSHEIN to IPO at $64b, pre-IPOs future impact on public market indexes- Online fashion retailer, manufactures cloths in China- $64b IPO valuation- Net income = $2b 2023, $700m 2022, $1.1b 2021 ; Revenue = $45b 2023 ; 1.4x revenue multiple, very low!- Secondary market activity for Shein is very low, high volatility … $80m in bids, $85m in offers (per ApeVue)- MSCI EAFE Index once public? Headquartered in Singapore, manufactures in China, customers in US/Europe (not China)- Great example of how large pre-IPO finally going public impact indexes … Shein would be #71 in MSCI EAFE Index between Anheuser-Busch Inbev and London Stock Exchange Group- S&P 500 is going to look very different in 10 years time; pre-IPOs going public, new companies that haven’t even started yet … technology is moving fastCohere new round, how many AI LLM platforms winners?- AI large language model- $5b valuation, +127 vs Jun 2023 round- $35m ARR in Mar 2023, +169% vs prior year- Strategic partnership with Oracle- How many AI “platforms” will there be? 2 like apps; Apple and Android? OpenAI, Microsoft, Google? Apple has a competitive advantage with its access to personal data?- AI application layer is an interesting investment opportunity but not enough companies in the market yet- Future: proprietary data paired with AI models will drive usefulness of AI applications (Apple calls this “context”)OpenAI wins Apple Siri deal, +14% on news- OpenAI +14% to $110b valuation on news, last round at $86b in early Q2- ChatGPT to power Siri- Deal terms not disclosed- Apple to OpenAI data privacy concerns- Quality of use cases/applications will drive users to accept data sharing requests- Most useful applications of AI will not even be notices by users, natural integration