Strategic Tech Updates
The Impact of Twitter Getting a New Shareholder
With over 80 million Twitter Inc. (TWTR) followers, Elon Musk buys 9.2% ownership in the company. Musk also may try to add additional features to the platform. The stock has seen a recent jump after the purchase. Last week there was speculation he would join the Board of Directors, but the CEO announced he would not take a seat. This could have limited Musk’s ability to communicate on Twitter as freely as in the past. See how we are playing the tech space here.
This Semi-Conductor Company Adds More Tools
With semi-conductor ships still lagging from COVID and shipping issues, last Wednesday, Advanced Micro Devices, Inc. (AMD) bought cloud start-up Pensando for $1.9 B. This increases AMD’s data center products and capitalize on booming demand from cloud and enterprise sectors. Recently, Michael mentioned a Silicon Valley cloud computing company here.
FinTech Company Suffers a Loss After Receiving Analyst Support
Earlier last week, several analysts raised their estimates on Block, Inc. (SQ) which was formerly known as Square. One of the analysts said the price could rise in the $175 to $185 range from the $135 price range. Then a day later, the price dropped to $125. So, what happened? Well, Square had a data breach that could affect 8.2 million customers. A good thing was the social security numbers, birth dates, usernames, passwords, or credit/debit card information were not compromised but cyber threats continue to happen to businesses almost daily. Companies like Block should use have their security with this tech firm we mentioned here.
This Market Is Getting More Attention From Washington
Cryptocurrencies are becoming a bigger topic on the Hill. Last Thursday, U.S. Treasury Secretary Janet Yellen gave her thoughts on the future of cryptocurrencies a month after President Biden gave his address on this market. In the speech, Yellen said the digital dollar could become a “trusted money comparable to physical cash”. As China has put its own digital currency in play, the U.S. is likely to follow this route. For Yellen, this was quite a change since only last year she was slamming the Bitcoin industry for energy consumption of mining operations.
Cheers and good investing,
The Strategic Technology Investor Team