Phorcys Capital Partners Announces Successful Disposition of The Glen at Lake Oconee Village
ALPHARETTA, Ga., Dec. 02, 2024 (GLOBE NEWSWIRE) — Phorcys Capital Partners, LLC (“PCP”) is pleased to announce the sale of The Glen at Lake Oconee Village (“The Glen”), a 114-unit senior living community located in Greensboro, Georgia to a prominent healthcare real estate investment trust. The successful sale of The Glen provides further proof of concept of PCP’s value-add strategy focused on acquiring distressed senior housing assets originally financed by municipal bonds.
“We are excited to announce the sale of The Glen to a well-respected healthcare investor,” said Vasileios Sfyris, Managing Partner at PCP. “We are proud of what our team has accomplished both as the senior creditor and eventual owner of The Glen. We are also deeply appreciative of SRI’s successful tenure as the community’s operator and their team’s ability to deliver strong operating results while ensuring quality care for The Glen’s residents.”
The sale of The Glen at Lake Oconee Village marks another milestone in PCP’s increasingly active role in seniors housing. Since the launch of Phorcys Senior Housing Recovery Fund (“SHRF”), PCP has focused on acquiring and improving distressed senior living assets nationwide financed by municipal bonds.
About Phorcys Capital Partners
Phorcys Capital Partners is an alternative asset manager specializing in distressed municipal bonds and acquiring real assets secured by such bonds. With a focus on senior living, multifamily housing, student housing, and hospitality, Phorcys has invested over $130 million in senior living assets and $405 million across all sectors.
For more information, contact:
Phorcys Capital Partners
Matt Doss, Managing Director
770-777-9373
mdoss@phorcyscp.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89c5edf0-52ff-48b8-a0fa-ded156fab0b1
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SpaceX Weighs Tender Offer at Roughly $350 Billion Valuation
(Bloomberg) — SpaceX is in discussions to sell insider shares that could boost the value of Elon Musk’s rocket and satellite company to around $350 billion, according to people familiar with the matter.
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That would be a significant premium to a previously mulled valuation of $255 billion as reported by Bloomberg News and other media outlets just last month. It would also cement SpaceX’s status as the most valuable private startup in the world. SpaceX was last valued at about $210 billion in a tender offer earlier this year.
SpaceX, formally known as Space Exploration Technologies Corp., didn’t immediately respond to a request for comment.
The current conversations with SpaceX are ongoing and the details of a potential transaction could change depending on interest from insider sellers and buyers, said the people, who asked not to be identified because they’re not authorized to speak publicly.
The so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in the closely held SpaceX a way to generate liquidity amid deepening ties between Musk and President-elect Donald Trump.
The potential valuation surge underscores the enormous gains that Musk’s empire has seen since the US presidential election. Tesla Inc.’s shares are up 42% since Nov. 5, while Musk’s own wealth has soared to about $353 billion, according to the Bloomberg Billionaires Index
At roughly $350 billion, SpaceX would also be on par with some of the world’s largest publicly traded companies in terms of market capitalization.
(Updates to include information about SpaceX’s previous valuation in second paragraph.)
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Trump Says He Will Make US Steel 'Great Again' Through Tariffs, Cautions Nippon Steel: 'Buyer Beware!'
President-elect Donald Trump has reiterated his opposition to the acquisition of United States Steel Corp. X by Japan’s Nippon Steel Corp. NPSCY in a Truth Social post on Monday.
What Happened: Trump stated his intention to prevent the deal, emphasizing his commitment to strengthening U.S. Steel through tax incentives and tariffs.
Trump’s post read, “I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan. Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!”
His comments come amid ongoing discussions about the $14.1 billion acquisition, which Nippon Steel aims to finalize by the year’s end. The deal faces resistance from various fronts, including unions and the current Biden administration.
Nippon Steel remains optimistic about the deal, arguing that it will benefit the U.S. economy by creating jobs and enhancing competitiveness against China’s steel industry.
See Also: MicroStrategy’s Imminent Inclusion In Nasdaq 100 Could Reportedly Spark Up To $2B In Fund Inflows
Why It Matters: Trump’s stance on the Nippon Steel deal highlights his anticipated policies, which could impact international trade relations. Analysts suggest that his return to the White House may lead to increased support for the domestic steel industry through deregulation and tariffs.
Nippon Steel’s takeover of U.S. Steel faces criticism from lawmakers and the United Steelworkers union, who are concerned about job security. The potential failure of the deal could also have broader implications for Japanese companies’ future acquisitions in strategic sectors.
Trump’s election victory has already stirred market reactions, with analysts predicting a positive response for steel equities due to potential tariffs on Chinese and Mexican steel.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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Microchip Says It Will Shut Arizona Plant, Updates Outlook
(Bloomberg) — Microchip Technology Inc., a maker of chips for cars, consumer devices and other products, said it would close a plant in Tempe, Arizona, affecting about 500 employees.
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The company also said that orders have been slower than anticipated and it was revising the December quarter’s outlook to near the low end of its original forecast of about $1.03 billion.
Steve Sanghi, board chairman and interim chief executive officer, said Monday in a statement that the Tempe plant would be shut down in the September 2025 quarter because “inventory levels are high and the company has ample capacity in place and the ability to expand capacity in the other facilities in the future.”
Microchip, based in Chandler, Arizona, has been mired in a deep sales slump, with revenue projected to plunge 40% this year. Sanghi, a company veteran who had previously served as CEO, returned last month to the top post, replacing Ganesh Moorthy.
“I want to clarify for investors that I plan to stay in this role, even though the title is interim, for as long as it is necessary, so there is no definitive timeline for my successor,” Sanghi said in the statement.
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Cathie Wood's Monday Moves: $4.8M Spotify Stock Sale Meets $4.7M Pinterest Shopping Spree
On Monday, Cathie Wood’s Ark Invest made significant moves in its portfolio, notably involving Spotify Technology SA SPOT and Pinterest Inc. PINS.
The Spotify Trade
Ark Invest’s Ark Fintech Innovation ETF ARKF and ARK Next Generation Internet ETF ARKW ETFs offloaded shares of Spotify Technology SA SPOT. The ARKF ETF sold 2,408 shares, while the ARKW ETF sold a more substantial 7,614 shares. Based on Spotify’s closing price of $480.27 on the day of the trade, the total value of the sold shares amounts to approximately $4.8 million.
This move comes days after Spotify’s recent launch of Spotify for Authors, a new set of tools aimed at authors and publishers who distribute their audiobooks on its platform. Furthermore, a surge in options activity was observed for Spotify, indicating a bullish stance from investors with significant capital.
The Pinterest Trade
Conversely, Ark Invest’s ARKF and ARKW ETFs bought shares of Pinterest Inc PINS. The ARKF ETF purchased 37,519 shares, and the ARKW ETF acquired a whopping 118,619 shares. Given Pinterest’s closing price of $30.43 on the day of the trade, the total value of the purchased shares is approximately $4.7 million.
This purchase follows Pinterest’s third-quarter earnings report, which revealed a revenue beat, an EPS miss, and soft guidance. Despite the mixed results, Pinterest’s investments in AI appear to be paying off, with total revenue up 18% YoY and global monthly active users increasing by 11% YoY.
See Also: Dogecoin Bounces 9% After Bernie Sanders’ Views Align With Elon Musk’s ‘DOGE’ Department
Other Key Trades:
- Wood’s Ark purchased 4,012 shares of Advanced Micro Devices, Inc. AMD for its ARKF fund. The transaction was valued at $569,944.
- ARKG sold stock of Senti Biosciences Inc (SNTI) and shares of Butterfly Network Inc (BFLY)
- ARKG bought shares of Absci Corp (ABSI) and shares of Pacific Biosciences of California Inc (PACB). ARKX sold shares of Garmin Ltd (GRMN).
Image via Benzinga YouTube and Unsplash
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Nvidia Bought 6 Artificial Intelligence (AI) Stocks, but This 1 Has Soared the Most
Nvidia (NASDAQ: NVDA) is one of the world’s largest companies. Its market capitalization stands at $3.3 trillion as of this writing, with $3 trillion of that value added in the last two years alone.
Nvidia’s graphics processing units (GPUs) for the data center are the gold standard for developing artificial intelligence (AI) models, and they are the main proponent behind the company’s incredible growth. Over the past year, CEO Jensen Huang has spread some of Nvidia’s good fortune by investing in other AI stocks.
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Nvidia started investing in AI stocks at the end of 2023. According to its latest 13-F filing with the Securities and Exchange Commission, which was released a few weeks ago, it now owns six of them:
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Applied Digital Corp, which builds data centers for customers.
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Arm Holdings, which helps semiconductor companies design advanced computing chips.
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Nano-X Imaging, which develops AI software to improve the efficiency of medical imaging.
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Recursion Pharmaceuticals, which is using AI to transform the drug discovery process.
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Serve Robotics, which develops autonomous delivery robots.
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SoundHound AI (NASDAQ: SOUN), which is a leader in conversational AI technologies.
Arm Holdings received the largest investment, with Nvidia’s position worth $280 million at the end of the third quarter of 2024 (ended Sept. 30). That represents over half of the value of Nvidia’s entire portfolio.
Arm stock is up around 77% since Nvidia bought it, but that doesn’t hold a candle to the 271% return generated by SoundHound AI. Nvidia’s position in SoundHound is relatively small, with a value of just $13.6 million based on its current stock price of $7.88, but that clearly hasn’t stopped investors from rushing to buy it.
So, is it too late to follow Nvidia’s lead?
Most popular generative AI chatbot applications perform best when users input text-based prompts, but SoundHound is a leader in conversational AI, which can understand voice prompts and respond in kind.
SoundHound’s software is primarily used in the automotive, hospitality, and quick-service restaurant industries. However, it acquired Amelia a few months ago, which is another company specializing in conversational AI. It helps organizations create AI-powered virtual agents to serve their customers and employees, and the deal is helping SoundHound expand into other industries like financial services, insurance, healthcare, and more.
What's Going On With Applied Materials Shares?
Applied Materials, Inc. AMAT shares closed higher by 4.9% to $183.26 Monday following the Biden administration’s announcement of expanded export controls targeting China’s semiconductor industry.
The new restrictions, aimed at limiting China’s access to advanced chipmaking technologies, are expected to redirect global demand for semiconductor manufacturing equipment toward companies like Applied Materials, a leader in this space.
What To Know: Applied Materials, headquartered in Santa Clara, California, is one of the world’s largest suppliers of materials engineering solutions used to produce virtually every advanced semiconductor.
The company’s expertise spans deposition, etching, metrology and inspection technologies essential for creating chips used in AI, data centers and advanced memory applications.
The latest U.S. measures add 140 Chinese entities to an export blacklist, tightening the flow of high-end chipmaking tools. This includes a broadened scope of restrictions on advanced tools critical for fabricating cutting-edge chips.
Applied Materials, whose tools are pivotal in manufacturing next-generation semiconductors, stands to benefit as global semiconductor firms outside of China ramp up production to fill the gap left by sanctioned Chinese players.
What Else: Furthermore, the sanctions align with agreements between the U.S., Japan and the Netherlands, shielding companies like Applied Materials from competition in certain restricted markets. This could bolsters the company’s market position as it serves key global customers.
The geopolitical shift away from Chinese suppliers is likely to increase demand for Applied Materials’ equipment, particularly in regions like Taiwan, South Korea and the United States, where investments in semiconductor manufacturing are surging.
Read Also: Stellantis Market Value Halves In 2024: Why CEO Tavares’ Exit Could Take Things From Bad To Worse
Investors can gain exposure to AMAT by investing in the VanEck Semiconductor ETF SMH.
How To Buy AMAT Stock
By now you’re likely curious about how to participate in the market for Applied Materials – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,’ which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Applied Materials, which is trading at $183.0 as of publishing time, $100 would buy you 0.55 shares of stock.
If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to ‘go short’ a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
According to data from Benzinga Pro, AMAT has a 52-week high of $255.89 and a 52-week low of $144.57.
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LG CNS to Launch Smart Building DX Business in the U.S.
- LG CNS plans to incorporate Smart Building Technology into SomeraRoad U.S. real estate development projects to enhance their value
- Utilizes the proprietary ‘Cityhub Building’ platform to develop data-driven smart buildings
- Delivers unique digital transformation (DX) solutions including blockchain-based mobile access card and smart pole
SEOUL, South Korea, Dec. 2, 2024 /PRNewswire/ — LG CNS, a leading digital transformation (DX) company, announced its entry into the DX technology sector for U.S. buildings by signing a Memorandum of Understanding (MOU) with SomeraRoad, a U.S.-based opportunistic real estate investment and development firm, and Mastern America, the U.S. branch of Korea’s prominent alternative investment1) company, Mastern Investment Management.
![[Photo] Moon Keun Choi(Middle), SVP of LG CNS takes a photo with Ian Ross(right), Managing Partner of SomeraRoad and Joseph Oh(left), CEO of Mastern America after signing MOU](https://stockburger.news/wp-content/uploads/2024/12/Photo__Moon_Keun_Choi_Middle___SVP_of_LG_CNS_takes_a_photo_with_Ian_Ross_right___Managing_Partner_of.jpg "[Photo] Moon Keun Choi(Middle), SVP of LG CNS takes a photo with Ian Ross(right), Managing Partner of SomeraRoad and Joseph Oh(left), CEO of Mastern America after signing MOU")
The MOU signing ceremony took place at SomeraRoad’s headquarters in New York City, attended by Moon Keun Choi, Senior Vice President of LG CNS; Ian Ross, Founder and Managing Partner of SomeraRoad; Fergus Campbell, Managing Partner of SomeraRoad; and Joseph Oh, CEO of Mastern America.
SomeraRoad is an opportunistic real estate investment and development firm that takes an entrepreneurial and opportunistic approach to commercial real estate across a wide spectrum of asset classes, geographies, investment products, and risk profiles, while Mastern America has a proven track record of developing major office buildings in big cities, including One Madison Avenue in New York City’s Manhattan district.
Under the MOU, the three corporations will collaborate on smart real estate initiatives, incorporating DX technologies such as AI, IoT, and automation to transform building management efficiency and enhance user experiences. The initiative will focus on investment and development of smart technology into SomeraRoad projects including hotels and luxury condo projects, multi-family residential properties, within mixed-use projects in Kansas City (Missouri), Nashville (Tennessee), and other locations. Additionally, they will explore projects that implement DX technology in smart aviation infrastructure, with the aim of expanding and diversifying their business models.
LG CNS will oversee the implementation of DX technology in SomeraRoad and Mastern America’s U.S. real estate development projects, starting with utilizing its ‘Cityhub Building’ platform to transform hotels, resorts, multi-family residential properties, and office buildings into smart buildings. ‘Cityhub Building’ is an integrated building management platform offering various functions like data collection, facility control, and energy management for large structures such as office buildings and factories. The platform optimizes building operations through data-driven insights and the simultaneous monitoring and management of multiple buildings across different locations and time zones. One of its standout features is its ability to centralize the management of various equipment and systems in different buildings globally.
LG CNS provides DX services for employees, visitors, and managers of smart buildings. This includes blockchain technology that can be used to create mobile access cards or digital employee IDs, replacing traditional plastic cards for a more convenient way to verify someone’s identity and grant access to offices, meeting rooms, and amenities via smartphone. Users can also enjoy greater convenience by making payments at restaurants and cafes, accessing photocopiers, and boarding commuter buses seamlessly. The mobile access cards/employee IDs are equipped with blockchain-based Decentralized ID (DID) technology to ensure secure mobile identity and credential authentication, safeguarding personal privacy and preventing hacking or data leaks.
LG CNS also provides a Content Management System (CMS) for digital media that enables the simultaneous delivery and management of various types of signage in large buildings. This innovative system lets smart building users tailor their digital content to their unique space and can even deliver important information in emergencies.
LG CNS will further introduce smart poles as well that collect city data in outdoor areas to support the development of smart cities. These advanced streetlights leverage AI-powered CCTV and IoT sensors to accurately monitor vehicle flow and pedestrian count, enabling more effective traffic management. They can also track environmental factors like air pollution, temperature, and humidity in real-time, helping cities better manage urban conditions.
“With demand for smart buildings in the U.S. on the rise, we plan to expand our smart building DX business nationwide, starting in Kansas City and Nashville, and extending to New York and other locations,” said Moon Keun Choi, Senior Vice President at LG CNS. “We also aim to broaden our efforts to include smart cities as another way of delivering even greater value to our clients across the U.S.”
※Terms
1) Alternative Investments: Investments in assets like real estate, jewelry, and art as opposed to more traditional investments such as stocks, bonds, and cash.
About LG CNS
LG CNS is a leading Korean digital transformation (DX) company that continues to pioneer various emerging technologies such as the cloud, generative AI, big data, smart factory, smart city, smart logistics and digital marketing. The company is also leading the market through innovative system integration (SI) and system management (SM) projects in finance, manufacturing, the public sector and various other industries. For more information, please visit www.lgcns.com.
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SOURCE LG CNS
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