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Time Is Money

Dec 24, 2023 • 5 min read

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U.S. Houthi Escalation
Lionsgate Spinoff Deal

Week Recap:

On Monday, U.S. Customs and Border Protection (CBP) officers faced an unprecedented number of migrants at the U.S.-Mexico border, with encounters reaching 12,600. This figure sets a new record for daily migrant encounters. Contrary to the usual decrease in migration during the colder months of November and December, there has been a notable surge in recent weeks.
Google has recently launched MedLM on its Vertex AI platform, providing specialized foundation models for the healthcare industry to selected customers in the U.S. MedLM includes two models based on Med-PaLM 2, one for complex tasks and another for scalable applications across various tasks.
In response to escalating threats in the Red Sea region, several leading shipping companies have temporarily ceased operations through the Suez Canal and Red Sea. This decision comes after multiple attacks on cargo ships by the Houthi forces. The Houthis have openly declared their intent to target or capture any vessels linked to Israel.
Adobe has called off its proposed acquisition of Figma, a deal worth $20 billion, due to regulatory challenges in Europe and the UK. The decision to abandon this major software startup buyout comes after regulatory bodies expressed concerns over its potential impact on market competition.
In a recent decision, the Colorado Supreme Court has ruled that former President Donald Trump cannot appear on the state's 2024 presidential primary ballot. This ruling stems from an interpretation of the 14th Amendment of the U.S. Constitution, specifically Section 3, which bars individuals who have participated in insurrection or rebellion against the U.S. from holding any civil or military office. The court's decision is linked to the events of January 6th, identifying them as an insurrection and concluding that Trump's actions on that day amounted to incitement.
In a recent legal development, a judge recently dismissed numerous lawsuits claiming that the use of Tylenol during pregnancy causes autism and ADHD in children.
Cybersecurity researcher Jeremiah Fowler uncovered a vast, unprotected database containing over 1.5 billion records of real estate ownership information. The database, owned by New York's Real Estate Wealth Network (REWN), was massive, totaling 1.16 TB. It included detailed data on properties, owners, and investors, as well as internal user logs with personal information like names, addresses, and phone numbers. Fowler quickly reported the breach to vpnMentor, and the database was secured soon after.
Apple is developing the use of large language models (LLMs) on mobile devices through an innovative flash memory technique. This breakthrough, led by Apple AI researchers, enables the deployment of complex AI models like ChatGPT on devices with limited memory, such as iPhones. By leveraging flash memory, which is abundant in mobile devices, Apple's method dramatically expands the potential for running advanced AI models.

U.S. Houthi Escalation:

The U.S. Central Command reported a series of hostile actions by Houthi militants in the Southern Red Sea. On December 23, Houthis launched two anti-ship ballistic missiles into international shipping lanes from Yemen, though no ships were hit. During the same period, the USS Laboon, a U.S. Navy destroyer, intercepted four unmanned aerial drones from Houthi-controlled areas in Yemen.
These drones were heading towards the USS Laboon, but the ship successfully neutralized them without any injuries or damage. Later that day, two commercial vessels in the Southern Red Sea encountered drone attacks. The M/V Blaamanen, a Norwegian chemical/oil tanker, reported a near miss from a Houthi drone, while the M/V Saibaba, an Indian-flagged crude oil tanker, was hit by a drone, although no injuries were reported.
The USS Laboon responded to the distress calls from these incidents. These latest attacks are part of a series of aggressions by Houthi militants. These incidents underscore the heightened tension in the region, with Houthi forces targeting commercial and military vessels. The U.S. Navy's involvement, particularly through Operation Prosperity Guardian, highlights the ongoing efforts to maintain safety and order in these crucial international waterways.

Lionsgate Spinoff Deal:

Lionsgate is set to spin off its studio division in a deal with Screaming Eagle Acquisition Corp, valuing the business at about $4.6 billion, including debt. This new arrangement will separate Lionsgate's studio operations from its Starz cable and streaming segment. The merger will form a public company housing approximately 18,000 film and TV titles.
The restructuring aims to bring approximately $350 million in gross proceeds to Lionsgate, split between a $175 million private investment and funds from Screaming Eagle’s trust account. The studio unit has seen financial growth, highlighted by the recent success of "John Wick: Chapter Four," which contributed to a 21% revenue increase to $790 million in the latest quarter.

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