TechCheck

Some of the biggest, most highly-anticipated IPOs of the last few years have fallen short, burning investors who thought they were buying a technology stock. Peloton, WeWork, Blue Apron, and StitchFix all might have called themselves tech companies, but their growth ended up being hugely restricted by real-world limitations. So as a new wave of IPOs begin, investors might be struggling to determine where Instacart falls. This week on Tech Check, we dive into the grocery delivery app and ask, is Instacart really a tech company? 

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Microsoft looks to be closing in on its acquisition of Activision, after regulators in the United Kingdom signaled approval. The deal might be an example of how companies can ride out the stricter regulatory scrutiny under the Biden administration, adding to a string of blows that could leave corporate America feeling emboldened to pursue more deals. Plus, Apple’s newest iPhone went on sale around the world today, with Tim Cook opening an Apple store in New York City as part of the festivities. After three straight quarters of declining revenue and a fourth expected, the pressure is on for this launch. 

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Cisco’s $28 billion acquisition of Splunk signals where the company wants to go: a legacy tech hardware company trying to pivot to software and services, in a bid to help topline growth and give it heft in two of the buzziest tech subsectors, cybersecurity and AI. 

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CNBC's Dierdre Bosa spoke with Instacart CEO, Fidji Simo, to discuss why now was the time to finally go public and how the company arrived at the decision to price where they have. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com

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As more grocers begin looking to build their own delivery networks, what does that mean for Instacart’s competitive moat? The world’s largest grocery delivery platform opened trading today on the Nasdaq at $42 a share, and Instacart CEO Fidji Simo discussed why grocers choose to stay on their marketplace, and how she expects the company to continue to grow after seeing the benefits of grocery delivery during the pandemic. 

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With Arm’s successful listing and Instacart’s debut on deck, the blockbuster IPO is back. But retail investors might want to proceed with caution before buying in. Those that jumped into some of the largest recent IPOs on the first day of trading have all lost money, according to our analysis, and would’ve seen dramatically better returns just buying the S&P. And even the connected, institutional investors that bought coveted shares at the IPO price have seen huge losses, as rising interest rates reprices valuations across the board. This week on Tech Check, our deep dive into why investors should beware the blockbuster IPO. 

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Instacart today raised the price range for its upcoming IPO after Arm’s successful debut yesterday, boosting the valuation to around $10 billion dollars. But that might be little comfort to the investors who bought in at Instacart’s peak valuation of $39 billion two years ago. We break down the winners and losers of the debut, including the VCs who got in early and the big institutional investors that are getting put under the water.  

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Softbank-backed chip designer Arm's successful listing today could open the IPO floodgates, according to Lux Capital’s Shahin Farshchi. He says the offering could generate more interest in new chip players, drive capital into private semi names, and encourage private companies to consider public market financing. The IPO might also be a much-needed win Masayoshi Son. Even though the Softbank founder has hung his entire legacy on being central to the AI shift, he’s had a number of big misses, including selling his stakes in Nvidia and perhaps self-driving startup Cruise too early.

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The DOJ's landmark tech monopoly trial against Alphabet kicked off today – with the government grilling its first witness Google Chief Economist Hal Varian about his advice to the company on antitrust issues. It’s reminiscent of the DOJ’s big tech trial of 20 years ago against Microsoft, when Bill Gates was the big personality. This time around though, all eyes are on Alphabet CEO Sundar Pichai -- and though he's often been called "soft-spoken" and a "nice guy," his track record so far suggests he may be the wartime CEO that Alphabet needs.

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Instacart's new valuation of up to $9.3 billion is a massive down round from the $39 billion of a few years ago. Bill Gurley, a VC and early Uber investor, says that’s a healthy reset: "I've lived through 3 different bubbles and bursts in this industry and unfortunately it's highly cyclical. It tends to go up slowly and crash immediately." He also talked startups in the IPO pipeline, whether there’s an AI bubble, and more. 

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