—— BlackRock Leads Funding for AI Emergency Startup; Bitcoin Hits New High; Apple iPhone Sales in China Plunge; Target Shares Jump 13%; Microsoft and Walmart Back Israeli VC; US Services Growth Slows; Blackstone Sells Stake in London Stock Exchange
1. BlackRock Leads Funding for AI Emergency Startup
New York-based AI startup RapidSOS, which uses AI technology to assist emergency responders, recently secured $75 million in funding led by BlackRock.
RapidSOS will use the latest $150 million round to continue developing intelligent safety systems that help firefighters and paramedics reach accident scenes faster and more accurately.
RapidSOS is capable of transmitting data from 540 million electronic devices to public safety agencies and over a million first responders. Its AI technology converts data into readable information to aid in incident response.
Unless users opt out, both Apple iPhone and Google Android users will automatically share their data with RapidSOS.
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2. Bitcoin Hits New High
Today, Bitcoin surged as much as 2.5% to $69,191, breaking its previous record. Year-to-date, Bitcoin has already risen 60%.
Ironically, the rally has been largely fueled by the SEC—long an opponent of crypto—which approved Bitcoin ETFs in early January.
In the past two months, Bitcoin ETFs from BlackRock and Fidelity have attracted over $7 billion in total inflows. Meanwhile, upcoming halving in Bitcoin supply has added fuel to the rally.
Bitcoin’s previous all-time high was $68,991, set on November 10, 2021.
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3. Apple iPhone Sales in China Plunge
According to Counterpoint Research, Apple iPhone sales in China fell 24% in the first six weeks of the year.
During the same period, the overall Chinese smartphone market shrank 7%, with most of the lost market share shifting to domestic brand Vivo.
In a rare move, Apple launched discounts on its official Chinese website, while many online retailers slashed iPhone prices by up to $180.
This morning, Apple shares fell over 2.4%, and are now down 11% year-to-date.
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4. Target Shares Jump 13%
Target released its Q4 earnings report today, showing adjusted EPS of $2.98—beating Wall Street expectations. Same-store sales fell 4.4%, marking the third consecutive quarterly decline.
As consumers cut back on discretionary spending, Target has relied heavily on promotions to offset the revenue drop.
This morning, Target’s stock jumped as much as 13%, its biggest one-day gain since November 15. Year-to-date, Target is up 19%, outperforming the S&P 500.
Target’s Q4 inventory fell 12%, beating analyst forecasts.
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5. Microsoft and Walmart Back Israeli VC
Israeli venture capital firm Team8 has raised $500 million in a funding round led by Microsoft, Walmart, Cisco, and other corporate investors. The funds will be used to invest in Israeli startups.
Team8 now manages over $1 billion in assets. Other investors include Moody’s and Temasek Holdings.
Team8 Managing Partner Yuval Shachar said that while Israel faces short-term uncertainty, the country has strong long-term growth potential.
Since the Hamas-Israel war broke out on October 7, Israeli tech startups have received a total of $1 billion in investments.
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6. US Services Growth Slows
In February, the U.S. services index tracked by the Institute for Supply Management (ISM) fell 0.8 points to 52.6, below economists’ forecast of 53.
An index reading above 50 indicates expansion. However, ISM’s services employment index dropped to 48, signaling job losses.
The good news is that the services new orders index rose to 56.1, its highest level since August.
ISM Chair Anthony Nieves noted that several indicators suggest a healthier business environment, though most respondents still cite concerns about inflation, labor, and geopolitics.
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7. Blackstone Sells Stake in London Stock Exchange
Blackstone and Thomson Reuters, among other investors, are selling a 4% stake in London Stock Exchange Group Plc, totaling 21.5 million shares.
Other sellers include Canada Pension Plan Investment Board (CPPIB) and GIC. The London Stock Exchange will buy back about £500 million of its shares.
At Tuesday’s closing price, the stake is worth approximately $2.4 billion, though sellers may offer a discount to attract buyers.
Citigroup, Bank of America, Barclays, and Goldman Sachs are arranging the transaction.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.