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1. Redditors Shutting Down the r/Internet
Thousands of subreddits have gone dark or read-only in protest of Reddit's API pricing, which will shut down many third-party apps like Apollo and Reddit is Fun because of the high fees. The blackout, which began on Monday and will last for 48 hours, is a coordinated effort between tens of thousands of moderators and millions of Reddit users. Participating subreddits will be private during the blackout, so that nonsubscribers can't view existing content, and subscribers can't post or comment on new content while some protesting subreddits will be in read-only mode. Participants are encouraged to speak out about the API changes by leaving negative reviews of the official Reddit app, as well as boycott the site in favor of non-Reddit platforms to dent its traffic. The most popular subreddits participating the blackout include r/funny, r/aww, r/gaming, r/Music, r/Pics, r/science and r/todayilearned.
2. Oracle on Cloud 9 After Cloud Revenue
Oracle has managed to surpass quarterly revenue estimates, proving once again that money grows in clouds. The company's cloud revenue, bolstered by its partnership with Nvidia, skyrocketed by a mind-boggling 54% and landed at $4.4 billion. Revenue for the fourth quarter jumped about 17% to $13.84 billion while analysts, with their highly accurate crystal balls, were only expecting $13.74 billion. Larry Ellison, the Chairman and Chief Technology Officer of Oracle, seems to possess a remarkable talent for stating the obvious, claiming that Oracle Cloud Infrastructure has the potential to become a prominent AI/ML development platform. We'd sure hope so Larry, otherwise what is the company even doing?
3. Nasdaq's Pricey Billion Dollar Acquisition
Nasdaq, the exchange operator extraordinaire, has decided to expand its fintech portfolio by acquiring Adenza, a software firm that banks and brokerages use to manage risk and regulatory compliance. Sexy, huh? Nasdaq's shareholders are totally on board with this deal, especially since it sent their shares plummeting to a near-year low. Adenza's price tag of $10.5 billion is almost 18-times its expected 2023 revenue, but don't worry, Nasdaq's CEO Adena Friedman assures us that it's an "appropriate price" for an "exceptional asset." Okay Friedman, whatever you say girl!
4. Don't Get Grubby, Grubhub
Grubhub, the food-delivery company, is trimming its workforce by about 15% to tighten its belt and stay ahead in the race. After experiencing a surge in sales during the early pandemic days, it seems like customers have rediscovered their love for dining out, leaving Grubhub in a pickle - buh duh chh. Just Eat, the Dutch food-delivery company, has swooped in and appointed Howard Migdal as Grubhub's CEO so who knows, maybe Howard will find a strategic partner or pull a full sale out of thin air. We're hoping for a smooth as butter transition for Grubhub employees.
5. Injunction Junction, What's Your Function?
The Federal Trade Commission (FTC) has decided to play party pooper and rain on Microsoft's parade by asking a federal court to halt their colossal $75 billion acquisition of Activision Blizzard. The agency's bold move is based on the notion that Microsoft might actually go ahead with the deal, despite facing legal opposition in, get this, not one, but two countries! While the FTC and Microsoft duke it out, the stock market seems to be having a blast as Microsoft's shares gleefully soared 1.5% while Activision's slipped a measly 0.8%. We can only imagine the sleepless nights ahead for Microsoft's legal team, but hey, they'll surely find some clever way to wiggle out of this one. They always do.