A new chip on the block…

The Daily Dish (1/6/21)

Welcome to the Daily Dish. Every morning in your inbox subscribers receive some Dishes that we find interesting and we think that you should know more about.

We’ll try to lob ‘em up to you in a simple, clean format that you can read in 5 minutes before the market opens. (Trust me, we know what it’s like to wake up at 9:23am).

Here’s the first assist 👇

Achronix Is in Talks to Merge With Blank-Check Firm ACE

Mine Cryptocurrencies
  • ACE Convergence Acquisition Corp. $ACEV has begun discussions to merge with the semiconductor manufacturer Achronix Semiconductor Corp, according to people with knowledge of the matter. The deal is slated to give the combined entity an equity valuation of about $2 billion. The companies could announce an agreement as soon as this month, the people said.

  • Santa Clara, California-based Achronix, founded in 2004 and led by Chief Executive Officer Robert Blake, makes field programmable gate arrays, or FPGAs, a type of chip that’s unique because its function can be altered by software, even after it’s been installed in a device.

  • In 2019, Achronix rolled out their current flagship FPGAs – Speedster 7t – a high-performance line aimed at AI and other demanding acceleration workloads. In every way, Speedster 7t is a solid competitor to the current flagship offerings from Xilinx and Intel. 

  • Achronix is also an important company for cryptocurrency. The best implementation technology for new cryptocurrency miners are ASICs with embedded FPGA (eFPGA) arrays that are specifically designed for implementing cryptocurrency mining algorithms. This design solution allows the mining rig developer to put exactly the right amount of required hardware resources on chip to implement the target algorithm(s) while enabling quick reconfiguration in response to algorithm changes.

    Combining ASIC and eFPGA technologies creates the perfect semiconductor vehicle for realizing new cryptocurrency mining architectures. You can use Achronix’s Speedcore eFPGA arrays with their easy customizability to design precisely the FPGA needed for target class(es) of cryptocurrency algorithm(s). This is an extremely important economic driver when contemplating the fabrication and deployment of hundreds of thousands or millions of cryptocurrency mining engines.

Magnetar Capital’s second SPAC Star Peak Corp. II prices $350 million IPO at $10

Stem, Inc. – Market Leader in AI-Driven Clean Energy Storage Systems – to  Combine with Star Peak, Creating First Public Pure Play Smart Energy  Storage Company | Business Wire
  • Management’s previous SPAC, Star Peak Energy Transition ($STPK; +79% from $10 offer price), went public in August 2020 and recently announced a merger agreement with clean energy storage company Stem. 

  • Star Peak Corp. II $STPC intends to focus primarily on identifying businesses seeking to be a market leader in, and/or benefit from the increasing global initiatives to improve sustainability and/or reduce global emissions.

  • Trading commences today on New York Stock Exchange

SKLZ Stock Price Increases 21.32%: Why It Happened (Hint: Cathie)

  • The stock price of Skillz Inc ($SKLZ) — a leading mobile games e-sports platform that connects players — increased by 21.32% as it went from a previous close of $18.20 to $22.08 on January 5. One of the biggest triggers for the stock price increase has to do with ARK Invest buying shares of Skillz. Cathie Wood’s ARK Invest is very popular with investors as it has delivered significant returns.

  • Skillz went public recently through a reverse merger with Flying Eagle Acquisition Corporation, a special-purpose acquisition company (SPAC). And it started trading under the SKLZ ticker in the middle of December. Skillz hosts 2 billion tournaments every year. And the number of minutes spent on the platform per day is much more significant than the time spent on social media platforms.

  • According to Fool, the updated holdings of the ARK Next Generation Internet ETF (NYSEMKT:ARKW) — which was released on Monday — showed that the ETF bought over 215,000 shares of Skillz. This position is valued at nearly $4 million. Even though this position is valued at 0.07% of ARK’s holdings. Look for her to add more to $ARKW

If you enjoyed today’s dish please gift it to a friend (or Cathie) 👇

There’s No I In Trade

My goal is to create a community where people can educate themselves through the world of investing. I can’t do that alone, we need to build this community together. So tell me what you’re loving, tell me what you want to see more of tomorrow.

Disclaimer: This is not financial advice and should not be interpreted as such. I am not a financial advisor. I may currently own or have owned many of the SPACs mentioned above – but that does not mean I am invested now. My investing method is highly risky swing trading which means I am constantly in and out of positions. Please do your own research or hit up the #SPACsquad on Twitter to learn more about SPACs.


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