👀 A Mobileye-opener

…and VCs like Andreessen Horowitz lost billions on crypto-vestments [Disclosures](   Self-driving to the bank (Alexi Rosenfeld/Getty Images)   Yesterday’s Market Moves   Dow Jones 31,839 (+0.01%) S&P 500 3,831 (-0.74%) Nasdaq 10,971 (-2.04%) Bitcoin $20,752 (+3.31%) Dow Jones 31,839 (+0.01%) S&P 500 3,831 (-0.74%) Nasdaq 10,971 (-2.04%) Bitcoin $20,752 (+3.31%) Hey Snackers, Your dreams aren’t dead until you are: a Kentucky man [posted]( 200 TikToks of himself playing dead in hopes of being cast as a corpse in a TV show or movie. Now “CSI: Vegas” has made his undead dreams come true. The techy Nasdaq lost 2% yesterday as investors digested uninspiring earnings from [Google]( and [Microsoft]( which highlight waning demand. After the bell [Meta]( shares also plunged on a weak report. EyeP.O. Mobileye soars 38% in the year’s strongest IPO as self-driving tech (slowly) advances All eyes on Mobileye… They grow up so fast. Chip giant [Intel]( bought Israeli self-driving-tech startup Mobileye for $15B in 2017. Yesterday, Mobileye [hit]( public markets solo at a $17B valuation. Shares soared 38% in the best opening day for a major US IPO this year. - All-seeing eye: Mobileye makes cameras, chips, and software for autonomous and driver-assist features. It partners with 50+ carmakers, including [Volkswagen]( [GM]( and [Ford](. 125M cars use Mobileye’s driver-assist tech. - “Spin offerings” are sizzling, though 2022 is tracking to be the worst year for US IPOs in decades. Like Intel, [VW]( and [AIG]( both successfully [spun off]( divisions earlier this year. Life in the slow lane… Self-driving hype has largely hit the brakes in recent years — but hasn’t come full stop. Back in the day, [Tesla]( GM’s Cruise, and Google’s Waymo promised fully self-driving cars by 2020. Despite $100B in autonomous investments, most self-driving cars today can’t even make a left turn. Still, there’s been progress: - Robotaxi revival: This month [Uber]( signed a 10-year deal with Hyundai- and [Aptiv]( Motional to offer driverless rides, after selling its self-driving biz in 2020. - Still trucking: [TuSimple]( completed a 100% driverless-truck trip this year. Some analysts predict autonomous trucks will become an even bigger biz than self-driving cars. THE TAKEAWAY Sometimes it pays to go slow… especially when the path to profitability is long. Mobileye’s valuation has risen in the past five years while Waymo’s has plunged 80%. One reason: unlike Waymo, Mobileye also sells semi-autonomous tech for mainstream cars like VW Passats. That consistent revenue could help Mobileye become profitable before its pure self-driving peers: last quarter, Mobileye’s losses narrowed to just $7M from $21M last year. Crypt-ouch Venture-capital titan Andreessen Horowitz lost billions on crypto, but big fish aren’t jumping the pond It's not just your cousin Todd… You know a downturn's serious when the VCs are hurting. Silicon Valley investing big shot Andreessen Horowitz (aka: a16z) [reportedly]( lost billions in unrealized gains as the crypto market crashed. That's after it launched a $4.5B crypto fund in May, right as Terra's collapse kicked off crypto winter. This year alone the crypto-bullish firm took a $2.9B hit on its [Coinbase]( investment, while its [solana]( holdings lost 80% of their value. It's not just a16z: - Messla: Last week Tesla reported a $170M impairment loss on [bitcoin]( in the first nine months of the year. - Rock: Jack Dorsey's [Block]( said it had a second-quarter bitcoin-impairment loss of $36M (it reports Q3 earnings next week). Down but not out… Crypto's institutional players may be bleeding cash, but they're still hoping for an infusion. On Tuesday, FTX founder Sam Bankman-Fried said he's looking for fresh investment dollars. The goal: use the $$ to draw more retail investors to his exchange (picture: lots of cousin Todds). THE TAKEAWAY Being a true crypto believer isn’t cheap… While cousin Todd may not have the financial security to stick out crypto winter, institutional players like a16z insist they're here for the long haul — and have the billions-backed privilege to give it a shot. The firm announced nine crypto-startup deals last quarter, and its crypto king, Chris Dixon, talked up the company's "long-term horizon." But as the billions in losses show, faith in crypto's tomorrow can cost dearly today. What else we're Snackin' - [Zuck]( All’s not well in the metaverse: [Meta]( disappointed on earnings and guidance. Profit was down 52% from last year, while revenue dropped for a second straight quarter as ad sales continued to sag. - [Awk]( A day after [GM]( reported surprisingly strong profits, rival [Ford]( revealed an $827M net loss. The F-150 icon got weighed down by parts shortages and high costs (think: $1B in unexpected supplier expenses). - [Spotty]( Rihanna’s dropping new music and [Spotify’s]( dropping #s: the CarPlay staple reported a better-than-expected 456M monthly listeners, but a worse-than-expected loss. Now it might raise prices on US subs. - [Basement]( It may be time to move back in with Mom: surging rent prices are encouraging more Americans to live with parents or roommates, pushing apartment demand to its lowest level in 13 years. - [Unpaid]( The SEC approved a rule that requires public companies who make accounting errors on financial statements to revoke their execs’ bonuses and other incentive payouts. The goal: discourage fraud. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day The UK’s new prime minister and his wife are estimated to be worth over $800M, placing them among the 250 wealthiest British households [Read more]( Thursday - Jobless claims - Earnings expected from Apple, Amazon, Mastercard, Merck, Shell, McDonald’s, T-Mobile, Comcast, Intel, Caterpillar, AB Inbev, Altria, Keurig Dr Pepper, and Shopify Authors of this Snacks own: bitcoin, and solana, and shares of Apple, Block, Amazon, Ford, Google, Microsoft, Shopify, Uber, and Spotify ID: 2559926 Robinhood Snacks newsletters reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk including the loss of principal and past performance does not guarantee future results. [Robinhood Terms and Conditions]( • [Disclosure Library]( • [Our Editorial Principles]( • [Contact Us]( • [FAQ]( [Manage Your Subscription Preferences](