🚙 VinFast’s big SPAC

…and driverless cars are set to roll 24/7 in CA   Rollin’ into the US market (Apu Gomes/Getty Images)   [Sponsored by]( Yesterday’s Market Moves   Dow Jones 34,766 (-0.52%) S&P 500 4,404 (-0.76%) Nasdaq 13,475 (-1.15%) Bitcoin $28,899 (-0.91%) Dow Jones 34,766 (-0.52%) S&P 500 4,404 (-0.76%) Nasdaq 13,475 (-1.15%) Bitcoin $28,899 (-0.91%) Hey Snackers, This breakfast is 21+: Kellogg’s served up an alcoholic Eggo “brunch in a jar” [sippin’ cream]( and Dunkin’ is [rolling out]( a boozy line of its iced coffees and teas called “Dunkin’ Spiked” (missed opportunity: “Drunkin’”). Stocks slipped yesterday after newly released Fed minutes suggested officials remain worried that inflation’s not done with us yet. Investors fear that could lead to more rate hikes. EVin Vietnamese EV maker VinFast surges (then slides) as it screeches into a packed market VinFast & furious… Shares of electric-vehicle maker VinFast more than tripled following its Tuesday SPAC debut on the Nasdaq, accelerating its valuation [past]( GM and Ford. VinFast became the first Vietnamese automaker to sell cars in the US in March; it has just one ~$50K crossover available for Stateside sale, with one larger SUV confirmed. But investors’ were stoked by its lofty ambitions: - VinFast delivered its first EVs in 2021, and founder Pham Nhat Vuong (Vietnam’s wealthiest person) predicted his company is going to sell between 45K and 50K cars this year and 750K by 2026 — a # that took Tesla 17 years to hit. - Vuong hopes for profitability after 2025. To get there, VinFast plans to leverage low operating costs in its Vietnam home base while ramping up production with a North Carolina factory. Vin some, lose some… VinFast’s share price fell by ~19% from its Tuesday peak as of the market’s bedtime yesterday. Other SPAC-quisitions haven’t turned out so spectacular: this year’s SPAC-listed companies slid a median 45%, while SPAC’d EV startups including Lordstown Motors, Nikola, and Faraday Future have lost 90%+ of their value since going public. - Low float: VinFast’s volatility may be partly due to few of its shares being available to the public — 99% are held by Vuong’s wife and his mega-conglomerate, VinGroup. THE TAKEAWAY The EV market’s a tight parking spot… VinFast may struggle to maneuver its way in as established players churn out more models and slash prices. VinFast has the added challenge of proving its mettle as the first Vietnamese car company in the US, and it’s off to a rocky start. Its only model for sale in the US, the VF8, has gotten negative reviews (like “[return to sender]( and costs ~$7K more than Tesla’s Model Y after subsidies. Sponsored by Hedonova Hedonova: One fund for 10 alternative investments Alternative investments are gaining momentum. In fact, 67% of institutional investors predict that portfolios with 20% alternatives will outperform the traditional 60/40 stock-bond investment mix. The hedge fund [Hedonova]( is a single access point to a vibrant portfolio of alternative assets, including media royalties, pre-IPO startups, wine, fine art, etc. And, the SEC-regulated fund is turning heads — it [recently won]( best multi-strategy hedge fund at Hedgeweek European Awards 2023. With a [low minimum of $5k]( you can invest in the hedge fund for alternative assets now. Noffeur Robotaxis can now operate 24/7 in San Francisco as the driverless industry speeds up Empty cars everywhere… Google spinoff Waymo and GM’s Cruise were [approved]( to operate paid 24/7 driverless taxi services in San Francisco this week. It’s a big win for autonomous-vehicle operators, which’ve invested billions and spent years developing the tech. Cruise and Waymo have no fleet-size limit, leaving them free to compete directly with cabs and ride-hailing companies like Uber and Lyft. But the expansion hasn’t been without friction: safety officials and residents heavily criticized driverless cars during a six-hour public hearing. - Road bumps: Critics raised issues like the 200+ times this year when robotaxis have stalled, needing retrieval. And the time an autonomous car stopped near the scene of a mass shooting. - Flat debut: One day after getting approval, 10 SF Cruise vehicles stalled, causing a traffic jam. Meanwhile, “coning” protests (placing a traffic cone on a robotaxi’s hood to disable it) have gone viral. Fewer drivers, more roads… After years of “any day now” hype, autonomous driving is finally speeding up. Cruise is expanding into its eighth city (LA), while Waymo enters its fourth commercial market (Austin). In SF alone, 40+ companies have permits to test driverless cars. Given the tech expertise needed to leave the driver’s seat empty, some of Silicon Valley’s biggest names are merging into the autonomous lane. Apple’s self-driving wing had about 50 cars testing on public roads last year, while Amazon’s Zoox had 100. THE TAKEAWAY Hitting the gas on a yellow light is risky… Estimates of the robotaxi market’s decade-end value range from $46B to $10T (seriously). But critics say that fast growth could come at the expense of critical safety measures: there’ve been at least 55 incidents of robotaxis interfering with SF Fire Department operations, and the majority have happened since May, when companies began ramping up rides. DEFI(NE) Heard on the Block: “cryptocarrier” 🛜 Like charging for your neighbor’s WiFi password… Self-described cryptocarrier Helium Mobile said it’s [launching]( a $5/month mobile-data plan in Miami. It said its network combines traditional T-Mobile coverage with service provided by Helium nodes scattered across the city. The cryptocarrier pitch: people buy $1K+ wireless nodes for their homes and businesses, hook them up to their personal internet connections, and earn tokens when they’re used by Helium Mobile subscribers. FYI: Helium promised a decentralized wireless network before but struggled to deliver. What else we're Snackin' - [Miss]( Target slashed its annual forecast as consumers cut back on nice-to-haves like sundresses and decorative pillows. The company said backlash over its Pride items contributed to missing the sales bull’s-eye. - [Action]( Hollywood studios offered writers a new deal to address concerns over pay, transparency, and AI. The bosses of Netflix and Disney have led the push, as streamers start to feel the content crunch. - [Sale]( TJX shares hit a record after the TJMaxx, HomeGoods, and Marshalls parent topped expectations and raised its annual outlook as shoppers treasure-hunted through its discount racks. - [Banned]( In the face of new education legislation, an Iowa school district reportedly used ChatGPT to identify books that contain sexual content. The district has banned 19 books, including “The Handmaid's Tale.” - [To-go]( Cava swung to a profit in its first earnings as a public company. But the Crazy Feta icon’s annual outlook wasn’t so tasty as more folks choose pick-up to avoid delivery fees and #tipflation. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Global household wealth dropped last year, a first since the 2008 financial crisis [Read more]( Thursday - Initial jobless claims - Earnings expected from Walmart, Applied Materials, Ross, and Tapestry Authors of this Snacks own shares of: Amazon, Apple, Disney, GM, Google, Tesla, Uber, and Walmart Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( • [Our Editorial Principles]( • [Contact Us](mailto:hellosnacks@sherwoodmedia.com) • [Privacy Policy]( • [Advertise with us](mailto:advertising@sherwoodmedia.com) [Unsubscribe](