Immoderata Tech #2
Welcome to the latest edition of Immoderata Tech, a newsletter about key developments impacting the broader technology ecosystem. As we bring in 2023, no one is really sure of what the future holds, but we can look for clues. This issue contains a number of perspectives on what to expect across industries.
Immoderata is an investment group that backs in ambitious technology companies. If you are an angel investor (or want to be), feel free to join us and gain access to great deal flow. Let's jump in.
Artificial Intelligence
Taiwan’s TSMC is bringing in the next generation of chip technology with its 3nm chips. The company started production of the chip as geopolitical tensions continue to rise over the world’s access to the most advanced chip technology. More here.
This set of technology predictions for 2023 highlight how fundamental AI will be at the enterprise level. More here.
AI continues its march toward ubiquity as society grapples with its power and risks. More here.
Climate
Large banks have been under pressure for their funding of the oil and gas industry. More banks could send signals, similar to the one HSBC sent, that they will no longer fund new oil and gas projects. More here.
Here is an excellent contextualization of the current energy transition against the backdrop of past energy transitions. It also provides a helpful overview of the challenges to watch and solve for as we continue this energy transition. More here.
Cyber
Cyber attacks could become uninsurable. Recent attacks that have disrupted hospitals, shut down pipelines and targeted government departments have all fed concern about this expanding risk among industry executives. More here.
The US federal government is investing significant funding towards boosting its cybersecurity capabilities, allocating over $3.5B towards cybersecurity programs across several government agencies. More here.
Media
More than $500bn has been wiped off the market value of the world’s biggest media companies this year as investors soured on the streaming revolution, triggering historic share price declines for broadcasting and entertainment groups. More here.
Not all is gloomy in the media world as YouTube secured the rights to stream the NFL's Sunday Ticket games for $2-2.5B per year over seven years. The NBA and other sport leagues are likely looking forward to when they've got media rights available for a new bidder with deep pockets. More here.
Markets
As we enter challenging times, opportunities will arise for the knowledgeable and disciplined to seize. This piece provides a helpful mental model for where to look for those opportunities, including some areas we are excited about like AI and biotech. More here.
There are many factors that could impact markets in 2023. See how some of the top financial institutions in the world are reading the tea leaves. More here.
The size of late stage venture rounds has grown significantly over the past decade, as non-traditional investors have contributed vast amounts of capital. Here’s a breakdown on how we got here and Pitchbook’s efforts to adjust to the new game on the field. More here.
Startups we lost in 2022. More here.
Deep Dive
Systems Thinking: Leverage points within a system. More here.
Editor's Note
As we begin 2023, countless forecasts and predictions have, no doubt, hit your inbox. This is a good time to remind you to remember to view these with caution and consider the incentives of those doing the forecasting. The future is unknown and will always remain so. However, that shouldn't stop us from taking informed and decisive action.
The function of economic forecasting is to make astrology look respectable.
John Kenneth Galbraith
Fear of the unknown is a destructive force. It causes people to make suboptimal choices by avoiding that fear.
Cliff Lerner
Until next time,
Eric
P.S. - Feel free to email us or text with questions, comments, or feedback. We love hearing from you!
This newsletter does not constitute an offering or form part of any offering or any solicitation of any offer to subscribe to or purchase any investment by Immoderata, LLC, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with any contract therefore. Any such offer will be made only by means of definitive investment offering documents. The information included in this newsletter is subject to change without notice to any recipient.