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The Capital Letter: Week of December 14 Andrew Stuttaford © Jonathan Ernst/Reuters So, as I write (12:31 p.m.), it’s still wait and see when it comes to a stimulus package. Stocks slipped from record highs on Friday as lawmakers rushed to bridge differences on additional coronavirus stimulus measures. The Dow Jones Industrial Average fell about 150 points, while the S&P 500 dipped 0.4%. The Nasdaq Composite traded 0.1% lower. All three indexes touched new intraday highs in morning trading after closing at records in the previous session. Leaders on Capitol Hill said they a...

Oracle joined a growing list of big companies pulling up stakes to flee California for greener business pastures. Oracle’s Friday announcement means it’s following in the footsteps of fellow Silicon Valley tech giant Hewlett Packard, which just weeks ago announced its coming move to Austin, Texas. But this exodus of businesses out of California is not a recent phenomenon that can be blamed on COVID and Democrat Governor Gavin Newsom’s draconian lockdowns, although they have certainly contributed. Instead, this problem has been years in the making, thanks to California’s hi...

Tom Siebel Does it Again with C3.ai Posted on 12/13/2020 Thomas (Tom) M. Siebel did it again. Tom Siebel was the founder of Siebel Systems, which was later acquired by Oracle in January 2006. In 2009, Siebel founded C3.ai, Inc., originally to provide enterprise software for energy management. Redwood City, California-based C3.ai went public. The initial public offering price was US$ 42.00 per share. The company is developing means to deploy AI applications. Existing investor BlackRock and new investor Capital Research Global Investors (The Capital Group) planned to buy 20% of the shares in t...

It was already a great year for IPOs, but this past week took things to an entirely new level. DoorDash (ticker: DASH) and Airbnb (ABNB) started the week as private companies last valued at a combined $34 billion. They ended the week as public companies together worth nearly $170 billion. The initial public offerings capture how Covid-19 has fundamentally shifted the economy—and the financial markets. Here’s what we learned from the historic week. Growth Is the New Value: Investors are desperate for growth, and they don’t care what it costs. Snowflake ...

Tom Siebel, Founder and CEO of C3.ai F. Carter Smith/Bloomberg C3.ai had a spectacular debut in the public market on Wednesday. The artificial-intelligence software company priced an offering of 15.5 million shares at $42 a share, above the expected range of $36 to $38 a share, before opening at $100. The stock closed its first day at $92.49, a 120% gain from its IPO price. Among other things, the IPO marks the return to public view of Tom Siebel, the founder and CEO of C3.ai (ticker: AI). The legendary software entrepreneur was an early executive at Oracle (ORCL) a...