https://pinboard.in/u:jerryking/public/ recent bookmarks from jerryking 2026-06-02T13:26:13+00:00 https://archive.is/20260523064248/https://www.ft.com/content/20aed12e-b196-44f8-8a9d-54ba5e37979f#selection-1923.0-1946.0 jerryking artificial_intelligence M&A mergers_&_acquisitions private_equity scaling https://pinboard.in/ https://pinboard.in/u:jerryking/b:cc3c39d0c821/ 2025-05-11T02:17:11+00:00 https://www.wsj.com/tech/amazon-ai-chips-supercomputer-aws-annapurna-trainium-a943be71?mod=hp_lead_pos11 jerryking>Annapurna<< Labs, a secretive Israeli >>chip-design<< startup, Nafea Bshara was used to operating in >>stealth<< mode........he was being discreet that night because his >>clandestine<< meeting was with an influential executive from one of the world’s most valuable companies. And it would result in one of the most >>consequential<< deals in tech history. Their discussion of chips that began over beer and wine eventually led to Amazon buying the mysterious startup for about $350 MM. 10 yrs. later, it has become essential to the success of the whole company. Amazon has long depended on Amazon Web Services—and AWS depends on Annapurna. The company’s entire AI strategyis now built on a foundation of **chips designed** by Annapurna, which is so crucial that analysts have described this >>custom<< silicon as the **secret sauce** of AWS. The person who might just have the deepest understanding of Annapurna’s value is Amazon’s chief executive. Before he succeeded Jeff Bezos, >>Andy Jassy<< led the company’s giant cloud-computing business and made this deal. “If and when they go back and tell the story of AWS,”.....Jassy said... “our acquisition of Annapurna was one of the most important moments.” It looks even more important now that the AI boom has sparked a trillion-dollar >>arms race<< with >> Microsoft<< and >>Google<< also investing gigantic sums of money in powerful chips—the brains of artificial intelligence. All the cloud titans are building their own custom hardware, partly to chip away at their reliance on >>Nvidia.<< And no company is spending more than Amazon. This year, Amazon is planning more than $100 billion of capital expenditures, mostly on the AWS >>infrastructure<< required for AI systems. It’s even building a colossal supercomputer trained on an “ultracluster” of advanced chips designed by Annapurna. All this >>homemade<< silicon is the reason it can offer faster, cheaper and more efficient computing. Basically, a company once known for books is now increasingly obsessed with chips............And its strategy today was quietly made possible a decade ago with the prescient acquisition of a company that you’ve never heard of. Annapurna was born in 2011 a long way from the research lab in Austin, Texas, where it now designs and tests the next generation of chips. It was founded in Israel by entrepreneurs who had decades of experience in the chip business when they decided to start a company together. At the time, most people in tech were tantalized by consumer products—phones, tablets and mobile gadgets. Bshara and his Annapurna co-founders were drawn more to >>infrastructure<< products—chips, servers and behind-the-scenes hardware. After all, it’s hard to build successful consumer products outside America, so Israeli companies tend to focus on this >>overlooked<< but lucrative niche of the tech industry. “We’re infrastructure people,” says Bshara........And they were in the right place at what turned out to be precisely the right time. As cloud computing exploded over the next decade, so would the demand for those infrastructure products. They named their startup Annapurna.........think of Amazon as the everything store where you order stuff to arrive at your front door the next day. But these days, it prints money from other parts of the business......When Annapurna was founded, Amazon was just beginning to think about developing semiconductors to provide AWS customers with more options and lower prices—and take greater control of its supply chain........The man pushing innovation down to the silicon level was James Hamilton, an Amazon executive with the title of “distinguished engineer” who spends his days thinking about the sort of infrastructure the rest of us never think about. “For many people, it probably isn’t that interesting,”...“For me, it’s fundamentally captivating.” ......His bosses were intrigued when he wrote a memo for Bezos and Jassy in 2013 arguing it was time for Amazon to **design chips**. At the time, many people thought this was completely nuts.......Jassy knew it would be expensive and extraordinarily challenging. “Building a chip,” he says, “is not for the faint of heart.” He also knew that Amazon would need a partner to pull it off. ......And then Nafea Bshara walked into a bar.......Bshara printed four slides about Annapurna that explained who they were, what they did and how they did it—and why they should do it for AWS......After working together, even the geekiest AWS employees were so impressed by Annapurna that Jassy soon picked up more than just a bar tab. He struck a deal in 2015 to buy the whole company. .....................................When a startup gets acquired by a tech giant, it’s unusual for most of the team to stick around for a decade. But today, 68% of Annapurna’s employees at the time of the acquisition are still there. It’s also unusual for the startup’s founder to compare his workplace to the happiest place on earth. “We’re the Disneyland of computer architecture and silicon innovation,” Bshara says...............Hamilton says Annapurna has been such an unusually seamless fit inside Amazon for several reasons, including some that apply outside Amazon. One was that Annapurna engineers appreciate the importance of >>speed<<. “They know that months matter, weeks matter more and days matter even more,” Hamilton said. But even as they move fast, they can’t afford to break things. “If you make a mistake in software, it could cost you a week or two to fix it,” he said. “With >>hardware<<, you can lose nine months to a year.” These days, the most exciting product coming out of Annapurna’s labs is a chip for training AI models called Trainium. There will be hundreds of thousands of them in the supercomputer Amazon is delivering to AI startup >>Anthropic<< this year, a hulking machine named Project Rainier after the massive peak closer to HQ than the Himalayas......Some chips in AWS data centers are designed by Annapurna, like Trainium and Graviton, its popular central processor for general-purpose computing. Some are made by other companies, like >>Intel<< and chip kingpin >>Nvidia<<, whose enviable products handle the vast majority of AI workloads. The idea behind this buffet of chips is to provide a diversity of options at different prices depending on customer needs—something for everybody, just like the Amazon store. ]]> Amazon Annapurna artificial_intelligence AWS Ben_Cohen chip_design cloud_computing infrastructure Israel M&A overlooked pivotal_moments semiconductors special_sauce speed stealth training_beds Google Microsoft Nvidia Andy_Jassy CEOs clandestine consequential customization hardware homemade Intel in-house Anthropic https://pinboard.in/ https://pinboard.in/u:jerryking/b:c887eb1ad480/ 2023-08-15T08:54:42+00:00 https://investgame.net/news/sell-side-advisors/ jerryking investment_banking M&A videogames sell_side investment_research https://pinboard.in/ https://pinboard.in/u:jerryking/b:1fe966100773/ 2023-06-09T08:53:20+00:00 https://www.theglobeandmail.com/sports/article-reaction-against-liv-pga-tour-merger-suggests-principle-can-be-found/ jerryking Cathal_Kelly golf hypocrisy M&A mergers_&_acquisitions PGA principles sports athletes_&_athletics moral_hazards personal_enrichment Saudis Saudi_Arabia sportswashing sports_betting moral_ambiguities moral_compromises going_against_the_grain debased https://pinboard.in/ https://pinboard.in/u:jerryking/b:80c55d5ddf8a/ 2023-04-11T11:20:49+00:00 https://www.theglobeandmail.com/business/article-rogers-to-acquire-ttc-wireless-network-bring-5g-to-subway-system-2/ jerryking 5G M&A mergers_&_acquisitions Rogers TTC wireless subways https://pinboard.in/ https://pinboard.in/u:jerryking/b:828602dfff14/ 2023-03-24T15:56:54+00:00 https://www.theglobeandmail.com/business/rob-magazine/article-foodtastic-peter-mammas/ jerryking>Since 2016, Mammas has turned Foodtastic from a loose collection of Quebec restaurants with about $20 million in system sales into a fledgling empire poised to hit $1.2 billion in sales this year<< Foodtastic was different. Its founder and CEO, Peter Mammas, had a long history in the restaurant business..... At Foodtastic, Mammas oversees 23 restaurant brands—including Quesada, a deal that just recently closed—many of which were accumulated through acquisitions. Since 2016, he’s turned Foodtastic from a loose collection of Quebec restaurants with about $20 million in system sales into a fledgling empire with more than 1,000 restaurants poised to hit $1.2 billion in sales this year. He has a >>coffee chain (Second Cup)<<, >>casual dining<< (Milestones), quick service (Pita Pit), >>pubs<< (Fionn MacCool’s, Shoeless Joe’s), Mexican, Greek and Italian eateries, a microbrewery, and a handful of names mostly confined to Quebec. There are, for example, at least four separate entities comprising the “chicken portfolio,” as he calls it........... Mammas is constantly scouting for potential buys. His son first suggested that Foodtastic purchase Quesada after he found he was spending too much money there. Mammas will cold-call entrepreneurs, but he wants people to call him, too: At the bottom of every press release from Foodtastic is his personal mobile number. He’s nothing if not opportunistic, scooping up recognizable brands that have been beaten down amid the COVID-19 pandemic. In February, the company closed the deal to buy >>Freshii<< Inc. for $74.4 million, about 80% below the healthy-dining chain’s valuation when it went public five years ago. He bought Second Cup for even less—just $14 million, roughly. **Troubled brands** are the most appealing, in some ways. “The ones that are most advantageous for us are where we can fix them and then grow them,” Mammas says........And that’s the real challenge. Any entrepreneur can take advantage of a crisis to borrow money and buy some restaurants. It’s another thing to boost sales and bring in new customers........Mammas is still grappling with some of those questions even as he scouts for more deals. There are holes in the Foodtastic portfolio: no breakfast spots, no Asian cuisine, no quick-serve burgers....... in 2016, Mammas incorporated Foodtastic, along with his brother and a friend, to bring together five brands, one of which was a Quebec chain called La Belle et La Boeuf..........To grow Foodtastic, he needed money. Through a mutual friend, he met Jordan Rubin, who previously worked at Pershing Square Capital Management, the firm founded by activist investor Bill Ackman, which has a large stake in Restaurant Brands International. Rubin went into business for himself; he formed a joint partnership with an asset manager in California called Oaktree Capital Management to invest in restaurants. “My pitch to them was: ‘Listen, you know what MTY has done? We could replicate that,’” Mammas recalls. He secured a $47-million investment in 2018 from the partnership, called Restaurant Royalty Partners.......with a second round of funding in 2021, Foodtastic made at least eight acquisitions, including Second Cup, Copper Branch, Milestones, Pita Pit, Quesada and Freshii. With that, Foodtastic became a national player. ]]> brands cafés casual_dining CEOs chicken coffeehouses competitive_landscape conglomerates cost_savings Covid-19 entrepreneur experimentation fallen_angels fast-food Foodtastic founders franchising Freshii funding hands-on M&A mergers_&_acquisitions Oaktree pandemics Peter_Mammas portfolios private_equity pubs Quebec restauranteurs restaurants roll_ups Second_Cup serial_acquirers supply_chain_squeeze expansions https://pinboard.in/ https://pinboard.in/u:jerryking/b:fef0948faee0/ 2022-09-23T20:42:46+00:00 https://www.ft.com/content/1c655bf0-916e-4c05-a58c-f8ba19fa9892 jerryking>browser<<, with >>collaboration<< between groups of workers a central feature. Although the web-first approach sacrificed something in terms of quality, it gave existing customers new ways to use design software and opened the market up to a lot more users, as the cloud had before. It also appealed to a new generation of users who had grown up on the web......In the design world, Figma has not even been the most notable exponent of this browser-based revolution. The Australian design software company >>Canva<< has looked like a more direct long-term threat to Adobe’s mainstream design business.......The gamble, as often when new generations of technology appear, is that the new market will end up being much bigger than the old one. But this often means offering lower-priced versions of a product or letting some customers use the product for free. Adobe was already moving in this direction, announcing a “freemium” version of its software last year aimed at taking on Canva.......When it moved to the cloud, Adobe succeeded in convincing Wall Street it was worth taking a dent to revenues over a number of years to break into a new market. But if Adobe’s management thought its past success would give it an easy ride with investors, it badly misread the room........One reason is the higher level of risk it is taking on with a giant acquisition. Like most disrupters, Figma built its >>culture<< around challenging the incumbents. To now join forces brings an inevitable clash of cultures that, if not managed right, could lead to the loss of both workers and customers. Also, grafting its existing design tools on to Figma’s collaboration platform throws up technical and sales integration challenges...........There is also a risk that antitrust regulators will try to intervene. There is some product overlap, though Adobe’s relative weakness among the product designers Figma appeals to means this is unlikely to be a deal-breaker. More of a threat will be if >>regulators<< see Adobe’s move as a way to take out a competitor. In that regard, the purchase has similarities with Facebook’s acquisition of Instagram and WhatsApp, and Google’s takeover of YouTube. With hindsight, some regulators have regretted waving these deals through, and even suggested they should be unpicked.........Above all, there is the question of timing. Adobe’s big bet on the future has run headlong into a profound **mood shift** among tech investors. Buying growth is no longer in fashion, and if a tech slowdown is coming, crimping Figma’s expansion, it will be all the more painful. Tech disruption, however, doesn’t slow down when the economy turns. For Adobe’s bruised shareholders, there may be little choice. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Adobe has thus far paid $60 billion or 150x revenues for Figma $20 billion rack rate acquisition cost and $40 billion collapse of market cap. About half its value. Auch . . . +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Business schools spend days/weeks examining Kodak and others who fail to recognise disruptive innovation. Adobe have already successfully moved from software packs to subscriptions that locked in users....now they are going for the cloud Time will tell whether the right move...it is an alternative to long slow death... ]]> Adobe big_bets disruption Figma M&A mergers_&_acquisitions Richard_Waters antitrust browser-based Canva collaboration cloud_computing design freemium organizational_culture regulators software digital-first cloud-first shifting_moods https://pinboard.in/ https://pinboard.in/u:jerryking/b:448fefd51acd/ 2022-07-06T17:30:32+00:00 https://notes.pinboard.in/u:jerryking/48f88f01c1eba9569ccd jerryking asset_management consolidation economies_of_scale finance financial_services investment_management M&A mergers_&_acquisitions organizational_culture roll_ups https://notes.pinboard.in/ https://pinboard.in/u:jerryking/b:dd8a09849ca8/ 2022-05-26T23:58:51+00:00 https://www.nytimes.com/2022/05/26/technology/broadcom-vmware-deal.html?action=click&module=Well&pgtype=Homepage&section=Business jerryking Broadcom cloud_computing M&A mergers_&_acquisitions VMware https://pinboard.in/ https://pinboard.in/u:jerryking/b:04f33d8979e3/ 2022-01-22T18:27:11+00:00 https://notes.pinboard.in/u:jerryking/e9f97d299446cb348f7d jerryking Activision big_bets Eric_Reguly M&A metaverse Microsoft Neal_Stephenson subscriptions videogames https://notes.pinboard.in/ https://pinboard.in/u:jerryking/b:33e91fbffb9d/ 2022-01-19T00:08:43+00:00 https://www.nytimes.com/2022/01/18/business/microsoft-activision-blizzard.html jerryking Activision games M&A mergers_&_acquisitions metaverse Microsoft videogames https://pinboard.in/ https://pinboard.in/u:jerryking/b:e2eaa09917de/ 2021-09-23T03:49:39+00:00 https://www.ft.com/content/c2067f6f-1e39-4dc1-9ef3-9daf82c4c416 jerryking Amazon anti-Semitism content content_libraries cross-platform Disney HBO intellectual_property M&A Netflix personal_behaviour streaming https://pinboard.in/ https://pinboard.in/u:jerryking/b:145f839ff2e9/ 2021-06-08T02:45:20+00:00 https://www.theglobeandmail.com/business/technology/article-lightspeed-pos-continues-shopping-spree-with-two-acquisitions-valued/#comments jerryking Lightspeed M&A mergers_&_acquisitions Shopify https://pinboard.in/ https://pinboard.in/u:jerryking/b:b569a2213d56/ 2021-06-01T17:46:06+00:00 https://www.ft.com/content/3001b73f-60f5-419c-843f-656054ad8c89 jerryking>financial crime<< software group. Meanwhile, Deutsche Börse indicated that it would look to do deals in indices and analytics, as well as information related to environmental, social and governance (ESG) investing. Acquisition gossip has been further stoked by S&P Global’s planned $44B purchase of IHS Markit — an industry mega-merger and one of the largest transactions announced last year. In recent months, investors have speculated that FactSet could also be a target.  But whether another exchange would follow the LSE in buying a data provider is another matter..........For a start, many of the world’s largest exchanges are digesting their own deals, having also been on M&A sprees in the past year. The LSE, Intercontinental Exchange, Euronext, Nasdaq and Deutsche Börse all made big purchases.........financial data is regarded as a premium staple product — purchased regularly and out of necessity — not a commodity. Exchanges can only justify providing and charging a high price for it if users find it valuable. “How valuable data is, is very much dependent not just on what is charged to users but their associated cost of processing it,”....... the technology challenge may be getting harder. .....the pandemic had made the financial industry more creative in how it used data. More emphasis is being placed on integrating information such as alternative data, while spending less on terminals in favour of virtual desktops that can be used on mobile devices.........That may awaken interest from the world’s biggest technology companies rather than exchange operators. “Non-traditional players [ie Big Tech] are expected to enter the business aggressively,”..... For the financial markets data industry, these rivals could be the biggest challenge of all. ]]> alternative_data analytics Big_Tech commoditization_of_information data data_products Deutsche_Börse ESG Euronext FactSet financial_crimes financial_data financial_markets indices IntercontinentalExchange investors LSE mergers_&_acquisitions M&A Markit Nasdaq post-deal_integration Refinitiv S&P stockmarkets Thomson_Reuters tools trading_platforms Verafin Bloomberg bourses https://pinboard.in/ https://pinboard.in/u:jerryking/b:fc943f54b35b/ 2021-05-17T18:21:51+00:00 https://www.nytimes.com/2021/05/16/business/media/att-discovery-deal-time-warner.html?action=click&module=Well&pgtype=Homepage&section=Business jerryking AT&T digital_media Discovery John_Malone M&A https://pinboard.in/ https://pinboard.in/u:jerryking/b:23247ef49f1d/ 2021-04-26T15:26:47+00:00 https://www.ft.com/content/0475dc4f-f195-49f2-b58e-deedbca046a2 jerryking cyber_security M&A mergers_&_acquisitions private_equity Thoma_Bravo https://pinboard.in/ https://pinboard.in/u:jerryking/b:d539d402fb17/ 2021-03-21T17:00:23+00:00 https://www.theglobeandmail.com/opinion/article-its-time-to-put-consumers-first-how-about-we-start-with-the-rogers/ jerryking>hothouse flowers<<, the domestic wireless startup........Rather than trying to gin up domestic competition out of nowhere, we could just stop prohibiting competition, from the only place it is likely to come: outside our borders. Technically foreign wireless operators are allowed to enter the market, but they are effectively deterred from doing so, in part by the raft of “service” obligations the regulators have piled on the industry (again, paid for by consumers). Neither are they allowed to establish a competitive beachhead in the market, by acquiring one of the Big Three. That will never change, so long as we remain stuck in the dominant producerist mindset [i.e. = "entrenched interest"]. It isn’t just telecoms, after all. Why do Canadians pay among the highest air fares in the world? Because the Canadian airline industry is a protected duopoly. Why do we pay among the highest mutual fund fees in the world? Because the financial services industry is reserved to a handful of Canadian banks and other players. Why do we pay twice the market price or more for such staple foods as milk, eggs and poultry? Because these industries are organized as state-supervised price-fixing rings.[i.e. = "cartels"/"supply management"] I remember, during the great free-trade debate of 1988, a union leader warning it would bring “dog-eat-dog competition” to Canada. He need not have worried. Across much of the Canadian economy, the prevailing thrust of policy remains the same: to enable both dogs to feast on consumers. ]]> 5G Adam_Smith Andrew_Coyne competition consumers M&A mergers_&_acquisitions producers regulations regulators Rogers Shaw subsidies telecommunications wireless public_interest consolidation deal-making entrenched_interests cartels supply_management hothouse_flowers https://pinboard.in/ https://pinboard.in/u:jerryking/b:bf33bce97ea8/ 2021-02-08T17:43:39+00:00 https://www.ft.com/content/4fde8d7a-dc67-407b-b95a-de78b01fb539 jerryking Amazon AWS books Cambrian_explosion capital_allocation catch_and_kill coffeehouses constraints culling diversification experimentation exploitation exploration GitHub ideas innovation innovators inventiveness Jeff_Bezos jugaad LinkedIn M&A mergers_&_acquisitions Microsoft new_businesses new_products novelty patents organizational_culture Quidsi small_bets Starbucks Stryber systematic_approaches troublemakers kill_rates Play_Bigger thinking_big plussing https://pinboard.in/ https://pinboard.in/u:jerryking/b:03f6ec8f0b34/ 2020-11-19T22:11:26+00:00 https://www.theglobeandmail.com/business/article-nasdaq-to-buy-canadas-verafin-for-us275-billion/ jerryking Atlantic_Canada anti-money_laundering books cloud_computing financial_institutions fin-tech fraud_detection global_champions Gordon_Pitts head_offices IVP M&A Memorial_University mergers_&_acquisitions Nasdaq Newfoundland software Verafin financial_crimes defining_moments https://pinboard.in/ https://pinboard.in/u:jerryking/b:f1b58d5f53d3/ 2020-10-01T19:38:52+00:00 https://www.ft.com/content/4403ee1a-050f-4742-b967-ba47b0f1de03 jerryking ARM artificial_intelligence founders infighting insights Jensen_Huang Masayoshi_Son M&A Nvidia R&D semiconductors Silicon_Valley SoftBank https://pinboard.in/ https://pinboard.in/u:jerryking/b:103c1710f2e3/ 2020-09-19T21:03:15+00:00 https://www.ft.com/content/f7e928dc-d633-4be9-b20f-dcdfc56d3415 jerryking ARM China founders insights neural_networks new_tech_cold_war M&A Nvidia R&D self-assurance semiconductors Silicon_Valley SoftBank training_beds U.S. videogames artificial_intelligence Jensen_Huang Richard_Waters breakthroughs hard_problems where_the_puck_is_going GPUs actively_seeking https://pinboard.in/ https://pinboard.in/u:jerryking/b:6431068acbf7/ 2020-07-09T03:17:40+00:00 https://www.nytimes.com/2020/06/30/opinion/sunday/mergers-buyouts-economy-inequality.html?searchResultPosition=1 jerryking backlash buyouts consolidation corporate_concentration discontent economic_inequity antitrust enforcement ideas M&A mergers_&_acquisitions survival_strategies Tim_Wu employee-owned employees employee_ownership pandemics curses https://pinboard.in/ https://pinboard.in/u:jerryking/b:9fe88c44b480/ 2020-06-14T20:04:42+00:00 https://www.nytimes.com/2020/06/13/technology/facebook-amazon-apple-google-microsoft-tech-pandemic-opportunity.html?action=click&module=Well&pgtype=Homepage&section=Technology jerryking FAANG mergers_&_acquisitions pandemics post-coronavirus_era recessions Big_Tech kairos M&A opportunities https://pinboard.in/ https://pinboard.in/u:jerryking/b:097ac78d836d/ 2020-05-21T19:57:00+00:00 https://notes.pinboard.in/u:jerryking/8c3c8e669ce80f4d5451 jerryking CIOs FAANG large_companies M&A mergers_&_acquisitions Microsoft pandemics start_ups Uber https://notes.pinboard.in/ https://pinboard.in/u:jerryking/b:a9947134a14d/ 2020-03-04T20:29:16+00:00 https://notes.pinboard.in/u:jerryking/8ba75cd89158284de2c1 jerryking culling exits financial_distress M&A mergers_&_acquisitions selling_out start_ups triage vc venture_capital https://notes.pinboard.in/ https://pinboard.in/u:jerryking/b:7a811cd0068e/ 2020-02-24T17:17:01+00:00 https://www.wsj.com/video/why-trendy-cosmetic-brands-keep-getting-bought-up/09D69A8F-2817-4D6D-A628-8B8284976F57.html?mod=article_inline&mod=hp_lead_pos11 jerrykingbrands M&A mergers_&_acquisitions personal_care_products personal_grooming mill https://pinboard.in/ https://pinboard.in/u:jerryking/b:d8c152abc639/ 2020-01-19T21:33:11+00:00 https://www.ft.com/content/8ea5f6b2-37e0-11ea-a6d3-9a26f8c3cba4?desktop=true&segmentId=fe4987a4-0d36-0eb5-d88f-99ac7b30c569#myft:notification:weekly-email:content jerryking>on-device<< AI would allow the company’s customers to keep full control of their personal data. Apple has paid almost $200m for an AI start up, Seattle-based Xnor, that specialises in bringing intelligence to “smart” devices.....Xnor specialises in running complex >>machine learning<< models on so-called edge devices — the wide range of gadgets, from smartphones to smart home devices and cars, that operate beyond the reach of the cloud data centres that currently handle most artificial intelligence processing.  Running machine learning on-device, rather than in the cloud, has become one of the most important >>technology frontiers<< in the spread of AI. For Apple, better on-device AI would allow the company’s customers to keep full control of their personal data......That has become an important part of the company’s marketing pitch as it tries to distinguish itself from Google and Facebook. Xnor had developed a way to run **large machine learning models** without requiring the computing resources and power normally needed for such data-intensive work (e.g. the technology reduces network demands caused by AI aka latency). .....This means that critical applications can continue to run even when they lose a connection to the cloud, such as in driverless cars. ]]> Apple edge Facebook Google M&A machine_learning on-device personal_data Richard_Waters Siri start_ups Xnor cloud_computing connected_devices data_centers decentralization latency artificial_intelligence large_language_models technology_frontiers https://pinboard.in/ https://pinboard.in/u:jerryking/b:00ef776c1769/ 2019-09-25T15:49:05+00:00 https://www.wsj.com/articles/inspire-brands-to-add-jimmy-johns-to-its-restaurant-roster-11569408901?mod=hp_lead_pos3 jerryking brands fast-food M&A mergers_&_acquisitions restaurants https://pinboard.in/ https://pinboard.in/u:jerryking/b:e11128ad6e9f/ 2019-09-23T14:53:31+00:00 https://www.theglobeandmail.com/business/rob-magazine/article-can-tim-hortons-brazilian-president-return-the-iconic-canadian-brand/#comments jerryking 3G_Capital aspirations beverages brands Burger_King China coffee Communicating_&_Connecting crossborder data_driven fallen_angels fast-food franchising growth innovation lawsuits M&A mergers_&_acquisitions millennials organizational_culture playbooks Popeyes product_quality RBI reputation restaurants Tim_Hortons turmoil back-house_opportunities CEOs https://pinboard.in/ https://pinboard.in/u:jerryking/b:89c247e9f256/ 2019-08-20T23:18:03+00:00 https://blogs.wsj.com/cio/2019/08/16/looking-ahead-after-a-quarter-century-into-the-digital-age/?guid=BL-CIOB-14836&mod=hp_minor_pos5&dsk=y jerryking digital_economy insights Irving_Wladawsky-Berger McKinsey artificial_intelligence industry_boundaries M&A millennials platforms self-cannibalization digitalization digital_natives https://pinboard.in/ https://pinboard.in/u:jerryking/b:2b324e9f66a4/ 2019-07-29T15:43:35+00:00 https://www.ft.com/content/b6b4a398-b143-11e9-8cb2-799a3a8cf37b jerryking>Blackstone<<. If an agreement is reached for a company best-known for its Eikon desktop terminals, it would transform the LSE into a provider of financial market infrastructure and data with the scale to take on US exchange industry heavyweights >>Intercontinental Exchange<< and CME Group as well as Michael Bloomberg’s financial information empire. “This would be a bold move in the shift among exchanges away from the matching of buyers and sellers and into the business of selling information,” said Kevin McPartland, head of market structure research at consultancy Greenwich Associates. “Data are so valuable and so is having the network of traders and investors to access that data — that’s all at play here.”......The deal would also be a >>defining moment<< for the LSE’s chief executive, David Schwimmer, just a year after the relatively unknown former Goldman Sachs banker was parachuted in to steady the ship. Its scale will bring considerable risk in execution alongside the need to convince LSE shareholders that taking on Refinitiv’s $12bn of debt will prove worth it. Industry analysts see the strategic logic of the deal for the LSE, best known for its UK stock exchange and derivatives clearing house LCH. While revenue from initial public offerings can be more volatile, spending by everyone from asset managers to hedge funds on >>financial data<< and the analytical tools to make use of it has been going in one direction. It hit a record $30.5bn last year.......“What’s happened is exchanges have found it more difficult to find ways of generating revenue in their traditional businesses [JCK: that is, the commodification of data],” “You can deliver data so easily now, there is **voracious appetite** from anyone making investment decisions so they can get an edge.”.....As well as winning over LSE shareholders, any deal is likely to face a lengthy period of antitrust approvals. “There is a wider market concern about exchanges and data vendors combining,” said Niki Beattie, founder of Market Structure Partners. “The global world of data distribution is presided over by a small number of players who have a lot of power.” ]]> asset_management Blackstone Bloomberg bourses data financial_data hedge_funds inflection_points IntercontinentalExchange investors LSE mergers_&_acquisitions M&A Refinitiv stockmarkets Thomson_Reuters tools trading_platforms turning_points defining_moments commoditization_of_information data_products data-hunger https://pinboard.in/ https://pinboard.in/u:jerryking/b:f229d37c63c2/ 2019-06-20T16:07:50+00:00 https://www.wsj.com/articles/havas-acquires-majority-of-battery-ad-agency-known-for-netflix-work-11561015920?mod=hp_minor_pos1 jerryking advertising advertising_agencies Havas mergers_&_acquisitions M&A Netflix shifting_tastes https://pinboard.in/ https://pinboard.in/u:jerryking/b:4468780f83d4/ 2019-05-22T13:34:05+00:00 https://www.theglobeandmail.com/business/streetwise/article-betting-on-breakfast-sandwiches-cpp-invests-200-million-in-canadas/ jerryking breakfasts CPPIB food foodservice grocery M&A mergers_&_acquisitions partnerships premium sandwiches shifting_tastes Starbucks supermarkets supply_chains Tim_Kiladze Wal-Mart roll_ups https://pinboard.in/ https://pinboard.in/u:jerryking/b:8989d4cf3a8b/ 2019-03-26T04:05:27+00:00 https://www.wsj.com/articles/mcdonalds-nears-deal-to-buy-israeli-digital-startup-dynamic-yield-11553552124 jerryking fast-food Israeli M&A mergers_&_acquisitions restaurants start_ups McDonald's https://pinboard.in/ https://pinboard.in/u:jerryking/b:7fca9b7a08c5/ 2019-02-26T04:46:00+00:00 https://www.wsj.com/articles/lineage-logistics-buys-rival-preferred-freezer-services-11551092401?mod=hp_minor_pos13 jerrykingcold_storage mergers_&_acquisitions M&A https://pinboard.in/ https://pinboard.in/u:jerryking/b:5ef0b4f5aae6/ 2019-02-24T09:46:03+00:00 https://www.wsj.com/articles/it-shook-the-food-business-by-snagging-burger-king-kraft-and-heinz-now-3g-is-reeling-11550875206?mod=hp_lead_pos6 jerryking ABInBev Big_Food brands cost-cutting Kraft_Heinz investors M&A mergers_&_acquisitions millennials shifting_tastes zero-based_budgeting 3G_Capital https://pinboard.in/ https://pinboard.in/u:jerryking/b:75571d233be6/ 2018-05-26T01:41:21+00:00 https://www.ft.com/content/4b3aa06a-b31f-11e6-a37c-f4a01f1b0fa1 jerryking travel Scotland small_business mergers_&_acquisitions M&A software_developers buyouts https://pinboard.in/ https://pinboard.in/u:jerryking/b:5898263a35dc/ 2017-12-14T18:43:02+00:00 https://www.nytimes.com/2017/12/14/business/dealbook/disney-fox-deal.html jerryking Disney M&A mergers_&_acquisitions streaming antitrust 21st_Century_Fox Department_of_Justice mass_media https://pinboard.in/ https://pinboard.in/u:jerryking/b:f8b293e6bcdc/ 2017-10-25T11:05:16+00:00 https://www.wsj.com/articles/wal-mart-takes-aim-at-amazon-1508811540?mod=cx_picks&cx_navSource=cx_picks&cx_tag=video&cx_artPos=4#cxrecs_s jerryking Wal-Mart Amazon Marc_Lore e-commerce Jet retailers brands M&A Bonobos ModCloth Moosejaw delivery Parcel digital_natives merchandising ShoeBuy https://pinboard.in/ https://pinboard.in/u:jerryking/b:59a2b4bf0749/ 2017-09-29T12:06:51+00:00 https://www.wsj.com/articles/ikea-to-acquire-online-freelancer-marketplace-taskrabbit-1506618421 jerryking IKEA TaskRabbit gig_economy mergers_&_acquisitions M&A Silicon_Valley large_companies brands Fortune_500 start_ups e-commerce home-delivery BOPIS augmented_reality urbanization digital_strategies retailers product_launches home-assembly https://pinboard.in/ https://pinboard.in/u:jerryking/b:64a869304643/ 2017-09-17T07:19:04+00:00 https://www.nytimes.com/2017/09/14/business/dealbook/nestle-blue-bottle-coffee.html?ref=dining jerryking coffee Nestlé mergers_&_acquisitions M&A artisan_hobbies_&_crafts high-end gourmet upscale foodies Big_Food brands Fortune_500 niches high-quality https://pinboard.in/ https://pinboard.in/u:jerryking/b:841615534f4c/ 2017-09-07T16:13:52+00:00 https://www.wsj.com/articles/nestle-unilever-bite-sized-deals-betray-healthier-appetite-1504791313 jerryking CPG Unilever brands niches mergers_&_acquisitions M&A Nestlé start_ups large_companies Fortune_500 plant-based Big_Food healthy_lifestyles emotional_connections shifting_tastes high-growth gazelles build_locally https://pinboard.in/ https://pinboard.in/u:jerryking/b:c4ca2dc79424/ 2017-06-25T14:22:45+00:00 https://www.wsj.com/articles/its-time-for-apple-to-go-hollywood-1497998797 jerryking>original programming<< is difficult. With all due respect to Messrs. Erlicht and Van Amburg, simply adding a couple of studio execs probably won’t be enough. In acquiring Netflix—which has produced an endless string of award-winning hits, from “House of Cards” to “Stranger Things”—the iPhone company would gain instant credibility and proven expertise in creating premium content at scale. • Vertical integration. Apple is the most successful walled garden in history. Taking video creation and distribution in-house would satisfy that longstanding business model. • International expansion. Content providers now have to think and act globally.... Netflix is available in more than 190 countries. Buy it, and Apple owns the world’s first truly global TV network. One more thing, to quote the man in the black turtleneck. In addition to content, another enormous asset Apple would get from buying Netflix is its CEO, >>Reed Hastings<<. Without a clear successor to Tim Cook on the horizon, it would be malpractice if Apple’s board didn’t have some names in mind.]]> Apple Netflix M&A Hollywood content_creators vertical_integration in-house Reed_Hastings international_expansion think_differently original_programming economies_of_scale Apple_TV walled_gardens https://pinboard.in/ https://pinboard.in/u:jerryking/b:12f38f8341e8/ 2017-03-19T21:02:51+00:00 https://www.wsj.com/articles/why-a-music-mogul-is-snapping-up-tiny-trade-magazines-1489921217 jerryking music_industry mergers_&_acquisitions M&A trade_publications Tim_Leiweke music magazines moguls concerts live_music live_performances the_Eagles back-house_opportunities declining_sales https://pinboard.in/ https://pinboard.in/u:jerryking/b:2e78f9abd2df/ 2017-03-14T15:11:16+00:00 http://www.theglobeandmail.com/report-on-business/international-business/african-and-mideast-business/intel-to-buy-mobileye-for-14-15-billion-report/article34279881/ jerryking autonomous_vehicles automotive_industry Intel semiconductors supply_chains mergers_&_acquisitions M&A https://pinboard.in/ https://pinboard.in/u:jerryking/b:4c56bbe2d182/ 2017-03-14T04:24:39+00:00 https://hbr.org/2016/02/big-companies-should-collaborate-with-startups jerryking>Growth<< is increasingly hard to come by, so large companies are increasingly looking to entrepreneurs to help them find it. In the food and beverage category, growth came from 20,000 small companies outside of the top 100, which together saw revenue grow by $17 billion dollars. Despite that aggregate revenue growth, not every startup is successful — in fact, the vast majority will fail. Ironically, startups and established companies would both improve their success rates if they collaborated instead of competed. Startups and established companies bring two distinct and equally integral skills to the table. Startups excel at giving birth to successful >>proof of concepts<<; larger companies are much better at successfully scaling proof of concepts. Startups are better at **detecting and unlocking emerging and latent demand** [i.e. = "hidden value"/"value extraction"]. But they often stumble at scaling their >>proof-of-concept<<[i.e. = "pilot programs"], not only because they’re often doing it for the >>first time<<, but also because the skills necessary for creating are not the same as >>scaling<<. Startups must be agile and adapt their value proposition several times until they get it right. According to Forbes, 58% of startups successfully figure out a clear market need for what they have. In contrast, big companies often end up launching things they can make, not what people want. Successful collaboration between startups and established companies [i.e. = "Gulliver strategies"] must go beyond financial deals: it must be personal and mission-oriented.....areas of emerging and >>latent demand<< are often **highly concentrated**.... spend time physically in hotbeds specific to your sector. ....met people...walk the aisles ...... explore >>up and coming<< >>datasets<<. SPINs is a retail measurement company that covers the natural and organic grocers. Yet too many companies don’t even bother to acquire this data because they dismiss it as too small to matter.....Just as important as >>personal knowledge<< are >>personal relationships<< [i.e. = the combination is effectively "tacit knowledge"]. ...spend time with customers....skew more toward emerging customers......connect with key people who have tight connections with both startups and established companies in your industry.....>>collaboration<< needs to be >>mission-oriented<<, meaning it has to be focused on something larger than financial success. ......Executives who wish to tap into the growth of these smaller companies will find that having a big checkbook is not going to be enough, and that waiting for an investment banker to bring them deals is the wrong approach. A mercenary mindset will only go so far. When big companies try to engage with startups, a missionary mindset will create better odds of success.]]> large_companies Fortune_500 brands start_ups collaboration face2face personal_meetings personal_touch information_sources personal_relationships personal_knowledge HBR growth funding M&A success_rates proof-of-concepts mindsets missionaries mission-driven cultural_clash Gulliver_strategies scaling datasets first_time_customers/visitors hidden_value pilot_programs up-and-comers value_extraction Mondelez latent_demand over-concentration tacit_knowledge https://pinboard.in/ https://pinboard.in/u:jerryking/b:5edd32c5fefb/ 2017-01-09T20:33:53+00:00 https://www.evernote.com/Home.action#n=4077277f-928c-4822-a0a2-249280f35c8c&ses=4&sh=2&sds=5& jerryking law_firms cyber_security Chinese hackers traders SEC mergers_&_acquisitions M&A malware Big_Law Preet_Bharara security_consciousness confidentiality securities_fraud cyberattacks wake-up_calls professional_services_firms https://pinboard.in/ https://pinboard.in/u:jerryking/b:ba0ac2570e75/ 2017-01-03T01:28:57+00:00 http://www.nytimes.com/2017/01/02/business/dealbook/mergers.html?mabReward=A6&recp=6 jerryking start_ups mergers_&_acquisitions M&A GE Honeywell post-deal_integration Fortune_500 brands large_companies acquihires strategic_buyers ubiquitousness digital_savvy https://pinboard.in/ https://pinboard.in/u:jerryking/b:8ee5ac7cb907/ 2016-10-06T02:21:38+00:00 http://www.amplifierventures.com/wp-content/uploads/2015/11/MA-in-DC-and-Silicon-Valley.pdf jerryking Silicon_Valley trends M&A mergers_&_acquisitions https://pinboard.in/ https://pinboard.in/u:jerryking/b:264c77f4b4da/ 2016-10-05T18:12:15+00:00 https://www.fenwick.com/FenwickDocuments/MA.pdf jerrykinglaw_firms advice mergers_&_acquisitions M&A Silicon_Valley technology start_ups https://pinboard.in/ https://pinboard.in/u:jerryking/b:cc2f0dd38695/ 2016-09-15T11:53:07+00:00 http://www.theglobeandmail.com/report-on-business/international-business/european-business/bayer-signs-deal-worth-close-to-66-billion-to-buy-monsanto-source/article31874753/ jerryking mergers_&_acquisitions M&A agribusiness Bayer Monsanto https://pinboard.in/ https://pinboard.in/u:jerryking/b:4b6572f19d6a/ 2016-09-05T20:18:27+00:00 http://www.wsj.com/articles/new-back-office-tech-can-be-a-mergers-best-friend-1473095427 jerryking>grunt work<< that previously was done manually. “If you can integrate faster, it becomes an advantage,” said John Hoffecker, a global vice chairman at consulting firm AlixPartners LLP. Companies that integrate acquisitions more efficiently will be able to reap better returns from takeovers, which can in turn leave them more leeway to do future deals, Mr. Hoffecker said. “You can pay a higher price,” he said. ]]> speed back-office mergers_&_acquisitions M&A technology systems_integration combinations platforms mix-and-match grunt_work https://pinboard.in/ https://pinboard.in/u:jerryking/b:08df7452d262/ 2016-08-17T17:40:31+00:00 http://www.nytimes.com/2016/08/17/business/dealbook/expect-little-antitrust-challenge-to-walmarts-bid-for-jet-com.html?ribbon-ad-idx=9&rref=business/dealbook&module=ArrowsNav&contentCollection=DealBook&action=keypress&region=FixedLeft&pgtype=article jerryking threats antitrust Wal-Mart Facebook Google Amazon paranoia mergers_&_acquisitions M&A oligopolies competitive_landscape consolidation blind_spots https://pinboard.in/ https://pinboard.in/u:jerryking/b:305b457de677/ 2016-08-11T04:39:27+00:00 http://www.nytimes.com/2016/08/11/business/dealbook/why-its-not-enough-just-to-be-disruptive.html?ref=business jerryking>durable<< advantage....Superior tactical execution can still create real value, particularly where it provides ammunition for a bigger war (like Walmart’s battle with Amazon). And in the long term, value is created not by disruption, but by weaving together advantages (as both Amazon and Walmart have done in different ways) that together create a barrier that is hard to storm.[i.e. = "impregnable"/ "protective moat"]]]> disruption value_creation Gillette competitive_advantage execution books slight_edge Amazon Wal-Mart microeconomics short-term long-term barriers_to_entry compounded unfair_advantages endurance synergies M&A mergers_&_acquisitions kaleidoscopic durability impregnable protective_moats enduring_advantages https://pinboard.in/ https://pinboard.in/u:jerryking/b:4586ff820a5d/ 2016-07-22T00:32:00+00:00 http://www.slideshare.net/managing1/bcg-value-creation-in-a-low-growth-economy-file59590?qid=21fbd212-d317-4c70-aeb0-04f21ec2e19a&v=&b=&from_search=3 jerrykingBCG low_growth value_creation M&A https://pinboard.in/ https://pinboard.in/u:jerryking/b:a1c35664e249/ 2016-06-13T16:26:33+00:00 http://www.nytimes.com/2016/06/14/business/dealbook/microsoft-to-buy-linkedin-for-26-2-billion.html?ref=dealbook jerryking Microsoft LinkedIn cloud_computing Satya_Nadella mergers_&_acquisitions M&A online_communities https://pinboard.in/ https://pinboard.in/u:jerryking/b:f785956c1f9c/ 2016-04-08T17:39:24+00:00 http://www.theglobeandmail.com/report-on-business/rob-commentary/st-hubert-sold-as-quebec-inc-keeps-getting-gobbled-up/article29556152/ jerryking hollowing_out Konrad_Yakabuski Quebec CDPQ generational_change economic_nationalism multinationals competitiveness mergers_&_acquisitions M&A consolidation weak_dollar gatekeepers https://pinboard.in/ https://pinboard.in/u:jerryking/b:06e4ea9d4e25/ 2016-03-22T16:25:46+00:00 http://www.theglobeandmail.com/report-on-business/streetwise/the-humbling-of-valeants-michael-pearson/article29320434/ jerryking Valeant Bay_Street CEOs pharmaceutical_industry M&A boards_&_directors_&_governance correlations hedge_funds Pershing_Square William_Ackman debt R&D cash_flows roll_ups Charlie_Munger Warren_Buffett backfire trusts_&_offshore_structures https://pinboard.in/ https://pinboard.in/u:jerryking/b:3bbf275d6d40/ 2016-01-06T17:06:45+00:00 http://www.wsj.com/articles/mark-penns-stagwell-acquires-creative-agency-code-and-theory-1452027259 jerryking mergers_&_acquisitions M&A digital_media Mark_Penn advertising_agencies https://pinboard.in/ https://pinboard.in/u:jerryking/b:dedfe6970ed5/ 2015-12-14T01:55:50+00:00 http://www.wsj.com/articles/dow-dupont-deal-cements-activists-rise-1449882586?mod=WSJ_article_EditorsPicks_3 jerryking Dow_Chemical Dupont mergers_&_acquisitions M&A shareholder_activism CEOs boards_&_directors_&_governance https://pinboard.in/ https://pinboard.in/u:jerryking/b:5500a9b195ec/ 2015-03-14T13:01:57+00:00 http://blogs.wsj.com/cmo/2015/03/12/behind-martin-sorrells-data-binge/?mod=WSJBlog&mod=wsj_cmohome_cmoreport jerryking>ad campaigns<<. They want to know a lot about who is viewing. They want to know which TV shows or Web sites are ideal to reach their desired audience. And ultimately, they want to know how much an ad contributes to an actual sale of a product or service. By becoming a global data powerhouse, WPP hopes to help clients draw connections across different data sources, better target audiences and ultimately improve the effectiveness of their advertising dollars. ]]> Martin_Sorrell WPP mergers_&_acquisitions M&A data metrics measurements advertising_agencies advertising marketing data_driven CMOs ROI targeting target_marketing data_sources advertising_campaigns https://pinboard.in/ https://pinboard.in/u:jerryking/b:d0cae02cd404/ 2015-01-31T21:24:16+00:00 http://www.theglobeandmail.com/report-on-business/international-business/staples-and-office-depot-under-increased-pressure-to-merge/article22541954/ jerryking Staples Office_Depot mergers_&_acquisitions M&A retailers Turnstyle shareholder_activism https://pinboard.in/ https://pinboard.in/u:jerryking/b:7251e75f9b68/ 2014-12-09T18:29:04+00:00 http://dealbook.nytimes.com/2014/12/09/boutique-investment-banks-gain-prestige/?emc=eta1&_r=0 jerryking investment_banking Wall_Street size financial_services mergers_&_acquisitions M&A Centreview Qatalyst boutiques prestige Lazard https://pinboard.in/ https://pinboard.in/u:jerryking/b:0cdbe6701240/ 2014-10-09T12:17:50+00:00 http://www.theglobeandmail.com/report-on-business/five-things-to-know-about-the-postmedia-quebecor-deal/article20941478/#dashboard/follows/ jerryking Postmedia digital_media competitive_landscape mergers_&_acquisitions M&A https://pinboard.in/ https://pinboard.in/u:jerryking/b:d5dbc7ffd013/ 2014-10-09T12:15:57+00:00 http://www.theglobeandmail.com/report-on-business/quebecor-sells-english-papers-to-postmedia-for-316-million/article20941032/#dashboard/follows/ jerryking Postmedia newspapers M&A mergers_&_acquisitions digital_media Quebecor Paul_Godfrey competitive_landscape https://pinboard.in/ https://pinboard.in/u:jerryking/b:8d4ac396ee96/ 2014-08-29T18:25:20+00:00 http://www.ft.com/intl/cms/s/0/e60bdc76-2e10-11e4-b330-00144feabdc0.html#axzz3BnmZanE5 jerryking Burger_King CEOs Cornell alumni dealmakers Tim_Hortons M&A private_equity 3G_Capital financial_engineering Daniel_Schwartz https://pinboard.in/ https://pinboard.in/u:jerryking/b:2c18c57a060d/ 2014-08-19T21:07:31+00:00 http://dealbook.nytimes.com/2014/08/17/in-silicon-valley-mergers-must-meet-the-toothbrush-test/?_php=true&_type=blogs&smid=nytcore-iphone-share&smprod=nytcore-iphone&_r=0 jerryking Silicon_Valley mergers_&_acquisitions M&A https://pinboard.in/ https://pinboard.in/u:jerryking/b:aba59adf5410/ 2014-08-08T08:14:46+00:00 http://online.wsj.com/articles/archer-daniels-midland-to-buy-wild-flavors-in-deal-valued-at-2-3-billion-1404720087?KEYWORDS=Bunge+Evans jerryking ADM mergers_&_acquisitions M&A flavours food https://pinboard.in/ https://pinboard.in/u:jerryking/b:2ff1c8496f63/ 2014-07-26T10:33:02+00:00 http://www.nytimes.com/2014/07/26/business/a-21st-century-fox-time-warner-merger-would-narrow-already-dwindling-competition.html?ribbon-ad-idx=19&rref=business&module=Ribbon&version=context&region=Header&action=click&contentCollection=Business%20Day&pgtype=Blogs&_r=0 jerryking antitrust consolidation mergers_&_acquisitions M&A deal-making competitive_landscape 21st_Century_Fox regulations https://pinboard.in/ https://pinboard.in/u:jerryking/b:cdaa22de5a44/ 2014-07-24T16:42:13+00:00 http://dealbook.nytimes.com/2014/07/22/changing-old-antitrust-thinking-for-a-new-gilded-age/?smid=tw-share jerryking consolidation antitrust mergers_&_acquisitions M&A deal-making competitive_landscape regulations Gilded_Age https://pinboard.in/ https://pinboard.in/u:jerryking/b:c5dfb4740779/