Chipmaker Arm’s IPO prospectus contains about as many red flags as the average Hinge profile I come across (a lot). Arm’s main issue relates to the quarter of its revenue that is earned by a Chinese entity which it does not control – this will make it harder to find takers, especially at such a premium valuation. My advice to investors (and Hinge users alike) is to keep your standards high no matter how hot the target is and how badly you want to consummate.

(From a legal perspective, only dating advice and not investment advice should be considered advice, and I am qualified to provide neither.)

The lowdown

• 🚨 Investors are concerned about Arm’s China business which may complicate its IPO.

• 🤝 Microsoft submits a new proposal to Britain’s antitrust regulator in fresh attempt to have the Activision deal approved.

• ⛰️ Hollywood studios publicly release their latest offer to Writers Guild of America.

Featured story

Northolt receives investment from BlackRock for factory

Swedish battery maker Northvolt has secured €1.2 billion in convertible bonds with significant investment from BlackRock and Canadian pension plans.

In total, Northvolt has garnered more than $9 billion in debt and equity, making it the most financed European startup. Major firms like Volkswagen, Goldman Sachs, and BMW are among Northvolt's prominent shareholders.

The company also plans to raise over $5 billion in equity financing in the upcoming weeks ($). It doesn’t end there. Northvolt is also considering a stock market listing in Stockholm, the US, or both (but not London), with a potential valuation of around $20 billion. All this money is being raised to further the company’s ambition of becoming the biggest battery maker in Europe.

The content we're consuming today

• NY Times: Corporate America’s Chief Critic, Carl Icahn, Gets His Comeuppance ($).

• FT: The minimum wage has passed the high inflation test ($).

• Unhedged podcast: Hot new bad idea.

Off-balance sheet items

• You probably haven’t thought much about semesters since you barely completed your degree but maybe you should have. This article argues that continuing to divide your life into semesters even when not in school can help you achieve goals.

The bottom line