One of the saddest episodes of Friends is the one where Ross and Rachel break up for the first time. Ross sleeps with someone else while he and Rachel are on a break and Rachel breaks up with him even though she is still in love with him. It’s totally heartbreaking and it’s the most upset that we have ever seen a David Schwimmer. That was until today when Chief Executive of the London Stock Exchange, also named David Schwimmer, was informed that after years of lobbying, chip maker Arm would be listing in New York rather than London. When it hasn’t been your day, your week, your month, or even your year.

The lowdown

• 🖥️ SoftBank’s Arm will list in New York, though may consider a secondary listing in London in the future.

• 🧠 US regulators reject Neuralink’s bid to test brain chips in humans.

• 🎮 Microsoft Activision looking more likely after meeting with EU competition regulators.

Featured stories

Vice being shopped around

Media company Vice once brought us some of the most interesting documentaries on YouTube. Vice’s young audience caught the attention of Disney and in 2015, Disney doubled its investment in Vice to $400 million ($). There were even informal talks between the two about a $3 billion sale. Vice’s valuation continued to rise reaching $5.7 billion in 2017. The company’s growth stalled however, and it began to miss revenue targets.

Plans to go public in a SPAC fell apart in 2021 and shareholder and board member James Murdoch has been shopping the company around since.

Disney has repeatedly written down its stake in the company and is not likely to be interested in making an offer. It is not hard to see why. Classic titles such as ‘The Biggest Ass in Brazil’ or ‘Suicide Forest in Japan’ would not fit neatly on Disney’s family friendly streaming service.

The content we're consuming today

• The Economist: The tech slump is encouraging venture capital to rediscover old ways ($).

• FT: A theory on the mystery trader who took out Terra’s stablecoin ($).

• FT on YouTube: The Carbon Market Opportunity.

Off-balance sheet items

• The creators of this newsletter’s favorite television show Succession have confirmed that the fourth season will be the last. The trailer dropped yesterday and it's hilarious.

The bottom line