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Often mentioned about ETF's/trackers throwing the towel in, June/July could well constitute just that which may have changed the share dynamics, i.e shares going into sticky hands (Third Ave) rather than the flighty trackers/etf brigade, if I can sort of the formatting will post up.

The problem Ai companies face is how to monetise applications at scale, the deal with India shows just how low it has dropped for a subscription.

Another hurdle is enterprise adoption where the bucks are, so far levels have been very low compared to retail cheaper offerings, we have had a slew of warnings from head of Open Ai to MIT, now Facebook are pausing hiring.

Meta puts the brakes on its massive AI talent spending spree

Published Thu, Aug 21 202512:39 AM EDTUpdated Thu, Aug 21 20253:42 AM EDT

- A Meta spokesperson said that the pause was simply “some basic organizational planning” following its latest superintelligence efforts.

- The moves come amid growing concerns that investment in AI is moving too fast and a broader sell-off of U.S. technology stocks this week.

https://www.cnbc.com/2025/08/21/meta-brakes-massive-ai-talent-recruitment-spending-spree-mark-zuckerberg-tbd-superintelligence-lab.html

This is a slightly different form of WPC with 34% protein, again US only

https://www.clal.it/en/index.php?section=sieroproteine

Just caught this one, the European and Dollar prices quoted on the link reflect FX movements for the same product, the issue we have is the gap between powder and the concentrate actually used.

The dry product is how its stored and mostly traded, thereafter it has to go through another process before companies like THG can actually use it, this is where there seems to be more of a bottle neck.

Both Glanbia and THG have said the same more or less, prices remain high.

One metric which might be useful is WPC production, this is only for US but its all we have

https://www.clal.it/en/index.php?section=produzioni_usa_wpc2

As posted before, my guess is SMS and the team already know whats going to happen with a realisation that Ai is just another tool in the box, and, a return to normalisation within the creative space, albeit with some changes.

Incidentally, ChatGPT5 has just launched in India, cost for the paid for version..just over a dollar p/week,.

Fears AI bubble is set to burst as tech stocks tumble after study warned most artificial intelligence investments are yielding 'zero returns'

There are fears that the AI bubble is set to dramatically burst as tech stocks plummet following a study that warned most artificial intelligence investments are yielding 'zero returns'.

It comes after the U.S. stock market exchange lost $1trillion in just four days as a tech stock sell-off escalated on Wednesday.

The S&P 500 was dragged down for a fourth consecutive session, falling by as much as 1.1 percent, but by the end of the day it recovered to a drop of 0.2 percent.

The drop-off came amid alarm generated by a report by Massachusetts Institute of Technology (MIT) researchers that announced most AI investments give 'zero return' for businesses.

https://www.dailymail.co.uk/news/article-15020589/Fears-AI-bubble-burst-tech-stocks-tumble-study-warned-artificial-intelligence-investments-zero-returns.html

Looking through S4V's portfolio of investee companies is quite exciting, one or two names are familiar like Provence which certificates companies products, supply chains for eco compliance and such.

I haven't got as far as revenue/ownership ect as these are private companies funded by VC firms such as S4V and others, Provenance has been around for a while though and those early VC's might be looking for an exit, this is just one company at random three are other which may fit the bill too..

https://www.provenance.org/about

Keep us posted Jatw, always value your input here.

Biotech indexes continue to move higher..

Lol, that's Sam Altman the CEO of Open AI and arguably one of the principal advocates of Ai..

OpenAI’s Sam Altman sees AI bubble forming as industry spending surges

Published Mon, Aug 18 20253:51 AM Updated 6 Hours Ago

OpenAI CEO Sam Altman has reportedly said that he believes AI could be in a bubble, comparing market conditions to those of the dotcom boom in the 1990s.

“Are we in a phase where investors as a whole are overexcited about AI?

My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes,” he’s quoted as saying.

Alibaba co-founder Joe Tsai, Bridgewater Associates’ Ray Dalio and Apollo Global Management chief economist Torsten Slok have all raised similar warnings.

https://www.cnbc.com/2025/08/18/openai-sam-altman-warns-ai-market-is-in-a-bubble.html

There's a big difference though, this is hard coded to the vehicle at production level, Apple Play for example is not requiring an I phone to work.

I am sure like the rest of us you use Google maps to find your way around, this from what I can make out is virtually the same so its what your already used to, easy adoption.

All of that said, I'm probably not best placed to evaluate as more interested in tractors than cars lol..

Okayee.. got it.(I think)..

Struggled to think what was the USP with 4screen as it looks o similar to Google maps offering, here's the difference - its hard coded into each vehicle (hence car manufactures signing up) at production levels, this gives each car manufacture an additional source of income that otherwise would not exist.

In theory it should give a better experience interfacing with the cars infotainment system, telematics and comms - this is quite clever really as its 'there' when you purchase the car, no need to download apps and so forth, just go..

The three big signs I spotted, were Stellantis, Hyundai and Toyota.

That's an interesting link, copied to this thread for reference.

Https://www.linkedin.com/posts/sir-martin-sorrell-35279a67_with-over-100-million-connected-cars-on-the-activity-7353426726397341696-hGYx?utm_source=social_share_send&utm_medium=member_desktop_web&rcm=ACoAAAE9jwkBt7n4LlNjYYQ7L3bjRsSa-s8upeI

Its worth noting this service has already launched sometime ago, UK customers include Waitrose and Shell.

The market could be to take on Google maps (and advertising) as some of their offering maybe under the scrutiny of monopolies regulators, it looks very similar in practice..

Hidden value ?

S4V JV was set up with Stanhope Group who currently have $41b under management, Stanhope Group also have a modest stake in S4 Group of just over 2% (it might be higher than this, need confirmation).

Daniel Pinto is one the Founding Partners of both Stanhope group and S4V

https://www.stanhopecapital.com/team/daniel-pinto/

https://www.s4sventures.com/contacts.html

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The first of S4V's investments that popped up is 4Screen, which in July raised funding amounting to $21m, this is in additional to previous financing rounds.

https://4screen.com/article/4screen-raises-21m-series-b/

Its well supported by a number of motor manufactures together with Bosch Ventures

https://www.bosch-presse.de/pressportal/us/en/press-release-28032.html

In-car marketing backed by some big names,no idea what the value is but an IPO exit if it were to happen would certainly help.

This investment is very much alive with the recent fund raise, also on point with other motor manufactures now starting to resume positioning in global EV market.

I don't think that's correct redwineday/UWFEPC

S4 owns 50% of S4S Ventures through its subsidiary S4Capital 2 Limited, together with Stanhope Capital LLP

14. Interest in joint ventures and associates

The Group, through its subsidiary S4Capital 2 Limited a directly owned subsidiary, together with Stanhope Capital LLP (Stanhope LLP), through its subsidiary Portman Square General Partner S.à r.l. (Stanhope), subscribed for the initial €6,000 of shares each to incorporate S4S Ventures General Partner S.à r.l. (GP), a Luxembourg company.

The GP also controls S4S Ventures General Partner LLC. The GP has since established two S4S Ventures funds established in Luxembourg and the US.

The Group has a 50% interest in the GP (2023: 50%), a joint venture whose primary activity is to invest in technology companies focused on the marketing and advertising industries, to focus on early-stage technology investments with the ability to transform the sector. S4S aims to invest in companies across five principal areas: Martech, Adtech, Data Technology, Creative Technology, and Emerging Digital Media/Content. The Group’s interest is accounted for using the equity method in the consolidated financial statements.

That's cool, another couple to add: Decoded Advertising and performance agency Metric Theory

Monks ..............................................$350m

Mighty Hive ....................................$150m

Firewood ..................................... $150m

Decoded Advertising (rumoured) ..$150m

Metric Theory

https://www.adexchanger.com/agencies/wpp-vs-s4-sorrells-approach-to-building-an-empire-then-and-now/

That's fine, nit pick away as it helps whittle it down to actual cost, this is the article referenced in wiki - its worth a read just to see the vision back then and how, subsequently things have panned out..

'CEO Victor Knapp and COO Wesley ter Haar of MediaMonks, the Netherlands-based digital production shop S4 bought for $350 million in July, each received $3.5 million from the acquisition and will be paid an additional $3.5 million on its one-year anniversary. MediaMonks brought in $88 million in revenue in 2017.'

https://www.adexchanger.com/agencies/wpp-vs-s4-sorrells-approach-to-building-an-empire-then-and-now/

wiki has some stuff on monks history

https://en.wikipedia.org/wiki/.monks#cite_note-6

Agreed, GoCPI, just wondered what the acquisition costs were of the remainder if totalled up.

Poker's earlier comment on Runway ('Interestingly ..The SFOR venture fund investment in Runway may even be worth more than the MCAP') prompted the question, are there any hidden gems ?

In one of the media articles MSQ was highlighted as being different leaving acquisitions as standalone businesses keeping logos, offices and so forth pretty much the same.

THG has a wiki page which (so far) is being kept up to date, easy to see costs of purchases in a liner table format, it would be handy to see similar on the remaining 23 - S4 purchases if available.

Those shares being handed out as part of earlier deals, really speaks volumes on how sentiment has shifted, can of course go the other way too..

I think anyone that's attempted to work this out will come up against the same problem of good will and intangibles, that will be set against a backdrop of paying way to much to begin with, all very good in hindsight of course.

The exact same conversation was had with THG right up until they sold Claremont Ingredients for over twice what they paid for it, very nice.

S4 is not dissimilar, at least on the acquisition front having purchased 23 outside of the two original core holdings being Monks for $350m and Mighty Hive for a further $150m back in 2018.

that gives us a nice round number to start with of $500m, but there are 23 other smaller companies along the way that now part of the S4 Group, question is are any non-core and if so can they be sold off along the lines on THG's recent sale?

No one seems to be looking in this direction to reduce leverage..

Potential Fed chair pick David Zervos of Jefferies backs aggressive interest rate cuts

Wall Street veteran David Zervos added his name Thursday to the list of potential Federal Reserve chairs who think the central bank is past due in approving an interest rate reduction.

For the past three Fed meetings, Zervos has advocated a half percentage point cut in the federal funds rate, and he repeated that position during a CNBC interview.

https://www.cnbc.com/2025/08/14/potential-fed-chair-pick-david-zervos-of-jefferies-backs-aggressive-interest-rate-cuts.html

You can see Trumps logic by dropping rates aggressively it also reduces the interest payments on gov bonds, gilts..