Three Things (May 10th)
May 10, 2021
1) Amazon’s “Sidewalk” network grows larger as it adds Tile and Level partnerships, pointing to a potential race with Apple to establish the next big technology network
Sidewalk is a network that utilizes low-energy Bluetooth to enable devices to communicate with each other even when lacking access to wifi or cellular networks. The killer use case so far has been location tracking, as was shown by Apple’s recent launch of AirTags (a new product that would compete directly with Tile’s device trackers). While Tile’s new partnership with Amazon could be viewed as a straightforward competitive response to Apple’s launch, we think the implications of the news could reach far further. With Amazon’s new Sidewalk partnerships, it could be building out a device network that could eventually rival Apple’s, kicking off a bona fide race to establish the next big technology network -- one that would exist in the physical realm, not digital.
2) Roku reports highest quarterly revenue growth since its IPO as advertisers continue shift towards streaming platforms
On Friday, Roku surged +12% after seeing revenues grow +79% year-over-year and Q2 profit estimates top analyst expectations by over 200%. The strong results meaningfully outpaced those seen by most of Roku’s adtech peers, and come at a time where advertisers increasingly are seeing streaming as a channel for both high-level brand marketing and more targeted transaction-driven campaigns. We see this quarter as a key inflection point for Roku, as advertising momentum increasingly shifts away from traditional linear TV and towards streaming platforms, yielding to the obvious direction of travel.
3) Wall Street continues to warm up to cryptocurrencies as Goldman Sachs launches bitcoin-linked derivatives trading desk
In yet another sign of growing institutional adoption of cryptocurrencies, Goldman Sachs’ newly-established cryptocurrency desk has begun trading cryptocurrency-linked derivatives. The new trading team is said to fall under the purview of its recently formed and rapidly growing digital assets arm. While for the time being the firm will only be able to trade bitcoin futures and forwards (and not actual cryptocurrencies), we take this as another sign that crypto continues to steadily gain mindshare amongst even the most traditional of financial institutions.
Cash Management
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