Three Things (May 11th)
May 11, 2021
1) Apple invests big in Gorilla Glass manufacturer, potentially hinting at rumored forthcoming bendable iPhone
Apple has just upped its previous investment in precision glass manufacturer Corning to the tune of an additional $45M. This recent investment, made from Apple’s $5B Advanced Manufacturing Fund, seems to lend additional credence to recent rumors of a forthcoming bendable iPhone. Alongside Apple’s recent big moves in processor chips, we’re taking this as further validation of the company’s extremely dynamic approach to managing its supply chain, a major driver of its product excellence in our opinion.
2) Sony warns that PS5 shortage likely to continue into 2022, as massive demand for consoles converges with global chip shortage
It’s one quarantine habit it seems people aren’t ready to kick: the global demand for gaming appears strong as ever, despite ongoing economic reopenings. As a result, Sony management has begun to manage investor expectations, revealing to analysts that shortages of the PS5 will likely continue into 2022, even after having already sold nearly 116M units to date. The continued shortage is yet another knock-on effect from the global semiconductor shortage, which continues to have disruptive impacts on supply chains across myriad industries.
3) Following a cyberattack that sent gas prices soaring, Colonial Pipeline hopes to restore service by the end of the week
In the largest single disruption to the world’s energy infrastructure since a 2019 drone attack in Saudi Arabia, a ransomware attack shut down 5,500 miles of Colonial Pipeline’s gas delivery system on Friday, spooking markets and sending gas prices soaring in anticipation of a potentially prolonged outage. Colonial, which delivers around 100m gallons of fuel a day across the South and up through New York, has indicated that services should resume much more swiftly than feared. We believe this speedy service restoration, if completed, should help temper some of the volatility seen in gasoline futures markets this week. (In other words, if you can hold off on filling your tank this week, it might be worth the wait.)
Cash Management
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