Hello,
Technology company Broadcom doesn’t often get the same media attention as the Magnificent Seven, but things seem to be changing now.
Conceived as a group of stocks in early 2023, the Magnificent Seven–Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla–are the most valuable US tech companies by market capitalisation. However, the $803 billion Broadcom has now quietly booted Tesla from the list. The automotive company’s market cap was around $783 billion.
The question is–can it retain its place in the coveted group?
Meanwhile, it was a good week for Meta and co-founder Mark Zuckerberg. The company saw its share price rise, pushing Zuckerberg to become the third richest person in the world.
ICYMI: California recently filed a first-of-its-kind lawsuit against ExxonMobil for allegedly deceiving the public about the plastic pollution crisis.
The case could be a turning point in the fight against pollution as it calls out oil companies’ role in the global plastic pollution crisis.
Lastly, there is good news. New research has shed light on a bacteria that grows on common polyethylene terephthalate (PET) plastics, confirming that it can break down and eat the polymers that make up plastic waste.
In today’s newsletter, we will talk about
- A global manufacturing powerhouse
- Making art accessible to all
Here’s your trivia for today: Which company developed the A6M fighter plane known as “Zero” during WWII?
TechSparks
A global manufacturing powerhouse
India’s aim of becoming a $5 trillion economy will require at least $1 trillion to come in from manufacturing, said Amrit Acharya, Co-founder and CEO of Zetwerk, addressing the role of manufacturing in driving Indian industries.
“India aspires to build a five trillion economy. That’s not possible if at least a trillion of that will not come from manufacturing. We are maybe halfway there and our vision really is to catalyse the Indian GDP to deliver $1 trillion of value in manufacturing,” Acharya said, speaking at TechSparks 2024.
Key takeaways:
- While Zetwerk is India-focused, one-third of the company’s revenue comes from the US. Speaking about global expansion, Srinath Ramakkrushnan, Co-founder, Zetwerk said it began during the COVID-19 lockdown.
- Ramakkrushnan believes that conditions are favourable for India’s manufacturing sector today.
- He highlighted that India is doing a lot of assembly work in electronics today, which is creating significant employment opportunities, but there is a need to do high-value work.
Women entrepreneur
Making art accessible
Vaishnavi Murali launched Eikowa in 2015 as an online art gallery with a mission to democratise art. She wanted to create a space where first-time art buyers could feel comfortable and informed–something she felt that traditional galleries often failed to offer.
Eikowa’s business model integrates technology into the art business, something Murali feels gives her venture an edge.
Welcome space:
- Over the years, Eikowa has expanded its reach, opening physical galleries in Hyderabad and Gurgaon. This expansion is part of Murali’s broader vision to make art accessible to a wider audience.
- Murali decided to strengthen Eikowa’s commitment to emerging artists with the launch of Eikowa Contemporary, a vertical dedicated to promoting younger talent.
- The founder believes it’s time to break preconceptions and empower women to take on roles beyond being artists. This means more women must be running galleries, curating exhibitions, and making important business decisions in the art space.
News & updates
- Storm: Florida is expected to get walloped by another hurricane next week, just 10 days after it was hit by Hurricane Helene, which caused widespread storm surge and wind damage before it moved inland to cause devastating flooding.
- Final race: More than 180 years of horse racing came to an end in Singapore on Saturday, as the Singapore Turf Club hosted its final race day before its track was handed back to the government to provide land for building new homes.
- Cancer care: Scientists are embarking on a large-scale clinical study of new personalised cancer therapies that could give clinicians a real-time view of how well treatments are working. The £9 million partnership between the Francis Crick Institute, five NHS trusts, charities, and bioscience companies will spend four years examining the effectiveness of new immunotherapy treatments.
What you should watch out for
- Repo rate: The Reserve Bank of India is likely to announce its monetary policy decision on October 9, with market observers keenly anticipating adjustments to the repo rate, which has remained at 6.5% since February 2023.
- IPO watch: The public offering for Garuda Construction and Engineering Ltd is scheduled to start on October 8 and close on October 10. The company has established a share price band of Rs 92-95 for its Rs 264 crore issue.
- Nobel prize: Announcements for the 2024 Nobel Prize are set to begin on October 7. First in line will be the Nobel Prize in Physiology or Medicine, scheduled to be announced at 3:00 pm IST. This will be followed by the Physics prize on Tuesday, October 8, and the Chemistry prize on Wednesday, October 9, both at 3:15 pm IST.
Which company developed the A6M fighter plane known as “Zero” during WWII?
Answer: Mitsubishi
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