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Wall Street Breakfast

TikTok divestment bill on potential fast track

Wall Street Breakfast

Seeking Alpha

Business News, News, Business, Investing

4.11K Ratings

🗓️ 18 April 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

Snapchat (SNAP) surges as TikTok (BDNCE) bill on potential fast track through Congress. (00:23) Micron (MU) to get $6.1B grant from U.S. for local chipmaking projects. (01:14) 23andMe (ME) CEO Anne Wojcicki eyes taking DNA-testing company private. (02:06)

Episode transcripts seekingalpha.com/wsb.

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Transcript

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0:00.0

Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

0:08.0

Good morning. Today is Thursday, April 18th. I'm Julie Morgan. A Tik-Tock ban bill could be on the fast track.

0:16.0

Micron will reportedly get billions in chips grants and 23 in me is attempting to go private.

0:23.6

A proposed bill forcing Tik-talk to divest from bite dance or face a U.S. band might be getting

0:29.3

fast-tracked.

0:30.5

Bloomberg reported on Wednesday that House Speaker Mike Johnson

0:33.8

plans to include the Tik-Toc bill in a fast-track package that includes

0:37.7

aid for Ukraine and Israel and President Biden has already said he will sign it.

0:43.2

Snapchat was up 4.7% in Wednesday trading following news of the proposed bill.

0:49.5

Although Meta and Google have been considered the company's most likely to benefit if the Tik-Tok bill becomes law.

0:56.0

Meta was down 1.1%, while Google ticked up 0.5%.

1:01.8

The House passed a bill in March that would require Tic-Toc to divest from Bight Dance within half a year if it became law.

1:09.0

The bill passed 352 to 65 with wide bipartisan support.

1:15.0

Micron Technology will be awarded $6.1 billion in grant funding through the Chips Act.

1:21.0

Bloomberg reported that the announcement will be made next week.

1:24.6

The funds will support Micron's planned projects for advanced memory computer chips in New York

1:30.0

and Idaho.

1:31.0

Micron is planning a mega fab in New York and a new factory in Iowa. and fabrication facility in the U.S. The goal of the legislation is to boost U.S. chip-making and reduce reliance on Asian companies.

1:48.0

It provides for $39 billion in manufacturing incentives.

1:52.0

As we reported earlier this week, billion dollars in manufacturing incentives.

1:52.8

As we reported earlier this week,

1:55.0

Commerce Secretary Gina Raimondo

...

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