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Yiwang Lim

Oct 251 min read

n.a.

Yiwang Lim

Oct 251 min read

Deel raises $300m at $17.3bn despite spy saga — what the numbers say

Deel closed a $300m Series E on 16 October 2025 at a $17.3bn valuation; investors include Ribbit, a16z and Coatue. Scale looks real: management flagged ~US$1bn ARR run-rate in Q1 with ~75% YoY growth and 16% EBITDA margin. On that basis, the round implies ~17x ARR. Legal overhang remains from Rippling’s espionage allegations, but backers doubled down; rivalry is now a valuation and execution race. What happened On 16 October 2025, Deel announced a $300m raise at a $17.3bn val

Yiwang Lim

Oct 192 min read

AI private valuations and $1tn of mark-ups with unit economics still unproven

Private AI valuations have exploded while revenue remains concentrated and infra costs are heavy. I would prefer picks and shovels or disciplined co-invest alongside apps with clear payback, not 100x ARR at seed. What happened On 17 October 2025, reporting highlighted that ten lossmaking AI start-ups including OpenAI, Anthropic and xAI have added almost $1tn in value over the past 12 months, with US VCs deploying $161bn into AI year to date. Early-stage AI apps with about $5m

Yiwang Lim

Oct 162 min read

Peak social? The data says… probably

GWI data (via the FT) shows global time on social peaked in 2022 and was ~10% lower by end-2024; the drop is sharpest in...

Yiwang Lim

Oct 52 min read

“Apply AI”: Brussels’ sovereignty push meets industrial reality

The Commission will unveil “Apply AI” on 7 October 2025, pushing European-made (often open-source) tools into healthcare, defence and...

Yiwang Lim

Sep 282 min read

Blackstone sniffs around Big Yellow — what the 20% pop really prices in

Blackstone is weighing a cash offer for Big Yellow; shares jumped ~20% on 13 October but still trade at ~0.89x EPRA NTA. FY25 numbers show a conservative balance sheet (c.13% LTV) and a London-heavy, high-rent estate — catnip for private capital. A “put up or shut up” deadline of 10 November comes before the UK Budget on 26 November — both are catalysts for the stock. What happened On 13 October 2025, the FT reported that Blackstone is in early-stage diligence on a possible c

Yiwang Lim

Sep 242 min read

Ferrari blinks on EVs — growth reset or smart brand protection?

Ferrari cut its 2030 EV mix goal to 20% and guided to slower profit growth; shares fell sharply. Financial targets still imply best-in-class margins (EBIT ≥30%, EBITDA ≥40%) and strong FCF, but at a lower growth cadence. Strategy leans into scarcity, hybrids and capital returns; I think that’s rational for the brand, but it warrants a lower multiple than “hyper-growth luxury tech”. What happened On 9 October 2025 Ferrari halved its 2030 fully-electric mix target (to 20% from

Yiwang Lim

Sep 212 min read