🌏 Shein’s path to IPO

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Here’s what you need to know

Amazon has a new chip for training AI. The company’s cloud unit revealed Trainium2 yesterday, and also said it’d offer access to Nvidia’s latest chips in a bid to compete with Microsoft.

Reddit is once again considering an IPO. The social media company joins Skims, Starlink, and Shein as firms that may be the biggest to go public in 2024. (More on Shein below).

Kenya’s high court struck down parts of a finance law that many have blamed for raising the cost of living. Significant tax increases on housing and income, aimed at helping bring down the country’s ballooning debt, have stirred up intense criticism around the legislation.

Alipay moved to sell its stake in Indian food delivery app Zomato. The Chinese payment group wants to spin off its 3.4% share for nearly $400 million, Reuters first reported.

Trapped construction workers were rescued from a mine in northern India. All 41 miners survived 17 days after a landslide collapsed a mountain tunnel.

Is sustainable aviation fuel really sustainable?

Virgin Atlantic just launched the world’s first passenger plane flight powered entirely by alternative fuel. The Boeing 787, which took off from London’s Heathrow Airport yesterday for New York’s John F. Kennedy Airport, used so-called sustainable aviation fuel, or SAF (no fare-paying passengers were on the one-off voyage).

Made from a blend of sources, including crops, household waste, and cooking oil, SAF could pave the way for more flights that don’t use fossil fuels—but there are a few things to keep in mind.

1️⃣ Planes still emit greenhouse gasses when using SAF, though the fuel releases 50% to 80% less carbon than a standard petroleum-based one.

2️⃣ There isn’t enough SAF to supply the world’s airlines.

3️⃣ Low supply makes the fuel more expensive, meaning ticket prices would end up being higher.

So… no, SAF isn’t a silver bullet; however, for now, it will play a (very) small role in helping the aviation industry achieve its lofty net-zero goals—SAF is currently used in less than 0.1% of the aviation fuel consumed worldwide.

Shein has to jump through the regulatory fire

Shein is making moves behind the scenes for its highly anticipated public debut, which could happen as soon as 2024. But the Chinese-founded fast-fashion retailer has faced allegations of forced labor, intellectual property infringement, and trade loophole exploitation—all of which could mar any upcoming IPO.

Take a look at its current global dominance, by the digits:

$66 billion: Shein’s last valuation—a third less than last year’s $100 billion

$24 billion: Shein’s revenue in the first nine months of 2023. It already surpassed Swedish fast fashion company H&M ($16.4 billion) and Zara owner Inditex ($18.3 billion)

113: Countries in which Shein was the most-searched brand last year

150 million: Shein’s online customer base

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