Sycamore Wire | Issue #9
February 1-15, 2025 | Uber posts strong Q4 and Ackman is buying, SentinelOne and CyberArk partnership, analysts are pessimistic after meeting with Nike management, and more
Sycamore Wire is a bi-monthly newsletter featuring official press releases, noteworthy news, interviews and analyst insights from Sycamore’s portfolio companies.
With a concentrated portfolio, it's critical to know what you own. This newsletter helps me—and Sycamore's 1,200+ subscribers—stay informed on the latest developments.
Uber Technologies
Uber Announces Results for Fourth Quarter and Full Year 2024 - Uber PR
Uber reported its strongest quarter ever in Q4 2024, with Gross Bookings growing 18% year-over-year to $44.2 billion, revenue rising 20% to $12 billion, and Adjusted EBITDA increasing 44% to $1.8 billion. The company highlighted record demand in Mobility and Delivery, strong free cash flow of $1.7 billion, and plans for continued share repurchases, emphasizing its belief that it remains undervalued.
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Your autonomous ride is on its way - Uber PR
Uber is launching autonomous ridesharing in Austin, TX, with plans to expand to Atlanta, GA, through a partnership with Waymo, offering fully autonomous, all-electric Jaguar I-PACE vehicles on the Uber app. Riders in these cities can join an interest list in the app to be among the first to experience this new technology.
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Ackman Says He’s Amassed a Stake in Uber Worth $2 Billion - Bloomberg
Bill Ackman’s Pershing Square Capital Management disclosed a 30.3 million-share stake in Uber, worth about $2 billion, citing strong management and undervaluation. Following the announcement, Uber shares surged nearly 10%, with Ackman calling the company one of the highest-quality businesses available at a discount to intrinsic value.
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Is Waymo Friend or Foe to Uber? - The New York Times
Uber is doubling down on its "platform strategy" by partnering with autonomous vehicle companies like Waymo, expanding driverless taxi services to Austin and Atlanta while managing fleet operations. However, the rise of robot taxis poses both an opportunity and a risk, as Uber could benefit from the technology or be sidelined by companies developing their own autonomous networks.
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Uber stock price target lowered to $115 by Evercore ISI - Investing.com
Evercore ISI lowered its price target on Uber from $120 to $115 while maintaining an Outperform rating, citing a shift in the company's strategy toward balancing EBITDA, free cash flow, and bookings growth. Despite a recent stock drop, analysts remain confident in Uber’s long-term potential, highlighting its profitability, strong financial health, and attractive valuation levels.
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Uber Sues DoorDash Over Food-Delivery Practices - The Wall Street Journal
Uber has sued DoorDash, accusing it of anticompetitive practices that pressure restaurants into exclusive agreements, resulting in higher costs for businesses and consumers. The lawsuit alleges DoorDash threatened restaurants with increased commission rates if they partnered with Uber Eats, while DoorDash denies the claims, calling them unfounded.
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SentinelOne
CyberArk and SentinelOne Team Up to Enable Step Change in Endpoint and Identity Security - SentinelOne PR
CyberArk and SentinelOne have announced a new integration that enhances endpoint security by combining SentinelOne’s AI-powered threat detection with CyberArk’s identity security controls. This partnership strengthens defense against credential theft and ransomware by providing advanced monitoring, automated response capabilities, and improved visibility into privileged access threats.
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DeepSeek helps speed up threat detection while raising national security concerns - VentureBeat
DeepSeek’s R1 model, an open-source AI developed in China using reinforcement learning, is disrupting cybersecurity with its low-cost, high-performance approach, but raises security and data privacy concerns. SentinelOne’s Chief Public Policy Officer, Chris Krebs, warned that the model may have built-in censorship and bias, creating national security risks, while cybersecurity experts stress the importance of strict security measures before deploying AI models like R1.
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1-Click Phishing Campaign Targets High-Profile X Accounts - Dark Reading
SentinelOne’s SentinelLabs uncovered an active phishing campaign targeting high-profile X accounts, including journalists, political figures, and cryptocurrency organizations, to hijack accounts and spread crypto fraud. Attackers use deceptive login notices and copyright violation scams to steal credentials, leveraging compromised accounts to reach a broader audience, while SentinelLabs warns users to enable two-factor authentication and avoid clicking suspicious links.
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SentinelOne Channel Chief On Massive Cloud Security, ‘AI SIEM’ Opportunities - CRN
SentinelOne is expanding its AI-driven cybersecurity platform with a focus on AI-powered SIEM and cloud security, offering a differentiated approach from traditional competitors. SentinelOne’s Channel Chief, Brian Lanigan, emphasized the company’s commitment to partnering with solution providers to drive innovation in threat detection, leveraging AI and cloud-native architectures to modernize security operations.
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MSSP Market Update: ArmorPoint Teams With SentinelOne for AI SOC Automation - MSSP Alert
SentinelOne has partnered with managed security provider ArmorPoint to enhance endpoint protection with AI-driven threat detection and response. This collaboration strengthens real-time security operations, addressing key challenges such as talent shortages and regulatory complexity, with an initial promotion offering unlimited EDR licenses at a discounted rate.
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NIKE
Nike, Jordan Brand and Converse Pull Up for a Show-Stopping NBA All-Star Weekend - Nike Newsroom
Nike, Jordan Brand, and Converse are making a major statement at NBA All-Star Weekend with exclusive events, exhibitions, and product launches celebrating basketball culture. Highlights include Nike’s Future Game showcase for rising stars, Jordan Brand’s Fam Fest with Marshawn Lynch, and Converse’s immersive experience led by Shai Gilgeous-Alexander, along with limited-edition sneaker releases and community-focused initiatives throughout the Bay Area.
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Nike Is Reportedly Bringing Back One of the First Shoes It Ever Made - Footwear News
Nike is set to bring back the iconic 1972 Moon Shoe, the first to feature Bill Bowerman’s waffle sole, with in-line colorways and a Jacquemus collaboration expected to launch as early as the 2025 holiday season. Originally handmade for the 1972 U.S. Olympic track trials, the Moon Shoe has never been reissued in its original form, making its revival a potential hit amid the growing popularity of minimalist, flat sneakers.
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Nike shares fall after investor meeting; analysts see prolonged challenges - Investing.com
Nike shares fell 3.8% after an investor meeting where executives outlined their turnaround strategy focused on inventory management, product innovation, and wholesale partnerships. Analysts remain cautious, noting ongoing financial challenges, competitive pressures, and expected negative sales growth through FY26 before a potential recovery in FY27.
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Bode and Nike Just Previewed Their Next Smash-Hit Sneaker - GQ
Ja’Marr Chase made a surprise runway debut at the Bode Rec. fashion show during the GQ Bowl, showcasing a new version of the highly sought-after Bode x Nike Astro Grabbers. The revived 1970s silhouette, which gained cult status last year, appeared in striking new colorways, with an official release expected this spring.
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