Robert Cyran, U.S. tech columnist, joined Breakingviews in London in 2003 and moved four years later to New York, where he continues to cover global technology, pharmaceuticals and special situations. Robert began his career at Forbes magazine, where he assisted in the startup of the international version of the magazine. Before working at Breakingviews he worked as a market researcher and reporter covering the pharmaceutical industry. Robert has a Masters degree in economics from Birmingham University and an undergraduate degree from George Washington University.
Both tech companies sold shares for more than underwriters previously indicated. True, market debuts give little indication of long-term success. When insiders already hold supervoting shares, though, leaving a bit less on the table is a gentle reminder of who calls the shots.
The smartphone maker and chips firm ended a two-year fight over royalties, with a cash payment to Qualcomm and a licensing agreement. Apple can’t risk being stuck with second-rate chips, and Qualcomm has huge revenue at stake. At first blush, both sides benefit from the truce.
Tech firms seeking to go public have steadily ramped up the caveats for would-be investors. The ride-hailing app’s IPO has 30 times as many words of warning as Microsoft did in 1986. Lawyers add more boilerplate over time, but more complex, wobblier firms are also floating.