Hi Everyone. This is Take Off. We're like a hidden Easter egg in your favorite video game - surprising, delightful, and adding an extra layer of fun to your tech news consumption.

Here's what we're serving up today:

• The EV King Gets Dethroned 👑

• The Magnificent 7 📈

• Asteroids ☄️

The EV King Gets Dethroned 👑

Tesla dropped its delivery results last week, boasting a whopping 485k vehicles delivered. 

“Targets? Nailed ‘em!”, they must’ve thought. But here’s the twist - it’s a bittersweet victory. Why?

Because their arch-nemesis, BYD, has dethroned them as they delivered an eye-popping 529k vehicles. 

It seems like Tesla wasn’t fast enough.

BYD - Underdog to TOP-DAWG?

BYD stands for “Build Your Dreams” and boy, are they building! The Chinese EV maker has a pretty chunky domestic market where it sells 90% of its cars. 

But let’s not get carried away with these numbers. Tesla and BYD compete in different markets, at least for now. 

BYD’s popularity has soared in China, thanks mainly due to its low prices. BYD’s Seagull costs about $11K, while Tesla’s most affordable Model 3 starts at around $40K. 

But it’s not all smooth sailing for Tesla. Despite being the EV world’s golden child and still raking in more dough than BYD, thanks to its higher prices, they’re feeling the heat. 

Last week, the US government shrank the list of cars that qualify for the full $7500 tax credit after the Biden admin disqualified cars with EV batteries made from a “foreign entity of concern” **cough China.

While the Model Y still meets the standard, some versions of the Model 3, S and X do not.

So, what’s the bottom line? Well, BYD passing Tesla says more about China’s growing global EV muscle than Tesla’s challenges.

The Magnificent 7 📈

Wall Street wasn’t exactly cheering at the start of 2023, but oh, how the tables turned!

The NASDAQ-100 rocketed over 55% last year, hitting a peak not seen since the dot-com days of 1999. The S&P-500 almost nearly outdid itself, leaping a solid 24% in 2023.

The Magnificent 7

There’s always that one person in a group project who ends up doing all the work. In the stock market’s 2023 saga, this role was played by a group of tech titans, dubbed the “Magnificent Seven”. 

These tech juggernauts hoisted the global stock market on their shoulders, turning the Wall Street naysayers into wide-eyed optimists.

Out of these magnificent 7, three tech stocks were the belle of the ball with their staggering gains.

The UnMagnificent 493

We talked about 7 of the stocks in the S&P 500 but what about the other 493? 

Well, it's coz they ain’t worth talking ‘bout. A whopping 72% of them lagged behind the index.

However, change is in the air. With interest rates expected to take a dive, a colossal $5.88 trillion lounging in money markets might just take a leap into stocks, potentially spiking gains in 2024.

This influx could be a game-changer for smaller, sprightlier companies that are currently trading at a bargain compared to their giant counterparts.

What are your predictions for 2024?

☄️ Asteroids ☄️

Basecamp's Hey clashes with Apple over new calendar app rejection, echoing 2020's email app drama. Apple insists on in-app signups, Hey resists Apple's 30% cut. 🌌📆.

SentinelOne acquires Peak XV-backed PingSafe for over $100 million. A quick, strong exit in India's tech scene, boosting SentinelOne's AI security with PingSafe's cloud protection. 🌍🔐

Apple's 'Batterygate' saga concludes with $92.17 checks for affected iPhone users. Settlement follows 2017 performance throttling of older iPhones to prevent shutdowns, sparking lawsuits and early upgrades. 💸📱

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