. President Trump has announced that ByteDance has received tentative approval for an agreement with the U.S. Government to resolve the outstanding issues, which will now include Oracle (ORCL) and Walmart (WMT) together investing to acquire 20% of the newly formed TikTok Global business. As a part of the deal, TikTok is creating a new company called TikTok Global that will be responsible for providing all TikTok services to users in United States and most of the users in the rest of the world. The administration has conditionally approved a landmark deal where Oracle becomes TikTok's secure cloud provider. TikTok Global will be majority owned by American investors, including Oracle and Walmart. TikTok Global will be an independent American company, headquartered in the U.S., with four Americans out of the five member Board of Directors. All the TikTok technology will be in possession of TikTok Global, and comply with U.S. laws and privacy regulations. Data privacy for 100M American TikTok users will be quickly established by moving all American data to Oracle's Generation 2 Cloud data centers. TikTok Global will create more than 25,000 new jobs in the Unites States and TikTok Global will pay more than 5B in new tax dollars to the U.S. Treasury. TikTok Global will have an Initial Public Offering in less than 12 months and be listed on a U.S. Exchange. 2. KPS Capital Partners, through a newly formed affiliate, has entered into a stock and asset purchase agreement with Garrett Motion (GTX), under which KPS will acquire substantially all of the assets of Garrett for approximately $2.1B. Garrett will file a motion with the United States Bankruptcy Court for the Southern District of New York seeking the designation of KPS as the "stalking horse bidder" in a bidding procedures motion in connection with the company's filing of voluntary petitions under Chapter 11 of the Bankruptcy Code. To facilitate the sale process, Garrett has begun a process in the United States to financially restructure through a voluntary Chapter 11 proceeding. The completion of the sale is subject to court approval, among other customary conditions. 3. Nvidia (NVDA) became the largest U.S. chip maker by market value in July, passing industry titan Intel (INTC), but by most measures, Nvidia remains a niche player, Max Cherney wrote in this week's edition of Barron's. For Nvidia to grow into its value, the company has to do something big, and CEO Jensen Huang may have found the answer with his $40B deal for Arm Holdings, the author noted. If there ever was a way to challenge Intel's dominance, Huang may have cracked the code, with a combination of Nvidia's leading graphics processors, Arm's central-processing-unit chips, and its longstanding partnership with TSMC (TSM), which fabricates many of the world's most advanced chips, the report added. 4. Christopher Nolan's "Tenet" earned an estimated $4.7M domestically in its third weekend for a North America total of $36.1M. Internationally, the AT&T (T) subsidiary Warner Bros.' movie grossed another $25M for a foreign tally of $214M and a worldwide total of $250.1M. "Tenet" sports a B CinemaScore and an 74% Rotten Tomatoes. 5. PayPal (PYPL), Square (SQ) and Albertsons (ACI) saw positive mentions in this week's edition of Barron's.
