Happy Friday. Welcome to The Chaos Coordinator! We are Brain Candy's snarky little sister, delivering carefully curated news happening across the industry (that you should probably care about) right to your inbox, with a hefty dose of irreverence.
In this issue, we dive into:
3AC Returns
Google's Ad Transparency Center
Restaurant IPOs
AI Regulation
Cannes Lions 2023
What's happening in.....
PE/VC
Remember Crypto?
Three Arrows Co-Founders Are Back With a New VC Fund.
The founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) have launched a new firm called 3AC Ventures to invest in crypto projects. Open Exchange (OPNX), a recently launched trading platform specializing in claims against bankrupt cryptocurrency entities, caused quite a stir on Wednesday when it revealed 3AC Ventures as its latest ecosystem partner. Details of the new entity are scant, with a landing page stating it is “focused on superior risk-adjusted returns without leverage” and a singular a contact email. “3AC is dead, long live 3AC Ventures,” tweeted Kyle Davies, former founder of 3AC.
A competitor's comprehensive marketing initiative via Google.
In an effort to ensure that users are well-informed about the ads they see, Google has launched a new Ad Transparency Center, aimed to be a “searchable hub of all ads served by verified advertisers.” Users can now search for a brand and if they are verified Google advertisers in Search/YouTube/Display and check out everything from what ads that brand is running, where they are serving the ad, and which format they chose over to the last 30 days. The only information not available is how much they’re spending. While the initial purpose behind this hub is to give users an opportunity to learn more about the brand before visiting its website, this new tool will definitely make marketers' lives a little easier when it comes to competitive analysis.
Following CAVA's spicy IPO debut last week, a food frenzie might be hitting Wall Street sooner rather than later. According to Yahoo Finance, next up is Korean barbecue chain, Gen Restaurant Group (more commonly known as Gen Korean Barbecue House), expected to list on the NASDAQ. Investors say to keep your eyes Brazilian steakhouse chain, Fogo de Chao, likely to list on the NYSE. And last but not least, whether you hate it or love it, Panera Bread is causing more fanfare amongst investors than the launch of bread bowls, expected to go public by the end of 2023, according to Renaissance Capital.
Senate Majority Leader Chuck Schumer announced a very broad plan for regulating artificial intelligence on Wednesday, describing AI as an "unprecedented challenge for Congress that has policymakers 'starting from scratch.'" The plan, which Senator Schumer shared in a speech in Washington, will begin with at least nine panels to identify and discuss the hardest questions that regulations on AI will have to answer, such as how to protect workers, national security, copyright and preparing for "doomsday scenarios." Senator Schumer also said that starting in the fall, he would launch a series of “AI Insight Forums” including top AI developers, execs, scientists, national security experts and others. “We ignore AI's changes at our own peril," said Senator Schumer. "Many want to ignore AI because it’s so complex. But when it comes to AI, we cannot be ostriches sticking our heads in the sand.”
Shake some sand off and read more about Schumer's strategy here.
MARKETING: CANNES LIONS 2023 ROUND UP
2023 Cannes Lions International Festival of Creativity
The rosé-fueled extravaganza kicked off this week and we've got some takeaways.
Marketers and industry leaders from all over the world grabbed their best linens and embarked upon La Croisette on Monday, ready for a week of festivities, discussing big ideas and big actions surrounding the advertising industry. While summarizing the week would be a whole newsletter in and of itself, we're keeping it short and highlighting some of our favorite headlines from the week:
