"PlayStation believes in VR," Says CEO
Sony's PlayStation 5 has been one of the most sought-after products since its release in November. Sony announced earlier this month that it sold 4.5 million units of the console last year, helping the company's gaming business report its best quarter in history.
As Sony continues to ramp up production to meet demand, the company announced yesterday that its next-generation VR system is coming to the PS5. Sony touts "dramatic leaps" in performance and interactivity over its predecessor for the PS4 that will make the game worlds feel more realistic than ever.
The new VR set will connect to the PS5 with a single cord for a simpler setup and easier use. Sony's new VR controller focuses on improved ergonomics while using key features found in the DualSense wireless controller.
Unfortunately for PlayStation fans, the new VR system won't be launching this year as Sony says there's a lot of development still underway. PlayStation CEO Jim Ryan told The Washington Post that PlayStation fully believes VR will become an important component of entertainment.
"I think we're more than a few minutes from the future of VR," Ryan said. "PlayStation believes in VR. Sony believes in VR, and we definitely believe at some point in the future, VR will represent a meaningful component of interactive entertainment. Will it be this year? No. Will it be next year? No. But will it come at some stage? We believe that."
As for the delays for the PS5, Ryan said that Sony is "very sorry" and that "demand was greater than we anticipated."
As demand outpaces supply for Sony's latest console, the company is hard at work developing its next hit product.
Wells Fargo sells asset management business. Wells Fargo & Company announced it has agreed to sell Wells Fargo Asset Management to GTCR LLC and Reverence Capital Partners in a $2.1 billion deal. Under the terms of the deal, Wells Fargo will own a 9.9% equity interest and will serve as a client and distribution partner. "This transaction represents a significant milestone in the growth and evolution of our firm," WFAM CEO Nico Marais said. "Through this new partnership, our business will be even better positioned to execute our strategy and provide our clients with innovative products and solutions to help them reach their investment goals."
Oatly files for IPO. Oatly, which offers milk, yogurt and ice cream made of oat milk, has filed for an initial public offering. Oatly could reportedly seek a valuation in the range of $10 billion when it goes public after raising $200 million at a $2 billion valuation last year. Oatly has a prominent list of investors that includes Oprah Winfrey, Natalie Portman, Jay-Z and former Starbucks CEO Howard Schultz. Oatly said the IPO would take place once the U.S. Securities and Exchange Commission completes the review process.
Home prices soar in December. U.S. home price jumped by the most in seven years in December as home prices increased by 10.4%, according to the S&P CoreLogic Case-Shiller Home Price Indices. Phoenix, Seattle, and San Diego showed the largest gains with home prices in Phoenix jumping by nearly 15% annually. "2020's 10.4% gain marks the best performance of housing prices in a calendar year since 2013," global head of index investment strategy at S&P Dow Jones Indices Craig Lazzara said. "From the perspective of more than 30 years of S&P CoreLogic Case-Shiller data, December's year-over-year change ranks within the top decile of all reports."
Continental invests in object recognition startup. Continental announced it has acquired a minority stake in the German-U.S. startup Recogni, which is working on a new chip architecture for real time object recognition using artificial intelligence. Continental predicts that volume production with the new chip application could begin as early as 2026. "Without faster chips, there will be no networking, no automation and no autonomous driving," head of the Advanced Driver Assistance Systems business unit at Continental Frank Petznick said.
MicroStrategy CEO has bold bitcoin prediction. MicroStrategy CEO Michael Saylor told CNBC that he believes bitcoin could increase by 100 times and hit a market capitalization of $100 trillion. "There's a $500 trillion monetary planet and the outer layer is currency, then you've got stocks, bonds, real estate," Saylor said. "There's $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it's going to subsume the entire gold market cap." After overtaking gold, Saylor predicts bitcoin will go after sovereign debt, saying "Then it's going to subsume negative yielding sovereign debt and other monetary indexes until it grows to $100 trillion."