Business

Rivian Automotive plans to offer $1.5 billion in convertible notes.
Rivian said it expects its third-quarter revenue to come in between $1.29 billion and $1.33 billion, roughly in line with Wall Street estimates.
It also estimated that it had cash and equivalents of $9.1 billion as of Sep. 30.

Taylor looks at Rivian electric trucks at the auto maker’s newly opened storefront in the Meatpacking District of Manhattan on June 23, 2023 in New York City.
Spencer Platt | Getty Images

Shares of Rivian Automotive fell sharply on Thursday, after the company surprised investors with a plan to offer $1.5 billion in convertible notes.
It also provided a preliminary estimate of its third-quarter revenue that was in line with Wall Street estimates.

Shares closed down over 22% on Thursday.
In a regulatory filing late Wednesday, Rivian said it expects its third-quarter revenue to come in between $1.29 billion and $1.33 billion, roughly in line with Wall Street estimates of $1.3 billion, according to LSEG, formerly known as Refinitiv.
Rivian also estimated that it had cash and equivalents of $9.1 billion as of Sep. 30, down from $10.2 billion at the end of the second quarter.
Rivian took steps earlier this year to slow spending and bolster its balance sheet, including a 6% staff reduction in February and a $1.3 billion sale of convertible notes in March. The company also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025. But news of the latest offering came as a surprise to investors.
Rivian plans to offer $1.5 billion worth of senior, unsecured “green” convertible notes due in 2030. Buyers will have the option to purchase up to an additional $225 million worth of notes, the company said.
Rivian on Monday reported third-quarter deliveries that were better than Wall Street had expected. The EV maker will report its third-quarter earnings after the U.S. markets close Nov. 7.

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Rivian stock sinks after the EV maker announces a convertible note offering. More

Lucid said a new single-motor, rear-wheel-drive version of the Air Pure sedan will start at $77,400.
The new model is $5,000 cheaper than Lucid’s prior lowest-cost version of the Air.
Lucid has struggled with demand for the Air, a well-regarded but expensive electric luxury sedan.

The Lucid Air Pure is the least-expensive version of Lucid’s electric Air luxury sedan.
Meghan Reeder | CNBC

Shares of Lucid Group fell on Thursday after the company launched a cheaper version of its Air electric luxury sedan in a bid to stoke demand.
The stock closed down about 7% on Thursday following the news.

Lucid said it will now offer a single-motor, rear-wheel-drive version of its Air Pure sedan starting at $77,400 with 410 miles of range. That’s $5,000 lower than its previous lowest-cost model, the dual-motor all-wheel-drive version of the Air Pure, which is still available.
The new single-motor Air Pure is available for order immediately, Lucid said.
Lucid’s shares are down over 24% since the beginning of 2023 through Thursday’s close as concerns linger about ongoing demand for the Air. While the Air has received strong reviews and can claim the longest range of any electric vehicle currently available in the U.S., it’s expensive, a growing concern as consumer borrowing costs have risen and as rivals including EV giant Tesla have cut prices sharply over the past several months.
The new rear-wheel-drive version of the Air Pure is the first Lucid offering to start below $80,000. At the high end, the 1,234 horsepower Sapphire version of the Air costs $249,000.
Lucid hasn’t yet released its third-quarter production and deliveries totals. It’s expected to report its third-quarter financial results in early November. More

Clorox shares fell after the company said a cyberattack disclosed in August significantly hurt sales in the prior quarter.
Raymond James also downgraded Clorox, saying it doesn’t expect a recovery in the stock in the short term.

Clorox disinfecting wipes are seen displayed for sale at a Walmart Supercenter in Austin, Texas, on Sept. 18, 2023
Brandon Bell | Getty Images

Shares of Clorox fell more than 5% Thursday, a day after the company said an August cyberattack significantly weighed on sales and profits during the prior quarter.
The stock hit a 52-week low and is down more than 11% so far this year.

While the Pine-Sol and bleach maker said it had contained the hack, which severely hampered its production, it said it continues to deal with the fallout even as its operations gradually get back to normal.
Raymond James also downgraded the stock to market perform Thursday morning, citing the larger-than-expected material effect the attack had on the company.
Raymond James said it struggles “to see a recovery in the stock near-term, as it would be based on a view of a quick sales and profit bounce back from the attack during a period in which consumers appear to be making more price conscious choices and as commodity costs start to move upward again.”
Clorox said after the bell Wednesday that it expects to report a 23% to 28% decline in sales during the quarter that ended Sept. 30.
Clorox also said it estimates its gross margin for the quarter will be down from the year-ago period. It expects to post a per share loss of 35 cents to 75 cents. On an adjusted basis, it projects a loss of up to 40 cents a share. More

Torsten Muller-Otvos, the Rolls-Royce CEO who turned an aging brand into a coveted badge of success for pop stars, athletes and young entrepreneurs, is retiring after 14 years.
Muller-Otvos brought new shine to the Rolls-Royce brand and became a leader in the luxury world by attracting a new generation of wealthy buyers.
“The brand is contemporary today, I would say cool again,” Muller-Otvos told CNBC. “That indicates to me that we got it right, not just me but the entire team.”

Rolls-Royce CEO Torsten Muller-Otvos unveils the new coachbuilt Rolls-Royce Boat Tail on May 27, 2021, at the Home of Rolls-Royce in Goodwood, West Sussex, England.
Jeff Spicer | Getty Images Entertainment | Getty Images

Torsten Muller-Otvos, the Rolls-Royce CEO who turned an aging brand into a coveted badge of success for pop stars, athletes and young entrepreneurs, is retiring after 14 years.
Rolls-Royce announced Thursday that Muller-Otvos, 63, the longest serving CEO of Rolls-Royce in nearly a century, will retire on December 1. He will be replaced by Chris Brownridge, currently chief executive officer of BMW UK.

Muller-Otvos brought new shine to the Rolls-Royce brand and became a leader in the luxury world by attracting a new generation of wealthy buyers. With sleek models like the fast-back Wraith, and edgy design schemes like Black Badge, Rolls-Royce’s sales grew more than six-fold during his tenure, from 1,000 cars sold in 2010 to more than 6,000 last year.
The average age of a Rolls-Royce buyer fell from 56 to 43. One in five buyers today is a celebrity.
“The brand is contemporary today, I would say cool again,” Muller-Otvos told CNBC. “That indicates to me that we got it right, not just me but the entire team. That makes me extremely proud as I look back and see what a fabulous, fabulous journey we had.”
Muller-Otvos also launched Rolls-Royce into its next big chapter with last year’s unveiling of the first fully electric Rolls, called Spectre. The two-door, 577-horsepower behemoth can do zero to 60 in 4.4 seconds and is already sold out in the U.S. through 2025, despite its steep price of over $413,000.
The big question going forward for Rolls is whether it can maintain its cool factor, and strong sales, if the U.S. economy starts to falter. The U.S. remains its largest market, and while Mutter-Otvos said demand and orders remain strong, the company is always prepared for a correction.

“The luxury market is not immune against any any recessionary developments,” he said. “For us, the business is still very strong, but it is on a different level compared to what it used to be right after the pandemic. I would say that has normalized now to levels we are used to, but we are still in a very strong position.”
Muller-Otvos is the longest-serving CEO of Rolls-Royce since Claude Johnson, who brought Charles Rolls and Henry Royce together in 1904 and served until 1926.
Muller-Otvos said when he joined Rolls-Royce, it was an elite brand that was aging fast. Its signature, the four-door Phantom, was designed for chauffeurs to ferry around members of the graying leisure class smoothly and silently. Muller-Otvos visited private bankers around the world to find out how the wealthy were quickly changing — especially with the rise of tech wealth.
“That was quite an eye-opening moment,” he said. “All the private banks told me their clients were getting younger, far more informal and with a lot more women. We said to ourselves, we need something to attract this younger consumer. It needed to be rejuvenated. That’s not something you can do in just two years. That is a long, long story that takes many years to achieve.”
In 2013, Rolls-Royce unveiled the Wraith, a racy, two-door coupe with a twin-turbo V12 that was designed for the wealthy to drive, rather than to be driven in.
That was followed in 2015 by the Dawn convertible, and in 2019 by the Cullinan SUV, which became a favorite of NBA stars and other big athletes. Rolls-Royce debuted the Black Badge line in 2016, featuring higher performance and an all-black color scheme (including the famous Spirit of Ecstasy hood ornament).
Muller-Otvos also ushered in a new era of customization, which lured new customers and bigger profit margins. Dubbed “Bespoke,” the program allows Rolls-Royce buyers to choose their own fabrics, paint colors, materials and interior lighting schemes to make a one-of-a-kind Rolls.
The customization program is one reason the average sale price of a Rolls-Royce has doubled since Muller-Otvos took over, to about 500,000 euros.
“None of our clients want just a product off the shelf,” he said. “They want it to carry their individual signature and their individual story. We have put a lot of resources into Bespoke and now every car leaving [our factory] is fully bespoke.” More

Disney’s ESPN inked a multi-year deal with Tiger Woods and Rory McIlroy’s startup TGL golf league.
TGL, which will operate in partnership with the PGA Tour, will kick off on Jan. 9, and feature 18 PGA Tour players split into six teams.
Hedge fund billionaire and New York Mets owner Steve Cohen has invested in the league.

Rory McIlroy shakes hands with Tiger Woods on the 18th green after they completed a practice round prior to the 2023 Masters Tournament at Augusta National Golf Club in Augusta, Georgia, April 3, 2023.
Christian Petersen | Getty Images

Disney’s ESPN has nabbed the broadcast rights to air matches from TGL, the startup golf league led by Tiger Woods and Rory McIlroy.
TGL, which is in partnership with the PGA Tour, will have its debut on Jan. 9 as part of a multi-year deal. A preview show will air on Disney’s broadcast network ABC on Dec. 30.

The early games of the TGL season will air near other sports events and appear on Disney’s ESPN+, a move that allows the streamer to bulk up on more live sports rights.
The inaugural match will air the night after the College Football Playoff’s title game, and the second will come the following evening after an NFL wild-card playoff game. Both of the TGL matches will air on traditional TV’s ESPN and streamer ESPN+. The rest of the matches will air on ESPN’s TV networks, as well as ESPN+.
The launch of the new league comes as professional golf finds itself at a major crossroads following a proposed deal between the Tour and Saudi Arabia’s Public Investment Fund-backed rival LIV Golf in June. The agreement between the PGA Tour and LIV has yet to be finalized. The Tour has attracted potential outside investors, including Endeavor Group Holdings and Fenway Sports Group, CNBC recently reported. Some of the outside investors are considering making a rival pitch to PIF’s proposal.
TGL, a new primetime, high-tech golf league created by Woods, McIlroy and former NBC Sports executive Mike McCarley has attracted stars from the PGA Tour. In addition to Woods and McIlroy, other top players including Jon Rahm, Justin Thomas, Collin Morikawa, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler and Billy Horschel have committed to play. More players are expected to be announced.
The PGA Tour is an investor in the new league, and the new league has said the event timing will be complementary to the players’ schedules in the Tour.

Steve Cohen, billionaire and the owner of MLB’s New York Mets, is also an investor after buying the founding rights to the New York team in TGL. His team will be managed by his family office, Cohen Private Ventures.
The league will feature the Tour players split into six teams, who will play two-hour, head-to-head match-play matches in a specially built arena in Palm Beach Gardens, Florida. The matches will incorporate live action as well as the latest golf technology. More

Sometimes it seems as if the cloud is swallowing corporate computing. Last year businesses spent nearly $230bn globally on external (or “public”) cloud services, up from less than $100bn in 2019. Revenues of the industry’s three so-called “hyperscalers”, Amazon Web Services (AWS), Google Cloud Platform and Microsoft Azure, are growing by over 30% a year. The trio are beginning to offer clients newfangled artificial-intelligence (AI) tools, which big tech has the most resources to develop. The days of the humble on-premises company data centre are, surely, numbered.image: The EconomistOr are they? Though cloud budgets overtook in-house spending on data centres a few years ago, firms continue to invest in their own hardware and software. Last year these expenditures passed $100bn for the first time, reckons Synergy Research Group, a firm of analysts (see chart 1). Many industrial companies, in particular, are finding that on-premises computing has its advantages. A slug of the data generated by their increasingly connected factories and products, which Bain, a consultancy, expects soon to outgrow data from broadcast media or internet services (see chart 2), will stay on premises.The public cloud’s convenience and, thanks to its economies of scale, cost savings come with downsides. The hyperscalers’ data centres are often far away from the source of their customers’ data. Transferring these data from this source to where they are crunched, sometimes half a world away, and back again takes time. Often that does not matter; not all business information is time-sensitive to the millisecond. But sometimes it does.image: The EconomistMany manufacturers are creating “digital twins” of their brick-and-mortar factories, to detect problems, reduce down- time and improve efficiency. They are also constantly tweaking new products under development, often using data streaming in from existing products out in the world. For all such purposes data need to be analysed in as close to real time as possible, ideally with no “jitter” (inconsistency of data transfer), data loss or service outages, all of which are surprisingly common in the public cloud. Many firms also prefer to keep any data on which they train their AI models close to their chest. Giordano Albertazzi, chief executive of Vertiv, which provides data-centre infrastructure, thinks this may become a competitive advantage.Running your own data centre close to your factory also pre-empts looming requirements on localisation and “data sovereignty” from governments afraid of letting data leak across their borders. Countries which have passed some version of data-sovereignty laws include China, where plenty of manufacturers have factories, and India (though its rules apply primarily to financial companies for now).It is for such reasons that industrial firms are still spending on their data centres to house the data needed to hand, while shipping off less-time-critical information to the hyperscalers. Companies that embrace this dual approach include industrial champions such as Volkswagen, a German carmaker, Caterpillar, an American maker of diggers, and Fanuc, a Japanese manufacturer of industrial robots.Businesses that do decide to go it alone rather than rely on the hyperscalers have several options. They can build, equip and run their own facilities. These can be large or not so large. Companies like Vertiv and Schneider Electric sell small modular data centres that can be installed at or near industrial sites and linked to the data sources using 5G networks (whose range means these cannot be too far away).Data users can also build their own data centres but rent the servers (computer-makers such as Lenovo and Dell now offer such a service) and outsource day-to-day management to specialist firms like Serverfarm. Or they can lease space in a data centre owned and managed by someone else. Tenants typically bring their own computing and networking kit, and foot the bill for running costs (including energy). In return, the landlord guarantees basics like space, physical security, access to power and cooling. The decision to build or rent may depend on a user’s data intensity. Consider a firm in America with a medium-sized data centre which thinks its computing load will rise roughly four-fold over a decade. In that case, building its own breaks even in seven years or so, and ends up being 5% cheaper overall than leasing, according to data from Schneider Electric. If the load remains stable, renting is the less expensive option, by a similar amount (assuming a flat cost of capital).Several factors may affect such calculations. The price of power, land, material and labour is rising. The construction of some data centres is running two years behind schedule. This is pushing up rents, which are up by more than 20% since 2021, a faster rise than for all commercial property. Upgrading to AI-capable servers won’t be cheap, either. Counterpoint Research, another analysis firm, estimates an AI server is between ten and 30 times the price of a general-purpose one. The hyperscalers are buying up AI chips from manufacturers they already work with, such as Nvidia, leaving little for other buyers.The cloud giants are not standing still in other ways. In order to get closer to clients and cut jitter, they are building data centres in new places such as Saudi Arabia, South Africa and Thailand. AWS is selling prefabricated data centres not unlike the micro ones from Vertiv or Schneider Electric. The software arm of Toyota, a Japanese carmaker, is using AWS’s fridge-size Outpost prefabs in America. The Pentagon has opted for larger AWS kit, the size of a shipping container. The hyperscalers’ AI prowess is likely to attract some industrial custom, too. Even so, believes Arun Shenoy of Serverfarm, which works with both hyperscalers and data users, many large firms will think twice before they stick their heads completely in the cloud. ■To stay on top of the biggest stories in business and technology, sign up to the Bottom Line, our weekly subscriber-only newsletter. More

The highest private terrace in Manhattan belongs to an algorithmic-trading company called Hudson River Trading. Its offices, spread across several floors near the top of Three World Trade Centre, are more theme park than workplace: a games room, gym, dining areas, stupefying views, happy hours and drawers unexpectedly stuffed full of sweets to give employees a surprise. You come away wishing you had concentrated more in maths at school.You also come away wondering about one of the silver linings of the post-pandemic office for bosses who dislike the idea of home-working. If fewer people are coming in on any one day, at least they don’t need as much space: they can find unassigned desks and the firm can save some money. The trouble is that hot-desking flies in the face of two things, one deeply embedded in the human psyche and the other a direct consequence of the pandemic.The first is territoriality. This is a word with negative connotations. It conjures up someone who sees information as something to be hoarded and feedback as an intrusion—the kind of person who buys a padlock for the items they store in the communal fridge. But territoriality is also natural. Just as it is hard not to bridle a little at the unsolicited observations of co-workers, so people like having a space to call their own.Personalised territory seems to be correlated with a sense of belonging. A study in the 1970s looked at the longevity of first-year college students who shared rooms. People who lasted the academic year had covered twice as much space above their beds with personal decorations than the dropouts had. In the office, too, workers claim territory with everything from photographs and files to crumbs and crumpled tissues.A pre-pandemic study of behaviour among hot-deskers, conducted by Alison Hirst of Anglia Ruskin University in Britain, divided people into “settlers” and “vagrants”. Settlers, who often arrived earlier or were more senior, tried to claim the same desk each day, in order to have a space and a set of neighbours they knew and liked. Vagrants, who tended to be later arrivals, had to waste time searching for a desk. Sitting in a spot normally taken by someone else was fraught with social discomfort.Firms can avoid some of this time-wasting by having people book desks—“hotelling”, in the dreadful phrase. And they can avoid stratification by requiring people to clear their spaces each night. Under this model, people do have their own territory but instead of a desk, it is a locker. Think “High School Musical”, but without the music or the highs.If territoriality is the deep-seated problem with hot-desking, then the more recent one stems from the pandemic. Employers need to think harder about why people should do the commute at all. There is no single answer. The office is the place to do the sort of collaborative work with colleagues that requires physical proximity. It is a way to spread company culture as well as covid. Less intuitively, a survey of American workers in 2022 by Gensler, a firm of architects, found that the most common reason to come in was to focus on work. But the common theme is that the office is no longer the default; it has to be appealing.That sits uncomfortably with a cut-price version of hot-desking, in which office footprints shrink and people grab a spot wherever they can. Cohesion suffers if teammates are dispersed randomly through a building; collaboration is harder if there aren’t enough meeting rooms to accommodate demand. The company culture may be absorbed, but only in the sense that everyone feels hard done by. And focused work is easier if you aren’t suddenly plonked next to someone who sounds like Beaker from “The Muppets”.For penny-pinchers, the unpalatable conclusion is that hot-desking works best when people have lots of space. In Cisco’s newly refitted offices in Manhattan, for instance, no one has an assigned desk (bosses included) but there are oodles of options and people are encouraged to move about repeatedly during the day. The office is everyone’s territory.Back at Hudson River Trading in New York, employees all have their own desks, but also licence to move around as they wish. Space feels abundant: there are roughly as many meeting-room spots on its latest, post-pandemic floor as there are assigned seats. You can use hot-desking to save money or you can use it to create flexibility and a sense of belonging. It is hard to do both. ■Read more from Bartleby, our columnist on management and work:What if Hollywood blockbusters were remade as workplace dramas? (Sep 28th)Why it is a bad idea for managers to attempt to engineer office friendships (Sep 21st)Who is the most important person in your company? (Sep 14th)Also: How the Bartleby column got its name More

WHEN A BEAMING Mark Zuckerberg took the stage in Menlo Park on September 27th to announce a new array of Meta products, the Facebook supremo may have buried the lead. He began talking about Quest 3, Meta’s virtual-reality (VR) headset, which is understandable considering that his obsession with the metaverse is now inscribed in his company’s identity. Techies, though, were more excited by what came later: an announcement that Meta, in combination with Ray-Ban, would soon launch smart glasses incorporating an artificial-intelligence (AI) virtual assistant. The specs will be able to see and hear, as well as answer their wearers’ questions. With luck, they will not hallucinate.You can be dismissive of smart glasses. They have been hyped before. But lending Meta credibility this time is the fact that the same week OpenAI, the generative-AI pioneer, announced that its hit chatbot, ChatGPT, can now see, hear and speak, besides conversing by text. Moreover, it emerged that OpenAI was in talks with Sir Jony Ive, Apple’s former designer, to create a new gadget for the AI era. What form it will take is still unclear. But if the idea is to build a new consumer-electronics device better suited to the back-and-forth of seeing, talking and listening AIs, there is a fair chance it will no longer be reliant on the touchscreen.The smartphone has had a good innings. Yet you only need to talk to Sky, one of ChatGPT’s new audio avatars, to feel the joy of freeing yourself from its tyranny. Your columnist got a taste when he asked Sky how she thought screens might eventually be replaced: Glasses? “Absolutely!” she enthused, “especially those equipped with augmented reality [AR] and AI”. Asked whether this would be a good thing, she recommended two books that explore the enormous impact that screens have had on modern life: “The Shallows: How the Internet is Changing the Way We Think, Read and Remember” by Nicholas Carr, an American writer, and “Screened out” by Jean Baudrillard, the late French philosopher. Then, when further prompted, she summarised each in crisp, insightful language with barely a moment’s hesitation. It wasn’t exactly Scarlett Johansson in “Her”. But it felt like having a Stanford University intellectual murmuring in your ear.This is all rather refreshing. Just as the year-long excitement over “foundational” models and other mind-boggling bits of AI infrastructure has begun to fade, along comes the chance that gen AI, to use the industry shorthand, will unleash an onslaught of new consumer technology. Tech pundits are debating the best “form factor” for the chatbot era. Ben Thompson of Stratechery, a blog and podcast, puts it in epochal terms: “There is a hardware breakthrough waiting to happen just like the internet created the conditions for the smartphone breakthrough to happen.” The ability to talk and listen to chatbots makes Meta’s bet on AR glasses and VR headsets “drastically more compelling”, he writes.Mr Zuckerberg was early to see this coming. He has ploughed a fortune into VR and AR despite misgivings from investors. He remains excited by the metaverse. This was clear from a remote interview he recently took part in with Lex Fridman, a podcaster, which used VR tools to make their virtual faces so lifelike they felt as if they were in the same room together. (As Mr Fridman quipped, it could reproduce realistic facial movements even from two famously inexpressive people.) And yet gen AI has so dramatically accelerated the use case for smart glasses, Mr Zuckerberg told another interviewer, that there is now “no question” they will be the bigger of the two markets. He likens AR specs to mobile phones and VR headsets to desktops. In both cases he appears to hope they will transcend screens, which he says inhabit “a completely different plane from our physical lives”.The two-dimensional screen is not headed for the scrap heap yet. Incumbent technologies are always hard to dislodge. Meta’s mobile apps such as WhatsApp, Facebook and Instagram, with their billions of users, still dwarf AIs like ChatGPT in terms of monthly visits, and they remain dependent on smartphones. As Mark Shmulik of Bernstein, an investment firm, notes, the smartphone era has never stopped people from using PCs. Moreover, it will not be clear until people start buying the smart glasses from the shops how compelling a product they are.The business case for the all-seeing, all-hearing chatbots will also take time to emerge. OpenAI charges $20 a month for access to its family of talking avatars; Meta’s AI-infused smart glasses will start at $299. Yet developing them is bound to be lossmaking at first. If there ever is a case for monetising them via advertisements or virtual shopping, that will probably take years. Meta’s modus operandi, after all, is to launch a consumer product, scale it up and start making money from it only if it is adopted by the masses.In the meantime, obvious safety concerns must be tackled. Consumer technology powered by AI is likely to be more immersive than social media, potentially making it even more isolating for some, or triggering unhealthy attachments. Mr Zuckerberg argues that AR and VR devices could help bring people together. But Mr Shmulik says investors will not want Meta to move too fast. “The last thing they need is another negative PR event where they are back in the cross hairs of regulators,” he says.Glasses half full For now Mr Zuckerberg, who this time last year was fighting fires on several fronts, looks prescient. That is largely thanks to gen AI. Meta’s foundational model, LLama 2, has been an open-source hit and is underpinning the firm’s consumer-tech ambitions. New devices such as smart glasses and headsets could eventually free Facebook and others from their dependence on the iPhone, where Apple has hindered their ability to track data, hurting Meta’s ad business. In a backhanded compliment to Mr Zuckerberg, Apple is launching its own high-end AR/VR headset. The iPhone-maker, too, may be sensing the twilight of the screen era. ■Read more from Schumpeter, our columnist on global business:Customer service is getting worse—and so are customers (Sep 28th)What Arm and Instacart say about the coming IPO wave (Sep 21st)The Mittelstand will redeem German innovation (Sep 14th)Also: If you want to write directly to Schumpeter, email him at [email protected]. And here is an explanation of how the Schumpeter column got its name. More