iPhone 'batterygate' settlement: There's still time to claim your $25 - CNET

You'll need to know the serial number of your iPhone 6, 6S, SE or 7 to submit a claim.

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A look at the rapid growth of TikTok in Southeast Asia, where the app has been downloaded 360M times, up 151% YoY, according to Sensor Tower (Fanny Potkin/Reuters)

Fanny Potkin / Reuters:
A look at the rapid growth of TikTok in Southeast Asia, where the app has been downloaded 360M times, up 151% YoY, according to Sensor Tower  —  SINGAPORE (Reuters) - At 19, Sandy Saputra is big on TikTok Indonesia.  Within a year, he's leapt from quiet, small-town life to star influencer status …

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The week’s biggest IPO news had nothing to do with Monday’s S-1 deluge

Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s broadly based on the daily column that appears on Extra Crunch, but free, and made for your weekend reading. (You can sign up for the newsletter here!)

Ready? Let’s talk money, startups and spicy IPO rumors.

The week’s biggest IPO news had nothing to do with Monday’s S-1 deluge

During Monday’s IPO wave I was surprised to see Asana join the mix. 

After news had broken in June that the company had raised hundreds of millions in convertible debt, I hadn’t guessed that the productivity unicorn wouldn’t give us an S-1 in the very next quarter. I was contentedly wrong. But the reason why Asana’s IPO is notable isn’t really much to do with the company itself, though do take the time to dig into its results and history. 

What matters about Asana’s debut is that it appears set to test out a model that, until very recently, could have become the new, preferred way of going public amongst tech companies. 

Here’s what I mean: Instead of filing to go public, and raising money in a traditional IPO, or simply listing directly, Asana executed two, large, convertible debt offerings pre-debut, thus allowing it to direct list with lots of cash without having raised endless equity capital while private.

The method looked like a super-cool way to get around the IPO pricing issue that we’ve seen, and also provide a ramp to direct listing for companies that didn’t get showered with billions while private. (That Asana co-founder Dustin Moskovitz’s trust led the debt deal is simply icing on this particular Pop-Tart).

This brief column was going to be all about how we may see unicorns follow the Asana route in time, provided that its debt-powered direct listing goes well. But then the NYSE got permission from the SEC to allow companies to raise capital when they direct-list.

In short, some companies that direct-list in the future will be able to sell a bloc of shares at a market-set value that would have previously set their “open” price. So instead of flogging the stock and setting a price and selling shares to rich folks and then finding out what public investors would really pay, all that IPO faff is gone and bold companies can simply offer shares at whatever price the market will bear. 

All that is great and cool, but as companies will be able to direct-list and raise capital, the NYSE’s nice news means that Asana is blazing a neat trail, but perhaps not one that will be as popular as we had expected.

The NASDAQ is working to get in on the action. As Danny said yesterday on the show, this new NYSE method is going to crush traditional IPOs, provided that we’re understanding it during this, its nascent period.

Market Notes

Look, this week was bananas, and my brain is scrambled toast. You, like myself, are probably a bit confused about how it is only finally Saturday and not the middle of next week. But worry not, I have a quick roundup of the big stuff from our world. And, notes from calls with the COO of Okta and the CEO of Splunk, from after their respective earnings report: 

• China-based fintech giant Ant is super profitable and super big and super powerful and is going to have a mega-IPO that matters, even if it isn’t happening Stateside. (This has long been expected.)
• As I write to you, the TikTok saga is not yet over, but between the lawsuits and smokescreens and other crap, it appears that Microsoft and perhaps Walmart are the leading bidding duo. What a year.
• SPACs for real companies are happening, and Boston unicorn Desktop Metal is pushing ahead with one. This is an event to watch, and if it goes well we could see a bunch more in rapid-fire fashion.
• Speaking of which, here’s a run-down of all the companies that filed to go public on Monday. You are welcome, as that post was annoying to compile. (I jest, it was fun as hell.)
• Also this week, Y Combinator had a two-day Demo Day confab that we wrote a lot about. Sure, these are early-stage companies, but their ranks will generate some material winners. So catch up here, with that link containing our chat about the startups and directions to all our coverage.
• And for fun, here are some slightly deeper looks at Snowflake and Sumo Logic’s respective IPO filings, and a contrarian take on why Palantir has problems, but also some merit.

Over to our chats, starting with Okta COO and co-founder Frederic Kerrest:

• Okta had a good quarter. But instead of noodling on just the numbers, we wanted to chat with its team about the accelerating digital transformation and what they are seeing in the market. 
• On the SMB side, Kerrest reported little to no change. This is a bit more bullish than we anticipated, given that it seemed likely that SMB customers would have taken the largest hit from COVID.
• Kerrest also told us some interesting stuff about how the wave of COVID-related spend has changed: “We actually have seen the COVID ‘go home and remote work very quickly’ [thing], we’ve actually seen that rush subside a little bit, because you know now we’re five months into [the pandemic], so they had to figure it out.”
• This is a fascinating comment for the startup world. 
• Okta is big and public and is going to grow fine for a while. Whatever. For smaller companies aka startups that were seeing COVID-related tailwinds, I wonder how common seeing “that rush subside a little bit” is. If it is very common, many startups that had taken off like a rocket could be seeing their growth come back to Earth.
• And if they raised a bunch of money off the back of that growth at a killer valuation, they may have just ordered shoes that they’ll struggle to grow into.

And then there was new McLaren F-1 sponsor Splunk, data folks who are in the midst of a transition to SaaS that is seeing the firm double-down on building ARR and letting go of legacy incomes:

• I spoke with CEO Doug Merritt, kicking off with a question about his use of the word “tectonic” regarding the shift to data-driven decisions from Splunk’s earnings report. (“As organizations continue to adapt to tectonic societal shifts brought on by COVID-19, one thing is constant: the power of data to radically transform business.”)
• I wanted to know how far down the American corporate stack that idea went; are mid-size businesses getting more data-savvy? What about SMBs? Merritt was pretty bullish: “We’re getting to tectonic,” he said during our call, adding that before “it really was the Facebooks, the Googles, the Apples, the DoorDashes, [and] the LinkedIns that were using [Splunk].” But now, he said, even small restaurant chains are using data to better track their performance. 
• Relating this back to the startup world, I’ve been curious if lots of stuff that you and I think is cool, like low-code business app development, will actually find as wide a footing in the market as some expect. Why? Because most small and medium-sized businesses are not tech companies at all. But if Merritt is right, then the CEO of Appian might be right as well about how many business apps the average company is going to have in a few years’ time.

And finally for Market Notes, my work BFF and IRL friend Ron Miller wrote about Box’s earnings this week, and how the changing world is bolstering the company. It’s worth a read. (Most public software companies are doing well, mind.)

Various and Sundry

We’re already over length, so I’ll have to keep our bits-and-bobs section brief. Thus, only the brightest of baubles for you, my friend:

• Y Combinator startups are focusing on revenue in this more uncertain world. Per The Information, the startup org has encouraged startups in its world to “focus on generating revenue” and how to juice enough cash from their operations to endure sans checks from private investors. 
• Given the pace of private investments into certain startup niches today, it’s almost odd advice. But what is true for late-stage SaaS companies (very hot!) might not hold true for smaller YC companies that are focused on consumers.
• Natasha wrote about a particularly hot startup from this YC batch, so I reached out to a hot company from a prior batch, namely Tandem. But they didn’t want to talk on the record, so no news there. Alas.
• The Fastly deal is super cool and you should read more about it. As was this $300 million investment.

And with that, we are out of room. Hugs, fist bumps and good vibes, 

Alex

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Stop buying breakable phones: The new rugged phones are tough and hot - CNET

Phones that are rugged and waterproof -- even without a case -- should be the new normal.

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iPhone 11 and 11 Pro might secretly be waterproof: Results of our water test - CNET

Both phones are water resistant but in our extreme water test, we weren't able to drown the iPhone 11 or 11 Pro.

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Remember when we wore cell phones on belts? This Motorola phone started the trend - CNET

Compared with other cellphones of its day, the first famous flip phone was an amazingly sleek, cutting-edge device.

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Cory Doctorow highlights the conceptual limitations of Shoshana Zuboff's "surveillance capitalism" and details how to dismantle it (Cory Doctorow/OneZero )

Cory Doctorow / OneZero :
Cory Doctorow highlights the conceptual limitations of Shoshana Zuboff's “surveillance capitalism” and details how to dismantle it  —  The most surprising thing about the rebirth of flat Earthers in the 21st century is just how widespread the evidence against them is.

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iPhone SE vs. Pixel 4A: Apple and Google's 2020 budget phones, compared - CNET

CNET compares budget smartphones from Apple and Google to determine which device has the best camera, design, software, performance and battery life.

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Slack discloses a now fixed critical RCE flaw in its desktop app; Slack paid $1,750 bug bounty to researcher, which critics say is a paltry sum for such a bug (Jack Morse/Mashable)

Jack Morse / Mashable:
Slack discloses a now fixed critical RCE flaw in its desktop app; Slack paid $1,750 bug bounty to researcher, which critics say is a paltry sum for such a bug  —  Slack and its scores of desktop app users just dodged a major bullet.  —  The communications tool relied upon by journalists …

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Construction of a $20B chip manufacturing plant in Wuhan stopped due to lack of funding, the latest example of China's semiconductor efforts failing to take off (South China Morning Post)

South China Morning Post:
Construction of a $20B chip manufacturing plant in Wuhan stopped due to lack of funding, the latest example of China's semiconductor efforts failing to take off  —  Construction on a US$20 billion state-of-the-art semiconductor manufacturing plant in Wuhan has stalled due to a lack of funding It's …

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All the best apps for drawing on your iPad - CNET

From Procreate's blank canvas to creative coloring books, these iPad drawing apps will unleash your inner digital artist.

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How a law professor became the target of posts on conservative sites, social media harassment, and PR firms hired by gig economy companies, for supporting AB5 (Dara Kerr/CNET)

Dara Kerr / CNET:
How a law professor became the target of posts on conservative sites, social media harassment, and PR firms hired by gig economy companies, for supporting AB5  —  Labor activists are targeted in a social media campaign as gig economy companies spend millions to prevent workers from becoming employees.

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Medium says it had 1.2B page views in Q2 and now has "several hundred thousand" paying subscribers, and will start offering custom domains again (Ev Williams/The Official Medium Blog)

Ev Williams / The Official Medium Blog:
Medium says it had 1.2B page views in Q2 and now has “several hundred thousand” paying subscribers, and will start offering custom domains again  —  Upcoming features and a status update  —  We've had a busy summer.  —  Last month, we announced new features coming to our publishing tools …

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Best laptop under $500 of 2020 in stock from HP, Lenovo, Dell and more - CNET

Wading through cheap Windows laptops and Chromebooks is a chore, especially if you need one right now for remote learning. We're here to help.

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Tweet honoring actor Chadwick Boseman becomes most-liked Twitter post ever - CNET

"A tribute fit for a king."

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ReliaQuest, a managed cybersecurity and intelligence services provider, raises $300M led by KKR, says its revenue grew more than 450% in the past three years (Christine Hall/Crunchbase News)

Christine Hall / Crunchbase News:
ReliaQuest, a managed cybersecurity and intelligence services provider, raises $300M led by KKR, says its revenue grew more than 450% in the past three years  —  ReliaQuest, a company developing a cybersecurity managed service and intelligence platform for global enterprises …

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Yes, Bill & Ted Face the Music has an end-credits scene - CNET

Even after the end credits roll, an extra scene will make fans want to rock out at any age.

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Best French press coffee makers for 2020: Oxo, Bodum, Frieling and more - CNET

Looking at Veken, Oxo, Frieling, Bodum, Kona and others, we put popular French press coffee makers through their paces to learn which one is the best.

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Inside Asana, whose CEO Dustin Moskovitz rejected Silicon Valley's hard-charging style while building the company, as it prepares for a investor roadshow (Alex Konrad/Forbes)

Alex Konrad / Forbes:
Inside Asana, whose CEO Dustin Moskovitz rejected Silicon Valley's hard-charging style while building the company, as it prepares for a investor roadshow  —  Covering venture capital, software and startups … At the San Francisco Museum of Modern Art, upbeat synth music announces the arrival of Dustin Moskovitz.

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Pinterest is canceling its 490,000-square-foot lease at San Francisco's unbuilt 88 Bluxome project, citing a shift toward remote work amid the pandemic (Roland Li/San Francisco Chronicle)

Roland Li / San Francisco Chronicle:
Pinterest is canceling its 490,000-square-foot lease at San Francisco's unbuilt 88 Bluxome project, citing a shift toward remote work amid the pandemic  —  Pinterest terminated its massive 490,000-square-foot lease at San Francisco's unbuilt 88 Bluxome project, citing a shift toward more remote work amid the coronavirus pandemic.

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