Top 5 Things to Know in the Market on Monday, September 14th — Oracle (NYSE:ORCL) wins the race for TikTok’s U.S. operations, Nvidia (NASDAQ:NVDA) splashes out $40 billion to buy ARM from Softbank (OTC:SFTBY), while Gilead bets $21 billion on an experimental cancer drug. Stocks are set to open higher on more reassurances about a Covid-19 vaccine, but oil is down as BP (NYSE:BP) warns of an early peak to global oil demand. Here’s what you need to know in financial markets on Monday, September 14th.

1. Oracle wins the race for TikTok

Oracle took the lead in the race to be the savior of video-streaming service TikTok’s U.S. operations, but it’s still not clear whether the deal will be acceptable to regulators in China and the U.S.

The Wall Street Journal reported that Oracle is set to be announced as TikTok’s “trusted tech partner”, and that the deal won’t be structured as an outright sale.

The deal will need the approval of both U.S. and Chinese authorities. Should they give it, it would signal the de-escalation of the two powers’ multi-faceted battle for economic supremacy. U.S. authorities will want absolute certainty that TikTok user data can’t find its way back to Beijing, while China will need to rule that the deal doesn’t contravene a recently-passed law banning the sale of certain artificial intelligence technology. The yuan rose to its highest since May on positive interpretations of the news.

2. Nvidia pays Softbank $40 billion for ARM

Nvidia (NASDAQ:NVDA) agreed to buy U.K.-based chip designer ARM for $40 billion from Softbank (T:9984). That’s around $8 billion more than Softbank paid for it five years ago.

The news propelled the Japanese venture capital company’s shares another 9.0% higher, in a fresh sign of confidence in founder Masayoshi Son’s stewardship. Confidence had been hit hard by high-profile investment losses in companies such as WeWork and Uber (NYSE:UBER).

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