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1、TECHNOLOGYREPORTExplore M&A Activity,Capital Market Conditions and Current Trends for the Technology Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.2H 2023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offere

2、d Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 22Transaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesCONTENTSTECHNOLOGY CONTACTSEstablished in 2002,SDR Ventures has developed deep M&A and capital transaction knowle

3、dge and expertise.SDR offers transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTECHNOLOGY 2H23:WHAT TO KNO

4、W DealsDeals werewere downdown acrossacross thethe techtech sectorsector inin thethe pastpast year,year,butbut privateprivateequityequity is is sittingsitting onon a a pilepile ofof cash,cash,alongalong withwith somesome antsyantsy investors,investors,andand maymay bebe poisedpoised forfor somesome

5、bigbig movesmoves inin 20242024.InIn thethe wildwild westwest ofof tech,tech,thethe potentialpotential forfor legallegal andand regulatoryregulatoryrulingsrulings toto eithereither hamperhamper oror enableenable evolutionevolution andand applicationsapplications is ismassivemassive inin 20242024.Out

6、sideOutside ofof thethe ActivisionActivision BlizzardBlizzard/MicrosoftMicrosoft deal,deal,20232023 waswas a a quietquietyearyear forfor M&AM&A amongamong thethe bigbig playersplayers Amazon,Amazon,Microsoft,Microsoft,Google,Google,etcetc.butbut thethe riserise ofof ArtificialArtificial Intelligence

7、Intelligence(AI)(AI)couldcould makemake forfor somesomesplashysplashy dealsdeals inin 20242024.ArtificialArtificial IntelligenceIntelligence andand TechTech.WhatWhat Next?Next?Merger and acquisition deals were down in 2023 across the board,andtech was no exception.Interest rates were up to a 22-year

8、 high,dealvaluations were an issue,and remember SPACs?Right,that mania died aquick death,and the process has drawn legal scrutiny.But as we look back,one day we may be talking about two eras,BC and AI.It felt like after theintroduction ofChatGPTs version ofArtificial Intelligence in 2022,everything

9、changed in 2023 and anything that came before was prehistoricby comparison.It felt like machine learning and AI were the present andthe future of tech.1,2,3As we made our way through 2023,a few things started to gel.For one,the excited chatter about AI,while persistent,morphed into the“nowwhat”discu

10、ssion.We watched as companies started to put AI to work,toharness the gee whiz factor into functioning and hopefully profitable products and services,whether thats in the arts and entertainment field,the legal field,or the office.Even the president got involved.Then,therewere the lawsuits.4,5,6,7,8O

11、nOn thethe Sidelines,Sidelines,WhatWhat Happened?Happened?While the“Magnificent 7”(Microsoft,Apple,NVIDIA,Amazon,Meta,Google,and Tesla)made headlines for stock gains in 2H23,the big boyswere largely on the M&A sidelines.In fact,the biggest tech firms madezero splash deals in Q3 and only one in Q2.9,

12、10For one,there was regulatory pushback.U.S.government agenciesincluding the FTC and the DOJ did their darnedest to curb mega deals,even if they lost a bid to block Microsofts nearly$70 billion buy of gamingpowerhouse Activision Blizzard with antitrust concerns.The duo issued ajoint 51-page draft of

13、 antitrust definitions and guidelines in 2023 spellingout proposed guardrails and what they consider legal violations acrossbroad acquisitions.In November,the U.S.Department of Commercecreated what its calling the U.S.Artificial Intelligence Safety Institute.Wewill see how this new focus pans out in

14、 the courts.11,12,13With regulatory pressures and interest rates on the rise,maybe it wasntThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer

15、to sell or buy any securities.Scott MitchellScott MitchellManaging DirectorTechnology TBen PaddorBen PaddorSenior AnalystTechnology TLogan BohlenderLogan BohlenderVice PresidentTechnology T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FI

16、NRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 23surprising that there would be a difference of opinion over valuations,another damper on acquisition activity.Sellers felttheir value was higher than buyers were willing to risk.Deals fell below 10X ARR,and frankly,some sellers took their

17、balland went home.Private equity stayed in the game,but at a smaller stake,taking minority positions rather than fullacquisitions.Is this the end of tech M&A?Not hardly.But there was a lot of uncertainty in 2H23,and nobody likes that.When interest rates for leveraged buyouts cool,when there is a cle

18、arer picture of regulation,when earnings providesome clarity perhaps as early as this year watch for a stronger pace.PE is sitting on a pile of cash,and investors dontlike that.Money doesnt make money on the sidelines,and investors are getting increasingly restless.Dont sleep on techin 2024.1,14So,S

19、o,WhatsWhats ThisThis AboutAbout AI?AI?If AI was a game changer,it may be headed for a buying stampede in coming months.While 2023 was sluggish,perhapsit was because the potential and applications of AI were only being initially digested and understood.It will take sometime to understand the limits,

20、or lack thereof,of the technology.And there are legal and regulatory issues.And theseconcerns arent just in the U.S.,governments across the globe are concerned about everything from copyrights toinstructions for building a nuclear weapon(first,get some uranium,then).AI isnt magic,it gobbles informat

21、ion at willfrom the internet,and some have objected,most notably the New York Times,and Reddit,which started charging thirdparties in 2023 for access to its broad library of information.3,15,16,17Theres an understandable rush to invest and profit from“AI”as a category.But it remains to be seen what

22、it actuallydoes that makes money.Self-driving cars?Art or web content and design?Or legal tech software to speed discovery andmotions?Although that legal use may come with some hitches.In October,convicted rapper Prakazrel“Pras”Michelappealed claiming his lawyer used AI to craft his closing statemen

23、ts,resulting in significant missteps.The case is beingwatched closely.Progress doesnt come without trial,and perhaps in this case,error.Still,it makes sense to follow thebig players and their bets.Already,chip maker Advanced Micro Devices(AMD)is on the prowl for AI startups,LinkedInannounced layoffs

24、 while replacing those workers in part with AI tools,and tech giants Amazon,Google,and Microsoftare racing to outspend venture capital to snap up pioneers in the field.Cybersecurity,as an industry,appears to havemany interesting AI applications.And if the biggest public firms are spooked by uncertai

25、nties and antitrust litigation inthis emerging field,PE isnt resting,as we saw a number of take-private moves,a 16-year high,worth watching.Eccentricbillionaire inventor Elon Musk reportedly started 1H24 on the road looking to raise$6 billion for his AI startup,dubbedxAI.Theres a lot of money out th

26、ere,and a lot of potential.18,19,20,21,22,23,24,25,26,27,28When the elephants charge,it can make sense to follow their tracks.TakeTake a a ByteByte:A A ReviewReview ofof TransformationalTransformational TechTech MergersMergers&AcquisitionsAcquisitions inin 20232023 At the start 2H23,in July,Databric

27、ks,a data and AI company,announced its acquisition of generative AI platformMosaicML,a generative AI competitor platform known for its MPT large language models(LLM).The deal was valuedat$1.3 billion.The combined platform is expected to help thousands of existing customers build LLM capabilitiesusin

28、g their own data,retaining control,security,and ownership of that information.Databricks existing customersinclude Comcast,Cond Nast,and more than half of the Fortune 500 companies.The deal was seen as the start of awave of AI acquisitions.MosaicML was an open source startup with a platform designed

29、 to help organizations trainLLMs and create AI applications based on the data.Prior to the acquisition,MosaicML had raised about$220 millionfrom investors,marking a solid exit and a hint at how enticing the M&A market is for AI applications.The deal wasreported as one of the 10 biggest in tech in 20

30、23.29,30,31 Nasdaq-traded experience management expert,Qualtrics,was taken private in March by Silver Lake,a techinvestment group,and the Canada Pension Plan Investment Board(CPP)in a$12.5 billion deal.The purchaseincluded the entirety of SAPs majority ownership interest.Qualtrics,a cloud-based soft

31、ware provider helpsorganizations create and retain customer relationships using AI to understand customer needs,interactions,andsentiment.Silver Lake,with some$92 billion in assets under management,generates about$272 billion annually withnearly 700,000 employees in its portfolio.SAP acquired majori

32、ty ownership in Qualtrics in 2018 for about$8 billion.Silver Lake paid about 7x LTM Revenue for the acquisition.32,33720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 24 Publicly t

33、raded secure communications and networking company Cisco made a move with its biggest acquisitionever,paying$28 billion to acquire a cybersecurity powerhouse,Nasdaq-traded,Splunk.The deal reportedly positionsCisco in the security and observability field as the sector adapts to AI integration,includi

34、ng threat detection andprevention.Cisco reported the deal should be cash flow positive in the first year after closing.The purchase will makeCisco one of the largest global software companies.In 2023,Cisco also acquired four other security companies,Armorblox,Oort,Valtix,and Lightspin.34,35 Semicond

35、uctor monster Broadcom announced one of the biggest tech acquisitions ever in May,buying cloudcomputing pioneer VMware in a deal valued at$61 billion,just behind Microsoftss Activision Blizzard$70 billion deal.The deal was seen as a way for Broadcom to diversify away from designing and building chip

36、s and into cloud andsoftware development and management.Soon after the deal was completed in November,Broadcom began acorporate shakeup,announcing layoffs of thousands of employees,selling off parts,and altering licensing agreementsand cutting or changing some partner agreements with VMware reseller

37、s and service providers.36,37PredictivePredictive Analytics,Analytics,A A LookLook toto thethe FutureFutureIf AI is the tech worlds 800-pound gorilla,its diet will be in the spotlight going forward,depending on what regulationsand courts allow.The New York Times in December went toe to toe with Chat

38、GPT owner,and Microsoft partner,OpenAIwith a lawsuit alleging copyright infringement claiming the platform gulps down copyrighted work to“train”the model.The suit is seen as a test of how generative AI gathers the information it uses.AI and LLM tech is raising several issuesabout how data is used an

39、d where laws should apply.One analyst called the AI arena a“legal minefield”in themaking.38,39Its not just news organizations that are concerned about content-driven,ravenous AI training tools.Artists and authors(including legal thriller writer and lawyer John Grisham)have sued over images and text,

40、while Getty Images is alleginginfringement of its copyrighted photography.Even a mayor in Australia is questioning AIs information and accuracy aftera platform incorrectly claimed hed served time in prison.Copyrights,patents,and accuracy are all in play in the courts,creating a muddy legal landscape

41、 and legal risk for companies that embrace the emerging technology.39,40But there appears to be consensus,AI and generative AI integration is the big watch for 2024,and there is somepressure to get in early as it is estimated almost every player in the AI field is at the earliest stages,far from mat

42、urity andprofitable application.We are looking forward to some important court rulings,further discussion of the climate footprintof cloud computing and the resource demands for AI learning,and rising cybersecurity issues.Theres a lot in play,andmany questions about when to invest,and when investmen

43、ts might pay off.Thats what makes tech as a sector soexciting.41,42,43720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 25Source:PitchBook Financial Data and AnalyticsNote:This dat

44、a represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITY21 or more transactions11-20 transactions1-10 transactions0 transactionsIf You Are a

45、Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.187 98 29 23 50 49 126 72 196 30 8 -50 100 150

46、200 250Strategic60%Financial40%720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 2FIRMRECENT SUBSIDIARY ACQUISITIONS6ACTIVE BUYERSSource:Pitchbook Financial Data and AnalyticsNote:

47、This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.MOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMRECENT SUBSIDIARY ACQUISITIONS720.221.9220|SDRVENTURES.COMInvestment Banking and Secur

48、ities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 2PUBLIC BASKET7TECHNOLOGY SEGMENTS(BROAD SOLUTIONS)VS.S&P 500Segment Market Cap Performance Trailing 12 MonthsSource:PitchBook Financial Data and AnalyticsTECHNOLOGY SEGMENTS(INDUSTRY SP

49、ECIFIC SOLUTIONS)VS.S&P 500Segment Market Cap Performance Trailing 12 Months-10%10%30%50%70%90%110%Dec-22 Jan-23Feb-23 Mar-23 Apr-23 May-23 Jun-23Jul-23Aug-23 Sep-23 Oct-23 Nov-23 Dec-23Enterprise SoftwareOther SaaSData AnalyticsIT ServicesIT SecurityInfrastructure/HostingTech ConglomeratesS&P 500-1

50、0%10%30%50%70%90%110%Dec-22 Jan-23Feb-23 Mar-23 Apr-23 May-23 Jun-23Jul-23Aug-23 Sep-23 Oct-23 Nov-23 Dec-23Financial TechnologySupply Chain SoftwareMarketing SoftwareHealthcare ITS&P 500720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINR

51、A and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 28PUBLIC BASKET(CONTINUED)FINANCIAL TECHNOLOGYSUPPLY CHAIN SOFTWARESource:PitchBook Financial Data and AnalyticsENTERPRISE SOFTWAREMARKETING SOFTWARE720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Mark

52、ets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 29PUBLIC BASKET(CONTINUED)HEALTHCARE ITDATA ANALYTICSSource:PitchBook Financial Data and AnalyticsOTHER SAAS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA a

53、nd SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 210PUBLIC BASKET(CONTINUED)IT SECURITYHOSTING/DATA CENTERSource:PitchBook Financial Data and AnalyticsIT SERVICES720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOG

54、Y REPORT2H 2023 2H 2023|VOL 12|ISSUE 211PUBLIC BASKET(CONTINUED)Source:PitchBook Financial Data and AnalyticsTECH CONGLOMERATES “FAANG”720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|I

55、SSUE 212U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of Nov 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONS

56、Source:PitchBook Financial Data and Analytics$0.00M$200.0B$400.0B$600.0B5001,5002,5003,5004,5002022 Q42023 Q12023 Q22023 Q32023 Q4Deals ClosedDeals ClosedCapital Invested47%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55

57、%64%0%20%40%60%80%100%Senior DebtSub DebtEquity2020202220212023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 2CONTACT US13SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SID

58、E ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGCOMPREHENSIVE TECHNOLOGY EXPERTISEHardware,Software,and the Tech Service Industries are the driving forces that not only support modern society but help it to progress into the future.Let us help guide you and your company through the Technology Industr

59、ys complex and competitive landscape.We know the ins and outs of the M&A market,understand the underlying issues and pitfalls,and maintain professional relationships with industry leaders,all of which can help you maximize your opportunities and avoid roadblocks while you focus on running a successf

60、ul business.We serve owners in all technology segments,including:SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Technology Industry,including:Enterprise Software Financial Technology Supply Chain Software Other SaaS Marketing Software Healthcare IT Data&Ana

61、lytics IT Security IT Services Infrastructure/Hosting Tech ConglomeratesScott MitchellScott MitchellManaging DirectorTechnology TBen PaddorBen PaddorSenior AnalystTechnology TLogan BohlenderLogan BohlenderVice PresidentTechnology T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered

62、 Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 214ADDITIONAL REFERENCES1.“What Happened In M&A In 2023,And Whats Ahead,In Five Charts,”Wall Street Journal,Kristin Broughton,Dec.29,2023 https:/ 2.“SPAC Mania Is Dead.The SEC Wants to Keep It That W

63、ay,”Wall Street Journal,Paul Kiernan,Jan.24,2024https:/ 3.“Whats Next in Artificial Intelligence?If 2023 Was The Year Of A.I.Awakening,2024 Could Be The Year Of A.I.Reckoning,”New York Times,Vivienne Walt,Dec.27,2023https:/ 4.“Whats Next for AI In 2024,”MIT Technology Review,Melissa Heikkil and Will

64、 Douglas Heaven,Jan.4,2024https:/ Ways Creators Are Putting Artificial Intelligence To Work In 2024,”Forbes,Adam Wescott,Jan.11,2024,https:/ 6.“7 Ways To Use ChatGPT At Work To Make Your Job Easier,”Business Insider,Jacob Zinkula and Aaron Mok,Jan.16,2024 https:/ 7.“Three Things To Know About The Wh

65、ite Houses Executive Order On AI,”MIT Technology Review,Tate Ryan-Mosley and Melissa Heikkil,Oct.30,2023 https:/ AI Lawsuits Timeline:Legal Cases VS.Openai,Microsoft,Anthropic And More,”Sustainable Tech Partner,Joe Panettieri,Jan.26,2024 https:/ Are The Magnificent Seven Stocks And Why Do They Matte

66、r,”The Week,Becca Stanek,Jan.19,2024https:/ 10.“In A Slow Year For Enterprise Tech M&A,There Were Few Standout Deals.Cisco Was The Most Active Company,”TechCrunch,Ron Miller,Dec.25,2023 https:/ US Government Guidelines Fight Back Against Techs Mega-Mergers,”PC World,Michael Crider,Jul.20,2023 https:

67、/ 12.“Merger Guidelines,U.S.Department Of Justice And The Federal Trade Commission,”Federal Trade Commission,accessed Jan.24,2024 https:/www.ftc.gov/system/files/ftc_gov/pdf/p859910draftmergerguidelines2023.pdf 13.“At The Direction Of President Biden,Department Of Commerce To Establish U.S.Artificia

68、l Intelligence Safety Institute To Lead Efforts On AI Safety,”U.S.Department of Commerce,news release,Nov.1,2023 https:/merce.gov/news/press-releases/2023/11/direction-president-biden-department-commerce-establish-us-artificial 14.“This Cant Go On For Much Longer.Private Equitys Deal Lament.Under Pr

69、essure From All Sides,Buyout Firms Stayed Quiet In 2023,”Wall Street Journal,Laura Cooper and Ben Dummett,Dec.31,2023https:/ 15.“Transforming The M&A Process:The Current And Future Role Of Artificial Intelligence,”The Institute for Managers,Mergers,and Alliances,Nima Noghrehkar,Sep.18,2023 https:/im

70、aa-institute.org/the-future-role-of-artificial-intelligence-in-mergers-and-acquisitions/720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 215ADDITIONAL REFERENCES(CONTINUED)16.“E.U

71、.Agrees On Landmark Artificial Intelligence Rules,”New York Times,Adam Satariano,Dec.8,2023https:/ 17.“The Reddit API Blackout And The Generative AI Connection,”AI Business,Ben Wodecki,Jun.23,2023https:/ 18.“Is This The Best Way To Invest In The AI Gold Rush?”Investor Place,Luke Lango,Jan.10,2024htt

72、ps:/ to Make Money With AI,”Motley Fool,Matthew DiLallo,Jan.18,2024 https:/ Innovation And Generative AI:Lawyers Emerging As Pilots,Content Creators,And Legal Designers,”McKinsey&Company,Ilona Logvinova,May 11,2023 https:/ 21.“Fugees Rapper Says Lawyers Use Of AI Helped Tank His Case,Pushes For New

73、Trial,”Associated Press,Lindsay Whitehurst,Oct.18,2023 https:/ 22.“AMD To Acquire AI Software Startup In Effort To Catch Nvidia,”Yahoo Finance,via Reuters,Max A.Cherney,Oct.10,2023 https:/ 23.“LinkedIn Confirms It Will Cut A Further 668 Jobs,Bringing The Total To Nearly 1,400 This Year,”TechCrunch,I

74、ngrid Lunden,Oct.16,2023 https:/ Tech Outspends Venture Capital Firms In AI Investment Frenzy,”Financial Times,George Hammond,Dec.29,2023 https:/ 25.“Cybersecurity In The Age Of Generative AI,”McKinsey&Company,Sep.10,2023https:/ 26.“Take-privates On Display In 2023s Top Mega-Buyouts,”PitchBook,Emily

75、 Burleson,Dec.13,2023https:/ 27.“Private Equity Take-Private Deals Hit 16-Year High,”S&P Global,”Nov.1,2023https:/ 28.“Elon Musks AI Start-Up Seeks To Raise Up To$6 Billion,”Yahoo Finance via Reuters citing Financial Times,Jan.26,2024 https:/ 29.“Databricks Picks Up Mosaicml,An Openai Competitor,For

76、$1.3B,”TechCrucnh,Ingrid Lunden,Jun.26,2023 http:/ 30.“Databricks Completes Acquisition Of MosaicML,”Databricks news release,Jul.19,2023 https:/ 31.“The 10 Biggest Tech M&A Deals Of 2023,”CRN,Rick Whiting,Dec.28,2023 https:/ 32.“Qualtrics To Be Acquired By Silver Lake And CPP Investments For$12.5 Bi

77、llion,”Qualtrics news release,March 12,2023 https:/ Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TECHNOLOGY REPORT2H 2023 2H 2023|VOL 12|ISSUE 216ADDITIONAL REFERENCES(CONTINUED)33.“SAP Ends Pointless M&A Roundtrip With Qualtrics,”Reuters,Karen Kwok,Mar.7,2023

78、https:/ To Acquire Splunk,To Help Make Organizations More Secure And Resilient In An AI-Powered World,”Cisco news release,Sep.21,2023 https:/ 35.“Cisco Makes Largest Ever Acquisition,Buying Cybersecurity Company Splunk For$28 Billion In Cash,”CNBC,Rohan Goswami,Sep.21,2023 https:/ 36.“Broadcom Annou

79、nces Plans To Buy Vmware In$61 Billion Deal,”CNBC,Kif Leswing,May 26,2023https:/ 37.“Broadcom Moves Roil Vmware Customer Base,”Network World,Neal Weinberg,Jan.22,2024https:/ 38.“The Times Sues OpenAI And Microsoft Over A.I.Use Of Copyrighted Work,”New York Times,Michael M.Grynbaum and Ryan Mac,”Dec.

80、27,2023 https:/ 39.“The Legal Issues Presented By Generative AI,”MIT Sloan School of Management,Dylan Walsh,Aug.28,2023https:/mitsloan.mit.edu/ideas-made-to-matter/legal-issues-presented-generative-ai 40.“OpenAI,Microsoft Hit With New Author Copyright Lawsuit Over AI Training,”Reuters,Blake Brittain

81、,Nov.21,2023https:/ Industry Outlook Brighter Than 12 Months Ago,With Genai Emerging As Top Opportunity For 2024,”EY news release,Dec.7,2023 https:/ 42.“Technology:Powerful Long-Term Potential.The Incredible Evolution Of AI Has Created Compelling Investment Opportunities,”Fidelity,Adam Benjamin,Dec.12,2023 https:/ 43.“The Robots Are Coming:AI Large Language Models And The Legal Profession,”American Bar Association,Lee B.Ziffer,Feb.28,2023 https:/www.americanbar.org/groups/litigation/resources/newsletters/products-liability/robots-are-coming-ai-large-language-models-legal-profession/