Insta360 spent $298m on memory chips in six months. GoPro’s shareholders are getting $285m in cash for the entire company.
Insta360 opened its first American store on Saturday at 1515 Broadway, in the middle of Times Square. It is the company’s second self-operated shop outside China, after Tokyo in August.
The ribbon-cutting is the least interesting part. Iris Deng interviewed co-founder Max Richter in Shenzhen for the South China Morning Post, and the numbers around the opening describe a category being rearranged by two forces nobody in it controls.
The memory bill is bigger than the rival
Insta360 spent nearly 2 billion yuan, about $298.4m, on what it called strategic procurement of memory chips in the first half of this year. Richter said a similar figure is unavoidable in the coming quarters, and that it is unclear when the memory crisis will ease.
GoPro agreed on 1 September to merge with Starman Optical. Its shareholders receive $285m in cash, at $1.14 a share, and keep about 10%...
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