December 07, 2025: Back Near Record Highs

Last week, Dow Jones rose 0.5%, S&P 500 gained 0.3%, Nasdaq composite was up 0.9%. Major indices are once again approaching record highs. With the Fed expected to cut rates Wednesday, investors will focus on rate outlook for 2026. SpaceX is eyeing a secondary sale at an US$800 billion valuation, making it the second highest valued private company in the US. Wealthfront is road-showing for a US$2.1 billion IPO. Chinese GPU designer Moore Threads priced a heavily oversubscribed US$1.1 billion IPO in Shanghai. Anthropic is reportedly preparing one of the largest tech IPOs ever, and exploring a private raise above US$300 billion valuation. Nvidia invested US$2 billion into chip designer, Synopsys. Marvell will acquire Celestial AI, for up to US$5.5 billion to deepen its optical interconnect/data-center stack. OpenAI’s partners SoftBank, Oracle, CoreWeave and others are on track to amass ~US$100 billion in related debt. Morgan Stanley is exploring risk transfer on AI data-center loans. Amazon rolled out its Trainium3 AI accelerator, with Anthropic already a flagship customer. Prediction markets provider, Kalshi raised US$1 billion at an US$11 billion valuation. Netflix’s proposed US$72 billion acquisition of Warner Bros./HBO will create a media giant. The deal’s large break-fee, potential regulatory hurdles, Netflix’s stock reaction and speculation of a hostile bid from Paramount could provide an interesting play for M&A arb funds. Meta’s purchase of wearable-AI startup, Limitless highlights its interest in media and AI devices, even as Meta reportedly plans deep cuts to metaverse spend to fund AI. Shopify reported a strong Black Friday/Cyber Monday, however industry anecdotes suggest increases in average basket size was driven more by inflation vs. more items being purchased. In news pertaining to Sophic clients, Kraken Robotics secured ~$12 million in new orders, and added seasoned defence/finance leaders to its board and executive team. Plurilock announced landed a US$1.24 million contract with a Nasdaq-listed semiconductor customer. The Company also promoted its long-time finance lead to CFO. Cybeats strengthened its advisory bench with an SBOM pioneer. Renoworks presented to microcap investors in Montreal

Shopify (SHOP-NASDAQ, SHOP-TSX) reports 27% Black Friday weekend sales growth.

Shopify said Tuesday its merchants generated US$14.6 billion in worldwide sales during the Black Friday and Cyber Monday holiday shopping weekend, a 27% increase from last year. The average cart price was US$114.70, a 5% increase from last year. That increase is likely affected by tariffs, which have driven many merchants to hike their prices, as well as overall inflation. Shopify said the top-selling product categories included cosmetics, apparel and fitness and nutrition items. About one third of orders placed on Shopify sites were made using Shop Pay, Shopify’s one-click checkout that has become a key selling point of its e-commerce software. That figure is a 39% increase from last year, the company said. The sales increases were despite an outage to some Shopify systems on Cyber Monday that left some merchants unable to log in or access their point-of-sale and other backend systems. Adobe said that overall, merchants recorded US$44.2 billion in online sales between Thanksgiving and Cyber Monday, a 7.7% increase from last year. https://tinyurl.com/53at72be

Sophic Client Kraken Robotics (PNG-TSXV, KRKNF-OTC) Announces $12 million in orders for Synthetic Aperture Sonar and Subsea Batteries.

Kraken received purchase orders for synthetic aperture sonar (SAS) and battery products totaling approximately $12 million. Orders for Kraken SAS, KATFISH™ towed SAS spares, and SeaPower™ batteries have been placed by multiple organizations, including Teledyne Marine, Terradepth, and two navies from NATO member countries. “As we near the end of the calendar year, we are seeing many expected orders coming through before budgets reset, including two new SeaPower battery customers” said Greg Reid, President and CEO of Kraken Robotics. “Clients are from both defence and commercial organizations, highlighting how Kraken’s dual-use technology is critical across a variety of applications, from maritime security to offshore energy.” https://tinyurl.com/yh4ffnr6

Sophic Client Plurilock (PLUR-TSXV, PLCKF-OTCQB) announces $1.2 million software and services contract with Nasdaq listed semiconductor manufacturer.

Plurilock has been awarded a new contract totalling $1,242,462 for software licensing and professional services. The combined $1,242,462 contract consists of a one-year, $922,008 licensing renewal for the customer’s Data Loss Prevention (DLP) platform and an 8-month, $320,454 professional services engagement for Security Operations Support (SOC). This contract represents a licensing increase and marks a net-new expansion of Plurilock’s Professional Services inside the account. “This engagement represents a meaningful expansion of our relationship with an important global customer,” said Ian L. Paterson, CEO of Plurilock. “We began with a smaller footprint, demonstrated consistent value, and earned additional trust over time. This contract adds new Professional Services on top of the existing licensing relationship, reinforcing our land-and-expand model and further establishing Plurilock as a strategic cybersecurity partner to organizations operating in high-risk, high-value sectors.” https://t.co/8GKcoDlotk

Sophic Client Renoworks Software Inc. (RW-TSXV, ROWKF-OTC) presented at the Rivemont MicroCap Cocktail – SmallCap Discoveries Special in Montreal on November 26th. Watch the presentation by Renoworks Software CEO Doug Vickerson. https://tinyurl.com/4pbevpj4

Sophic Client Kraken Robotics appoints Kim Butler to Board of Directors and hires Bernard Mills as Executive Vice President, Defence.

Kraken Robotics is pleased to announce two strategic additions to its leadership team: the appointment of Kim Butler, CPA, ICD.D, to its Board of Directors and the hiring of Bernard Mills as Executive Vice President, Defence. Kim Butler Appointed to Board of Directors: Kim Butler brings more than 35 years of executive experience in financial, operational, and governance roles with Canadian and multinational organizations, both publicly traded and private. She has served as a board member and Chair of Audit and Special Committees for leading companies in technology, utilities, and defence, and is recognized for her expertise in corporate governance, strategic planning, and mergers and acquisitions. Ms. Butler previously served as Head of Business Operations and Integration at Ericsson following the acquisition of CENX where she held interim CEO and CFO/COO roles. As SVP Finance and CFO at Bridgewater Systems, a global leader in mobile policy solutions, she led the company’s initial public offering in 2007, and later its successful acquisition by Amdocs in 2011. Prior to Bridgewater, she held senior finance roles at Asea Brown Boveri, and Mitel Corporation. “I am very honored and excited to join the Board of Directors at Kraken Robotics and look forward to participating in their continued growth as a global leader in advanced 3D underwater imaging and next-generation subsea battery technologies,” said Ms. Butler. “Kim’s extensive experience in financial leadership, corporate governance, and strategic planning makes her an exceptional addition to our Board. Her proven ability to guide organizations through complex growth and transformation will be invaluable as Kraken advances its mission to deliver innovative marine technology solutions globally,” said Greg Reid, President and CEO of Kraken Robotics. Bernard Mills Appointed Executive Vice President, Defence: Bernard Mills will join the Company’s executive team as Executive Vice President, Defence, effective January 12, 2026. Mr. Mills currently serves as a member of Kraken’s Board of Directors and has resigned from the Board, effective immediately prior to his new role on Kraken’s executive team. Mr. Mills is an internationally experienced executive specializing in the defence and aerospace sectors. He spent the last three years as CEO and Managing Director at Stelia North America, an advanced materials subsidiary of the Airbus Group. He previously served as President of Ultra Sonar Systems, leading over 850 UK, Canada, and Australia-based staff in the delivery of underwater sensing capability to global naval customers. Earlier in his career, Mr. Mills worked for Thales, another maritime systems developer, with roles in both France and Australia. Mr. Mills is currently Chairman of the Board of the Canadian Association of Defence and Security Industries (CADSI). His expertise spans strategic growth (through both business capture and mergers and acquisitions), operational and program leadership, and government and international relations. As Kraken bids and delivers increasingly complex and large integrated systems programs, Mr. Mills’s experience will allow the Company to quickly develop execution capability and manage risks more effectively as an organization. “I’m excited to join Kraken Robotics’ leadership team at a time when global demand for underwater robotics and maritime systems is accelerating,” said Mr. Mills. “From my time on the Board of Directors for the last three years, I know Kraken has a strong portfolio, an exceptional team, and deep relationships with leading naval and offshore energy customers. I believe the Company is poised for significant expansion in the years ahead.” “We are very pleased to have Bernard join Kraken in an executive leadership role,” said Greg Reid. “He has achieved significant success in his career as a defence and manufacturing industry executive and his strategic and operational experience will be a tremendous asset as we take our maritime defence industry business to the next level.” https://tinyurl.com/576vzhwn

Sophic Client Cybeats Technologies Corp. (CYBT-CSE,CYBCF-OTCQB) announces appointment of Cassie Crossley as Chair of the Cybeats Advisory Board.

Cybeats is pleased to announce the appointment of Cassie Crossley as Chair of the Cybeats Advisory Board. Ms. Crossley is recognized globally as one of the foremost leaders in software supply chain security, with more than two decades of senior experience spanning cybersecurity, product security, and operational technology across multiple Fortune 100 organizations. She most recently served as Vice President of Supply Chain Security at Schneider Electric, where she led global SBOM adoption, secure software development initiatives, and enterprise-wide compliance programs aligned with emerging international regulations. Ms. Crossley is the author of “Software Supply Chain Security: Securing the End-to-End Supply Chain for Software, Firmware, and Hardware” (O’Reilly Media) and is also a frequent contributor to international cybersecurity standards. Her leadership and deep domain expertise are expected to support Cybeats’ continued expansion among enterprise and critical-infrastructure markets that are preparing for regulatory mandates such as the U.S. Executive Order 14028, the EU Cyber Resilience Act (“CRA”), and the accelerating global adoption of SBOM-driven risk management programs. “Cassie is one of the most respected voices in the global software supply chain security community, and her experience building and operationalizing SBOM programs for one of the world’s largest industrial organizations is unmatched,” said Dmitry Raidman, CTO of Cybeats. “Her decision to join Cybeats as Chair of the Advisory Board is a strong endorsement of our technology leadership and market trajectory. Cassie’s insights will be instrumental as we continue scaling our platform across several highly-regulated sectors and support enterprise customers in meeting new compliance obligations.” “I am delighted to support Cybeats at such a pivotal moment for software transparency and supply chain security,” said Cassie Crossley. “Organizations around the world are rapidly maturing how they manage software risk, and Cybeats is uniquely positioned with an enterprise-ready SBOM platform that solves real operational challenges. I look forward to working with the leadership team as the Company continues to advance innovation and expand globally. Joining Cybeats’ distinguished advisors, Ms. Crossley’s appointment as Chair marks another milestone in strengthening Cybeats’ technical and strategic leadership as demand accelerates across the energy, industrial, healthcare, telecom, and defense sectors. The Company believes that Ms. Crossley’s leadership will support customer adoption, industry engagement, and product strategy as the SBOM market continues to scale. https://t.co/pTP0UOimD9

Sophic Client Plurilock (PLUR-TSXV, PLCKF-OTCQB) announces appointment of new CFO.

Plurilock announces the promotion of Veera Singh to Chief Financial Officer, effective January 9, 2026. Mrs. Singh, who currently serves as Vice President of Finance, has been a key contributor to Plurilock’s growth and operational maturity for more than four years. Earlier this year, she was made an officer of the Company in recognition of her leadership, technical expertise, and deep understanding of Plurilock’s financial and operational framework. Her expanded mandate as CFO reflects Plurilock’s ongoing commitment to developing internal talent and strengthening its finance organization as the Company scales across commercial and defense markets. “Veera has been instrumental in shaping the financial foundation of Plurilock,” said Ian L. Paterson, CEO of Plurilock. “Her discipline, strategic insight, and deep commitment to our mission make her exceptionally well suited to take on this expanded role. We are fortunate to have a leader of her calibre stepping into the position of CFO as we enter an important phase of execution and growth.” As part of this transition, Scott Meyers, Plurilock’s current Chief Financial Officer, will depart the Company effective January 9, 2026, to pursue other opportunities. Plurilock thanks Mr. Meyers for his contributions and wishes him continued success in his future endeavors. The Company does not expect any disruption to operations, customer commitments, or strategic initiatives as a result of this change. https://tinyurl.com/4saebu3z

CVC hits $30 million target for second Saskatchewan-focused fund.

Saskatchewan’s Conexus Venture Capital (CVC) has closed its second fund, hitting its $30 million target as the firm gears up to back more Saskatchewan technology startups. CVC has now closed another $15 million for Fund II from a list of limited partners (LPs) that includes eight other undisclosed credit unions, institutions, high-net-worth individuals, and family offices across Saskatchewan. The close wraps up an 18-month fundraising process that saw CVC meet its mark despite continually tough VC fundraising market conditions. CVC has also invested in three startups, including Saskatoon-based home care tech startup Alto, Regina parking management software startup Offstreet, and Calgary- and Saskatoon-based soil remediation platform LiORA. https://tinyurl.com/2ytwsjb8

Xposure Music’s US$42.5 million raise will help it spot the next generation of streaming music stars.

Montréal-based Xposure Music has raised US$42.5 million ($59 million) in debt and equity to scout more Canadian and global independent talent using data analytics and artificial intelligence (AI). The indie music catalogue buyer said on Monday that it had raised US$42.5 million. The raise comes from a combination of debt from Andalusian Credit Partners and equity from family offices and individual investors, including Canadian investor and Seattle Kraken minority owner Mitch Garber. https://tinyurl.com/2rbptuvc

Anthropic reportedly preparing for one of the largest IPOs ever in race with OpenAI.

Anthropic, the AI startup behind the popular Claude chatbot, is in early talks to launch one of the largest initial public offerings as early as next year, the Financial Times reported Wednesday. For the potential IPO, Anthropic has engaged law firm Wilson Sonsini Goodrich & Rosati, which has previously worked on high-profile tech IPOs such as Google, LinkedIn and Lyft, the FT said, citing two sources familiar with the matter. The start-up, led by chief executive Dario Amodei, was also pursuing a private funding round that could value it above $300 billion, including a $15 billion combined commitment from Microsoft and Nvidia, per the report. It added that Anthropic has also discussed a potential IPO with major investment banks, but that sources characterized the discussions as preliminary and informal. If true, the news could position Anthropic in a race to market with rival ChatGPT-maker OpenAI, which is also reportedly laying the groundwork for a public offering. The potential listings would also test investors’ appetite for loss-making AI startups amid growing fears of a so-called AI bubble. According to one of the FT’s sources, Anthropic has been working through internal preparations for a potential listing, though details were not provided. According to the FT report, investors in the company are enthusiastic about Anthropic’s potential IPO, which could see it “seize the initiative” from OpenAI. While OpenAI has been rumoured to be considering an IPO, its chief financial officer recently said the company is not pursuing a near-term listing, even as it closed a US$6.6 billion share sale at a US$500 billion valuation in October. https://tinyurl.com/cxsa88e4

Wealthfront seeks US$2.1 billion valuation in IPO.

Fintech Wealthfront is planning to be one of the only tech firms to try to go public before the end of the year. It started its investors roadshow and published an updated prospectus Tuesday that set a pricing range for its initial public offering at US$12 to US$14 a share, implying a valuation for the company between US$1.8 billion and US$2.1 billion. The 17-year-old company could go public as early as next week, after filing its initial S-1 in September. Like other firms, it delayed a listing for months because of the government shutdown. Wealthfront, which is profitable, is looking to raise as much as US$300 million for itself in the offering, while allowing shareholders to sell as much as US$184 million. By far the largest selling shareholder is Tiger Global, which is looking to sell in the offering about US$100 million, or nearly one-third of its stake. https://tinyurl.com/yyrznfyp

SpaceX reportedly in talks for secondary sale at US$800 billion valuation, which would make it America’s most valuable private company.

According to the Wall Street Journal, SpaceX is launching a secondary share sale that would value Elon Musk’s rocket maker at US$800 billion — double its recent US$400 billion valuation and surpassing OpenAI to claim the title of America’s most valuable private company. The eye-popping figure reflects how routine mega-valuations have become within private markets. OpenAI stands at US$500 billion, while Anthropic reportedly surged last month to US$350 billion following major investments from Microsoft and Nvidia, up from $183 billion just months earlier. These companies can now achieve public-market-scale valuations while remaining private, fueled by secondary sales that provide liquidity without the scrutiny of quarterly earnings reports. https://tinyurl.com/3pf29zbf

Chinese investors clamor over chip designer Moore Threads’ IPO.

Moore Threads, a Chinese chip designer blacklisted by the U.S., drew frenzied demand from retail investors last week in its initial public offering on the Shanghai Stock Exchange. Its share offering was more than 4,000 times oversubscribed, according to an exchange filing. Moore Threads, which designs graphics processing units for artificial intelligence applications, raised 8 billion yuan (US$1.1 billion) at 114.28 yuan per share, valuing the company at 53.7 billion yuan. Founded by former Nvidia employees in 2020, Moore Threads was added to a U.S. Commerce Department trade blacklist in 2023, as Washington tightened restrictions on advanced chip exports to China. Chinese regulators approved the company’s IPO in just 88 days this September, well under the typical one-year timeline. The swift regulatory greenlight and popular retail investor demand underscore Beijing’s push to support domestic semiconductor companies in light of U.S. export restrictions against China. https://tinyurl.com/524x7mj8

Nvidia invests US$2 billion in Synopsys.

Nvidia bought US$2 billion worth of stock in Synopsys, which provides software for designing semiconductors and is a Nvidia customer, the companies announced Monday. The investment is the latest in a slew of deals inked by Nvidia in software and AI firms that use its chips. Synopsys shares rose 5%. As part of the transaction, Synopsys will continue to use Nvidia’s hardware and software to support its technology, including for chip design. Synopsys will also use Nvidia software, including its Cosmos AI world model, to generate digital simulations for companies in industries such as aerospace, robotics and healthcare. Synopsys also agreed to help sell Nvidia’s technology, building on an existing agreement to sell Nvidia’s Omniverse simulation software. Nvidia has recently faced concerns that its investments in its customers are designed to prop up their purchases of Nvidia chips. Addressing this concern on a conference call Monday morning, Sassine Ghazi, Synopsys’ president and CEO, said, “there is no intention or commitments to use that US$2 billion to purchase” Nvidia chips. https://tinyurl.com/bd9xeu7u

OpenAI takes an equity stake in Thrive Holdings.

OpenAI is taking an equity stake in Thrive Holdings, a business launched by backer Thrive Capital to start and buy firms that could gain from artificial intelligence, such as in accounting and other service- oriented industries, Thrive Holdings and OpenAI announced Monday. OpenAI’s research and AI teams will work with engineers and other employees at Thrive Holdings to “deeply integrate AI into the businesses that we own and operate,” Thrive Holdings said in a statement. The announcement deepens the relationship between OpenAI and one of its biggest investors. In early 2024, Josh Kushner’s Thrive Capital led a sale of OpenAI shares that valued it at US$86 billion and last fall led the company’s US$6.6 billion fundraise valuing the startup at US$157 billion. Josh Kushner’s Thrive is one of a number of venture firms, including General Catalyst, to pursue a strategy of buying and merging service firms like accounting or call centers and integrating them with AI to save costs. Thrive Holdings raised an initial US$1 billion in capital earlier this year for the strategy. Thrive Holdings has backed accounting firm Crete Professionals Alliance and IT services firm Shield Technology Partners, both of which are using OpenAI’s models and will train and improve customized OpenAI models and products, according to a person with knowledge of the plans. OpenAI is getting a “material” equity stake in Thrive Holdings but hasn’t invested any money, according to a different person with knowledge of the plans. OpenAI also will gain additional expertise on working with business customers, including understanding specific workflows that it could apply to other enterprises and access data that it could use to train its models, according to the person. OpenAI in the last year has rapidly increased the number of business customers it serves through its ChatGPT products, in addition to selling access to its AI models through an API. OpenAI could also choose to work with other investment firms that are buying and operating services companies and integrating them with AI, said the same person. https://tinyurl.com/bdc2ezcs

OpenAI partners amass US$100 billion debt pile to fund its ambitions.

OpenAI’s data centre partners are on course to amass almost US$100 billion in borrowing tied to the lossmaking start-up, as the ChatGPT maker benefits from a debt-fuelled spending spree without taking on financial risks itself. SoftBank, Oracle and CoreWeave have borrowed at least US$30 billion to invest in the start-up or help build its data centres, according to FT analysis. Investment group Blue Owl Capital and computing infrastructure companies such as Crusoe also rely on deals its customers have signed with OpenAI to service about US$28 billion in loans. A group of banks was in talks to lend another US$38 billion for Oracle and data centre builder Vantage to fund further sites for OpenAI, according to people familiar with the matter. The deal is expected to be finalised in the coming weeks. OpenAI executives have said they plan to raise substantial debt to help pay for these contracts, but so far the financial burden has fallen to its counterparties and their lenders.https://tinyurl.com/txtn9p8

Morgan Stanley explores offloading data center loan risk.

Morgan Stanley has held preliminary talks with investors about offloading some of the credit risk associated with its data center lending activities, Bloomberg reported. The bank is considering selling what’s known as a significant risk transfer product tied to loans it’s made to companies building physical infrastructure for artificial intelligence, the outlet reported, citing people with knowledge of the matter. SRTs can take a variety of forms but generally transfer a portion of losses from loan defaults to third-party investors, freeing up banks to do more lending. Morgan Stanley’s potential SRT deal is an example of how banks are hedging the risks associated with the funding boom for AI data centers. Lenders are growing more cautious about a flood of debt tied to Oracle data centers. https://tinyurl.com/3uz9apze

Strategy raises US$1.44 billion to pay interest, dividend.

Strategy, the largest bitcoin-holding stock, said it established a US$1.4 billion dollar reserve by selling shares to pay dividends and interest, seeking to alleviate investors’ fear that it may be forced to sell its bitcoin to pay obligations in a market downturn. Michael Saylor’s Strategy, which holds 650,000 bitcoin, or about 3.1% of the 21 million bitcoin that will ever exist, said its US dollar reserve currently covers 21 months of dividends and it intends to increase the reserve to eventually cover 24 months or more of dividends. Strategy has typically traded at a premium to its bitcoin holdings. Recently its market value has dipped below the value of its bitcoins. Investors fear that it will sell bitcoin and buy back shares, which would be a profitable trade but could push down the price of bitcoin. The move will “better position us to navigate short-term market volatility,” said Saylor, who is Strategy’s founder and executive chairman. Strategy has issued preferred stock and debt to fund some of its bitcoin purchases, thus necessitating the need to pay dividends and interest. Strategy’s shares fell 3.3%, while bitcoin fell 4.4% to US$86,451. So far this year, Strategy is down 43%, while bitcoin is down 7.5%. https://tinyurl.com/469m3xxp

Kalshi raises US$1 Billion round led by Paradigm.

Prediction market Kalshi said it raised US$1 billion in a fundraising round led by existing investor Paradigm at a US$11 billion valuation, more than double its US$5 billion valuation in October. Kalshi, which dominates the U.S. prediction market, is facing competition from rival Polymarket, which is set to re-enter the U.S. after gaining regulatory approval. Polymarket raised at a US$8 billion valuation in a round led by Intercontinental Exchange in October. Kalshi also faces new entrants such as Robinhood, crypto.com and DraftKings that are launching their own prediction markets. Kalshi partners with some of the apps and currently gets more than half of its volume from users on Robinhood. It will use the new funding to attract users, integrate more brokerages and broaden its offerings. It told investors it was on an annualized pace for between US$600 million and US$700 million in net revenue. Sequoia, Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG, and Y Combinator also participated in the round. https://tinyurl.com/5dx52kvv

Netflix announces deal to buy Warner Bros. and HBO.

Netflix has triumphed in the bidding war for Warner Bros. and HBO, announcing a deal that could combine two of the three biggest streamers with one of the largest traditional movie and television studios. If the deal goes through, it will fundamentally reshape Hollywood at a precarious time for the entertainment business. It would give Netflix control of some of the industry’s most valuable intellectual property, including Batman, Harry Potter and Game of Thrones, and would give a company that historically had very little interest in movie theaters oversight of the studio that put more butts in seats than any other this year. But first it will be subjected to intense regulatory review in the US and other countries. Netflix announced the blockbuster deal with Warner Bros. Discovery on Friday morning. It has agreed to buy the legendary TV and movie studio and assets like the HBO Max streaming service for US$72 billion, plus debt. For several weeks Paramount was thought to be the frontrunner in the auction for WBD. Paramount executives, who want to buy all of WBD – including its cable assets – exuded confidence about their merger proposal and their mutually beneficial relationship with President Trump. But Netflix surprised many with the boldness of its bids: The streaming giant submitted two proposals earlier this week that vaulted it ahead of Paramount’s offers, according to sources familiar with the matter. https://tinyurl.com/3trnzhvn

Meta buys AI device startup Limitless.

Meta Platforms has agreed to buy Limitless, a startup developing wearable AI devices, Limitless announced Friday. The terms of the deal were not disclosed. Limitless develops a device called a Pendant that can be clipped to an article of clothing or worn on a necklace. The device records conversations, allowing users to see AI-generated summaries on a phone app and replay key moments. Limitless targets the product to people in specific professions, such as journalists and executives, as well as people living with health conditions such as dementia that make it difficult to remember conversations. The five-year-old company has raised over $33 million from investors including Sam Altman, First Round Capital, Andreessen Horowitz, and NEA, according to Limitless. The company was initially called Rewind AI and developed software to record people’s computer screens while they work, but rebranded to Limitless last year. The Rewind app will be shut down following the acquisition, Limitless said in its announcement. https://tinyurl.com/3dc9r32p

Marvell to acquire photonics startup Celestial AI for up to US$5.5 billion.

Marvell Technology said Tuesday that it would acquire Celestial AI for US$3.25 billion in a cash-and-stock combination. The chipmaker is paying US$1 billion in cash and US$2.25 billion in stock upfront. If Celestial AI reaches certain revenue milestones by 2029, Marvell would also pay Celestial’s current shareholders an additional US$2.25 billion in stock, which would bring the total deal value to more than US$5.5 billion. A deal with Celestial could help Marvell build out its data center offerings. Celestial AI, last valued at US$2.5 billion in a March fundraising, develops an optical interconnect technology, which uses laser light instead of electrical signals to more efficiently move data between AI processors and memory inside data centers. Marvell expects Celestial to generate meaningful revenue and said it could reach a US$1 billion dollar run rate by the fourth quarter of fiscal 2029. https://tinyurl.com/339zank5

Bending Spoons to buy Eventbrite for US$500 million.

Italian tech conglomerate Bending Spoons is acquiring ticketing firm Eventbrite for about US$500 million in cash, ending Eventbrite’s eight year sojourn on the public market. The acquisition also follows a spate of other purchases by Bending Spoons, which appears to be specializing in snapping up faded U.S. tech firms, having bought AOL, video tech firms Vimeo and Brightcove, and Evernote. Bending Spoons is paying US$4.50 a share for Eventbrite, whose stock price closed on Monday at US$2.48. At that price, Eventbrite had an enterprise value of only US$14 million, as its cash was almost equivalent to its market capitalization. That also means Eventbrite will cost Bending Spoons only about US$270 million. Eventbrite’s revenue has been in decline—it fell 12% in the first nine months of this year—but the company was cash flow positive. https://tinyurl.com/45bhwffe

Snowflake beat its revenue target but shares fall on new forecast.

Database firm Snowflake said Wednesday its revenue rose 29% to US$1.21 billion in the quarter that ended Oct. 31, beating its growth forecast for the quarter by 3 percentage points. CEO Sridar Ramaswamy attributed the growth to increasing usage of Snowflake’s database products by companies running AI applications. Snowflake also slightly raised its growth projections for product revenue in the fiscal year that ends at the end of January to 27% from 25%. Despite the upbeat results, Snowflake’s stock fell 8% in after-hours trading as the company projected a slightly lower growth rate for product revenue in the current quarter compared to the last one. Snowflake also said it will spend $200 million over several years to pay for AI models from Anthropic to power AI features in its database software, though the company didn’t lower its projected gross profit margin for the current fiscal year. Snowflake recently started selling AI it says can automate customers’ workplace tasks ranging from resolving IT tickets and producing dashboards to handling customer service, joining a crowded field of software providers offering similar AI products. Ramaswamy said on Wednesday that Snowflake has surpassed US$100 million in annualized revenue from its AI products, fulfilling a goal that he set internally earlier this year. https://tinyurl.com/y8hapmss

Meta plans big Metaverse budget cuts.

Meta Platforms is discussing budget cuts as high as 30% in the group working on metaverse-related projects, including its Quest virtual reality unit, Bloomberg reported. The Bloomberg story said the cuts would likely include layoffs as early as next month. The report is a sign that Meta CEO Mark Zuckerberg has recognized that the company has to curb its spending in some areas as it ramps up spending on AI. Meta stock has fallen sharply in recent weeks, since the company said it was doubling-down on AI investments, although it rose 3.8% on Thursday morning in the wake of the Bloomberg report. Over the past few years, Meta has lost tens of billions of dollars at its Reality Labs unit, which includes the metaverse group. As of the third quarter, it had lost US$13.2 billion so far this year. https://tinyurl.com/mr2548ku

Amazon rushes out latest AI chip to take on Nvidia, Google.

Amazon.com Inc.’s cloud unit raced to get the latest version of its artificial intelligence chip to market, renewing efforts to sell hardware capable of rivaling products from Nvidia Corp. and Google. The accelerator, called Trainium3, was recently installed in a few data centers and will be available for customers beginning on Tuesday, Dave Brown, a vice president with Amazon Web Services, said in an interview. “As we get into early next year we’ll start to scale out very, very quickly,” he said. The chip push is a key element of Amazon’s strategy to stand out in AI. AWS is the largest seller of rented computing power and data storage. But it has struggled to replicate that dominance among leading developers of AI tools, as some companies opt instead to rely on Microsoft Corp., which has close ties to ChatGPT maker OpenAI, or Alphabet Inc.’s Google. Many of the Trainium chips in use today are at the disposal of Anthropic, inside data centers in Indiana, Mississippi and Pennsylvania. AWS said earlier this year that it had strung more than 500,000 of them together to help the AI startup train its latest models and aims to dedicate 1 million of the chips to Anthropic by the end of the year. https://tinyurl.com/3j8n3ssj

After AI push, Trump administration is now looking to robots.

Five months after releasing a plan to accelerate the development of artificial intelligence, the Trump administration is turning to robots. Commerce Secretary Howard Lutnick has been meeting with robotics industry CEOs and is “all in” on accelerating the industry’s development, according to three people familiar with the discussions who were granted anonymity to share details. The administration is considering issuing an executive order on robotics next year, according to two of the people. A Department of Commerce spokesperson said: “We are committed to robotics and advanced manufacturing because they are central to bringing critical production back to the United States.” The Department of Transportation is also preparing to announce a robotics working group, possibly before the end of the year, according to one person familiar with the planning. A spokesperson for the department did not respond to a request for comment. There’s growing interest on Capitol Hill as well. A Republican amendment to the National Defense Authorization Act would have created a national robotics commission. The amendment was not included in the bill. The International Federation of Robotics estimates that by 2023 China had 1.8 million industrial robots inside its factories, four times as many as the U.S. China, Japan, Australia, Germany and Singapore all have national robotics plans. Catching up would require substantial investment. Funding is on pace to hit US$2.3 billion in 2025 – double last year’s total, according to CB Insights. Goldman Sachs estimates the global market for humanoids could reach US$38 billion by 2035. The industry has been pushing administration officials and lawmakers to get involved. They say robots are the physical expression of AI. Any push to strengthen AI competitiveness must also include a plan for advancing robotics, they say. https://tinyurl.com/yehxyatj

Meta reportedly plans to slash Metaverse budget by up to 30%.

Meta may be planning to make serious cuts to its Metaverse division, Bloomberg reported, citing anonymous sources. Company executives are mulling slashing the virtual reality platform’s budget by up to 30%, the report said, adding that any reductions would also include layoffs. If Meta does go ahead with such a plan, the move would reflect the overall lack of interest in products like Meta’s social virtual reality platform Horizon Worlds, as well as its virtual reality hardware — both in the industry at large, as well as among consumers. Since Meta’s rebrand in 2021, investors have been skeptical of the company’s allocation of resources to Metaverse projects, which lose billions of dollars each quarter. The company’s efforts in AI and smart glasses have been more successful, though investors still worry that its investment plans are too steep. Meta’s shares rose, however, following this report. Meta did not immediately respond to a request for comment. https://tinyurl.com/mepwrwhh

TikTok Shop crossed US$500 million in US sales during the Black Friday Cyber Monday week.

The holiday season is high stakes for TikTok Shop, which is trying to cement itself as a meaningful player in a crowded US e-commerce market. This year, the shopping platform crossed half a billion dollars in US sales over the four-day holiday period between Black Friday and Cyber Monday, a company spokesperson said. TikTok measures sales by adding up spend via gross merchandise value, or GMV. That figure is a relatively small piece of the broader e-commerce pie, which is dominated by Amazon. Overall, US e-commerce spend between Thanksgiving and Cyber Monday was US$44.2 billion, according to an Adobe analysis of direct online commerce transactions. TikTok Shop is a relatively new player in US e-commerce, having officially launched in the country in September 2023 after a testing period. Last year, the platform pulled in around US$100 million in single-day US sales on Black Friday. While TikTok has historically relied on small and midsize businesses to drive sales, this year it featured a new crop of holiday listings from household name brands, including Ralph Lauren, Samsung US, and the Disney Store. EMARKETER estimates that TikTok Shop will cross US$15.8 billion in US sales this year. For context, EMARKETER estimates that Amazon’s US sales will reach about US$500 billion. Social commerce, as a category, has seen healthy growth this year. Live-shopping app Whatnot said it drew in US$75 million in sales on Black Friday this year, triple what it pulled in for 2024. And Cyber Monday purchases driven by social media were up 56.5% from a year ago, according to Adobe. EMARKETER expects social-commerce spending to cross US$100 billion for the first time in 2026, driven in part by affiliate links from content creators who drive spending on traditional e-commerce platforms like Amazon. https://tinyurl.com/2frmnuds

Amazon tests U.S. ultrafast delivery offering.

Amazon said Monday it has started testing a new ultrafast delivery service aimed at getting groceries and other staple items to shoppers in as little as 30 minutes. The service is now live in Seattle and Philadelphia, Amazon said, and deliveries will cost US$3.99 per order for Prime members and US$13.99 for non-members, with additional fees for orders under US$15. The Amazon Now service will operate out of small, specialized convenience store–style fulfillment centers, where Amazon Flex gig workers will pick up orders of items like snacks, prepared food and household products after warehouse staffers pack them, according to plans for the fulfillment centers reviewed by The Information. These centers would generally be smaller than 10,000 square feet and centrally located in urban areas, according to planning permits. The offering could boost Amazon’s business selling what it calls “everyday essentials”—items like groceries and household products—which has emerged as a critically important category for the company over the past few years under Amazon’s retail chief, Doug Herrington. These items can be low margin and sometimes even unprofitable for Amazon to sell, but executives say they encourage repeat purchases and bring new shoppers to its site, which is beneficial for its business over the long term. https://tinyurl.com/53pmtuym