August 24, 2025: Record Highs For Dow And S&P500

Last week, Dow Jones rose 1.5%, S&P 500 gained 0.3%, both hit record highs Friday after a “dovish” speech by Powell. Nasdaq composite was down 0.6% of the week, as investors look to Nvidia earnings next week following some recent mixed data-points on the AI trade. First-day IPO pops are running hot (median ~36%), reigniting IPO underpricing debates. Netskope’s IPO filing highlighted ongoing expected cyber demand into the fall window. Anthropic is reportedly targeting up to a US$10B raise at a ~US$170B valuation. Databricks is raising at a US$100B+; Canva’s secondary priced at ~US$42B. OpenAI logged its first US$1B revenue month, and reiterated compute constraints and hyperscale capex needs. Google expanded its TeraWulf backstop and warrants. The U.S. moved to take a 10% non-voting stake in Intel via CHIPS funds. Thoma Bravo is in talks to take Dayforce private. Palantir’s multi-session drawdown gave shorts rare relief as valuation debates intensified. Google/Kairos inked a TVA-linked advanced-nuclear PPA (target 2030). Apple is weighing Gemini to power a revamped Siri. Google unveiled Pixel 10 with “Magic Cue”. ESPN launched its full-fat streaming app. Robinhood and CME/FanDuel pushed further into event-driven prediction markets. In Canada, Sophic Client Kraken Robotics posted Q2 revenue of +16% y/y to $26.4M; GM expanded to 56% even as adj. EBITDA margin dipped to 18% on higher opex. Cash rose to $32.9M, and a post-quarter $115M bought deal strengthened the balance sheet. Management reiterated 2025 guidance (rev $120–135M; adj. EBITDA $26–34M). Legend Power reported softer Q3 rev ($0.39M) and a larger loss amid deal timing. Management cited one of the strongest backlogs and late-stage opportunities into year-end. Plurilock Q2 revenue grew to $16.4M with improved adj. EBITDA y/y. Management’s outlook highlighted higher-margin Critical Services, NATO/public-sector expansion. Separately, Plurilock agreed to sell CloudCodes assets for ~$1.78M. Renoworks launched LeadPOD + AI Design Assistant to convert homeowner engagement into measurable pipeline.

Sophic Client Kraken Robotics (PNG-TSXV, KRKNF-OTC) reports Q2 2025 financial results and reiterates annual financial guidance.

Q2 2025 Financial Highlights Consolidated revenue in Q2 2025 increased 16% to $26.4 million, compared to $22.8 million in the prior year. Product revenue in the quarter decreased 14% to $16.5 million, compared to $19.2 million in the prior year. Our SeaPower™ subsea battery business grew significantly and had its highest quarterly revenue to date, however, this growth was offset by sonar related revenue which declined as the acquisition component of the Canadian Navy RMDS system integration project nears completion. Service revenue in the quarter increased 180% to $9.8 million compared to the prior year due to strong organic growth for sub bottom imaging services and from the acquisition of 3D at Depth with its subsea LiDAR services. Gross profit in the quarter increased 27% to $14.8 million, compared to $11.6 million in the prior year, implying a gross profit margin of 56% compared to 51% in the prior year. Adjusted EBITDA for the quarter of $4.7 million, compared to Adjusted EBITDA¹ of $5.4 million in the comparable quarter, implying an adjusted EBITDA¹ margin of 18% compared to 24% in the comparable year. The lower Adjusted EBITDA margin relates to increased administrative expenses. Cash at the end of the quarter totaled $32.9 million, compared to $20.4 million in the prior year, while working capital totaled $71.8 million, compared to $41.0 million in the prior year. After the quarter ended, Kraken completed a bought deal equity financing for gross proceeds of $115 million. Capital expenditures/intangible assets purchased were $6.3 million in the quarter, compared to $0.7 million in the comparable quarter. 2025 financial guidance remains unchanged from the guidance provided after Q1 results on May 29, 2025. In 2025, management expects revenue between $120 million and $135 million and Adjusted EBITDA between $26 million to $34 million. The guidance midpoints represent 40% revenue growth and 45% Adjusted EBITDA growth. CEO Comments. https://t.co/0kJwpcSs12

Sophic Client Legend Power Systems Inc. (LPS-TSXV, LPSIF-OTC) reports Q3 (Jun) F2025 financial results.

Q3 F2025 Highlights: Revenue of $385 thousand versus $1 million in Q3 F2024. Net loss of $837 thousand versus a $482 thousand loss in Q3 F2024. Cash of $215 thousand, no debt, and $156 thousand in working capital at June 30, 2025. “The third quarter of 2025 reflected lower revenue due to deal timing, not demand, as our backlog is one of the strongest in the company’s history and we expect a significant portion of these systems to be fulfilled this year,” said Randy Buchamer, CEO of Legend Power Systems. “I recognize the fact that some initiatives have taken longer to land than we initially guided, but the reality is the groundwork is done, the relationships are built, and the deals are now in motion. We are sitting on multiple late-stage opportunities across commercial real estate, education, government, and military that, once closed, have the potential to meaningfully impact the Company. SmartGATE™ has gone from a proven technology to an essential piece of critical infrastructure, and our customers are seeing that in real-world performance. We are entering a period where momentum can compound quickly, and we fully expect to announce significant wins before year-end that validate Legend as a scaled, repeatable growth story.” Events Subsequent to Q3 F2025: The Company has received $213,638 of outstanding trades receivables and deposits from sales orders. The Company extended the terms of 12,861,553 common share purchase warrants that were issued under the Company’s private placement of units completed in two tranches on July 31, 2023 and August 22, 2023. The warrants have an exercise price of $0.25 and were set to expire on July 31, 2025 and August 22, 2025. The Company has received consent from TSX Venture Exchange to extend the expiry date of the warrants to July 31, 2026 and August 22, 2026. https://tinyurl.com/2epcffr4

Sophic Client Plurilock (PLUR-TSXV, PLCKF-OTCQB) reports second quarter fiscal 2025 financial results.

Q2 2025 Financial Highlights. Total revenue for the three and six months ended June 30, 2025, was $16,404,963 and $35,445,577 as compared to $14,305,546 and $27,140,854 for the three and six months ended June 30, 2024. Hardware and systems sales revenue for the three and six months ended June 30, 2025, totalled $1,350,705 and $4,070,937 compared to $2,167,319 and $3,529,551 respectively in the comparative period ended June 30, 2024. Software, license, and maintenance sales revenue for the three and six months ended June 30, 2025, was $10,785,841 and $23,367,659 compared to $10,492,062 and $20,557,340 in the comparative period. Professional services revenue was $4,268,417 and $8,006,981 for the three and six months ended June 30, 2025, compared to $1,646,165 and $3,053,963 in the three and six months ended June 30, 2024. Gross margin for the three and six months ended June 30, 2025, was 12.0% and 12.1% compared to 14.7% and 14.4% for the three and six months ended June 30, 2024. Adjusted EBITDA for the three and six months ended June 30, 2025, was $(1,400,359) and $(2,675,180) compared to $(2,422,291) and $(1,643,193) during the same period in the prior year. Cash and cash equivalents and restricted cash on June 30, 2025, was $1,739,643 compared to $1,419,463 on December 31, 2024. The Company has an additional $8,547,804 in unused credit facilities. Outlook. Plurilock reiterates its 2025 growth strategy focused on higher margin offerings, led by Critical Services, and maintaining a strong liquidity profile. The Company continues to build a healthy pipeline across enterprise, defense, and public sector markets, with line of sight to second-half activity benefiting from seasonal budget flows and ongoing strategic initiatives. These opportunities are driven by trusted client relationships, partner pull-through, and targeted business development aimed at securing multi-year, recurring contracts. Internationally, Plurilock is advancing into NATO, Middle East, and other non-U.S. defense markets, leveraging its track record with Canadian and U.S. federal clients to enter NATO-aligned markets and pursue joint defense bids with major integrators. Recent meetings with senior public sector cybersecurity leaders and procurement officials in Ottawa and Brussels reinforced Plurilock’s credibility and positioning to benefit from unprecedented levels of allied government cyber and defense spending. These initiatives align with the Company’s proven approach, starting with smaller, high-trust Critical Services engagements and expanding into multi-year, enterprise-scale contracts. The Company’s balance sheet remains stable, with cash on hand and unused credit capacity providing sufficient liquidity. The Company has also made improvements in how working capital is managed, shortening payment terms with key customers, pulling forward cash, and tightening contractor payments. At the same time, the Company is more selective on which federal sales opportunities we pursue, reallocating resources to higher-margin Critical Services and commercial opportunities. Combined with changes in revenue recognition and a more selective, strategic bidding approach, these shifts are smoothing revenue and supporting healthier margins over time. https://t.co/Wb4blo5MQb

Sophic Client Plurilock (PLUR-TSXV, PLCKF-OTCQB) announces sale of CloudCodes assets to Scope Technologies Corp.

Plurilock entered into a definitive asset purchase agreement dated August 20, 2025 (the “APA”) with Scope Technologies Corp. to sell certain assets of its CloudCodes business (the “Transaction”). Pursuant to the terms of the APA, Scope has agreed to acquire the Company’s subsidiary, Plurilock Security Private Limited, and certain assets relating to the CloudCodes business. In consideration, Scope has agreed to pay the Company $100,000 in cash and issue to the Company a total of 4,200,000 common shares of Scope for total considerations of $1,780,000. The Transaction is subject to customary closing conditions and regulatory approvals. The Company expects to close the Transaction on or around September 15, 2025. This Transaction is an arm’s length transaction. In connection with the Transaction, the Company will pay Canaccord Genuity Corp. an advisory fee of $40,000, payable in common shares of the Company, subject to TSXV approval. All of the securities that may be issued in connection with the Transaction will be subject to a hold period under applicable Canadian securities laws of four months and one day from the date of issuance. “Over the past 3 years, Plurilock has evolved from serving the SME marketplace to focusing on large enterprises, government, and Fortune 500 clients,” said Ian L. Paterson, CEO of Plurilock Security. “As a result, the SME segment is no longer core to our strategy. CloudCodes is a strong asset with deep roots in the small and medium business market, and we are pleased to see it continue under Scope Technologies leadership. We are fully aligned in supporting CloudCodes’ growth and success, while we continue to streamline our operations and focus on Critical Services.” https://t.co/DFDpVQ1hWP

Sophic Client Renoworks Software Inc. (RW-TSXV, ROWKF-OTC) launches AI-powered tools to boost homeowner engagement in the remodeling industry.

Renoworks announced the launch of Renoworks LeadPOD and the AI Design Assistant, empowering Enterprise and Pro customers to generate, manage, and convert high-intent homeowner leads more efficiently than ever before. Both LeadPOD and the AI Design Assistant are now available as integrated solutions into the broader Renoworks platform. These innovative offerings are available immediately as licensable solutions with minimal setup requirements, enabling manufacturers, distributors, retailers, remodelers, dealer networks, and new Renoworks customers to quickly integrate next-generation homeowner engagement tools into their operations. Implementation is fast and straightforward, with full support from the Renoworks team to align with each customer’s brand, product library, and workflow. “We’re entering a new era where product manufacturers and contractors can move beyond passive engagement tools,” said Doug Vickerson, CEO of Renoworks. “With LeadPOD and our AI Design Assistant, our customers can now actively convert design interest into a validated and measured sales pipeline. These solutions are designed to help Enterprise clients better understand and monetize their customer engagement—and to help Pro channel partners like remodelers, dealers, and franchise organizations streamline their project intake, quoting, and closing processes, leading to real business outcomes—more leads, more quotes, and more completed projects. We have already seen early customer deployments drive accelerated sales and project delivery and are introducing these new tools to all existing and new potential customers.” https://tinyurl.com/2jmz866t

General Fusion staves off funding crunch with $30 million to fuel quest for commercial fusion power.

Months after shedding staff and scaling back its operations amid fundraising challenges, General Fusion’s public plea for investment has been answered. The Richmond, BC-based company has secured US$22 million ($30 million) in fresh financing to fuel its LM26 fusion demonstration program and advance its plans for commercially viable fusion power. Investors in the financing included both new and existing backers like Segra Capital, PenderFund (via the Pender Growth Fund and Pender Small Cap Opportunities Fund), Chrysalix Venture Capital, JIMCO (the global investment arm of Saudi Arabia’s billionaire Jameel family), Gaingels, Shopify CEO Tobi Lütke’s Thistledown Capital, Presight Capital, and Hatch. According to The Globe and Mail, the round was a “pay-to-play” deal. Some existing preferred shareholders bought their pro-rata shares to maintain their stakes in General Fusion, and most of those that did not saw their stake sizes diminish. While this latest financing falls well short of General Fusion’s goal to raise US$125 million, Axios reports that it permits the company to stay afloat and continue developing its technology through next year. Founded in 2002 by physicist Michel Laberge, General Fusion aims to develop a commercially viable approach to generating zero-carbon fusion power to help meet global clean energy needs. https://tinyurl.com/2z4xvdjc

Semiconductor manufacturer Ranovus plans $100 million expansion of Ottawa facility.

Ottawa-based Ranovus is spending $100 million to expand its optical semiconductor manufacturing facility in the nation’s capital. According to the Ontario government, the investment will create 125 new jobs as the company commits to “reshoring their outsourced manufacturing capacity back to Ontario.” The province is supporting the investment with a $2 million grant through the Invest Ontario Fund. https://tinyurl.com/mryhbtc6

Feds sign new agreement with Cohere to explore AI uses within government services.

Toronto-based artificial intelligence (AI) company Cohere has signed a new, non-binding agreement with the Canadian government to help “transform” public sector operations with its technology. Founded in 2019 by former Google researchers, Cohere builds large-language models (LLMs) that power chatbots and other AI applications for companies and government agencies. Last week, the company announced it had raised US$500 million at a US$6.8 billion valuation, making it one of Canada’s highest-valued private tech companies. https://tinyurl.com/4aumrpy8

Strong market debuts raise questions over cautious IPO pricing by Wall St banks.

Big first-day gains by recent high-profile U.S. listings have raised questions over whether Wall Street banks — wary of volatility and economic uncertainty from sweeping U.S. tariffs — are pricing them too cautiously, benefiting investors but causing issuers to miss out. The 20 biggest U.S. IPOs this year — among them software maker Figma and stablecoin issuer Circle — averaged a first-day pop of 36%, a Reuters calculations using data compiled by LSEG showed. That was much higher than the 15% to 20% rise that analysts considered the sweet spot, enough to reward investors for taking the risk without underpricing the offering. If the 20 listings were priced closer to this range, it could have netted the companies $6.1 billion more in proceeds, a separate analysis of Dealogic data showed. Banks are often accused of underpricing IPOs to avoid embarrassing flops. But underwriters are more cautious because IPOs on hold for years due to higher interest rates are looking to debut amid tariff worries and choppy retail demand, according to four analysts, two venture capital executives and two industry experts. https://tinyurl.com/yjn9fjdv

Cybersecurity firm Netskope reveals 31% revenue surge in US IPO filing.

Netskope recorded a 30.7% jump in revenue in the first half of fiscal 2026 while its net loss narrowed, the cybersecurity firm revealed on Friday in its U.S. initial public offering paperwork. The fall IPO window is poised to be a potentially busy one with a string of corporate issuers lining up to go public after the seasonal summer slowdown. Santa Clara, California-based Netskope’s IPO is expected to raise more than US$500 million, which could value the company at over US$5 billion, Reuters reported in May. “Cybersecurity is not only integral to the future but also one of the most forecastable areas of technology, which should give investors confidence in Netskope’s long-term trajectory,” said Jeff Zell, senior research analyst at IPO Boutique. Cybersecurity firm Rubrik’s shares have more than doubled since going public in New York last year. Founded in 2012, Netskope provides cloud-based security software that helps companies protect apps, websites and data from cyber threats. In 2021, Netskope raised US$300 million at a US$7.5 billion valuation in a funding round led by investment firm ICONIQ. Its major backers also include venture capital firms Lightspeed Venture and Accel. Morgan Stanley and J.P. Morgan are the lead underwriters for the offering. Netskope, which has tapped over 10 Wall Street banks for the IPO, will list on the Nasdaq under the “NTSK” symbol. https://tinyurl.com/muyn6det

Goldman traders say it’s time to buy the dip in momentum stocks.

Sharp losses in high-flying momentum stocks may present a dip-buying opportunity if history is any guide, according to Goldman Sachs Group Inc.’s trading desk. The traders cited rebounds after similar prior losses in Goldman’s High Beta Momentum basket, coupled with the current technical setup. When the long-short momentum basket dropped 10% or more over a five-day span in the past, it proceeded to rise in the following week 80% of the time, the traders wrote in a note to clients on Tuesday. The median return was 4.5% in the next week and more than 11% in the next month. The traders also parsed through technical charts for clues on what could stop the selloff in the momentum trade. The momentum basket is trading near an oversold territory and is approaching the bottom of its so-called regression channel, which is basically the lower boundary of an existing trend. The basket also fell below its 200-day moving average, the level that could serve as a major support. The selloff in the momentum factor, which includes high-flying AI stocks on the long side of the basket, comes amid a variety of concerns in the market including soaring valuations, stretched positioning and increasing competition from China. The Nasdaq 100 Index is trading at 27 times expected 12-month profits, almost a third above its long-term average. Meanwhile, China’s warnings to tech firms to avoid one of Nvidia’s chips and a drop in cloud-computing company CoreWeave Inc.’s shares after its earnings report were among other recent headwinds to momentum stocks. Another source of concern for tech investors cropped up this week as a Massachusetts Institute of Technology report found that most generative AI initiatives implemented to drive revenue growth are falling flat and only 5% of generative AI pilots are delivering profit. https://tinyurl.com/ycy3yubu

Anthropic in talks to raise US$10 billion, double its prior target.

Anthropic is in talks to raise as much as US$10 billion, double the amount it was previously seeking, according to two people with knowledge of the matter. The company has been in fundraising discussions with investors for raising at a US$170 billion valuation, up from a US$58 billion-valued round that closed at the beginning of this year. The company is discussing increasing its round size after receiving more investor demand. Investors in the current round include Iconiq Capital, Lightspeed Venture Partners and Menlo Ventures. QIA is also in discussions about joining the round. The artificial intelligence startup closed the first tranche of the new funding last week and is expected to complete the round by the end of the month, according to one of those people. https://tinyurl.com/yckxx5pf

Databricks is raising funding at US$100 billion-plus valuation.

Databricks, an artificial intelligence and database provider, said it is raising an undisclosed amount of new funding at a valuation of more than US$100 billion, up at least 60% from a financing in December. The 12-year-old firm reached US$3.7 billion in annualized revenue in July, up 50% from the previous year, and has previously raised nearly US$15 billion from investors. Thrive Capital, an existing investor in the company, is co-leading the round, the Wall Street Journal reported. Databricks became a key provider of AI-related software in the years before the launch of ChatGPT and recently has made several moves to boost its AI business, including acquiring database startup Neon, whose product is designed to work with AI agents that handle complex tasks. Databricks has also recently struck agreements with AI providers like Anthropic and Google Cloud. Databricks’ publicly-traded rival, Snowflake, has a market capitalization of around US$64 billion and was recently on track to hit a US$100 million sales target for AI products that its leaders set at the start of this year. https://tinyurl.com/2muzax3v

Canva conducts share sale at US$42 billion valuation.

Canva launched an employee stock sale that values the Australian design software startup at US$42 billion, up from US$32 billion in a secondary sale deal last year. The deal allows employees to cash out shares to new and existing investors including Fidelity and JPMorgan Asset Management, Bloomberg reported. The transaction marks a more than 30% jump in valuation and comes months after The Information reported that Canva was in talks with investors about a secondary sale at around US$37 billion. The stock sale is also being conducted at a valuation higher than Canva’s peak valuation of US$40 billion four years ago. Canva has been adding artificial intelligence features to its design tools, as it prepares for a possible initial public offering. https://tinyurl.com/mprayfsr

OpenAI logged its first US$1 billion month but computing power demand is ‘voracious,’ CFO says.

OpenAI CFO Sarah Friar said Wednesday that even as the company hits revenue milestones, it faces ongoing pressures due to the demand for computing power required for artificial intelligence. “It is voracious right now for GPUs and for compute,” she told CNBC’s “Squawk Box” on Wednesday, adding that insufficient compute, or computing power, to meet the demand of AI is the company’s biggest challenge. “That’s why we launched Stargate. That’s why we’re doing the bigger builds.” Friar said the growing demand for computing power calls for more partners to diversify risk and increase supply, noting builds with Oracle and Coreweave, but said Microsoft is still very involved. “Microsoft will be an important partner for years to come, and I think we are very intertwined because of our IP,” Friar said. “Remember, Microsoft AI products are built on OpenAI technology.” OpenAI has ballooned in size since the launch of ChatGPT in late 2022. This year, the company is expected to triple revenue to US$12.7 billion, people familiar with the matter said in March. The company said it recently reached US$10 billion in annual recurring revenue. Friar said Wednesday that OpenAI hit its first US$1 billion revenue month in July. That growth doesn’t seem to be stopping. CEO Sam Altman said last week that the company expects to spend trillions on data centers to meet demand. “Our bet is, our demand is going to keep growing, our training needs are going to keep going, and we will spend maybe more aggressively than any company who’s ever spent on anything ahead of progress,” he said. https://tinyurl.com/4ybnu3rs

Musk talked with Zuckerberg about bid for OpenAI.

Elon Musk talked with Mark Zuckerberg about Meta Platforms potentially backing Musk’s US$97 billion bid for OpenAI’s assets, according to a legal filing. While Meta and Zuckerberg did not sign onto Musk’s bid, Musk said that he had communicated about “potential financing arrangements or investments” with Zuckerberg, in response to a legal request from OpenAI’s lawyers. The legal filing was part of Musk’s breach of charitable trust lawsuit against OpenAI. OpenAI has countersued Musk arguing that his bid interfered with OpenAI’s business relationships and violated California law against unfair competition. OpenAI’s lawyers are asking the court overseeing the lawsuit to force Meta to produce documents related to those communications and discussions about OpenAI’s planned restructuring, which is central to the case. Meta previously wrote a letter to the California Attorney General arguing that allowing OpenAI to restructure to a primarily for-profit business after raising tax-free donations as a charity would set a bad precedent for startups. Meta argues that OpenAI is seeking documents that are not relevant to the lawsuit, as well as documents that OpenAI could obtain from Musk instead. https://tinyurl.com/yhsfbzsx

Google increases stake in data center provider TeraWulf.

Google is increasing its stake in TeraWulf, a bitcoin miner that is pivoting to artificial intelligence data centers. Google had already agreed to help finance a TeraWulf data center in New York as a “backstop.” TeraWulf said Monday that cloud computing startup Fluidstack agreed to run the facility and expand the number of servers it plans to manage. The expansion means Google’s backstop commitment roughly doubled to US$3.2 billion, and its stake in TeraWulf, in the form of warrants that give it the right to buy 14% of its shares, up from 8% of shares in a deal announced last week. TeraWulf’s stock rose 12% on Monday after rising 60% last week on the earlier deal. Google still has not disclosed whether it will rent servers from the facility, but it is one of the biggest AI developers and cloud providers, and it recently said demand for such servers is outstripping capacity. https://tinyurl.com/4bnwmdp8

Trump says U.S. will take 10% of Intel.

President Donald Trump and Intel said Friday that the U.S. would take a 10% in the company at a slight discount to its recent share price, becoming the struggling chipmaker’s largest shareholder. The U.S. is making the US$9 billion investment by converting funds that Intel would have received from the Biden Administration’s Chips Act designed to encourage domestic semiconductor production. The government is receiving 433.3 million shares of non-voting stock at US$20.47 each, which is less than Friday’s closing price of US$24.80 and the US$23 per share SoftBank paid when it recently bought a US$2 billion stake in the company. The investment reflects a remarkable recovery in the relationship between the Intel CEO Lip-Bu Tan and Trump, who had recently said Tan should be fired for alleged ties to China. But after the executive visited the White House last week, Trump changed his views. On Friday he called Tan a “highly respected” CEO. “This is a great Deal for America and, also, a great Deal for INTEL,” said Trump in a post on Truth Social. The U.S. government has rarely bought shares of private companies, though the Obama Administration took a a majority stake in GM to help save the automaker during the 2007 to 2008 financial crisis. https://tinyurl.com/tna6hrff

Snap mulls outside funding for Spectacles.

Snap, the parent of social media app Snapchat, is discussing raising money from outside investors for its augmented reality glasses, known as Spectacles. It hasn’t started the formal fundraising process yet but Snap may tap sovereign wealth funds with which it already has existing relationships for the outside capital. The company has even discussed spinning off Spectacles, which Snap began developing in 2014. Such an extreme response could complicate its social media business, which uses the augmented reality technology powering Spectacles. These discussions come as competition heats up among big tech players—including Meta, Google and Samsung—looking to win over the nascent smart glasses market. Raising outside money would help plug a huge resources gap between Snap and its competitors. At the same time, senior leaders at Snap are worried about an emerging trend: Snap’s youngest users don’t seem to be adopting the app in the same way as previous generations. https://tinyurl.com/234b69e7

Thoma Bravo in talks to take HR software firm Dayforce private.

Software-focused buyout firm Thoma Bravo is in talks to buy HR software provider Dayforce, Bloomberg reported Sunday. Shares of Dayforce jumped 26% on the news. Dayforce stock has tumbled for more than 25% over the past 6 months and had a market value of about US$8.4 billion before Bloomberg reported the potential sale. Terms of this acquisition were not disclosed. Formerly known as Ceridian, the company develops software to centralize and manage payroll, tax filing, benefits and other human resource tasks. Thoma Bravo has been on an acquisition spree amid wider consolidation in the software sector. It agreed to take restaurant software developer Olo private in an all-cash deal worth US$2 billion in July. https://tinyurl.com/2s3nn9xn

Palantir’s miserable week mints billions for struggling shorts.

Palantir Technologies Inc.’s six-session stock-market losing streak has wiped out US$73 billion in market value, handing a rare win to short sellers who are getting pounded after betting against this year’s Wall Street juggernaut. Since hitting a record on Aug. 12, shares of the data analysis and software firm are down more than 17%. It’s their longest losing streak since April 2024, putting the stock on track for its worst week since the tariff tantrum in early April of this year. The drop has given short sellers more than US$1.6 billion in profits, according to data from S3 Partners LLC. But that barely dents the US$4.5 billion in paper losses traders have put up betting against Palantir this year, S3 data shows. While the stock is the worst performer in the S&P 500 Index over the past six sessions, it remains the benchmark’s biggest gainer for 2025 after soaring 106%. That climb has pushed Palantir shares to a nosebleed valuation. Yet, contrarian traders have largely bailed on their bets against the stock over the past year because the momentum appears to be unceasing. Short interest as a percentage of Palantir’s float, a measure of how many shares are available to borrow and bet against, has fallen to about 2.5% from nearly 5% a year ago. This suggests that short sellers covered their positions as the stock rose, according to Matthew Unterman, managing director of S3 Partners LLC. That said, signs are emerging that short sellers are gradually starting to ramp up bets against Palantir as the stock shows some weakness. Since the beginning of June, short interest has increased by about 10 million shares, according to S3 data. The Denver-based company has roughly 2.3 billion shares outstanding. https://tinyurl.com/wkatanyf

Short-seller Andrew Left says OpenAI’s US$500 billion valuation proves Palantir stock is way too expensive.

A week after Andrew Left criticized Palantir Technologies as highly overvalued, the short-seller is back with a more detailed analysis. On August 18, Left’s investment firm, Citron Research, published a note on Palantir stock, holding it up against another AI titan to illustrate why its high valuation should be alarming to investors. In a Fox Business appearance last week, Left discussed his Palantir short position, stating that the stock wouldn’t become cheap until it reached a price range of US$40-$50 per share. However, since then, his firm has updated its view. Citron Research said in the note that even if Palantir fell to US$40 a share—which would mark a 77% decline from Tuesday’s high—it would still be expensive. The firm highlighted OpenAI’s plan to sell US$6 billion worth of stock to illustrate its view on Palantir. “Its new US$500 billion valuation provides a true benchmark for evaluating Wall Street’s favorite trading stock, Palantir, a company now detached from fundamentals and analysis, ironically the very services it claims to offer,” Citron stated. The firm provided a breakdown of why Palantir would be lucky to reach OpenAI’s valuation multiple. It began by dividing Palantir’s projected 2026 revenue of roughly US$500 billion by OpenAI’s roughly US$29.6 billion, resulting in a price-to-revenue multiple of 17x. https://tinyurl.com/zrepc2hr

Meta freezes AI hiring after blockbuster spending spree.

Meta Platforms has frozen hiring in its artificial-intelligence division after spending months scooping up 50-plus AI researchers and engineers, according to people familiar with the matter. The hiring freeze, which went into effect last week and coincides with a broader restructuring of the group, also prohibits current employees from moving across teams inside the division. The duration of the freeze wasn’t communicated internally. A Meta spokesperson confirmed the freeze, characterizing it as “basic organizational planning: creating a solid structure for our new superintelligence efforts after bringing people on board and undertaking yearly budgeting and planning exercises.” While all of the top AI companies have hired aggressively this year, Meta has most often pushed the pace of the talent war, offering prized researchers pay packages worth nine figures and using so-called reverse acquihires to strip startups of key leaders. Analysts have voiced concerns about the scale of leading tech firms’ investments, with some singling out Meta’s fast-rising stock-based compensation costs as a potential threat to shareholder returns. Mounting concern from investors over the costs of the tech giants’ AI buildout has played a role in this week’s selloff of technology stocks. In an Aug. 18 research note, analysts at Morgan Stanley warned that the fast-rising stock-based compensation offered by Meta and Google to lure AI talent could threaten their ability to return capital to shareholders via buybacks. Lavish spending on talent, the analysts wrote, “has the potential to drive AI breakthroughs with massive value creation or could dilute shareholder value without any clear innovation gains.” https://tinyurl.com/83kj9k4s

Google, Kairos Power plan advanced nuclear plant for Tennessee Valley Authority grid by 2030.

Alphabet’s Google and Kairos Power will deploy an advanced nuclear plant connected to the Tennessee Valley Authority’s electric grid by 2030, the companies announced Monday. TVA has agreed to purchase up to 50 megawatts of power from Kairos’ Hermes 2 reactor. It is the first utility in the U.S. to sign a power purchase agreement with an advanced reactor like Hermes 2, according to the companies. Hermes 2 is the first deployment under an agreement that Google and Kairos signed last year to launch the startup’s nuclear technology at a commercial scale. The reactor’s output is the equivalent of the consumption of about 36,000 homes. The electricity will help power Google’s data centers in Montgomery County, Tennessee, and Jackson County, Alabama. The U.S. has basically stopped building nuclear plants due to the huge cost overruns and delays that plague the industry. The last two reactors built in the U.S. at Plant Vogtle in Georgia cost US$18 billion more than expected and started operations seven years behind schedule in 2023 and 2024. The project’s problems contributed to the bankruptcy of industry stalwart Westinghouse. Startups like Kairos believe their smaller plants will prove to be faster and more affordable to build than large reactors like those at Vogtle, helping to usher in a new era of nuclear construction in the U.S. Despite these promises, utilities have been reluctant to commit to small advanced reactors over concerns about the initial price tag. Technology companies like Google, meanwhile, are investing in advanced nuclear because they want reliable, carbon-free power to meet the demand from artificial intelligence while adhering to their environmental goals. Google has placed orders with Kairos for reactors totaling 500 megawatts of power that are targeted to come online through 2035. https://tinyurl.com/zywv8p48

OpenAI launches cheaper subscription tier for Indian users.

OpenAI has launched a special subscription tier for Indian users for 399 rupees (US$4.60) a month. The new tier, called ChatGPT Go, gives Indian users higher message limits, image generations, uploads and memory, OpenAI Chief Product Officer Kevin Weil said on X on Monday. However, it doesn’t offer as many features as ChatGPT Plus, the more premium version of the chatbot that costs US$20 a month. In March, The Information reported that OpenAI leaders had told some employees that the company might charge customers in India only several dollars a month to subscribe to a premium version of the AI chatbot. India is OpenAI’s second biggest market by users and growth in the South Asian country is vital to the company’s goal of reaching 1 billion daily active users by the end of this year. Until now, OpenAI likely didn’t generate much revenue from paid subscribers in India because the US$20 monthly subscription was high relative to the median monthly salary of India’s users. https://tinyurl.com/5n89dab3

Sam Altman on GPT-6: ‘People want memory’.

GPT-5 just launched. GPT-6 is already on the way. That’s the message OpenAI CEO Sam Altman delivered to reporters in San Francisco last week, offering a rare glimpse into the company’s evolving product road map, as well as its missteps. Altman didn’t give a release date for his company’s next artificial intelligence model, but he made clear that GPT-6 will be different and that it will arrive faster than the gap between GPT-4 and GPT-5. It won’t just respond to users but will adapt to them, and allow people to create chatbots that mirror personal tastes. He said he sees memory as the key for making ChatGPT truly personal. It needs to remember who you are — your preferences, routines and quirks — and adapt accordingly. “People want memory,” Altman said. “People want product features that require us to be able to understand them. He said OpenAI has been working closely with psychologists to help shape the product, measuring how people feel while tracking well-being over time. The company hasn’t made that data public, but Altman indicated it might. He also said that future versions of ChatGPT would comply with a recent executive order from the Trump administration that requires AI systems used by the federal government to be ideologically neutral and customizable. Altman’s comments about GPT-6 follow a rocky rollout of GPT-5. Users took to social media to complain about the model being colder, less connected and less helpful than the prior version. “I like the new one much better,” he said, acknowledging that the rollout was mishandled. He noted that OpenAI quietly pushed a tone update to GPT-5 that’s “much warmer.” https://tinyurl.com/4jfh6s83

Apple in talks with Google to power Siri overhaul.

Apple is in discussions with Google about using its Gemini artificial intelligence model to power an improved version of Siri. Google has begun training an AI model that could run on Apple’s servers, Bloomberg reported. The company’s efforts to revamp Siri have been plagued by setbacks, which forced Apple to delay the release of the new assistant earlier this year. The problems also prompted it to reorganize the group overseeing Siri. Apple is several weeks away from deciding whether or not to outsource the AI model for an overhauled Siri, according to Bloomberg. https://tinyurl.com/337zsnjj

Google unveils Pixel 10 lineup, new AI features.

Google unveiled its new lineup of Pixel phones, watches and earbuds on Wednesday, touting new AI and camera capabilities in a creator-studded lineup hosted by the comedian Jimmy Fallon. The standout new feature was “Magic Cue,” which uses Google AI to draw information from different apps on a user’s device and offer proactive suggestions in text messages. For example, if a friend texts about details for upcoming dinner plans, Magic Cue should be able to pull information about the reservation from the calendar app and suggest a response to send. Magic Cue will be available on the new Pixel 10 phones, which are available for preorder now and ship on August 28. The hardware event, Made by Google, was the company’s chance to try to upstage Apple, which has hit roadblocks in its attempts to roll out its own AI features, Apple Intelligence. The share price of Google’s parent company, Alphabet, stayed largely unchanged after the event. https://tinyurl.com/mu4uytk6

Meta to unveil Hypernova smart glasses with a display, wristband at Connect next month.

Meta is planning to use its annual Connect conference next month to announce a deeper push into smart glasses, including the launch of the company’s first consumer-ready glasses with a display, CNBC has learned. That’s one of the two new devices Meta is planning to unveil at the event, according to people familiar with the matter. The company will also launch its first wristband that will allow users to control the glasses with hand gestures, the people said. The glasses are internally codenamed Hypernova and will include a small digital display in the right lens of the device, said the people, who asked not to be named because the details are confidential. The device is expected to cost about US$800 and will be sold in partnership with EssilorLuxottica, the people said. CNBC reported in October that Meta was working with Luxottica on consumer glasses with a display. The Hypernova glasses will also come paired with a wristband that will use technology built by Meta’s CTRL Labs, said people familiar with the matter. CTRL Labs, which Meta acquired in 2019, specializes in building neural technology that could allow users to control computing devices using gestures in their arms. The wristband is expected to be a key input component for the company’s future release of full AR glasses, so getting data now with Hypernova could improve future versions of the wristband, the people said. Instead of using camera sensors to track body movements, as with Apple’s Vision Pro headset, Meta’s wristband uses so-called sEMG sensor technology, which reads and interprets the electrical signals from hand movements. https://tinyurl.com/yndxywfz

ESPN launches new streaming service.

Disney’s ESPN has launched its highly-anticipated new streaming service, which features all of the live and on-demand programming the sports media giant has to offer. This includes the ability to stream ESPN’s cable TV channels, as well as documentaries and studio programming produced by ESPN. While the app itself looks similar to the older ESPN app, new features include a multiview to watch up to four games simultaneously, vertical short-form videos for people on the mobile app and a personalized “SportsCenter” featuring highlights from the user’s favorite teams and leagues. Users will also be able to browse and purchase sports merchandise from Fanatics. The app is available for US$29.99 per month, though Disney is also offering a bundle of Disney+, Hulu and ESPN for 12 months at the same price. A separate bundle with Fox’s new streaming service, Fox One, will be available for US$39.99 starting in October. People who already pay for ESPN through their cable TV provider will be able to access the new service for free. https://tinyurl.com/44c9ma4y

Robinhood launches NFL and college football prediction markets.

Robinhood announced Tuesday that the online broker is launching new prediction markets for professional and college-level football. Customers will now be able to trade on the outcomes of “the most popular” NFL and college football games on the Robinhood app. Robinhood said those games would include regular-season pro matchups and all college Power Four schools games. The new move comes as Robinhood is aggressively expanding its prediction markets and wades deeper into the sports wagering arena. On its second-quarter earnings call last month, Chief Financial Officer Jason Warnick said the company is seeing its strongest engagement in sports wagers, with CEO Vlad Tenev adding that the company sees “a big opportunity” in sports betting. The broker added that the football prediction markets will differ from sports betting, allowing buyers and sellers to engage with one another to set the price. Robinhood said it expects the football prediction markets to be tradeable everyday between 8 a.m. ET and 3 a.m. ET. Since first unveiling its prediction markets at the end of last year, Robinhood said it has seen more than two billion contracts traded. The stock is up more than 400% during the one-year period. https://tinyurl.com/5f6cspdk

FanDuel and CME Alliance opens door to sports-prediction market.

CME Group Inc. is ready to break into the sports-prediction market if its new partner FanDuel chooses, building on the exchange operator’s ambitions to reach a broader audience. Chicago-based CME would offer sports event-based contracts should FanDuel, the online gambling division of Flutter Entertainment Plc, decide to add them to its platform, according to CME Chief Executive Officer Terry Duffy. “I will list them if they would like me to. I am operationally ready to do so on Day One,” he said in an interview Thursday. “For now, I still think they are trying to make a decision on how they want to proceed.” CME and FanDuel announced Wednesday that they’re teaming up to offer bets on outcomes in the financial market for as little as $1. The event-based contracts, which are expected to be available starting later this year, are tied to financial benchmarks such as where the S&P 500 or the Nasdaq-100 closes, and prices of commodities including oil and gas on a given day. The announcement between CME and FanDuel left open questions about other types of event-contracts that the two firms could offer outside of financial markets, including sports, which have become popular forms of engagement on competitor exchange venues including Crypto.com and Kalshi Inc. “My motive is about markets, not about predictions on sports — that’s not my motive in this transaction,” Duffy said. “How we proceed with gaming will be up to them,” he said of FanDuel. Prediction markets are a growing and competitive space, with players such as crypto-betting platform Polymarket making moves to reenter the US. Crypto.com, one of the largest US digital-asset exchanges, and Kalshi — both of which are registered with the Commodity Futures Trading Commission, like CME is — began offering their own sports contracts in recent months, driving further competition. https://tinyurl.com/483fbrbs

China considers approving Yuan-backed stablecoins.

China is considering approving yuan-backed stablecoins for the first time to boost the usage and influence of its currency globally, Reuters reported, citing unnamed people familiar with the matter. The government will study a roadmap to promote the yuan later this month, including ways to catch up with the U.S.’s push on stablecoins, the outlet said. China’s tech giants JD.com and Alibaba affiliate Ant Group have urged the central bank to authorize stablecoins pegged to offshore yuan, as more Chinese exporters have turned to dollar-pegged stablecoins to settle trade, Reuters reported in July. For years, China has been promoting the usage of the yuan in international trade to counter the U.S. dollar’s global dominance, though with limited success. China has capital controls and its currency’s value is controlled by Beijing. There is a market for offshore yuan that are freely traded outside of the mainland. China banned crypto trading and mining in 2021. People’s Bank of China adviser Huang Yiping told local media Yicai in July that an offshore yuan stablecoin in Hong Kong is “a possibility,” but opening up crypto and stablecoin activities in mainland China is unlikely, given concerns over financial stability. Hong Kong passed a stablecoin bill to establish a license regime in May, which took effect August 1. Most prospective applicants are interested in issuing HK dollar and US dollar-pegged stablecoins, and applicants for offshore-yuan backed stablecoins will need to specify their use cases and reserve assets, the Hong Kong Monetary Authority said in July. The Hong Kong dollar is pegged to the U.S. dollar. https://tinyurl.com/y3pvpk2a

BNY, Goldman eye managing reserves for stablecoin issuers.

BNY and Goldman Sachs are aiming to manage reserve assets for stablecoin issuers, the latest move by banks to serve the sector following the passage last month of U.S. stablecoin legislation. BNY filed on Monday seeking SEC approval to launch a fund, called “BNY Dreyfus Stablecoin Reserve Funds,” that’s intended to be held by stablecoin issuers as reserves backing their stablecoins. The fund plans to invest only in assets, such as Treasury bills, cash and repo, that were approved under the Genius Act. Goldman also filed for a similar fund, called “Stablecoin Reserves Fund,” this month. Shares of the fund are expected to be held primarily by “one or more stablecoin issuers as all or a portion of the reserve assets that back the stablecoins,” the filing says. The giant pool of assets underlying stablecoins are appealing for asset managers and banks. The stablecoin reserve funds are akin to the money market funds the banks’ already run, making it cheap and easy for them to offer the funds to back stablecoins. The biggest stablecoin issuers, Tether and Circle, currently have US$167 billion and US$68 billion in their outstanding stablecoins, respectively. Having big banks manage the underlying assets could also help stablecoin issuers boost investor confidence. BlackRock already provides such services for Circle, the issuer of USDC, through its “Circle Reserve Fund,” which makes up about 85% of Circle’s stablecoin reserves. Tether has said its stablecoin reserves are managed by Cantor Fitzgerald. https://tinyurl.com/mryub75v

Japan financial giant SBI expands into tokenized stock trading.

Japanese financial services conglomerate SBI Holdings is teaming up with Singapore blockchain firm Startale Group to build a new trading platform for tokenized stocks—digital assets backed by shares in publicly traded companies. Tokyo-based SBI, which oversees more than 11 trillion yen (US$74 billion) in assets, said Friday that its new joint venture with Startale will launch a trading platform focused on tokenized stocks, which are blockchain-backed tokens that represent the value of public company shares. Their joint venture comes amid growing popularity of tokenized stocks around the world, especially among crypto traders outside the U.S. who don’t have easy access to U.S. equities. In June, Backed Finance, a fast-growing provider of tokenized assets, launched a tokenized U.S. equities product called xStocks for users outside the U.S. https://tinyurl.com/5n7z6wr4

Trump weighs using US$2 billion in CHIPS Act funding for critical minerals.

The Trump administration is considering a plan to reallocate at least US$2 billion from the CHIPS Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick’s influence over the strategic sector, two sources familiar with the matter told Reuters. The proposed move would take from funds already allocated by Congress for semiconductor research and chip factory construction, avoiding a fresh spending request as it seeks to reduce U.S. dependence on China for critical minerals used widely in the electronics and defense industries. https://tinyurl.com/3ac7z5c6

Meta to add 100MW of solar power from US gear.

Meta signed a deal with solar developer Silicon Ranch to develop a US$100 million, 100-megawatt solar farm in South Carolina. The new renewable installation will power Meta’s planned AI data center in the state, which is expected to cost US$800 million. Both the data center and the solar plant are expected to begin operations in 2027. Most of the equipment for the solar farm will be made in the U.S., according to the companies. The new deal is the 18th such agreement signed between Meta and Silicon Ranch. The renewable developer said the deals have helped drive over US$2.5 billion in investments. Meta has added over 2 gigawatts of solar capacity this year alone. https://tinyurl.com/yrsupfmk

Rivian, Tesla, and Lucid say they face big losses as the Trump administration overhauls EV regulations.

The Trump administration is gutting an obscure set of EV regulations, causing EV makers Tesla, Rivian, and Lucid a major headache. The three companies have all warned in recent weeks that the end of the regulatory credits system — which allows them to make money off electric vehicles their rivals aren’t selling — is set to have a big impact on their profits. In a petition filed in the DC Court of Appeals earlier this month, EV startup Rivian said that the Trump administration’s regulatory overhaul had left over US$100 million in revenue in limbo. In the same petition, filed by the Zero Emission Transportation Association (ZETA), rival startup Lucid warned that the changes threatened to reduce the market value of regulatory credits that make up a “significant share” of the luxury carmaker’s revenue. A spokesperson for Lucid told Business Insider that the company’s credit revenue in the second quarter was not “material.” The petition was first reported by The Wall Street Journal. Tesla, which is a member of ZETA but did not feature in the court filing, has also previously warned that it faces a major hit from the regulatory overhaul. https://tinyurl.com/stx7me6e