AnalytixInsight

Last week, Dow Jones fell 0.6%, S&P 500 index rose 0.4%, Nasdaq composite was up ~0.1%. Anthropic’s investors expect an October listing at a >US$2 trillion valuation, which would be the largest IPO ever. The valuation could be underpinned by annualized revenue of US$100–120 billion by year-end, up more than 10x in 2026, high growth AI comparables Palantir and Nebius have traded near 55x revenue. Intel is raising US$15 billion in stock after a 175% twelve-month run. Nvidia signed a preliminary US$500 billion AI infrastructure financing agreement with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, retaining an option to backstop up to 25% of any project. Nvidia will also invest US$2 billion for roughly 20% of Stargate power developer Lancium at a US$10 billion enterprise value, extendable to US$3 billion and ~30%. SK Hynix approved 54 trillion won (US$38 billion) for two new fabs. Nebius revenue rose 454% to US$582 million. CoreWeave revenue doubled to US$2.575 billion. Cisco stock fell 5% despite 18% revenue growth to US$17.3 billion and US$4 billion of AI orders in the quarter alone. Cerebras fell 16% as hardware revenue halved to US$54 million. Workday rose 18% on Silver Lake takeover talks. Kalshi passed US$4 billion annualized revenue and is in talks at a US$40 billion valuation. Gemini reached 1 billion monthly users. Meta will open-weight Muse Spark 1.2. OpenAI paused Astra over cyber capabilities. Z.ai claims GLM-5.3 matches Mythos 5 on security tasks. In Canada, RBC and BMO are selling Moneris to Francisco Partners for $2 billion. Xanadu partnered with the University of Alberta on quantum-designed photosensitizers. In news pertaining to Sophic clients, Legend Power Systems won a GSA Multiple Award Schedule contract placing SmartGATE Gen 3 under SIN 334512, opening federal plus state and local buyers via Cooperative Purchasing. Intermap reported Q2 revenue of US$2.0 million and negative US$1.4 million adjusted EBITDA. Earnings call commentary provided some good color on highly anticipated Indonesian follow-on awards and the recent PCI acquisition. Intermap also strengthened its Board of Directors.

Celestica launched a US$3 billion treasury equity offering to fund capex for a multi-year AI infrastructure demand. Telesat won a $2.3 billion Defence Investment Agency contract, its largest ever, adding 69 Lightspeed satellites for Arctic military communications. The award also raised MDA Space’s build contract by $474 million. Options carry total contract value to $2.7 billion. Shopify rose 17% on 34% revenue growth and growth guidance for the high twenties, operating income was up 68% to US$488 million. AMD agreed to acquire Toronto’s Taalas, its second Canadian AI chip purchase in roughly a year. AMD’s reported revenue grew 50% to US$11.5 billion and the company guided to US$13 billion versus US$12.5 billion consensus, but shares fell 9% after hours as capex nearly tripled to US$808 million. SpaceX reported US$7.8 billion in revenue, up 92%, on US$18.3 billion of quarterly capex and US$25 billion of first-half cash burn, with over US$14 billion of compute contracted. Palantir grew 93% to US$1.9 billion, US commercial was up 149% to US$764 million. Sandisk revenue reached US$8.97 billion from US$1.9 billion. Datadog fell 19% after its largest customer cut spend. Alphabet received US$115 billion of orders for a US$25 billion bond sale. SoftBank borrowed US$10 billion against an OpenAI stake it marks at US$89.6 billion. Stripe entered exclusive talks to purchase OpenRouter for nearly US$10 billion, ~70x its US$140 million annualized revenue. Hedge funds gave back nearly 3% in July, but were still up ~8% YTD. Ottawa is investing over $20 million in a U of C-led quantum defence hub. In news pertaining to Sophic clients, Cybeats launched RAVEN, an agentic AI intelligence layer for SBOM Studio providing vulnerability triage, reachability analysis and automated VEX evidence while keeping customer source code in-environment. Boardwalktech closed a first tranche of 15,800,000 units at C$0.05 for gross proceeds of approximately C$790,000, each unit carrying a two-year warrant at C$0.06.

Last week, Dow Jones rose 1%, S&P 500 gained 1.05%, Nasdaq finished up 1.6%. Nasdaq 100 briefly hit correction territory Tuesday, down 10% from its early-June record. The Philadelphia semiconductor index has lost a quarter of its value since late June, Sandisk and Intel sit ~50% and ~40% below recent peaks. Goldman Sachs and JPMorgan demanded added collateral from concentrated hedge funds after the largest gross-leverage build Goldman has tracked since 2016. The prominent US$20 billion Situational Awareness AI fund, up 439% through June, had to sell much of its public equity book to Citadel. CXMT jumped 472% in its Shanghai debut. US Senators pressed Apple to avoid CXMT and YMTC memory chips. Shein’s Hong Kong filing showed Q1 revenue up 1.1%, US sales down 14%, and a US$99 million loss. Eric Trump-backed Space-Eyes is going public via SPAC. Amazon’s AWS accelerated to 37% growth and US$42.2 billion, with Amazon’s capex guide at US$220 billion. Microsoft stock rose 9% on 18% growth to US$90 billion. Azure was up 43%, and past US$100 billion annually. Microsoft disclosed 30 million paid Copilot seats. Meta’s revenue rose 28% to US$60.8 billion, but operating profit fell 8% and shares dropped 7%. Apple grew 16.4% to US$109.4 billion, warning chip supply constraints worsen materially. Robinhood’s prediction-market revenue was up 10x to US$156 million, passing crypto at US$100 million. ASML stock was down 5% on China DUV mass production. Nvidia is negotiating a US$250 billion backstop for OpenAI’s 10GW Ohio campus and invested US$1 billion in Naver. Anthropic disclosed its models, including Mythos, hacked three outside organizations in six of 141,006 tests. Microsoft launched cheaper rival Project Perception. In news pertaining to Sophic clients, Cybeats closed an oversubscribed C$1.97 million placement at C$0.17 and announced a Japanese ICS customer via a channel partnership. Intermap will acquire PCI Geomatics for $11 million cash, which will be immediately accretive. Boardwalktech reported FY26 revenue of US$3.6 million and US$3.5 million ARR. 01 Quantum announced a Carleton/NC CIPSeR research collaboration. Replenish Nutrients expanded its Board of Directors.

Last week, Dow Jones fell 0.4%, S&P 500 lost 0.6%, Nasdaq composite was down 2.1%. Nasdaq is below recent June lows ahead of a heavy news week, which will see earnings reports from Apple, Microsoft, Meta Platforms, Amazon, a Federal Reserve meeting, and increased geopolitical turbulence and rising oil prices and Treasury yields. Hedge funds cut US tech exposure at a record pace, roughly 10% of market value over two months, per Goldman. US equity issuance topped US$300 billion year-to-date on SpaceX’s US$86 billion IPO, Alphabet’s US$85 billion sale and SK Hynix’s US$26.5 billion listing, on pace to beat 2021’s US$376 billion record. Anthropic could list as soon as September, and Meta is weighing a multi-billion offering. Alphabet grew revenue 24% to US$119.8 billion with Cloud up 82% to US$24.8 billion, a US$514 billion backlog and capex raised to US$195–205 billion. Shares fell 4% after hours. Google disclosed US$94.1 billion of SpaceX stock. Intel rose 12% on 25% revenue growth and US$4.5 billion free cash flow. Tesla revenue rose 26% but capex doubled to US$5.8 billion, pushing FCF negative. Reddit fell 8% on possible non-renewal of its US$60 million Google AI deal. AMD will invest up to US$5 billion in Anthropic, and also launched Helios with Microsoft as a buyer; Nvidia announced a US$500 billion SK partnership. Anduril is raising near US$100 billion, Stripe is in talks to buy OpenRouter around US$10 billion. Moonshot is preparing a Hong Kong IPO. Alibaba open-sourced 2.4-trillion-parameter Qwen3.8 Max; Zhipu completed a 1GW all-domestic-chip data center. Prediction markets reached 27% of US sports-betting volume. In news pertaining to Sophic clients, Replenish Nutrients closed the first $7.5 million of a $15 million SRC Agrominerals investment. Kraken Robotics booked $35 million in new orders ($327 million YTD). Portfolio Manager, Mathieu Martin recently appeared on the Beyond MD podcast and outlined his approach behind investing his investment in Kraken. Ionik consolidated under SHIFT44 and Q1Media. Boardwalktech restructured its placement.