AnalytixInsight

Last week, Dow Jones gained 0.75%, S&P 500 was up 0.7%, Nasdaq composite rose 2.2%. Markets navigated a very busy week successfully, aided by an expected Federal Reserve rate cut, even as odds for a December cut were lowered. President Trump met with his Chinese counterpart Xi Jinping. Mag 7 earnings suggest the AI trade/Capex build continues to roll on. OpenAI has recapitalized into a Public Benefit Corp, clearing a path to future fundraising/IPO. Microsoft now holds 27% equity, keeps its IP access through 2032, and OpenAI has committed an additional US$250 billion in Azure spend over time. Street chatter points to a potential late 2026/2027 IPO, which if realized, would anchor AI leader multiples. Meta is preparing a ≥US $25 billion bond sale to fund AI opex/capex. Alphabet reported Google Cloud grew +34% y/y, with profitability up sharply. Amazon’s AWS growth re-accelerated to ~20%, easing share-loss fears. Apple guided to double-digit iPhone holiday growth. Nvidia’s order book shows >US$500 billion in orders through 2026, and the company announced a deal to supply 50,000 GPUs to Samsung, sending its market cap over US$5 trillion. Qualcomm stock rose on a deal to provide AI chips to Saudi Arabia. Skyworks will buy Qorvo in a US$10.6B deal. PE firm Francisco Partners will take Jamf private in a US$2.2 billion deal. Navan fell on its IPO debut. Fiserv stock fell 40%+ after a 2025 guide reset. Anduril opened an Australian plant for Ghost Shark undersea drones. UK orders next-gen naval UUV fleet for mine-clearing/infrastructure protection. Fincantieri unveiled DEEP integrated underwater drone/sensor system. In Canada, Wealthsimple announced a Series E round of up to $750 million at a $10 billion post valuation (2x since last year) after assets grew to a $100 billion goal three years early. Invest Ottawa unveiled an NCR Defence Innovation Hub targeting $3 billion in public-private investment over five year. In news pertaining to Sophic Clients, Renoworks announced key wins. Ionik sells SCS assets for US$1.2 million. Plurilock’s insiders/employees bought ~531k shares, and the company closed a $3 million debenture financing.

Last week, Dow Jones gained 2.2%, S&P 500 was up 1.9%, Nasdaq composite rose 2.3%. Major indices hit record highs after a challenging few weeks. While the US Federal government shut down carries on, next week brings the Federal Open Market Committee meeting with an expectation of rate cuts as well as earnings from several MAG 7 names. Nvidia is discussing guaranteeing portions of OpenAI’s planned data-center loans and expanding chip-leasing arrangements. Anthropic is negotiating a multi-billion-dollar cloud deal with Google and plans to use up to one million TPUs, reinforcing Google’s alternative to Nvidia GPUs and reflecting rapid AI workload growth. Venture capitalist Vinod Khosla predicted that 2% to 3% of AI startups will account for 85% to 90% of the valuation of companies by 2035. The US Commerce Depart. denied that it is “currently negotiating equity stakes with quantum computing companies,” according to CNBC, countering an earlier news report. Warner Bros. Discovery is evaluating strategic alternatives. Netflix reported 17% year-over-year revenue growth to US$11.5 billion and guided to similar Q4 growth, but shares fell on an in-line print. Tesla’s profit fell 37% in Q3 despite end of tax credit boosting sales. Super Micro Computer shares fell 6% on Thursday after the company released weak preliminary results. OpenAI launched ChatGPT Atlas, an AI-Powered web browser. Amazon reportedly expects to avoid adding hundreds of thousands of workers due to robots. Amazon announced on Wednesday that it’s developing AI-powered smart glasses for its delivery drivers, the company also launched new AI recommendation feature to help shoppers make decisions. In Canada, Cohere CEO Aidan Gomez believes the Toronto-based artificial intelligence (AI) scaleup could hit the public markets “soon.” FINTRAC fined exchange operator Cryptomus (Xeltox Enterprises) ~C$177 million for extensive AML reporting failures. Sophic Client, Cybeats secured a multi-year renewal with Schneider Electric.

Last week, Dow Jones rose 1.6%, S&P 500 gained 1.7%, Nasdaq composite was up 2.1%. The majority of gains came Monday, which was a partial recovery from the previous Friday’s ugly sell-off. Headline moves masked volatility arising from headlines pertaining to US tariffs, regional banks/private credit concerns, US federal government shutdown, and AI margin questions. The continuing U.S. government shutdown has compressed the viable remaining 2025 IPO window to roughly four weeks into year-end. That said, Strava signaled an intent to list, along with a few other names. 54% of fund managers called AI stocks a bubble, according to a recent survey. An “investment surge” in artificial intelligence has helped the US avoid a sharp slowdown but risks stoking inflation, the IMF’s chief economist has warned, as the fund upgraded its outlook for the world’s largest economy. Quantum names ripped after JP Morgan earmarked US$10 billion for “frontier tech.” OpenAI announced a new chip design deal with Broadcom, the latest in a succession of announcements by OpenAI to assure itself of more computing capacity. Oracle raised its FY30 AI Cloud revenue and GPU rental target margins, despite near term skepticism. Meta will finance a Louisiana Data Center via ~US$27 billion SPV debt. Google will “backstop” TeraWulf Data Center bonds. A group of investors including BlackRock and Abu Dhabi’s MGX acquired Aligned Data Centers in a roughly US$40 billion deal, the latest big investment in companies building data centers for the tech giants. In Canada, Dominion Dynamics secured $4 million pre-seed round to build an Arctic multi-domain sensor fabric, supported by a high-caliber Canadian advisory bench. In news pertaining to Sophic Clients, Plurilock announced a $3.0 million non-brokered 10% convertible debenture with warrants (convert $0.23, warrants $0.25, 3-yr), to scale Critical Services, international expansion, and progress toward profitability.

Last week, Dow Jones fell 2.7%, S&P 500 lost 2.4%. Nasdaq composite was down 2.5%. The market was headed for a mixed week, owing to questions re. the AI trade and Friday’s tariff re-escalation led to the largest pullbacks in NASDAQ and S&P 500 in over six months. OpenAI’s dev event again showed a “halo effect,” with mere mentions lifting names like Figma, HubSpot, Salesforce, Expedia, TripAdvisor. At the same time, concern is building over dot-com-style stock pops (US$100 billion + intraday swings) and circular AI deal finance. Goldman Sachs and JP Morgan flagged record AI-linked debt issuance. A report indicated Oracle’s Nvidia cloud margins averaged ~16%. Jensen Huang countered Oracle will be “wonderfully profitable” over a system’s life and noted AI compute demand has surged in recent months, with power constraints pushing toward on-site generation (natural gas, eventually nuclear). Prediction markets saw financings as Kalshi is raising at a US$5 billion valuation, and ICE will invest up to US$2 billion in Polymarket. xAI is targeting a US$20 billion round with an SPV to finance Nvidia GPUs. SoftBank will acquire ABB’s robotics arm for US$5.4 billion to fuse AI + automation. Reuters says Confluent is exploring a sale. ASML fell on renewed U.S. scrutiny of China exposure. In Canada, investors are rotating to defense, construction, and metals as Ottawa signals higher military spend and accelerated nation-building projects. A new US$100 million TSX SPAC targeting mission-critical Canadian tech (space/defense/services) was launched. Toronto legaltech, Spellbook raised a US$50 million Series B. In news pertaining to Sophic clients, Legend Power signed a North America–wide channel deal with a Fortune 500 facilities franchise network, with 150+ partners, and ~10,000 buildings, broadening access for SmartGATE™ and aligning with an equipment-only, contractor-installed model. Plurilock announced a dedicated federal capture team, new Critical Services wins, and repeat U.S./Canadian federal orders.