AnalytixInsight

Last week, Dow Jones was down 0.1%, S&P 500 lost 0.1%, and Nasdaq composite was up 0.2%. Nasdaq and S&P 500 both reversed after hitting record highs Friday morning. Webtoon, which operates a smartphone app for authors and readers of comics jumped 9% following its IPO. Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an IPO and is targeting a valuation of US$10 billion+. SpaceX will value insider shares at US$112 each for a total valuation for the rocket company of almost US$210 billion. Anduril has lined up backers for one of the biggest venture deals this year as it is close to finalizing a US$1.5 billion investment, which will value the 7-year-old company at around US$12.5 billion, pre-money. Volkswagen Group plans to invest up to US$5 billion into electric vehicle maker Rivian, giving the startup a cash infusion to help it fund its heavy losses. Amazon hit a market capitalization of US$2 trillion for the first time in trading on Wednesday. OpenAI sales of conversational AI models passed a US$1 billion annual rate. Apple and Meta discussed integrating Meta’s AI assistant on Apple products. Amazon is planning to launch a ChatGPT-like consumer chatbot. In Canada, Sophic Client Legend Power reported its first orders for the city of New York. Sophic Client, Plurilock won Ua 814K three year contract with an existing customer to deliver cloud security to a major laboratory data and advisory firm. Sophic Client, Xcyte Digital announced the closing of the MCON transaction. Hut 8 will receive US$150 million from Coatue to provide AI computing power. Thoma Bravo is exploring the sale of Trader, a Canadian automotive marketplace and software provider. State Street, and Galaxy will jointly develop new digital assets ETFs. Target and Shopify teamed up to expand Target’s third-party marketplace.

Despite some market weakness late last week, Dow Jones was up 1.45%, S&P 500 gained 0.6% and Nasdaq composite rose marginally for the week ended June 21. Cerebras, a developer of AI chips, trying to compete with Nvidia, has filed for an IPO confidentially. Brazilian fintech PicPay is working on a US IPO. Investing app, Acorns is eyeing an IPO in the next couple of years. Most stocks hyped as winners from the AI boom have fallen this year, according to Citi. Nvidia plans to design server racks could pressure server designers such as Dell, HPE and Supermicro. Apple on Friday told media outlets that its new artificial intelligence features won’t be available in the European Union because of concerns that the Digital Markets Act could compromise user privacy and data security. Apple has also reportedly halted work on Vision Pro and is aiming to release cheaper Vision headset next year. Accenture expects strong AI demand to power its 2024 revenue growth. Amazon is planning to revamp its Alexa voice assistant business with two tiers of new generative AI features, one of which will charge a subscription fee of US$5 to US$10 a month. Green bonds are on track to hit a total of US$1 trillion of issuance this year. The rush into sustainable debt contrasts sharply with investor outflows from stock funds focused on environmental, social and governance (ESG) metrics. In Canada, Sophic Client, Plurilock announced a US$6 million+ contract with the U.S. Treasury. Sophic Client, Kraken Robotics received a $2.2 million order for subsea batteries.

Last week, Nasdaq and S&P 500 rose again, as both indices hit fresh highs. Dow Jones fell 0.5%. The market rally could be due for a breather as indices appear to diverge. Shares in newly public Tempus AI began trading on the stock market on Friday, ending up 8.8% from its IPO price. StubHub’s EBITDA is said to be US$350 million ahead of a planned IPO. Apple on Monday announced highly anticipated updates that will bring generative AI capabilities to its devices, including a partnership with OpenAI’s ChatGPT that will aid Siri queries. Apple isn’t paying OpenAI for the ChatGPT partnership, and could work with Google’s Gemini in the future. OpenAI has surpassed US$3.4 billion in annualized revenue, more than doubling since late 2023. Adobe shares rose over 14% in extended trading Thursday as generative AI fueled its revenue growth. Broadcom revenue jumped 43% on AI chip demand. Microsoft will directly tie one third of performance bonuses for its 14 highest-paid executives to their success in improving the company’s cybersecurity. In Canada, there was yet another take-out, with Copperleaf being acquired for $12/sh in cash, a premium of ~66% to the 90–day VWAP. HEALWELL entered into an agreement to acquire BioPharma Services Inc., one of the largest full-service Contract Research Organizations headquartered in Canada, for up to ~$14.5 million. Tribe Property Technologies will conduct a non-brokered private placement, under the Listed Issuer Financing Exemption for gross proceeds of up to $2.5 million. Sophic Client, Xcyte Digital announced the execution of a definitive agreement with MCON Live, expanding into the military veteran community. Samsung, is leading a round of at least US$300 million in Tenstorrent, a Toronto-based AI chip company. Toronto-based cleantech startup Parity has a secured $26.1 million Series B financing to scale the adoption of its software solution aimed at reducing greenhouse gas emissions in urban buildings.