AnalytixInsight

Last week, Dow Jones fell 0.9%, S&P 500 lost 0.3% and Nasdaq Composite was down 1.2%, after reversing from record highs on Friday. Astera Labs said it plans to raise up to US$534 million from its IPO as the eight-year-old server component startup looks to benefit from investor interest in artificial intelligence companies. Reddit is planning to start trading on the NYSE on March 21, following a road show next week. The company is initially seeking a valuation between US$5.5 billion and US$6.5 billion, down from the US$10 billion at which it raised money in 2021. Andreessen Horowitz is close to raising US$6.9 billion in new funds, including a growth fund that comprises about half the total and two AI focused funds. Super Micro Computer is joining the S&P 500 following a historic rally in the stock that has pushed the company’s market cap past US$50 billion. Two Nvidia Corp. directors sold about US$180 million in shares of the chipmaker in recent days, becoming the latest insiders to cash in as the stock continues to push deeper into record territory. MicroStrategy slipped from 24-year high on a convertible note offering to buy more bitcoins. The European Commission fined Apple 1.8 billion euros, or US$1.95 billion, for alleged “abusive App store rules” affecting rival music streaming services. President Joe Biden told reporters on Friday that he would sign a bill that would force ByteDance to divest TikTok or ban the app in the United States if it passed Congress. Temu spent US$2 billion on Meta ads in 2023. Amazon Web Services is paying up to $650 million for a Pennsylvania data center campus next to a nuclear power plant, according to the seller, Talen Energy. In Canada, Sophic Client, Kraken signed a Cooperative Research & Development Agreement with the US Navy for next Generation Synthetic Aperture Sonar (SAS) Beamforming. Toronto-based AI chip startup Taalas has launched out of stealth with $50 million in funding.

Last week, Dow Jones lost ~10 bps, S&P 500 rose 0.9%, and NASDAQ Composite gained 1.7% and hit a record high on Friday. Klarna is considering a US$20 billion IPO this year. eToro is getting interest about a public market listing. Investing platform Webull will go public through a SPAC deal. Stripe struck a deal with investors that allows current and former employees to cash out some of their shares in an offering valuing the startup at US$65 billion. Hedge funds are reportedly dumping tech stocks at the quickest pace in seven months after piling in ahead of Nvidia’s wild earnings report. At the same time, options on Nvidia, accounted for 25 cents of every dollar of premium – the price of contracts – traded in U.S. single-stock options over the past month. Various companies including Apple, Fisker and Polestar signalled problems with the EV market. In Canada, Sophic Client, Kraken Robotics announced that its minehunting systems were operational with the Royal Danish Navy, under a 2020 contract. Sophic Client, UGE achieved a Notice to Proceed milestone for a second 1.4MW solar project in Texas. UGE had the project appraised by an independent third party for a fair market value of US$3.1 million or US$2.22/Watt. Sophic Client, Clear Blue provide a Q4 2023 corporate update, which bodes well for 2024 results and also announced product updates. Railtown AI closed the final tranche of its previously-disclosed non-brokered private placement. Collectively across all tranches of the Offering, aggregate gross proceeds of nearly $3 million was raised. Toronto startup ideogram raised $80 million for AI image generation, Andreessen Horowitz is leading the round.