AnalytixInsight

Last week, the market suffered big losses last week as SVB Financial collapsed, which along with crypto bank Silvergate Financial sparked intense losses for bank stocks. Dow Jones lost 4.4%, S&P 500 fell 4.55%, and Nasdaq lost 4.7%. Silicon Valley Bank failed on Friday morning, as the Federal Deposit Insurance Corp took control of the bank, deepening uncertainty for startups and venture capital firms that rely on the bank for financial services. Several public companies disclosed they had money on deposit at failed Silicon Valley Bank, including Roku and Roblox, a sign of how widespread SVB’s tentacles reached. Stripe’s fundraise to reach US$6 billion, at a US$50 billion valuation, as the company faces a US$3.5 billion tax on employees’ shares expiration. Chinese online fashion retailer SHEIN is set to raise around US$2 billion in a new funding round this month and is aiming for a U.S. listing in the second half of this year. Uber is considering spinning off freight logistics division. Meta plans new layoffs that could match last year’s in scope. Microsoft Bing hits 100 million active users in bid to grab share from Google. In Canada, Toronto-based startup Cohere is among the first four companies to receive funding from Salesforce Ventures’ newly-launched US$250 million fund. As the battle to stop Magnet Forensics’ $1.8 billion sale rages on, an independent advisor has recommended shareholders vote for the deal. The Waterloo startup released a statement on Wednesday noting that Egan-Jones Proxy Services has recommended it gets approved. Sophic Client UGE announces placement of up to US$3 million of project development green bonds. Sophic Client Kraken Robotics received nearly $3 million in orders for its Synthetic Aperture Sonar for NATO and US defence customers. Sophic Client LuckBox announces triple digit growth across core KPI’s, as Global betting handle in February reached a record $2.8 million, as the player base now stands at 350,000.

Last week, the stock market performed better in the latter half, as S&P 500 and Nasdaq rebounded from key tests Thursday morning, and went on to top resistance on Friday. Dow Jones ened the week up 1.75%, S&P 500 was up 1.9%, and Nasdaq was up 2.6%, 10-year US Treasury yield rose to 3.96%, after falling by 11 basis points Friday. Chip designer Arm intends to list in New York. Instacart’s revenue and profit climbed ahead of a potential public listing. Twitter’s revenue, adjusted earnings fell about 40% in month of December. Tesla wants to grow car sales from 1.3 million in 2022 to 20 million. Fisker shares rocketed up 30% as the EV maker sees potential for profit and strikes a ‘game changer’ deal for charging stations. Salesforce shares jumped 15% despite a weak revenue forecast. Meta unveiled a new large language model that can run on a single GPU, the Company also plans four new AR/VR devices in next four years. Elon Musk’s bid to implant brain chip into humans was reportedly rejected by the feds over safety risks. U.S. House panel approved a bill giving Biden power to ban TikTok. Amazon is letting employees use their stock to finance home purchases and even second homes. Visa and Mastercard are reportedly pressing pause on new crypto partnerships in the wake of stunning industry collapses. In Canada, CGI announced its intent to repurchase 3.34 million of its shares held by CDPQ. Northleaf Capital Partners has held the final close of its latest private equity fund, pulling in US$675 million. Shopify built Indigo’s new website in three days following ransomware attack. Canada is removing TikTok from government-issued devices. Sophic Client UGE achieves notice to proceed milestone for rooftop community solar project in Queens, New York. Sophic Client LuckBox’s CEO, Thomas Rosander did a short interview on innovation in esports betting.

Last week, Dow Jones Industrial dropped 3% in its fourth straight weekly loss, S&P 500 lost 2.7%, and Nasdaq fell 3.3%. The US 10-year Treasury yield was up 12 basis points to 3.95%, its highest level since Nov. 10, and up 62 basis points from the recent stock market peak on Feb. 2. Venture capital firms raised US$20.6 billion for new funds in the fourth quarter, a 65% drop from the same period the year prior and the lowest fourth quarter capital raise since 2013, The Wall Street Journal reported. KKR-backed BMC plans IPO valuing it at up to US$15 billion. Shared micromobility giant Lime reports first profitable year, tests the waters for IPO. DOJ preps antitrust suit to block Adobe’s US$20 billion Figma deal. Nvidia shares rose nearly 9% despite precipitous declines in revenue and earnings per share compared to last year, as investors seemed relieved that the results weren’t worse. Block’s Cash app grows to 51 million users. Coinbase revenue falls 75% as trading slumps. Tesla rival Lucid’s stock slides 10% after it says it’ll make fewer electric cars than expected this year. After cutting 11,000 jobs last fall, Meta is reportedly set to execute what could be another major round of layoffs as it tries to trim expenses. Tencent is in talks with Meta to sell its Quest 2 virtual-reality headset in China. Microsoft limits Bing chat to five replies to stop the AI from getting real weird. Netflix cuts subscription prices in over 30 countries. In Canada, NowVertical announced the terms of its $5 million marketed public offering of units. Lighthouse Labs, TechNL each secure over $20 million in federal funding for tech upskilling programs. Vancouver-based Web3 company Dapper Labs is facing a lawsuit claiming that its NBA Top Shot Moments NFTs constitute unregistered securities. TELUS investigating leak of stolen source code, employee data.

Last week, major indices ended mixed as the Dow Jones fell 0.1%, S&P 500 was down 0.3% and Nasdaq rose 0.6%. After a record Super Bowl, FanDuel parent Flutter Entertainment said it is considering listing on a U.S. stock exchange. Warren Buffett’s Berkshire Hathaway buys even more AAPL stock, ditches most of its TSMC. Airbnb posts a record Q4 as travel recovers post-pandemic. Roblox shares soar 27% as gains in users and virtual currency purchases lift quarterly results. Robinhood sees pop in crypto trading in January. Cathie Wood’s Ark Invest snatches up US$9.2 million of Coinbase stock after the crypto exchange’s massive January rally. George Soros’ fund reveals it’s betting against Silvergate as the crypto-friendly bank is probed over its ties to FTX. Bakkt to shutter consumer-facing app, focus on B2B crypto services. Meta Platforms may do more layoffs. Twilio cuts 17% of its workforce just months after previous round of layoffs. Tesla recalls 363,000 cars over full self-driving software. Ford’s EVs are getting faster charging and more affordable batteries thanks to new chemistry. Apple delays AR/VR headset launch again, now expects to unveil the device at WWDC. TikTok’s parent takes on Meta in battle for virtual-reality market with its two year old Pico acquisition. In Canada, Descartes acquired GroundCloud for US$138 million, as despite recent market volatility, its stock price has remained consistent in its growth trajectory. BBTV secured a $21.6 million loan to pay off an overdraft facility. Sophic Capital client Jasper Commerce, closed a first tranche of convertible debenture unit financing of $636,500 (full offering size of $500,000 plus a partial exercise of the over-allotment option). The Company may close further tranches of the over-allotment up to $113,500.