Last week, Dow Jones rose 0.65%, S&P 500 rose 1.3%, and Nasdaq composite was up 2.4%. Shein has told potential investors that it’s seeking a valuation of US$80 billion to US$90 billion in an eventual U.S. IPO, a big jump from the fast-fashion giant’s US$66 billion valuation when it raised money in May. WeWork, once valued at US$47 billion, filed for bankruptcy, which also impacted SoftBank’s Q3 results. Meta and Tencent signed a preliminary agreement to sell a budget-friendly version of Meta’s Quest mixed-reality headsets in China, marking the first time Meta has been able to offer a product or service in China since 2009. Shares of The Trade Desk dropped by as much as 30% in after-hours trading Thursday after the firm projected slower revenue growth in the current quarter. Disney reduced its streaming losses, and projected profits next year. Uber’s Free Cash Flow more than doubled as bookings growth picked up. Southeast Asian ride-hailing and delivery giant Grab on Thursday reported its first operating profit on an adjusted basis, as the company’s businesses continue to recover after the pandemic. Datadog stock surged 28% for its best day ever after a beat and raise quarter. Roblox the video-game platform popular among teenagers, surged by the most in almost nine months after reporting Q3 bookings and revenue that far exceeded Wall Street’s projections. Humane kicked off a marketing effort for its upcoming AI Pin, likely to be the first of many AI-centered hardware devices. In Canada, Sophic Client Xcyte Digital announced the closing of its Qualifying Transaction. The Company completed an oversubscribed private placement for aggregate gross proceeds of $4.4 million. Sophic Client Kraken Robotics delivered a mine hunting solution to the Australian Navy. This represented Kraken’s first KATFISH system sale in APAC, following a successful in-country demonstration for the Royal Australian Navy in Q1 2023.
Last week, Dow Jones was up 5.1%, its best week in a year. S&P 500 rose 5.85%, Nasdaq composite was up 6.6% — both had their best weeks since early November 2022. The Biden administration on Monday issued a far-reaching executive order, that requires Google, OpenAI and others to share data. Separately, the FTC said it would look closely at tech companies’ AI, and cloud deals. Amazon Web Services announced a new service aimed at helping developers access Nvidia’s hard-to-get graphics processing units—a potentially threatening move for the flurry of GPU rental startups that are attempting to compete with the cloud provider. Nvidia has US$5 billion of China orders that could also be in limbo after latest U.S. curbs. SpaceX’s Starlink has “achieved breakeven cash flow,” CEO Elon Musk said Thursday. Earnings season continued to roll on, Apple’s revenue fell, despite 16% services growth. AMD stock rose more than 8.5% on Wednesday, a day after CEO Lisa Su projected her company’s forthcoming graphics processing units for artificial intelligence would eat into Nvidia’s dominant market share. Qualcomm reported a 24% drop in revenue, a continuation in what has been a poor year for the mobile chip giant thanks to an 18-month long slump in smartphone sales. Airbnb said Q4 growth will be slower than expected. Pinterest jumped 14% in extended trading on better-than-expected Q3results. In Canada, Sophic Client UGE International announced an extension of maturity date debentures. Sophic Client Kraken Robotics receives another Synthetic Aperture Sonar Order from HII, this one worth $1 million. Sophic Client OneSoft presented at the AI and Big Data Virtual Investor Conference. Vancouver-based electric motorcycle company Damon Motors is looking to list on the Nasdaq through a reverse merger.
Major indices fell to multi month lows last week. So far, earnings have been a negative catalyst for stocks, coupled with heightened geo political risk going into the weekend. Dow Jones fell 2.1%, S&P 500 lost 2.5%, and Nasdaq composite was down 2.6% during the week. Google has committed US$2 billion to Anthropic, an OpenAI rival. Google has previously taken a roughly 10% stake in Anthropic. This follows Amazon’s US$1.25 billion investment into the company. Crusoe Energy, one of several emerging cloud providers that rent out Nvidia’s in-demand chips for artificial intelligence, raised US$200 million in debt usings Nvidia chips as collateral. Intel is expanding to the AI software business, and Apple is rumored to follow ChatGPT with generative AI features on iPhone as soon as iOS 18. Microsoft reported revenue growth of 13% as AI sales accelerated Azure cloud growth. Revenue growth at Alphabet parent Google accelerated for a third straight quarter. Amazon reported better-than-expected results, as revenue jumped 13%. The company’s ad growth driven mostly by search, not video, and the company launched AI tools for ad sellers. Amazon is considering offering veterinary telehealth as it looks to compete with Walmart. Meta reported a return to robust growth rates after nearly two years of weaker expansion caused by an anemic ad market, Apple’s ad targeting changes and competition from TikTok. A coalition of 41 states and the District of Columbia are filing lawsuits alleging that Meta Platforms has intentionally built its products with addictive features that harm young users of its Facebook and Instagram services. Ford delayed US$12 billion in EV investments as the automaker wrestles with demand. In Canada, Well Health acquired two cybersecurity businesses, for an undisclosed amount. Google and Nvidia-backed, Toronto based CentML secured $37 million to help companies deploy AI amid chip shortages.
Last week was tough again for tech investors, as Treasury yields surged, and stocks exhibited poor reactions to earnings. Weakness was more pronounced in the second half of the week, Dow Jones fell 1.6%, S&P 500 was down 2.4%, and Nasdaq composite lost 3.2% during the week. The week ahead has risks, including GDP and inflation data, as well as big tech earnings. OpenAI is in talks to sell shares at a US$86 billion valuation. Stack Overflow, whose site helps software engineers get answers to technical questions, has laid off about 28% of its staff. The move may be the strongest indication yet of how OpenAI’s ChatGPT has upended digital businesses this year. The U.S. government announced new rules that restrict American firms such as Nvidia and Intel from selling advanced semiconductors, including artificial intelligence chips, to Chinese companies. Shares of critical chip firm ASML dropped 4% after these new U.S. curbs, and an outlook warning. Lockheed beat estimates on sustained weapons demand amid geopolitical tensions. Snap’s stock rose 12% after CEO Spiegel targeted 20% revenue growth. Okta’s stock fell 11% after it disclosed on Friday that hackers breached its systems and read some customers’ files. Amazon is rolling out expanded robotics operations at fulfillment centers built on updated sorting machines, robotic arms, and its Roomba-like mover bots. In Canada, Sophic Client UGE International announced Q3 2023 milestones and business updates, and announced commercial operation for its community solar project in Norway, Maine. Sophic Client Kraken announced a $3 million contract in Europe. GameSquare will acquire one of the biggest names in gaming, FaZe Clan and will complete a private placement to raise US$10 milion. BBTV Holdings announced its going private transaction.