AnalytixInsight

The market had another strong week, especially the Nasdaq, even after some modest losses Friday. With the Nasdaq now appearing stretched from its moving averages, some caution may be warranted, especially with the handful names driving most year-to-date gains. Last week, Dow Jones was up 1.25%, S&P 500 was up 2.6% (best weekly performance since March), Nasdaq was up 3.25% for its 8th consecutive weekly advance. Arm in talks with big clients about investing in IPO, which include, Intel, Alphabet, Apple, Microsoft, TSMC, and Samsung. Salesforce pledges to invest US$500 million in generative AI startups. Microsoft CFO says OpenAI and other AI products will add US$10 billion in revenue. Nvidia GPUs are so hard to get that rich venture capitalists are buying them for the startups they invest in. AMD reveals new A.I. chip to challenge Nvidia’s dominance. Nasdaq announced a US$10.5 billion deal to scoop up a behind-the-scenes tech provider. Bloomberg reported Apple is aiming to release a more affordable AR/VR spatial computer product by the end of 2025. Netflix subscriptions rise as password-sharing crackdown takes effect. US cyber insurance premiums surged 50% in 2022 as increased ransomware attacks and online commerce drove demand for coverage. In Canada, Executives at Shopify began discussing a sale of the e-commerce giant’s logistics business in late 2022, even as they publicly committed to investing more money to build out its fulfillment network, The Information reported on Tuesday. Québec City-based automotive software provider LeddarTech has inked a SPAC deal to go public on Nasdaq. US-made wind and solar components are now cheaper than imports, according to researchers. New guidance from the US Treasury could unleash billions in renewable energy investment. Previously, to make the most of the tax credits available to them, renewable energy project developers had to create complex and expensive tax equity deals. Sophic Client Clear Blue received a $375K order. This contract increases Clear Blue’s 2023 Year-To-Date bookings to $4,975,000, of which $4,325,000 is expected to be recognized in 2023. Dapper Labs made an investment in Web3 gaming company GameOn.

Last week, Dow Jones rose 0.3%, S&P 500 was up 0.4%, and Nasdaq composite was up 0.1%, the small-cap Russell 2000 rose 1.65%. As the S&P was just above the 20% rise threshold, it’s technically a new “bull market”. According to market watchers, it’s taken longer to get here than any other Bull market since the 1950s. While market leadership has remained very narrow and AI focused, the move up in the Russell 2000 is encouraging. Apple on Monday unveiled a headset that blends virtual reality with augmented reality—digital content and apps overlaid on the real world. Shares of Unity Software popped more than 11% Monday after Apple announced that it was working with the company on its new headset. The SEC is cracking down on crypto and sued Coinbase, Binance and its CEO, Changpeng Zhao. Elon Musk’s Neuralink saw its valuation soar to US$5 billion after private stock trades. Intel will raise about US$1.5 billion from Mobileye stake sale. GitLab shares surged 18% on 2Q, FY24 outlook. Shares of Stitch Fix surged more than 25% on Wednesday, after company laid out plans to further cut costs and focus on the U.S. Billionaire investor Stanley Druckenmiller plans to hold on to Nvidia stock for at least the near future as the chipmaker is exposed to an artificial intelligence trend could be as “transformative as the internet.” General Motors will make its electric vehicles compatible with Tesla’s supercharger network, the series of 12,000 chargers across the country for recharging the batteries of EVs, the company said Thursday. In Canada, Toronto based OpenAI rival, Cohere was in the news last week, as it raised US$270 million from Oracle, and Nvidia, bringing its total funding to US$435 million, and the Company is also preparing to work closely with Oracle. Sophic Clients UGE International and Clear Blue presented at the inaugural Canadian Climate Investor Conference in Toronto last week.

Last week Dow Jones rose 2%, S&P 500 was up 1.8%, Nasdaq was up 2%, and the small-cap Russell rose 3.3%. Market leadership remains concentrated in the AI, semiconductors and software space. 5 trillion-dollar companies — including Nvidia, Apple, and Amazon — have been behind most of the S&P 500’s 10% gains this year. T. Rowe Price has marked down its stake in Canva by 67.6%. Twitter is now worth just 33% of Elon Musk’s purchase price, Fidelity says. Fidelity also cut its Reddit valuation by 41% since its 2021 investment. Shares of C3.ai plunged 21% after its earnings outlook fails to live up to the AI hype. Twilio shares gain after a report on meetings with an activist. SentinelOne’s shares plunged 35% after disappointing results and guidance. Okta shares plummet after CEO acknowledges sales ‘uncertainty’. Salesforce CEO Benioff predicted an AI spending boom. Even as a number of prominent artificial intelligence researchers signed onto a joint statement drawing attention to the dangers of runaway AI. In Canada, recently laid off Shopify employees filed a $130 million class-action lawsuit. Westbridge reached definitive agreements to monetize 1.4 GW Alberta solar PV portfolio for an aggregate cash purchase price, between $217 million and $346 million subject to adjustments. Generative AI Solutions intends to raise up to $5 million through a non-brokered private placement. Canadian AI computing startup Tenstorrent (valued at $1 billion) and LG partner to build chips. Sophic Clients UGE International and Clear Blue will be attending the inaugural Canadian Climate Investor Conference Thursday June 8th at the Hyatt Regency Toronto. Sophic Client Kraken Robotics announced a $9.5 million contract with the Navy of a large Asia Pacific country. The Company also reported Q1 results, and reiterated guidance — for fiscal 2023, Kraken expect revenue to be in the $66 – $78 million range and adjusted EBITDA in the $12 – $17 million range.

Last week, Dow Jones fell 1%, S&P 500 was up 0.3%, and Nasdaq composite rose 2.5%. In a single session, Nvidia’s market cap swelled by US$184 billion, only Apple, Amazon and Microsoft have ever posted higher dollar gains in a single day, each by an extra US$7 billion at $191 billion. Analysts called Nvidia’s report “amazing,” “epic,” “stunning,” “unfathomable” and “jaw-dropping.” About six-in-ten U.S. adults (58%) are familiar with ChatGPT, though relatively few have tried it themselves, according to a Pew Research Center survey conducted in March. Shares of Snowflake dropped more than 12% in extended trading after the database provider reported its slowest annual sales growth since its 2020 IPO and cut its fiscal year sales forecast. Meta was fined a record US$1.3 billion over EU user data transfers to the U.S. Elon Musk finally got approval from the Food and Drug Administration to start implanting his company’s brain chips in humans, Neuralink announced Thursday. China’s top Internet regulator said Micron Technology’s products posed a national security risk and ordered companies involved in critical information infrastructure to stop buying them. The chief executive of Nvidia, warned that the US tech industry is at risk of “enormous damage” from the escalating battle over chips between Washington and Beijing. Ford CEO Jim Farley and Tesla CEO Elon Musk announced that in early 2024 more than 12,000 Tesla Superchargers will be operational with Ford vehicles. In Canada, PopReach announced new US$115 million syndicated credit facility. Sophic Client UGE International reported one of its strongest growth quarters in its history, based on numerous metrics. Sophic Client Legend Power reported Q2 (Mar) F2023 financial results — Many new large opportunities continued to advance in our sales funnel, and we continue to believe we will hit our target bookings this year,” said Randy Buchamer, Legend CEO. A handful of deals could bring over $10 million in new potential bookings.