AnalytixInsight

Last week, Dow Jones fell 7.5%, S&P 500 lost 9.1%, Nasdaq Composite was down 10%, both near 11-month lows. Nasdaq is more than 20% below recent highs, and officially entered a bear markets. Major technology stocks including Meta, Amazon, Nvidia, and Apple fell sharply due to newly announced tariffs by President Trump. Several high-profile IPOs, including Klarna, StubHub, and eToro, have been stalled due to the escalating trade tensions and recent market volatility. Circle, however, filed publicly for an IPO a few days before the market’s latest leg down. Tesla reported its worst quarter since 2022 as deliveries fell well below expectations. Microsoft has pulled back on data center projects around the world. Apple is developing a revamp of its Health app to incorporate an AI -powered agent product to designed to replicate a doctor. Amazon’s new AI agent will shop third-party sites for you. Meta plans to introduce its first smart glasses with a screen by the end of this year, code-named Hypernova, with a price tag of over US$1,000 and features like hand-gesture controls and a screen for displaying photos and apps. In Canada, MDA Space announced it will acquire SatixFy Communications in an all-cash deal valued at ~US$193 million. Tiny acquired a controlling 66% stake in DJ software provider Serato for US$66 million. In news relating to Sophic Clients, Plurilock secured US$5.9 million in new federal and public sector contracts in the U.S. and Canada. ADM Endeavors reported fiscal 2024 revenues rose 11% to US$5.76 million, driven by growth in government sector sales and promotional products. Net income increased 136% y/y to US$324,311. Xcyte Digital’s subsidiary, Streamlined Communications, experienced rapid client growth as legacy conferencing providers phase out services.

After a promising start last week, Dow Jones ended the week down ~1%, S&P 500 fell 1.5%, and Nasdaq composite lost 2.6%. CoreWeave raised US$1.5 billion in its IPO Thursday, a smaller amount than it had expected. OpenAI expects its revenue will triple to US$12.7 billion this year. X and xAI will be merged, in a combination that values xAI at US$80 billion and X at US$33 billion. EToro Group filed for an IPO, showing revenue tripled last year. The IPO of Cerebras Systems, which designs semiconductors for AI, has stalled. BYD’s sales surged 29% last year, topping US$100 billion. Tesla is aiming to produce first “legion” of Optimus robots this 2025. AppLovin shares tumbled as much as 13% Thursday after Muddy Waters issued a short report. Google says tech is ‘5 years out from a real breakout’. Some European companies and government agencies are thinking about dumping cloud services from Amazon, Microsoft, and Google in favor of European providers. Apple will reportedly spend US$1 billion on NVIDIA servers for AI. Robinhood will roll out checking and savings accounts later this year to its paying “Gold” subscribers. In Canadian news pertaining to Sophic Capital clients, Intermap reported strong 2024 results, with revenue rising significantly to US$17.6 million from US$6.2 million in 2023, the Company guided for continued robust growth in 2025, forecasting revenues between US$30–35 million and ~28% adjusted EBITDA margins. Plurilock entered into a strategic partnership with cybersecurity giant Forcepoint. American Aires expanded its market awareness through a featured segment on the reality TV show “Military Makeover with Montel®,”. Boardwalktech partnered with Trillium Digital Services to strengthen its supply chain solutions. In other Canadian news, Descartes Systems made a US$164.4 million acquisition. EMERGE is acquiring golf apparel company Tee 2 Green in a US$2.2 million deal expected to push EMERGE to positive cash flow.