AnalytixInsight

Last week, Dow Jones fell 0.6% after hitting a fresh all-time high Wednesday. S&P 500 was up around 1%, Nasdaq composite rose 3.3% — both indices set records on Friday. The Nasdaq could be looking extended here, as investors seem to have begun bidding up software names. Some investors are of the view that early January could see some selling pressure for tax related reasons. SpaceX is in talks to sell insider shares in a transaction valuing the company at about US$350 billion, a significant premium to a previously mulled valuation of US$255 billion reported by Bloomberg. Stock and crypto trading app eToro has hired Goldman Sachs as it plans a 2025 IPO. Fidelity marked up its equity stake in X by 32% in October. Salesforce stock jumped 6% after hours after reporting quarterly results, even as revenue growth stayed flat. Super Micro, on Monday said an independent investigation into its accounting practices found “no evidence of misconduct” shares surged 29% to US$42. As Bitcoin hit $100,000, Hedge funds made Microstrategy Wall Street’s hottest trade — effectively monetizing volatility in order to provide Microstrategy cash to buy Bitcoin. Google’s CEO Pichai said Wednesday that gains in conversational AI would be harder to come by in the coming years. Amazon unveiled new AI models, chips, and a supercomputer for Anthropic. OpenAI and Anduril will jointly develop AI for U.S. anti-drone systems to improve their ability to detect and respond to aerial threats. Sophic Client, Legend Power Systems Inc. provided a corporate update. Sophic Client Cybeats appointed cybersecurity industry leaders to its Advisory Board. Sophic Client Plurilock secured a $2.5 million order from the Department of National Defense. Sophic Client American Aires – Price is Right – in our report, we compared American Aires’ valuation to MedTech and Direct to Consumer companies. Canadian-founded, US -based AI company Tenstorrent secured more than US$693 million in a Series D funding from a slew of big-name investors.

Last week, Dow Jones rose 1.4%, S&P 500 and Nasdaq were up 1.1% — Dow Jones and S&P 500 hit record highs. In November, Dow Jones gained 7.5%, S&P 500 5.7% (for their best monthly gains in a year), and Nasdaq rose 6.2%. OpenAI is conducting a share sale for employees to sell about US$1.5 billion worth of shares to SoftBank. CrowdStrike stock fell after issuing a disappointing earnings outlook. Shares of Zoom dropped more than 4% after reporting Q3 results. China’s Huawei Technologies unveiled its latest flagship smartphone featuring a homegrown operating system designed to compete with Google’s Android and Apple. Meta plans to build a US$10 billion subsea cable spanning the world. Meta’s text app, Threads, gained 35 million new signups since Nov. 1, Meta provided the update amid a flurry of news reports about the growth of rival text app Bluesky. Australia passed a law banning social media for under 16s. The Federal Trade Commission has opened an investigation into whether Microsoft has violated antitrust law in multiple segments of its wide-ranging business. In Canada, Sophic Client Ionik reported Q3 results and provided a corporate update. Revenue of US$44.0 million, grew 29% y/y, Adjusted EBITDA of US$5.6 million grew 49% y/y. Sophic Client Plurilock, reported Q3 results — 2024 revenue is on track to exceed 2023 revenue. As of October, year-to-date revenue and Gross Margin already exceeds 2023. The company also announced a US$1.2 million critical services contract with a NASDAQ listed semiconductor manufacturer. Sophic Client, Boardwalktech, reported Q2 Fiscal 2025 results. Annual recurring revenue (“ARR”), at September 30, 2024 was US$4.6 million. The company continues to see growth and expansion from existing customers and expects to see both new direct sales and channel sales contracts. Sophic Client, NowVertical announced a strategic partnership with Microsoft and the launch of a global center of excellence.

Last week, Dow Jones gained almost 2%, and set a record close Friday, S&P 500 and the Nasdaq composite were up around 1.7%.ServiceTitan, which sells software to help tradespeople such as plumbers, electricians and landscapers run their businesses, filed paperwork for its IPO. Klarna’s planned IPO is fueling hopes that a long drought of fintech listings may be coming to an end. AI cloud platform CoreWeave, is aiming for a valuation of over US$35 billion in its expected 2025 IPO. Anthropic raises another US$4 billion from Amazon, and makes AWS its ‘primary’ training partner. Anthropic CEO Dario Amodei said he doesn’t expect the rate of improvement of large language models to slow down, despite recent reports that upcoming LLMs from his company as well as from Google and OpenAI didn’t show as many performance gains compared to earlier models. OpenAI has discussed powering AI in Samsung devices, similar to Apple. Elon Musk’s xAI startup was valued at US$50 billion in a new funding round. Nvidia forecasts 70% quarterly growth as the AI boom continues. Shares of database provider Snowflake jumped more than 19% after it reported that sales grew 28%. Trump’s social media group is reportedly in talks to buy crypto platform Bakkt. Nasdaq poised to list spot-Bitcoin ETF options as crypto assets rally. In Canada, Sophic Client Ionik acquired Rise4 for a total aggregate purchase price of almost US$20 million, in cash, debt and stock, and an earn-out consideration. Sophic Client Kraken Robotics reported Q3 2024 results. Revenue declined 4% y/y to $19.5 million, owing to lower KATFISH and Remote Mine Disposal System (RMDS) revenue. The Companyh’s 2024 revenue and adjusted EBITDA guidance remains unchanged (revenue of $90.0 million to $100.0 million, and Adjusted EBITDA of $18.0 million to $24.0 million), implying strong q/q growth in Q4. Sophic Client Intermap was awarded an initial U.S. Department of Defense subcontract. Sophic Client American Aires showcased its technology at the UFC Performance Institute. The first Neuralink clinical trials outside the US will take place in Canada.