AnalytixInsight

Last week, Dow Jones lost ~10 bps, S&P 500 rose 0.9%, and NASDAQ Composite gained 1.7% and hit a record high on Friday. Klarna is considering a US$20 billion IPO this year. eToro is getting interest about a public market listing. Investing platform Webull will go public through a SPAC deal. Stripe struck a deal with investors that allows current and former employees to cash out some of their shares in an offering valuing the startup at US$65 billion. Hedge funds are reportedly dumping tech stocks at the quickest pace in seven months after piling in ahead of Nvidia’s wild earnings report. At the same time, options on Nvidia, accounted for 25 cents of every dollar of premium – the price of contracts – traded in U.S. single-stock options over the past month. Various companies including Apple, Fisker and Polestar signalled problems with the EV market. In Canada, Sophic Client, Kraken Robotics announced that its minehunting systems were operational with the Royal Danish Navy, under a 2020 contract. Sophic Client, UGE achieved a Notice to Proceed milestone for a second 1.4MW solar project in Texas. UGE had the project appraised by an independent third party for a fair market value of US$3.1 million or US$2.22/Watt. Sophic Client, Clear Blue provide a Q4 2023 corporate update, which bodes well for 2024 results and also announced product updates. Railtown AI closed the final tranche of its previously-disclosed non-brokered private placement. Collectively across all tranches of the Offering, aggregate gross proceeds of nearly $3 million was raised. Toronto startup ideogram raised $80 million for AI image generation, Andreessen Horowitz is leading the round.

Last week, Dow Jones rose 1.3%, S&P 500 gained 1.7%, as both indices reached new all-time highs. Nasdaq composite was up gained 1.4%, as it hit a fresh two-year high. The market value of Nvidia briefly touched US$2 trillion on Friday, two days after the chipmaker posted significant growth in its quarterly revenue. At the same time, Nvidia chips have become far easier to access than they were last year, and ChatGPT has seen declining web traffic in five of the past eight months and is currently down 11% from its May 2023 peak. Jeff Bezos, Nvidia, Microsoft and OpenAI are throwing serious cash at a human-like robot startup, Figure AI in US$675 million financing. Astera Labs, a startup that’s slated to be one of the first beneficiaries of the generative AI boom, filed documents to go public. Reddit filed to list its IPO on NYSE under the ticker RDDT. Nigeria, Africa’s most populous country, blocked access to crypto trading platforms including Binance. Electric vehicles seem to be encountering demand headwinds, according to recent data from Ford, Mercedes-Benz and the Chinese market. In Canada, Sophic Client OneSoft reported preliminary 2023 results, and provided guidance for 2024. 2023 revenue increased 51% y/y to $10.4 million, in line with previous guidance. OneSoft issued 2024 guidance for revenue of $15 million to $16 million, Adjusted EBITDA between $1.6 million to $1.9 million, and forecasted cash at the end of 2024 of between $4.7 to $5.0 million. The Company was also recognized as a top performer by the TSX Venture Exchange in the Technology sector. Sophic Client Legend Power Systems reported Q1 F2024 financial results. “While deals have taken longer to close than initially thought, we continue to advance all deals that have previously been communicated and have not lost a single opportunity,” said Randy Buchamer, Legend Power Systems CEO.