AnalytixInsight

Last week, the Dow Jones Industrial Average rose 1.2%, the S&P 500 fell 1.5% and the Nasdaq composite tumbled 3.1%. Major indexes reversed after a higher open on Friday giving up most of Thursday’s surprise upside. Instacart cut its internal valuation a third time, to US$13 billion. Patreon’s internal valuation fell 70% over the past year, according to a memo sent to staff in September. Vista Equity Partners has struck a deal to purchase cybersecurity provider KnowBe4 for US$4.6 billion in an increasingly rare leveraged buyout as financing for such deals has become harder to secure. ForgeRock Inc., a maker of identity-verification software, said it will be acquired by Thoma Bravo in an all-cash deal valued at about US$2.3 billion. Volkswagen will take a 60% stake in US$2 billion tech JV with China’s Horizon Robotics. Renault and Nissan said Monday they were discussing ways to reinforce their partnership, including the possibility of an investment by Nissan in Renault’s new electric-vehicle unit. Nutanix stock rockets toward a 5-month high after WSJ report of buyout interest. TSMC earnings topped estimates as chip industry braces for slowdown, and Asia’s top chip stocks tumbled Tuesday, ensnared in an escalating US-China tech race that has erased more than US$240 billion from the sector’s global market value. Apple’s new mixed reality headset is expected to include an iris scanning feature that allows people wearing it to login to the device and make payments from it. Sophic Client Jasper Commerce Inc. (JPIM-CA) will acquire Cartika, expanding into managed Infrastructure as a Service (IaaS) for mid-market businesses. This accretive and shareholder friendly acquisition should nearly double Jasper’s Fiscal 2023 (Jul 2023) revenue to $3.5-4 million, YoY from the Company’s ~$1.7 million F2022 guidance and accelerate EBTIDA break-even by nearly a quarter. The transaction is to be funded with Jasper’s existing balance sheet. Sophic Client Edge Total Intelligence (CTRL-TSXV, UNFYF-OTCQB, Q5I-FRA) announced its U.S. listing on the OTCQB under symbol “UNFYF”.

Even though Friday was brutal for tech stocks, major indices ended up last week. The Dow Jones rose 2%, S&P 500 was up 1.5%, and the Nasdaq eked out a 0.7% gain despite falling 3.8% on Friday. Twitter and Elon Musk will not be seeing each other in court—yet. The parties, who were scheduled to go to trial in Delaware on October 17, have until October 28 to close Musk’s acquisition of Twitter for US$54.20 per share. Meanwhile, Carl Icahn scored an estimated US$250 million gain on Twitter stock. South Korea’s internet giant Naver is buying ecommerce firm Poshmark for US$1.2 billion, taking advantage of the big drop in Poshmark’s stock price. Amazon freezes corporate hiring in retail and operations businesses. Peloton cuts 500 more jobs; CEO Barry McCarthy, said he is giving the company about another six months to significantly turn itself around. DraftKings stock jumps on report of partnership with ESPN. Rivian stock price jumps after EV maker backs 2022 production guidance even as the company recalled nearly almost all of its vehicles. TSMC sales top estimates as clout helps chip giant during slowdown. TikTok parent ByteDance Ltd. saw its operating losses more than triple last year to above US$7 billion as it spent heavily to continue its torrid growth. Fast-fashion retailer Shein has shed up to one-third of its value in private markets in recent months after reaching a valuation of more than US$100 billion earlier this year. Horizon Worlds metaverse app so bad that Meta has to force employees to use it. The US Supreme Court agrees to hear case on tech companies’ legal immunity. Around US$100 million of Binance Coin was stolen Friday. Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market. Sophic Client UGE International (UGE-TSXV) acquired 3.5MW community solar project and closed a US$15 million credit facility.

Markets fell yet again last week, ending a terrible September, and Q3 — the longest stretch of down quarters since 2008. The Dow Jones was down 2.9%, S&P 500 fell 2.9%, and the Nasdaq composite was down 2.7%. The Vision Fund, a venture capital arm of SoftBank, has launched a sweeping layoff process, cutting at least 30% of its workforce globally, or approximately 150 of the 500 employees. Mark Zuckerberg says Meta will freeze hiring and cut costs. DocuSign to cut workforce by 9% as part of restructuring plan. Peloton added Dicks Sporting Goods to the retail outlets that will sell its exercise bike. Shares of Peloton dived 15% on the news to just below US$7, its lowest point yet. Intel’s self-driving unit Mobileye on Friday unveiled its IPO filing. The tech IPO market globally is in the middle of its worst drought in nearly two decades. U.S. listings have raised a little over US$7 billion so far this year, according to data from Dealogic. Last year traditional IPOs, excluding special purpose acquisition companies, had raised a record US$154 billion. Mobileye’s IPO, coming on the heels of Porsche’s blockbuster debut in Europe, could, however, be an early sign of improving investor sentiment. TripActions reportedly files to go public at US$12 billion valuation. Stripe revenue rises 66% to US$2.255 billion. Uniswap Labs eyes over US$100 million in new funding, as the parent firm of the world’s largest decentralized exchange gears up to broaden its offerings. In Canada, Sophic Client, Clear Blue Technologies (CBLU-TSXV) received $5 million grant funding from SDTC. This grant combined with a June $4 million non dilutive funding from the Government of Canada, supports the $10 million market cap company’s 2023 growth. BuildDirect announced the upsizing of a private placement. Kitchener-Waterloo startup Avidbots secured US$70 million in a Series C funding round to expand its fleet of floor scrubbing robots.