AnalytixInsight

Friday reversed a good start to the week, the Dow Jones closed the week down 0.2%, the S&P 500 fell 1.2%, and the Nasdaq composite was down 2.6%. In the USA, 522 startups have laid of 70,698 employees in 2022, according to Layoffs.fyi. Fidelity,and BlackRock cut fintech giant Ant’s valuation lower. WeWork’s co-founder lined up a US$350 million A16Z investment for a new billion-dollar real estate venture. Chinese internet giant Tencent reported its first-ever quarterly revenue decline since the company went public in 2004, as China’s economic slowdown took a toll. Shares of Hong Kong-listed food delivery service Meituan fell as much as 10% after Reuters reported that shareholder Tencent Holdings was planning to sell all or a bulk of its US$24 billion stake. Unity Software on Monday rejected gaming software company AppLovin Corp’s US$17.54 billion takeover offer and said it would go ahead with its deal to purchase mobile app monetization software company ironSource. Amazon is testing a feature in its app that would show users a TikTok-style photo and video feed of products for shoppers to share with other users. After dealing with booming demand and global shortages since the start of the pandemic, the semiconductor industry is facing a sudden downturn. The suddenness of the turn has ricocheted through the sector since late July, when Intel stunned Wall Street with the news that revenue in its latest quarter had fallen US$2.6 billion, or 15 per cent, short of expectations. In Canada, After the boom of 2021, Canadian venture capital investment is normalizing back to pre-pandemic levels, per the latest data from the Canadian Venture Capital and Private Equity Association (CVCA). Sophic Client LuckBox (LUCK-TSXV, LUKEF-OTC), management provided positive forward looking comments at the Company’s AGM held last week, guiding to profitability in H1 2023 supported by the Company’s existing cash balance.

Last week, the Dow Jones was up 2.9%, the S&P 500 was up 3.25%, and the Nasdaq composite was up 3.1%. The Nasdaq is now up 20%+ since it’s June 16th low. SoftBank reported a record net loss of US$23.4 billion for Q2 2022, as the global stock market rout dealt a severe blow to the vast portfolio of the company’s Vision Fund. The company now expects to book a gain of more than US$34 billion by reducing its stake in Chinese e-commerce giant Alibaba. Shares of Nvidia dropped 8% after a preliminary earnings announcement for the July quarter warned that weaker-than-expected demand for its gaming chips caused it to fall far short of the revenue target it had shared with investors last quarter. Palantir plunges 14% after scaling back its annual forecast. Trade Desk stock soars toward best day since 2018 amid ‘standout’ performance. AppLovin offers to buy video game software maker Unity in US$17.5 billion deal. Elon Musk sells nearly US$7 billion worth of Tesla stock amid Twitter uncertainty. South Korean investors pour more cash into SpaceX at US$125 billion price tag. Apple tells suppliers to make at least 90 million iPhone 14 units. BlackRock launches Bitcoin Trust for big clients. In Canada, D-Wave listed on the NYSE following the close of a SPAC deal. With a new team, Framework Venture Partners secures US$100 million first close for its second fund. Sophic Client Jasper, Commerce preannounced continued growth in Fiscal 2022 (ending July 31). Sophic Capital published a piece on client UGE International’s benefit from the largest climate package in U.S. history. We also published the first part of a CEO interview from our client Edge Total Intelligence, highlighting the company’s enterprise software platform, value proposition and end markets.