Weekly Investment News and Analysis

Last week, Dow Jones fell 0.15%, S&P 500 was down 0.3%, Nasdaq composite lost 0.65%. September is tracking to be the busiest U.S. IPO month since Nov-2021 (US$7.6 billion excluding SPACs) with mixed after-markets (Netskope +18%, Stubhub −6%). Data-center land play, Fermi, is targeting a ~US$13 billion IPO valuation despite no revenue, underscoring the scarcity of land and power. Oracle upsized its long-dated bond sale to fund AI infrastructure to US$18 billion. Nvidia and OpenAI outlined up to US$100 billion of staged funding tied to ~10 GW of capacity. Nvidia could own, for an initial US$10 billion, ~2% of OpenAI equity, with chip-leasing models also under discussion. OpenAI expanded its Coreweave commitment to US$22.4 billion. Microsoft added Anthropic models into Copilot. Apple is testing an internal ChatGPT-like “Veritas” app for the revamped Siri. Google DeepMind released the latest version of its flagship language model designed for powering robots. Humanoid robots are Meta’s next ‘AR-size bet’. Micron beat expectations with +46% sales on strong High Bandwidth memory demand. Alibaba Group’s share price rose more than 9% on Wednesday, after the Chinese tech giant announced a slew of artificial intelligence related developments. Stripe is exploring a US$106.7 billion tender. EA is reportedly being taken private for ~US$50 billion. Tether is evaluating a speculated US$15–20 billion raise. Cloudflare is considering a USD stablecoin (NET Dollar) for AI agent payments. In Canada Sophic client, Intermap, launched a $20.1 million bought deal at $3.00, then upsized to $25.million (greenshoe to $28.8 million), for working capital and growth flexibility. Sophic client, Legend Power commissioned its first SmartGATE install with the U.S. Federal Government via GSA’s CEBT program.

Last week, Dow Jones rose 1.05%, S&P 500 was up 1.2%, and Nasdaq gained 2.2%. Following an as-expected rate cut, risk appetite stayed firm across AI infrastructure and IPOs despite some mixed headlines pertaining to China’s scrutiny of Nvidia, and TikTok détente signals. Netskope priced at the top of its IPO range, and closed +18% (US$8.6B cap). StubHub finished below issue price (−6%). Crypto custodian BitGo filed for an IPO. Travel software company, Navan, showed 30% revenue growth but ongoing losses as it filed its IPO paperwork. Elon Musk’s xAI saw funding chatter. Microsoft announced a ~US$30B UK AI investment. UK Autonomous driving company, Wayve, neared a US$500M funding from Nvidia. Nvidia will also buy US$5 of Intel stock, alongside a CPU collaboration for AI systems. CoreWeave inked a US$6.3B capacity take-or-pay with Nvidia through 2032. Oracle is reportedly in multi-year talks with META after previously signing “significant” AI contracts with OpenAI, xAI, and Nvidia. Huawei laid out a 2026–28 AI-chip roadmap to blunt Nvidia in China. Beijing is also probing Nvidia’s 2020 Mellanox acquisition, and advised against purchasing certain downgraded Nvidia chips. Google crossed US$3T market cap. Robinhood is preparing a retail venture capital fund. META launched new Ray-Ban/Oakley smart glasses (one model includes display + wristband), spotlighting growing AR form-factor momentum despite Reality Labs losses. In Canada, the RCMP shut exchange TradeOgre, seizing ~C$56M in digital assets in Canada’s largest crypto seizure to date. Sophic Client, Intermap, filed a $100M base shelf (25-month window), adding financing flexibility for growth contracts. Sophic Client Plurilock, announced three new Critical Services wins plus two expansions. Management cited over >$10M additions to its pipeline.

Last week, Dow Jones rose 0.95%, S&P 500 gained 1.6%, and Nasdaq composite was up 2%. The rally appears to be broadening out, even as indices generally slipped Friday on a lower than expected reading of the University of Michigan’s September consumer sentiment survey. Risk appetite stayed firm across IPOs and AI infrastructure plays. Gemini raised US$425M, and opened +32%, on a >20× oversubscribed IPO. Figure rose +44% on a US$787.5M IPO. Klarna was up +15% on its US$1.37B IPO. StubHub set a US$22–25 IPO price range (~US$9B value). Fermi filed to IPO as a REIT to fund a Texas “private grid campus” (1 GW by 2026; up to 11 GW by 2038), after securing US$100M equity and US$250M debt from Macquarie. OpenAI committed US$300B of compute to Oracle marking the largest cloud deal ever, which is tied to the “Stargate” build-out, sending Oracle stock up ~35–40% and doubling YTD. Microsoft inked a US$17.4B multi-year GPU-rental pact with Nebius (through 2031, financing-contingent) and will use Anthropic models for some 365 Copilot features (via AWS). Databricks closed US$1B Series K round at >US$100B valuation, and disclosed US$4B annualized sales (+50% YoY) and US$1B AI ARR. Perplexity secured US$200M at US$20B. Nvidia unveiled Rubin CPX—a first inference-focused GPU (availability end-2026). Apple announced its thinnest iPhone (“iPhone Air” at 5.6 mm), which given its eSIM only architecture may not be available in China. Zoox opened free driverless public rides on the Las Vegas Strip. Netflix will sell inventory via Amazon’s ad tech. Nasdaq proposed enabling tokenized securities trading on a national exchange. SpaceX will buy EchoStar spectrum for US$17B. In Canada, Sophic Client, Plurilock sold CloudCodes assets to Scope for ~US$1.78M (cash + shares).

Last week, Dow Jones lost 0.3%, S&P 500 rose 0.3%, Nasdaq composite gained 1.1%, and the small-cap Russell 2000 advanced 1%, hitting a new 2025 high. Markets rose to record highs Friday morning, but ended the week mixed. A weak August jobs report raised expectations for Fed rate cuts, while also raising questions about a slowing economy. Klarna set a U.S. IPO range valuing it up to US$14B. Lambda hired banks for a 2025 IPO amid surging AI-GPU demand. Anthropic raised US$13B at a US$170B pre-money with ~$5B ARR run-rate; OpenAI upsized its employee tender to ~US$10.3B at a US$500B valuation and is pursuing a US$41B primary, with SoftBank anchored. Broadcom guided AI chip/network revenue up 66% y/y next quarter and reportedly signed a US$10B custom-silicon customer. Figma beat but guided to slower growth. Salesforce broke its 8% growth streak on a one-off and guided softer. C3.ai revenue fell and named a new CEO. AppLovin and Robinhood will join the S&P 500 before Sep-22. Meta flagged ~US$600B U.S. capex through 2028. Apple is prepping an AI-powered web search. JetBlue picked Amazon Kuiper for in-flight Wi-Fi from 2027. A U.S. judge barred some Google search exclusivity but stopped short of divestitures. Amazon faces a nationwide price-parity class action; Anthropic agreed to a ~US$1.5B author-copyright settlement. Nasdaq tightened rules for “treasury crypto” financings, and Polymarket received a CFTC no-action path to launch in the U.S. In Canada, Sophic client Cybeats posted Q2-FY25 revenue of US$0.74M (+51% y/y) with a sharply narrower net loss as operating efficiencies kicked in. Subsequent to quarter-end, Cybeats raised US$3.24M, converted US$1.4M debentures to equity, and settled US$1.5M debt. Renoworks saw early adoption of LeadPOD and AI Design Assistant, lifting ARR from US$67K to US$336K across five manufacturers, supporting its AI-enabled remodeling thesis. Kraken Robotics announced US$13M of SAS and SeaPower battery orders across U.S., Norway, and Turkey, with integrations on four UUV classes and visibility at REPMUS.

Last week , Dow Jones fell 0.2%, S&P 500 lost 0.1%, and Nasdaq composite was down 0.2%. Markets were strong through Friday, which was a weak day for the AI trade, likely on reports that Alibaba is developing its own AI chip. Stocks had previously largely shrugged off Nvidia earnings. Nvidia’s Q2 revenue surged 56% y/y to US$46.7B, with hyperscalers driving demand, and the U.S. is seeking a 15% cut of China sales. Alibaba cloud revenue jumped 26% on AI demand, e-commerce grew 10%. Snowflake beat estimates with 32% growth and raised FY guidance as AI adoption lifts workloads. CrowdStrike beat earnings but swung to a US$77.7M loss; shares fell 6.7%. ByteDance is planning a US$330B employee buyback. Klarna is once again looking at a US IPO, at a US$13–14B valuation. Vast Data, a data storage startup backed by Nvidia, is reportedly preparing a U.S. IPO. Microsoft will unveil in-house AI models to lessen reliance on OpenAI. SpaceX aced its 10th Starship test flight. U.S. shoppers ordering smaller goods from abroad were met with waves of cancellation notices ahead of a key trade rule change ordered by the U.S. administration. In Canada news pertaining to Sophic Capital clients, Ionik delivered record Q2 revenue of US$53.5M (+20% y/y, +28% q/q) and Adjusted EBITDA of US$9.3M (+58% y/y). Gross margin expanded to 40% as acquisitions Nimble5 and Rise4 fueled growth. Free cash flow rose to US$7.3M. Boardwalktech Q1-FY26 revenue declined 28% y/y to US$0.9M amid previously announced customer non-renewals. Adjusted EBITDA loss narrowed to US$(0.6)M, while monthly burn improved to US$75K. The firm raised CAD$0.3M in a July financing and expects additional savings of ~US$0.7–0.8M over the next year. Plurilock released the latest Code and Country podcast with CrowdStrike’s co-founder. VitalHub closes a $75M Bought Deal financing, with a full Over-Allotment.

Last week, Dow Jones rose 1.5%, S&P 500 gained 0.3%, both hit record highs Friday after a “dovish” speech by Powell. Nasdaq composite was down 0.6% of the week, as investors look to Nvidia earnings next week following some recent mixed data-points on the AI trade. First-day IPO pops are running hot (median ~36%), reigniting IPO underpricing debates. Netskope’s IPO filing highlighted ongoing expected cyber demand into the fall window. Anthropic is reportedly targeting up to a US$10B raise at a ~US$170B valuation. Databricks is raising at a US$100B+; Canva’s secondary priced at ~US$42B. OpenAI logged its first US$1B revenue month, and reiterated compute constraints and hyperscale capex needs. Google expanded its TeraWulf backstop and warrants. The U.S. moved to take a 10% non-voting stake in Intel via CHIPS funds. Thoma Bravo is in talks to take Dayforce private. Palantir’s multi-session drawdown gave shorts rare relief as valuation debates intensified. Google/Kairos inked a TVA-linked advanced-nuclear PPA (target 2030). Apple is weighing Gemini to power a revamped Siri. Google unveiled Pixel 10 with “Magic Cue”. ESPN launched its full-fat streaming app. Robinhood and CME/FanDuel pushed further into event-driven prediction markets. In Canada, Sophic Client Kraken Robotics posted Q2 revenue of +16% y/y to $26.4M; GM expanded to 56% even as adj. EBITDA margin dipped to 18% on higher opex. Cash rose to $32.9M, and a post-quarter $115M bought deal strengthened the balance sheet. Management reiterated 2025 guidance (rev $120–135M; adj. EBITDA $26–34M). Legend Power reported softer Q3 rev ($0.39M) and a larger loss amid deal timing. Management cited one of the strongest backlogs and late-stage opportunities into year-end. Plurilock Q2 revenue grew to $16.4M with improved adj. EBITDA y/y. Management’s outlook highlighted higher-margin Critical Services, NATO/public-sector expansion. Separately, Plurilock agreed to sell CloudCodes assets for ~$1.78M. Renoworks launched LeadPOD + AI Design Assistant to convert homeowner engagement into measurable pipeline.

Last week, Dow Jones rose 1.7%, S&P 500 gained 0.9%, and Nasdaq composite was up 0.8%. Latest macro data could suggest investors are expecting September rate cuts, as there appears to be rotation amongst stocks underneath rising indices. Crypto IPO Bullish soared 84% in its US$1.1 billion IPO debut, valuing the Thiel-backed firm at US$10 billion. Gemini filed for an IPO despite widening losses. StubHub revived its long-delayed IPO for September. SoftBank’s PayPay confidentially filed for a U.S. listing at a potential US$10 billion+ valuation. Perplexity continued its fundraising streak, seeking a US$20 billion valuation after quadrupling ARR to US$150 million. Reports also surfaced of Perplexity making bold acquisition offers, including US$34.5 billion for Google’s Chrome. Meanwhile, OpenAI employees are plotting a US$6 billion secondary share sale at a US$500 billion valuation, even as CEO Sam Altman acknowledged AI is in a bubble. CoreWeave tripled revenue to US$1.2 billion but faces scrutiny over cash burn and an IPO lockup expiry. Nvidia and AMD struck a deal to give the U.S. 15% of their China sales, while Intel explored a potential government-backed rescue stake. Circle reported 53% revenue growth, unveiled a new blockchain, and faced post-earnings share pressure. Apple plans a 2027 robot device with Siri at its core, while OpenAI is backing Merge Labs, a Neuralink competitor. Space broadband player AST SpaceMobile surged after announcing fully funded satellite deployment. In Canada, Cohere raised US$500 million at a US$6.8 billion valuation. Kitchener-based BinSentry secured a US$68.8 million Series C to expand its precision ag-tech platform into Brazil. Sophic Client, Intermap posted Q2 revenue of US$3.0 million, reaffirming its US$30–35 million 2025 guidance and highlighting Indonesia and U.S. DOD contract momentum alongside commercial AI-driven insurance adoption.

Markets rebounded last week, Dow Jones rose 1.3%, S&P 500 gained 2.4%, Nasdaq was up 3.9%. Markets saw a mix of earnings beats, strategic financings, and notable M&A across tech, crypto, and AI this week. OpenAI is planning a US$500 billion secondary share sale after hitting US$12 billion annualized revenue. Palantir reported 48% revenue growth, and raised guidance. Carro, Bullish, and Figure Technology are advancing U.S. IPO plans. Apple pledged an additional US$100 billion to U.S. manufacturing to avoid tariffs, leading to one its largest weekly gains. TSMC and Korean chipmakers secured tariff exemptions. Tesla granted Elon Musk a US$23.7 billion stock award. Amazon and Meta projected lower U.S. tax bills under new legislation. ChatGPT reached 700 million weekly active users, and ChatGPT 5 has begun rolling out to mixed reviews. Uber repored Waymo robotaxis outperformed 99% of human drivers by trip volume. The FAA proposed rules to ease drone delivery operations. The U.S. Navy is soliciting designs for ultra-large AUVs, while space policy shifted with an accelerated NASA plan for a lunar nuclear reactor. In Canada, Sophic clients, Cybeats Technologies closed a $3.24 million LIFE offering, Kraken Robotics filed a 25-month base shelf prospectus to preserve financing flexibility, and Renoworks Software posted Q2 revenue up 18% YoY, with recurring revenue up 29% and improved working capital. Shopify stock gained 19% on 31% revenue growth and no tariff impact, unveiling new AI-powered merchant tools. Mogo sold nearly half of its WonderFi stake for $13.8 million ahead of the Robinhood acquisition, using proceeds to expand its Bitcoin holdings under a $50 million board-approved allocation strategy. Ripple acquired Toronto stablecoin payments platform Rail for $275 million, while U.S. telehealth firm Doximity bought Montréal’s Pathway Medical for $87 million. Blue J secured a $167.4 million Series D to scale its AI-powered tax research platform, and TeamLinkt raised $8.3 million Series A for sports administration software.

After some mixed earnings, weak jobs data, and at the beginning of the seasonally soft period in post US election year for second term Presidents, markets had a tough close to the week. For the week, Dow Jones declined 2.9%, S&P 500 lost 2.4%, and Nasdaq composite was down 2.2%. Figma’s IPO debuted strongly, closing at a market cap of US$47 billion, significantly surpassing its initial IPO price. Ambiq Micro also enjoyed a strong IPO, closing up 61%, highlighting robust investor appetite for AI-driven companies. Klarna is considering reviving its IPO plans following recovery in fintech stocks. OpenAI secured a US$8.3 billion round, forecasting annualized revenue of US$20 billion by year-end, while Anthropic pursued new financing at a US$170 billion valuation. Cerebras, an AI chipmaker, sought a US$1 billion in new funding, delaying its IPO plans amid regulatory scrutiny. Earnings were mixed, Meta was a winner, while Amazon was not. Apple’s quarterly revenues exceeded expectations, driven by strong iPhone sales, and CEO Tim Cook hinted at potential AI acquisitions. Microsoft briefly reached a market capitalization of US$4 trillion, powered by robust Azure cloud sales driven by AI. Meta’s revenues grew 22%, fueled by digital advertising strength and AI investments. Canada’s AI leader Cohere partnered with BCE Inc. to deliver AI solutions through Bell Canada’s AI data centers, aiming to bolster Canada’s sovereign AI capabilities. Yaletown Partners successfully closed a first tranche of $100 million for its third Innovation Growth Fund, targeting digital infrastructure startups. Sophic Client, Boardwalktech reported its fiscal 2025 results, showing revenue of US$4.8 million, a decline from US$6.0 million the previous year due to the non-renewal of two major SaaS customers. The company raised a total of $1.3 million via LIFE Offerings to support its working capital and growth initiatives.

Last week, Dow Jones gained 1.3%, S&P 500 rose 1.5%, and Nasdaq composite was up 1%. Next week, Microsoft, Meta, Amazon, and Apple will all report earnings. Comments on AI monetization and capital spending will likely set the tone for large tech stocks, and the broader market. Several prominent companies moved toward IPOs amid rising investor optimism. Figma set its IPO price range between US$25-$28 per share, targeting a valuation around US$16 billion, slightly below Adobe’s earlier US$20 billion bid. Crypto custody firm BitGo and tax software provider Avalara both confidentially filed for IPOs, signaling renewed confidence in public market conditions. Nasdaq CEO Adena Friedman echoed this sentiment, citing strong performance by recent large-cap listings, including Chime and CoreWeave, as driving optimism through 2026. The AI sector attracted significant financings as AI startups raised US$104 billion in the first half of 2025, driven by OpenAI’s historic US$40 billion round and Meta’s US$14.3 billion investment in Scale AI. OpenAI also revealed itself as the client behind Oracle’s massive US$30 billion annual data-center services contract, underpinning its ambitious Stargate project. Alphabet significantly raised its capital expenditure forecast due to growing Cloud demand, and Tesla reported weaker-than-expected quarterly results as vehicle sales declined. Lastly, ServiceNow impressed investors with strong quarterly revenue growth fueled by increased adoption of AI-enhanced solutions, lifting its share price over 7%. Amazon acquired wearable AI startup Bee, highlighting ongoing interest in conversational AI, and Jeff Bezos is reportedly exploring acquiring CNBC. In Canada, Sophic Client, Cybeats Technologies announced a $3 million financing through a Beacon Securities-led LIFE offering, and Boardwalktech closed the second tranche of a private placement raising a total of around $750K. XTAO, successfully raised $31 million from digital-asset venture capitalists and commenced trading on the TSXV.

Last week, Dow Jones declined less than 0.1%, S&P 500 rose 0.6%, and Nasdaq composite gained 1.5%. Investors aggressively allocated funds into U.S. tech stocks at the fastest rate in 16 years, despite geopolitical tensions and market volatility. Nvidia became the first company to reach a valuation of US$4 trillion. Crypto asset manager Grayscale confidentially filed for a U.S. IPO, following Circle’s successful public debut. Elon Musk suggested Tesla shareholders would vote on whether to invest in his AI initiative, xAI, after reports surfaced regarding SpaceX’s planned US$2 billion investment into the same entity. Uber unveiled plans for significant investments in Lucid Motors and Nuro, collaborating on the deployment of over 20,000 robotaxis by 2026. Apple committed a US$500 million investment toward rare earth magnet production, partnering with MP Materials. Meta Platforms announced expansive multi-gigawatt data center projects in Ohio and Louisiana. Robinhood reported that nearly half of its new coding is generated by AI tools, highlighting swift adoption in software engineering. The past few weeks saw a revival of financing announcements in the Canadian innovation sector totalling nearly $200 million following an extended period of low activity. Sophic Capital client Kraken Robotics successfully completed a $115 million bought deal. BTQ Technologies closed a $40 million brokered LIFE financing. Volatus Aerospace announced two separate fully subscribed LIFE offerings totaling $15 million. Gatekeeper Systems (GSI-TSXV) initiated a $10 million bought deal private placement. Sophic client Plurilock Security secured a major $2.54 million AI cybersecurity contract with a NASDAQ-listed enterprise and was named a Certified Services Partner by global cybersecurity leader Forcepoint. EMERGE Commerce’s newly acquired golf brand Tee 2 Green (T2G) exceeded expectations, achieving 34% revenue growth and rapidly surpassing its upfront acquisition cost, reflecting robust synergies and targeted marketing execution. The Company also issued a positive Q2 pre-announcement, and held an investor update call.

Last week, markets held up narrowly in the face of ongoing geopolitical tensions, Fed meeting and triple witching Friday. Dow Jones was up fractionally, S&P 500 lost 0.15%, Nasdaq composite was up 0.2%. Global IPO activity has remained sluggish, with volumes down about 9.3% year-on-year to US$44.3 billion, driven by uncertainty from tariffs, volatility, and rising interest rates. Despite this, Asian markets, particularly China and Japan, showed strength, with CATL’s US$4.6 billion IPO marking the largest globally this year. Goldman Sachs resumed SPAC underwriting, reflecting easing regulatory pressures in the U.S., while crypto billionaire Justin Sun’s Tron announced plans to go public via a reverse merger with SRM Entertainment. Coinbase and Circle surged following the U.S. Senate’s passage of the landmark GENIUS Act to regulate stablecoins, boosting investor confidence in digital assets. Coinbase rose 16%, and Circle jumped 30%, significantly outperforming payment giants Visa and Mastercard, whose stocks fell amid concerns over potential disruptions from stablecoins. JPMorgan will launch a Dollar token on Coinbase’s blockchain. Meanwhile, major tech developments included Apple’s internal discussions on acquiring AI search startup Perplexity, valued at US$14 billion, and Elon Musk’s xAI burning US$1 billion monthly as it aggressively builds its AI models. Meta expanded its smart-glasses collaboration to Prada and Oakley brands, underscoring its wearable tech ambitions. Microsoft prepared for thousands more layoffs primarily in its sales division, continuing a broader restructuring strategy. In Canada, Sophic Capital client, Kraken Robotics announced a substantial $100 million bought-deal financing to accelerate global expansion, acquisitions, and bolster its balance sheet, highlighting its transition into a prime global contractor. Boardwalktech raised ~$400K through a non-brokered private placement, strengthening its financial position. Cybeats highlighted a major market inflection point as the EU formally adopted mandatory SBOM data exchange requirements, positioning Cybeats to capitalize significantly across 27 EU countries.