Weekly Investment News and Analysis

Last week, Dow Jones fell 0.5%, S&P 500 was down 0.35%, Nasdaq composite lost 0.1%. Stocks bounced back from lows in a very volatile week. Next week, earnings from Microsoft, Meta, Apple will provide investors insight on where we are in the AI trade. Defense, and AI infrastructure remain the clear winners, for now. Thoma Bravo signaled PE appetite to buy quality software assets amidst the ongoing software valuation reset. The defense sector saw its largest IPO ever with Prague-based Czechoslovak Group (CSG) debuting at a €25 billion valuation. BitGo led the crypto sector’s return to public markets, with its stock opening up 25% on its NYSE debut. OpenAI is reportedly seeking US$50 billion at a valuation nearing US$830 billion, even as OpenAI CFO Sarah Friar notes that revenue—now hitting US$20 billion—is scaling 1:1 with compute consumption. Anthropic reportedly trimmed 2025 gross margin expectations as inference costs came in higher than forecast, underscoring that “AI is a COGS story” as much as a product story. Apple is reportedly developing an AI wearable pin for 2027, and pivoting Siri toward a Google Gemini-backed chatbot. Tesla launched limited unsupervised robotaxi rides in Austin. Blue Origin is targeting the enterprise satellite market with TeraWave, aiming for 6 Tbps speeds by 2027. In Canada, the “sovereign capability” trend is gaining massive traction. General Fusion is set to become the first publicly traded pure-play fusion company via a US$1 billion SPAC deal. Dominion Dynamics secured $21 million to build a Canadian “defence neoprime”. Shopify signaled a shift in commerce, integrating native checkouts into ChatGPT and Gemini, with OpenAI taking a 4% cut of merchant sales. Sophic client, Boardwalktech launched its “Verity” platform, leveraging agentic AI to automate complex financial controls for top-tier banks.

Last week, Dow Jones fell 0.3%, S&P 500 lost 0.4%, and Nasdaq composite declined 0.7%. Chips and small cap stocks did well, while software seems to be out of favor. Risk-on narratives continue to cluster around defence and sovereign capability buildouts, AI infrastructure and specialized compute, and policy-backed industrial capacity in critical materials and semiconductors. Crypto custodian BitGo is eyeing up to US$1.96 billion valuation in its IPO. Chipmaker Cerebras is in talks to raise US$1 billion at a US$22 billion valuation, while also signing a large multi-year compute supply arrangement with OpenAI. OpenAI will acquire healthcare app, Torch in a US$100 million deal. TSMC guided to record 2026 capex as demand outstrips advanced-node capacity, which was positive for the AI Semi trade. AWS has secured a copper supply arrangement with Rio Tinto. Meta said the company has created a new “top-level” effort called Meta Compute to oversee the construction and long term planning for the company’s data center needs. The Pentagon outlined a US$1 billion investment structure to expand rocket motor capacity at L3Harris. Apple will reportedly partner with Google to overhaul Siri. Google will provide “personalized” Gemini integrations. Anthropic unveiled new healthcare features for Claude. OpenAI will start testing ads, and intro a US$8 per month ChatGPT subscription. In Canada, Sophic client Kraken Robotics reported $35 million of SeaPower™ battery sales to three customers, highlighting rising momentum in unmanned underwater vehicle (UUV) power systems and Kraken’s ability to scale production. Boardwalktech expanded and extended a joint engagement (with a global IT services partner) supporting a top-five U.S. bank, adding over US$250k of 2026 value. Juno Industries launched with former defence minister Harjit Sajjan as executive chairman and disclosed a $3 million seed round aimed at dual-use autonomous systems. Canada Rocket Company emerged from stealth with a $6.2 million seed round to pursue sovereign launch capability.

Last week, Dow Jones rose 2.3%, S&P 500 was up 1.6%, and Nasdaq composite gained 1.9%. As markets showed broad advances last week, risk appetite in technology and innovation themes remained constructive led by AI infrastructure, quantum, defense-adjacent procurement, and ongoing IPO/funding momentum. News chatter pointed to potential landmark listings for SpaceX, OpenAI, and Anthropic, while Discord filed confidentially for an IPO. Anthropic is reportedly discussing a US$10 billion raise at ~US$350 billion valuation, and xAI announced a US$20 billion raise at a stated US$230 billion valuation. CrowdStrike agreed to acquire identity-security startup SGNL for ~US$740 million. MSCI opted to keep crypto-holding equities in indexes for now (with broader consultation to follow). Samsung flagged rising memory costs amid AI-driven HBM demand. Nvidia unveiled more details on its “Rubin” chip and open-sourced a new autonomous driving model family. Boston Dynamics presented a production-ready Atlas. Microsoft added in-chat checkout to Copilot. JPMorgan is set to take over Apple’s credit card program from Goldman Sachs. Prediction markets expanded further into geopolitics and housing-price contracts. In Canada, Sophic client Cybeats closed a shares-for-debt settlement, $1.2 million of secured debenture obligations were settled via 10.0 million shares issued at a deemed $0.12, subject to a four-month-and-one-day hold. The transaction was treated as a related-party transaction. MDA Space announced an IDIQ contract with the U.S. Missile Defense Agency under the SHIELD program, shares reacted positively to the headline. Vancouver-based Photonic raised $180 million in a first close (now $375 million total raised) as it targets enterprise commercialization of networked quantum computing. D-Wave announced a US$550 million agreement to acquire Quantum Circuits (US$300 million stock, US$250 million cash), aiming to combine gate-model capabilities with D-Wave’s quantum annealing footprint.

Last week, Dow Jones fell 0.7%, S&P 500 was flattish moving up 0.1%, Nasdaq composite gained 0.5%. The end of the week was markedly more bullish for tech stocks. SpaceX discussed potential IPO planning. Cerebras is reportedly preparing to re-file its IPO targeting Q2 2026. OpenAI is in early talks around a ~US$750 billion valuation, and potentially massive funding round. Databricks raised US$4 billion+ at a ~US$134 billion valuation. ByteDance outlined a U.S. TikTok JV framework. ServiceNow is reportedly exploring buying Armis for ~US$7 billion. Coursera agreed to buy Udemy for ~US$950 million in stock. Salesforce is set to acquire Qualified. Oracle’s data-center financing optics mixed with disclosures of substantial forward lease commitments led to some tech volatility in the first half of the week. However, Micron’s latest earnings report provided upside for AI-memory demand. Tesla stock jumped after Elon Musk says it’s testing driverless robotaxis. iRobot, the maker of Roomba filed for bankruptcy filing. Nasdaq seeks to extend trading hours, as Wall Street gears up for a 24/7 move. A major U.S. defense authorization bill will emphasize faster procurement and commercialization pathways. In Canada, BDC unveiled a $4 billion defence technology platform (including $500 million across VC streams). Scale AI has revealed nearly $129 million in fresh financing across 44 new Canadian applied AI projects in what it claims is its largest group of commitments to date. In news pertaining to Sophic Clients, Legend Power launched a LIFE-exempt, non-brokered financing for gross proceeds of ~ $1.3 to $1.7 million. Intermap won a Malaysia DEM/data-services award tied to national flood forecasting, while Indonesia’s World Bank-funded ILASPP Phase 2 decision was pushed two weeks. Intermap withdrew 2025 guidance and introduced initial 2026 guidance of $30–$35 million revenue and 28% EBITDA margin, reflecting milestone timing shifts typical of government procurement. Plurilock signed a two-year ~$2.45 million licensing deal (via a partner) with a Nasdaq-listed semiconductor manufacturer.

Last week, Dow Jones rose 1.05%, S&P 500 fell 0.6%, Nasdaq Composite lost 1.6%. The AI trade slumped following Broadcom and Oracle earnings reports. Oracle’s unprecedented ~US$10 billion quarterly cash burn and higher FY2026 capex outlook (US$50 billion) highlights the financing and execution risk in hyperscale buildouts, with reports of some OpenAI-linked site timelines slipping. Sentiment is also twitchy, an AI data-center REIT (Fermi) plunged after a tenant walked away. Broadcom sold off on guidance/backlog optics. IPO and mega-deal momentum is rebuilding, and bankers are positioning for a busier 2026 calendar. SpaceX is reported to be advancing toward a 2026 IPO, with scenarios ranging up to a ~US$1.5 trillion valuation and revenue scaling driven primarily by Starlink. Wealthfront priced its IPO at US$14. IBM agreed to acquire Confluent for ~US$11 billion. Disney committed US$1 billion to OpenAI alongside a character-licensing partnership for Sora. U.S.-China chip policy whipsawed yet again, the White House signaled Nvidia could sell H200-class chips into China. Additional signals of the “next interface” race include, Meta’s confirmed stake in EssilorLuxottica, even as Meta’s mixed-reality glasses were delayed to 2027, and Google guided to AI glasses in 2026. Microsoft committed $7.5 billion over two years to expand Azure regions in Canada, while the market continues to debate what “data sovereignty” really means. In Canada, the public-market backdrop remains structurally challenged, TSX issuer count has fallen materially over time (down 45% since 2008 to 678 by Q3). Take-privates and delistings have continued to outpace IPOs even as the TSX Composite has been strong. Private capital’s depth (continuation funds, private credit) is increasingly a feature, not a bug, illustrated by General Fusion’s reported $51.5 million raise (mostly SAFEs) alongside pressure from at least one backer to pursue a public listing path (potentially SPAC). In news pertaining to Sophic clients, Kraken Robotics demonstrated its KATFISH USV launch-and-recovery system on TKMS ATLAS UK’s ARCIMS unmanned surface vessel. Boardwalktech presented at the Q4 Investor Summit, reiterating its growth strategy and near-term catalysts.

Last week, Dow Jones rose 0.5%, S&P 500 gained 0.3%, Nasdaq composite was up 0.9%. Major indices are once again approaching record highs. With the Fed expected to cut rates Wednesday, investors will focus on rate outlook for 2026. SpaceX is eyeing a secondary sale at an US$800 billion valuation, making it the second highest valued private company in the US. Wealthfront is road-showing for a US$2.1 billion IPO. Chinese GPU designer Moore Threads priced a heavily oversubscribed US$1.1 billion IPO in Shanghai. Anthropic is reportedly preparing one of the largest tech IPOs ever, and exploring a private raise above US$300 billion valuation. Nvidia invested US$2 billion into chip designer, Synopsys. Marvell will acquire Celestial AI, for up to US$5.5 billion to deepen its optical interconnect/data-center stack. OpenAI’s partners SoftBank, Oracle, CoreWeave and others are on track to amass ~US$100 billion in related debt. Morgan Stanley is exploring risk transfer on AI data-center loans. Amazon rolled out its Trainium3 AI accelerator, with Anthropic already a flagship customer. Prediction markets provider, Kalshi raised US$1 billion at an US$11 billion valuation. Netflix’s proposed US$72 billion acquisition of Warner Bros./HBO will create a media giant. The deal’s large break-fee, potential regulatory hurdles, Netflix’s stock reaction and speculation of a hostile bid from Paramount could provide an interesting play for M&A arb funds. Meta’s purchase of wearable-AI startup, Limitless highlights its interest in media and AI devices, even as Meta reportedly plans deep cuts to metaverse spend to fund AI. Shopify reported a strong Black Friday/Cyber Monday, however industry anecdotes suggest increases in average basket size was driven more by inflation vs. more items being purchased. In news pertaining to Sophic clients, Kraken Robotics secured ~$12 million in new orders, and added seasoned defence/finance leaders to its board and executive team. Plurilock announced landed a US$1.24 million contract with a Nasdaq-listed semiconductor customer. The Company also promoted its long-time finance lead to CFO. Cybeats strengthened its advisory bench with an SBOM pioneer. Renoworks presented to microcap investors in Montreal

Markets staged a rebound last week, Dow Jones rose 3.2%, S&P 500 gained 3.7%, Nasdaq composite was up 4.9%. Late Thursday/early Friday, CME’s major outage halted trade on its currency platform and in futures spanning foreign exchange, commodities, Treasuries and stocks, freezing a handful of benchmarks as brokers pulled products. The Nvidia and Google pair trade came into focus, as Meta is weighing multi-billion dollar TPU commitments. U.S. policymakers are considering loosening export curbs on Nvidia’s advanced H200 chips to China. Trump’s “Genesis Mission” executive order aims to turbocharge AI-driven research. Amazon committed up to US$50 billion to AI-enabled U.S. government cloud data centers. Black Friday spending is tracking to record highs with AI-aided shopping, according to an early read by Adobe. OpenAI launched a Shopping Research mode. Klarna announced a 2026 USD stablecoin. Robinhood is deepening its move into prediction markets via a new derivatives exchange with Susquehanna. In Asia, Alibaba reported 34% cloud growth, pushed consumer-facing AI (Qwen app, AI glasses), and Pony.ai laid out aggressive robotaxi scaling plans. In news relating to Sophic clients, Legend Power launched a LIFE deal at $0.12 with full warrants at $0.20. Cybeats delivered 47% YoY Q3 revenue growth to ~$0.75 million. Kraken Robotics reported Q3 revenue up 60% to $31.3 million, gross margin expanding to 59%, and adjusted EBITDA nearly doubling. A $115 million equity raise leaves Kraken with $126.6 million in cash to fund expanded manufacturing and marine assets into 2026. Ionik grew Q3 revenue 18% to US$48.9 million with 56% EBITDA growth and strong FCF conversion, while steadily reducing senior debt. Boardwalktech reported 86%+ gross margins, cost cuts, and a path toward EBITDA breakeven as ARR rebuilds. Plurilock improving gross margin and reduced EBITDA losses, and is leaning into higher-margin cyber services and defense/government pipeline to target breakeven in 2026.

Last week, Dow Jones fell 1.9%, S&P 500 index was down 1.95%, and Nasdaq Composite was down 2.7%. Even though Friday provided investors with some respite, narrative has quickly shifted bearish in the past few weeks. Shifting odds of a Fed rate cut in December, could be one factor driving volatility, along with ongoing skittishness pertaining to the AI trade. Nvidia’s October quarter underscored why AI leaders keep funding the buildout. Revenue rose 62% to US$57 billion with growth re-accelerating, FCF hit US$22.1 billion, and it committed to US$26 billion of cloud server rentals over six years, making it one of the world’s largest GPU renters. Microsoft and Nvidia are also putting US$15 billion into Anthropic, which in turn will spend at least US$30 billion on Azure capacity. XAI is targeting a US$15 billion raise at a US$230 billion valuation. Amazon is selling US$15 billion of AI-linked bonds. At the same time, AI bubble anxiety is spreading. Sundar Pichai acknowledged “irrationality” in AI valuations. A Bank of America survey showed net 20% of fund managers think capex is excessive and >50% now call AI stocks a bubble, with AI crash risk topping macro as biggest tail risk. Credit markets are tightening at the margin, with tech bond spreads widening. Oracle CDS is now a favored hedge on AI downside, and several investment-grade issues seeing 40%+ order attrition at final pricing. Yet insiders are leaning in: corporate insider buying is running at the fastest pace since May. In Canada, Toronto-based Tenstorrent is nearing a Fidelity-led raise of at least US$800 million at a ~US$3.2 billion pre-money valuation. Brookfield launched a US$10 billion Brookfield Artificial Intelligence Infrastructure Fund (targeting up to US$100 billion including co-investors) to buy power, land, data centers and GPUs, with Kuwait’s US$1 trillion fund and Nvidia as anchor partners.

Last week, the Dow gained 0.3%, the S&P 500 rose 0.1%, Nasdaq slipped 0.45%, with some tech names bouncing off lows Friday. Looking ahead, Nvidia’s earnings and the delayed September jobs report are likely to be key catalysts. So far, the usually strong November–December seasonal pattern has disappointed, though markets avoided typical September–October volatility. Einride is heading to public markets via a US$1.8 billion SPAC. Travel platform Klook filed for a NYSE IPO on 43% y/y revenue growth. Grayscale filed for an IPO despite lower year-on-year revenue. Grab led a US$60 million+ round into remote-driving startup Vay. Robinhood plans a leveraged, closed-end fund to give retail investors exposure to a concentrated basket of private AI leaders, raising liquidity and governance concerns. Berkshire revealed a new US$4.3 billion Alphabet stake while trimming Apple again. “Big Short”, Michael Burry is shutting Scion after loudly questioning AI-driven earnings quality and hyperscaler depreciation assumptions. SoftBank exited its US$5.8 billion Nvidia stake to fund an “all-in” OpenAI/Ampere strategy. AMD laid out an aggressive target of US$100 billion in annual data-center chip revenue within five years and a US$1 trillion TAM by 2030. CoreWeave sold off on data-center delays and heavy cash burn. Samsung raised certain memory prices by up to 60%. Anthropic announced plans to spend US$50 billion building its own U.S. data centers after disclosing it had cut off China-linked hackers who had jailbroken Claude. In Canada, Stingray agreed to acquire TuneIn for up to US$175 million. Clio raised US$500 million in Series G equity plus US$350 million in debt. Vistara Growth closed a US$321 million Fund V, 66% larger than its predecessor. Among Sophic clients, Intermap reported Q3 results with YTD revenue of US$9.0 million versus US$10.2 million last year, reflecting milestone timing in Indonesia, but reaffirmed 2025 guidance of US$30–35 million revenue and 28% EBITDA margins. Renoworks delivered its sixth straight profitable quarter, with YTD revenue up 15%, recurring licensing and hosting up 36%, and gross margin at 76% as it pivots toward AI-powered SaaS. Cybeats closed a $1.4 million non-brokered financing at $0.12 per share.

Last week, Dow Jones was down 1.2%, S&P 500 lost 1.6%, and Nasdaq Composite fell 3%, in its worst weekly performance since April. Markets staged a bit of a recovery towards the end of Friday, on hopes of a deal to end the US Federal government shutdown. With a lacklustre IPO window, private mega-rounds of over US$1 billion are outpacing similar sized IPOs YTD. OpenAI announced additional multiyear cloud commitments (including AWS) and reiterated long-term revenue ambitions, despite some unfortunately worded management comments. Banks are lining up a ~US$18 billion loan for the Stargate data-center project. Anthropic projects steep revenue and margin improvement into 2028. Palantir’s U.S. commercial revenue grew 121% y/y, blowing the rule of 40 out the water, once again. However, the stock fell, possibly on the “big short” investor Michael Burry disclosing a large bearish AI position. Microsoft broadened capacity via >US$10 billion deal with third-party cloud server deals. The Semi space remains active, SoftBank could be interested in buying Marvell. Policy risks rose as China barred foreign AI chips in state-funded data centers.In Canada, Shopify posted Q3 revenue growth of +32% to US$2.84 billion and FCF US$507 million. Shares dipped on higher AI/hosting costs and margin mix. Xanadu will list on Nasdaq/TSX via a US$3.6 billion SPAC, targeting up to US$500 million gross proceeds. Toronto based Beacon raised US$250 million Series B for an AI roll-up of “Main Street” software. 1Password surpassed US$400 million ARR while remaining FCF-positive. Montréal’s Flare added US$30 million in equity and debt, citing >160% ARR growth and global expansion. Volatus announced a $20.0 million bought deal at $0.60 to scale manufacturing, R&D, and defense initiatives. MDA Space invested $10 million in Maritime Launch, becoming both equity owner and strategic operational partner for Spaceport Nova Scotia. EdgeTI struck an all-share deal with Austal’s Digital Advanced Technology Division. Austal will own 9.9% of EdgeTI and subcontract initial work (~A$4.1 million ARR). In news pertaining to Sophic Clients, Cybeats raised $1.4 million via a non-brokered placement at $0.12 with IFCM MicroCap Fund. Boardwalktech, and Plurilock expanded client relationships, supporting revenue growth.

Last week, Dow Jones gained 0.75%, S&P 500 was up 0.7%, Nasdaq composite rose 2.2%. Markets navigated a very busy week successfully, aided by an expected Federal Reserve rate cut, even as odds for a December cut were lowered. President Trump met with his Chinese counterpart Xi Jinping. Mag 7 earnings suggest the AI trade/Capex build continues to roll on. OpenAI has recapitalized into a Public Benefit Corp, clearing a path to future fundraising/IPO. Microsoft now holds 27% equity, keeps its IP access through 2032, and OpenAI has committed an additional US$250 billion in Azure spend over time. Street chatter points to a potential late 2026/2027 IPO, which if realized, would anchor AI leader multiples. Meta is preparing a ≥US $25 billion bond sale to fund AI opex/capex. Alphabet reported Google Cloud grew +34% y/y, with profitability up sharply. Amazon’s AWS growth re-accelerated to ~20%, easing share-loss fears. Apple guided to double-digit iPhone holiday growth. Nvidia’s order book shows >US$500 billion in orders through 2026, and the company announced a deal to supply 50,000 GPUs to Samsung, sending its market cap over US$5 trillion. Qualcomm stock rose on a deal to provide AI chips to Saudi Arabia. Skyworks will buy Qorvo in a US$10.6B deal. PE firm Francisco Partners will take Jamf private in a US$2.2 billion deal. Navan fell on its IPO debut. Fiserv stock fell 40%+ after a 2025 guide reset. Anduril opened an Australian plant for Ghost Shark undersea drones. UK orders next-gen naval UUV fleet for mine-clearing/infrastructure protection. Fincantieri unveiled DEEP integrated underwater drone/sensor system. In Canada, Wealthsimple announced a Series E round of up to $750 million at a $10 billion post valuation (2x since last year) after assets grew to a $100 billion goal three years early. Invest Ottawa unveiled an NCR Defence Innovation Hub targeting $3 billion in public-private investment over five year. In news pertaining to Sophic Clients, Renoworks announced key wins. Ionik sells SCS assets for US$1.2 million. Plurilock’s insiders/employees bought ~531k shares, and the company closed a $3 million debenture financing.

Last week, Dow Jones gained 2.2%, S&P 500 was up 1.9%, Nasdaq composite rose 2.3%. Major indices hit record highs after a challenging few weeks. While the US Federal government shut down carries on, next week brings the Federal Open Market Committee meeting with an expectation of rate cuts as well as earnings from several MAG 7 names. Nvidia is discussing guaranteeing portions of OpenAI’s planned data-center loans and expanding chip-leasing arrangements. Anthropic is negotiating a multi-billion-dollar cloud deal with Google and plans to use up to one million TPUs, reinforcing Google’s alternative to Nvidia GPUs and reflecting rapid AI workload growth. Venture capitalist Vinod Khosla predicted that 2% to 3% of AI startups will account for 85% to 90% of the valuation of companies by 2035. The US Commerce Depart. denied that it is “currently negotiating equity stakes with quantum computing companies,” according to CNBC, countering an earlier news report. Warner Bros. Discovery is evaluating strategic alternatives. Netflix reported 17% year-over-year revenue growth to US$11.5 billion and guided to similar Q4 growth, but shares fell on an in-line print. Tesla’s profit fell 37% in Q3 despite end of tax credit boosting sales. Super Micro Computer shares fell 6% on Thursday after the company released weak preliminary results. OpenAI launched ChatGPT Atlas, an AI-Powered web browser. Amazon reportedly expects to avoid adding hundreds of thousands of workers due to robots. Amazon announced on Wednesday that it’s developing AI-powered smart glasses for its delivery drivers, the company also launched new AI recommendation feature to help shoppers make decisions. In Canada, Cohere CEO Aidan Gomez believes the Toronto-based artificial intelligence (AI) scaleup could hit the public markets “soon.” FINTRAC fined exchange operator Cryptomus (Xeltox Enterprises) ~C$177 million for extensive AML reporting failures. Sophic Client, Cybeats secured a multi-year renewal with Schneider Electric.