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.
