5 Top Stories

Another Blockbuster Tech IPO?

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Another Blockbuster Tech IPO?

Microsoft-backed [MSFT] cloud and data security start-up Rubrik stopped taking orders for its IPO at 4pm, New York time, on Tuesday. Bloomberg reported that it was oversubscribed some 20 times. It marketed 23 million shares for $28–31 each, giving it a potential value of approximately $5.4bn and is due to start trading on Thursday. This comes on the heels of marketing software firm Ibotta’s [IBTA] $577m offering last week.

Texas Instruments Jumps on Forecast

Shares in the US semiconductor company [TXN] were up as much as 7.6% premarket Wednesday, after its revenue forecast suggested demand may be on the rise. This came after the company said sales in the current period will be as much as $3.95bn, above analysts’ consensus of $3.78bn, Bloomberg reported. Elsewhere, SK Hynix [000660:KS] is to build a new memory chip complex in South Korea, with an estimated completion date of November 2025.

China AI Platform Levels Up

Chinese artificial intelligence (AI) firm SenseTime [0020:HK] revealed the latest version of its SenseNova generative AI model on Wednesday. The new model “achieved significant improvements in knowledge, mathematics, reasoning and coding capabilities, and its performance is generally comparable to GPT-4 Turbo,” the company said in a filing. SenseTime stock jumped some 36% following the announcement, triggering a suspension in trading

Block Announces Bitcoin Chip

Jack Dorsey’s digital payments company Block [SQ] has finalised its bitcoin mining chip and is now working through the design with a “leading global semiconductor foundry”, the company said in a statement. The three-nanometer chip will power specialised computers that mine the cryptocurrency. The company also announced that it is developing a full bitcoin mining system, a plan that CEO Dorsey first unveiled in 2021.

Amazon: Always Be Expanding

The e-commerce giant [AMZN] on Tuesday launched a new grocery delivery subscription in the US. Available to Prime members and food stamp recipients, the service will be available in more than 3,500 cities and towns. Elsewhere, Chief Technology Officer Werner Vogels told CNBC that Amazon is opening cloud regions in Southeast Asia. Customers “really wanted something local such that they can meet, for example, local data storage requirements”, Vogels said.


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