5 Top Stories

Birkenstock IPO; Taiwan and Huawei; World Bank Backs GoTo.

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.

Birkenstock Files for IPO

Iconic German footwear brand Birkenstock has targeted a $10bn valuation for its hotly anticipated IPO, according to a Monday filing. At least 32 million shares will be sold, priced at $44–49; the higher-end price would raise nearly $1.6bn. Birkenstock will list on the NYSE under the ticker ‘BIRK’. Meanwhile, UK fast-fashion label Boohoo [BOO.L] shares fell to an eight-year low after it cut revenue and earnings forecasts.

Taiwan and Huawei; TSMC Plummets; Micron in Japan

Taiwan-based tech firms Topco Scientific [5434.TW] and L&K Engineering [6139.TW], among others, are helping Huawei develop chip plants in southern China, according to Bloomberg News. The Taiwan Semiconductor Manufacturing Co. [TSM] share price has dropped more than any other Asian stock since mid-June, shaving $77bn off its market cap. Japan has approved subsidies worth up to $1.3bn for a Micron [MU] factory in Hiroshima, which will use ASML [ASML.AS] ultraviolet lithography chip-making equipment.

World Bank Backs Indonesia’s GoTo

Indonesian e-commerce leader GoTo Group [GOTO.JK] has raised $150m through a convertible bond sale. The World Bank’s International Finance Corp. invested $125m, while Franke & Co., a private investment firm, accounted for the remaining $25m. According to Bloomberg, this debt round represents a vote of confidence in CEO Patrick Walujo, who took on the role last June. GoTo has implemented job cuts and tightened expenses as it works to become profitable.

Can BYD Best Tesla?

After Tesla [TSLA] announced a drop-off in deliveries, BYD [1211.HK] is in pole position to overtake the US electric vehicle (EV) leader. BYD shipped 431,603 EVs in the quarter ended 30 September, while Tesla sold 435,059: a lead of just 3,456. Tesla has re-launched its Model Y crossover sport utility vehicle, its best-selling EV. It has tweaked the model’s price several times this year due to high interest rates.

Visa Dives Into AI

Visa [V] has announced a plan to spend some $100m investing in generative artificial intelligence (AI). The firm said it will focus on companies that will impact on the future of commerce. “We are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed start-ups building across generative AI, commerce and payments,” said David Rolf, Head of Visa Ventures.

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