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Tech Investment: Softbank to Pump US$2 Billion into Intel; Figure Aims for Nasdaq IPO

Tech heavyweights experienced an initial selloff at the onset of the week, only to reverse direction following Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Economic Policy Symposium. Powell's more dovish tone in his speech bolstered expectations for an interest rate cut in...

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Investment of $2 Billion by Softbank in Intel, Figure Aims for Nasdaq Public Offering
Investment of $2 Billion by Softbank in Intel, Figure Aims for Nasdaq Public Offering

Tech Investment: Softbank to Pump US$2 Billion into Intel; Figure Aims for Nasdaq IPO

In the realm of technology and finance, several significant events have unfolded over the past week. Here's a summary of the key developments that have caught our attention.

Tech Highlights

  • Google has made strides in its expansion, announcing the release of the Pixel 10 smartphone, equipped with an AI-powered health coach. The tech giant also unveiled a partnership with Kairos Power and the Tennessee Valley Authority (TVA) to power its data centers using a new nuclear reactor. Google further increased its stake in TeraWulf, worth approximately $3.2 billion, reinforcing its commitment to renewable energy solutions.
  • Google's partnership with Meta Platforms saw the signing of a US$10 billion cloud computing agreement, marking a significant step forward in the competitive cloud services market.
  • However, renewed tensions with China and restrictions on H20 AI chip sales have led to a slip in NVIDIA's share price. Moreover, China's internet and telecom regulator and state planning agency have instructed major tech companies to halt new orders of the H20 chips. In response, NVIDIA reportedly instructed component suppliers to suspend production of the H20 chip.

Financial News

  • The US Federal Reserve Chair Jerome Powell delivered a speech at the Jackson Hole Economic Policy Symposium, bolstering expectations of a September interest rate cut. This sentiment is further supported by traders who now have higher expectations for a September rate cut, with probabilities exceeding 83 percent.
  • The Fed's shifting balance of risks may warrant adjusting the Fed's policy stance, as Powell noted a slowdown in both worker supply and demand that could lead to employment risks.
  • The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all closed up by more than 1.5 percent, indicating a positive trend in the market. The Russell 2000 Index surged by 3.9 percent, showing a particularly strong performance among smaller companies.
  • Intel's share price received a boost after SoftBank Group announced it will invest US$2 billion in the company.
  • Palo Alto Networks reported a strong financial performance, with its future contracted business rising 24 percent to US$15.8 billion and total revenue increasing 15 percent year-on-year to US$9.2 billion. The cybersecurity giant also forecast that revenue and profit for its 2026 financial year will come in above estimates.
  • Bitcoin climbed above US$116,800, reflecting the ongoing interest and volatility in the cryptocurrency market.
  • Figure Technology filed for an initial public offering (IPO) on the Nasdaq, marking another addition to the list of companies seeking to go public this year.

As we move forward, these developments are set to shape the trajectory of the tech and finance sectors. Stay tuned for more updates as these stories continue to unfold.

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