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Arm soars on debut

Published over 1 year ago • 3 min read

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In partnership with Personal Finance Desk​

15 September 2023

“Develop success from failures. Discouragement and failure are two of the surest stepping stones to success.”

 

Dale Carnegie

Market Highlights

The S&P 500 ended higher on Thursday as hotter-than-expected economic data eased worries about a recession without raising fears of a Federal Reserve rate hike next week, while Arm Holdings soared in its stock market debut.

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SoftBank's Arm was valued at nearly $60 billion in a strong Nasdaq debut, with the chip designer's shares soaring nearly 25% in their first day of trading.

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​Retail sales rose more than expected in August on higher gasoline prices, while initial claims for state unemployment benefits climbed to a seasonally adjusted 220,000 for the week ended Sept. 9 from 217,000 the week before. Monthly producer prices for final demand rose 0.7% last month, against expectations of a 0.4% increase. On an annual basis, they increased 1.6% compared with estimates of a 1.2% rise.

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Volume on U.S. exchanges was 10.0 billion shares traded, compared to an average of 9.9 billion shares over the previous 20 session

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Dow Movers and Shakers

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Personal Finance Desk

​Personal Finance Desk is a personal finance empowerment blog, addressing all aspects of personal finance, i.e. creating income streams, managing expenses, savings, investments, insurance, and taxes. Our team of finance experts also gives general and bespoke advice on how you can manage your finance and achieve financial freedom.

Financial Markets and Business News

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SoftBank's Arm soars on debut.

Shares in SoftBank's Arm Holdings soared almost 25% above their Nasdaq debut price on Thursday, rekindling investor hopes for a turnaround in the moribund market for initial public offerings (IPO).

The stock, which had opened at $56.10, notched a 24.68% gain to close at $63.59, giving the British chip designer a valuation of $65 billion in its return to public markets following a seven-year absence. The IPO had priced at $51.

Google reaches $93 million settlement in tracking location case

Google has reached a $93 million settlement with the state of California to resolve allegations that it was collecting consumers’ data without their consent, the state’s attorney general said in a statement Thursday.

The California Department of Justice found that, after a multi-year investigation, the tech giant was “deceiving users by collecting, storing, and using their location data for consumer profiling and advertising purposes without informed consent.”

Databricks Clinches $43 Billion Valuation, Plans More AI Tools

Databricks Inc. has raised $500 million in new funding, a large deal that catapults the software maker’s valuation to $43 billion and highlights its focus on artificial intelligence tools.

T. Rowe Price led the financing, with participation from strategic investors Nvidia Corp. and Capital One Financial Corp.

Databricks, which provides tools for data and analytics, has recently emphasized its artificial intelligence capabilities, including by building its own large language model, which companies can use to make their own ChatGPT-like programs.

Databricks’ latest funding round values each share at $73.50, the company said. That’s the same price as its last funding round two years ago, after adjusting for a stock split.

German AI Company Helsing Raises €209 Million for Defense AI

German defense technology company Helsing has raised €209 million ($223 million) in funding and has named Swedish defense company Saab AB as a new strategic investor.

Venture Capital firm General Catalyst led the round and the funds will be used to expand in France, Germany, and the UK and invest in its technology, the Berlin-based artificial intelligence company said in a statement on Thursday.

Riddle

Question: A cyclist covers his outward journey at 15 mph. The return, over exactly the same distance, is uphill. He completes it at 5 mph.

What is the cyclist’s average speed over the entire journey?

Any other business

Hunter Biden Indicted on Gun Charges

The Justice Department charged President Biden’s son after the collapse of an earlier plea deal and amid an impeachment investigation by House Republicans.

Hunter Biden, the president’s son, was charged on Thursday by federal prosecutors with lying about his drug use when he purchased a handgun in 2018 and with illegally possessing the weapon, setting up the potential for a trial coinciding with his father’s re-election campaign.

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Riddle Answer:

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