markets

Matt Phillips2h

Chip stocks lifted by Arm’s barn-burner revenue projection hike, Meta deal

Chip stocks rose early after chip design firm Arm Holdings announced a massive upgrade to its long-term forecasts for sales at an investor event Tuesday evening, following earlier news that it’s partnering with Meta to create “a new class of data center chips” — the company projected the new chip alone will generate $15 billion in annual revenue by 2031.

Nvidia, Intel, Advanced Micro Devices, ON Semiconductor, Microchip Technology, and NXP Semiconductors all got a bump from Arm’s rosy revisions to its outlook.

Why? Basically, the speech that Arm CEO Rene Haas delivered at its Arm Everywhere event in San Francisco supports the idea that “agentic AI is expanding the TAM for server CPUs which should drive server unit growth upside,” as HSBC semiconductor stock analyst Frank Lee put it in a note Wednesday.

In other words, the rise of AI will equate to a permanent step up in chip demand from AI data center servers — also known as an increase in the total addressable market, or TAM. So, you know, higher chip stock prices.

Arm says its in-house AI chip will generate billions in revenue

Arm says its in-house AI chip will generate billions in revenue

Nvidia, Intel, Advanced Micro Devices, ON Semiconductor, Microchip Technology, and NXP Semiconductors all got a bump from Arm’s rosy revisions to its outlook.

Why? Basically, the speech that Arm CEO Rene Haas delivered at its Arm Everywhere event in San Francisco supports the idea that “agentic AI is expanding the TAM for server CPUs which should drive server unit growth upside,” as HSBC semiconductor stock analyst Frank Lee put it in a note Wednesday.

In other words, the rise of AI will equate to a permanent step up in chip demand from AI data center servers — also known as an increase in the total addressable market, or TAM. So, you know, higher chip stock prices.

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Matt Phillips50m

Sandisk, Micron dive as Google Research unveils AI algorithm to reduce memory demands

This might be an unfortunately memorable day for the memory trade.

Memory stocks Sandisk, Micron, Seagate Technology Holdings, and Western Digital sank Wednesday after Alphabet’s Google Research group published details of a new algorithm known as TurboQuant.

Per Google’s extremely technical release, TurboQuant is an algorithm that allows for a data technique called “vector quantization” to be used while addressing the issue of so-called “memory overhead,” allowing data in AI models to be compressed without reductions in accuracy or requiring retraining, while reducing the memory storage requirements at data centers.

And that outlook seems to be enough for the market to be sending memory stocks down for the day.

TurboQuant: Redefining AI efficiency with extreme compression

TurboQuant: Redefining AI efficiency with extreme compression

Per Google’s extremely technical release, TurboQuant is an algorithm that allows for a data technique called “vector quantization” to be used while addressing the issue of so-called “memory overhead,” allowing data in AI models to be compressed without reductions in accuracy or requiring retraining, while reducing the memory storage requirements at data centers.

And that outlook seems to be enough for the market to be sending memory stocks down for the day.

markets

J. Edward Moreno2h

Fundrise’s venture fund extends rally, trading more than 2 dozen times above asset value

Fundrise Innovation Fund, a publicly traded venture fund that owns stakes in private companies like Anthropic, OpenAI, and SpaceX, is continuing to rally as the gap between the value of its stock price and its underlying assets grows.

Shares of the fund, which uses the ticker VCX, closed at $314.99 on Tuesday and rose to $533 by Wednesday morning — a nearly 70% jump for the day and a more than 1,500% increase in the value of its stock since it went public on March 19.

Fundrise’s vertiginous price action underscores just how hungry retail investors are for exposure to high-flying private companies, even at increasingly eye-watering implied valuations.

Fundrise’s venture fund, which owns private tech giants like Anthropic and SpaceX, surges as retail investors pile in

Shares of the fund, which uses the ticker VCX, closed at $314.99 on Tuesday and rose to $533 by Wednesday morning — a nearly 70% jump for the day and a more than 1,500% increase in the value of its stock since it went public on March 19.

Fundrise’s vertiginous price action underscores just how hungry retail investors are for exposure to high-flying private companies, even at increasingly eye-watering implied valuations.

LET THERE BE LIGHT

Fiber optic cables

markets

Sage D. Young2h

Cipher leaps on signing a 15-year data center campus lease with hyperscaler

Shares of Cipher Digital increased more than 11% on Wednesday morning amid news that the firm signed a new data center lease and secured a $200 million revolving credit facility.

This is its third data center campus lease, following two deals in November. This 15-year deal is with an “investment-grade Hyperscale tenant” that includes plans to develop a new high-performance computing (HPC) data center at one of its existing sites, according to the press release.

Cipher Digital also attained a $200 million revolving credit facility with an additional accordion option of up to $50 million, of which the total proceeds will be used to boost liquidity, support working capital, and fund growth initiatives.

“This transaction marks Cipher’s first syndicated revolving credit facility and represents a major step in the evolution of our capital structure,” CFO Greg Mumford said in a statement. “We believe this facility highlights the continued strength and maturation of our business, as well as the growing confidence in our long-term strategy from premier financial institutions.”

Last month, the firm rebranded from “Cipher Mining” to “Cipher Digital” to reflect the change of its focus from bitcoin mining to HPC data center development.

CIFR shares rise on new Hyperscaler agreement

CIFR shares rise on new Hyperscaler agreement

Cipher Digital also attained a $200 million revolving credit facility with an additional accordion option of up to $50 million, of which the total proceeds will be used to boost liquidity, support working capital, and fund growth initiatives.

“This transaction marks Cipher’s first syndicated revolving credit facility and represents a major step in the evolution of our capital structure,” CFO Greg Mumford said in a statement. “We believe this facility highlights the continued strength and maturation of our business, as well as the growing confidence in our long-term strategy from premier financial institutions.”

Last month, the firm rebranded from “Cipher Mining” to “Cipher Digital” to reflect the change of its focus from bitcoin mining to HPC data center development.

markets

Matt Phillips3h

EchoStar jumps on report SpaceX plans IPO filing as early as this week

EchoStar jumped early Wednesday on a fresh report about the supposedly imminent IPO filing from Tesla CEO Elon Musk’s commercial space behemoth, SpaceX.

The satellite stock, which was added to the S&P 500 on Monday, is in line to get a hefty chunk of SpaceX equity in exchange for the valuable spectrum rights it sold to Musk’s company.

EchoStar is set to collect roughly $20 billion on the deal, with as much as $11 billion to be paid in SpaceX stock.

The prospect of EchoStar potentially providing backdoor access to investing in SpaceX has attracted the attention of traders, and helps explain why the shares are up more than 300% over the last 12 months.

But as we’ve mentioned before, EchoStar doesn’t exactly own the shares yet, as the spectrum transactions remain pending. So, while the stock is up and the SpaceX IPO appears on track, as the old saying goes, don’t count your satellite spectrum for pre-public offering equity chickens before they’ve hatched.

SpaceX Aims to File for IPO as Soon as This Week

SpaceX Aims to File for IPO as Soon as This Week

EchoStar is set to collect roughly $20 billion on the deal, with as much as $11 billion to be paid in SpaceX stock.

The prospect of EchoStar potentially providing backdoor access to investing in SpaceX has attracted the attention of traders, and helps explain why the shares are up more than 300% over the last 12 months.

But as we’ve mentioned before, EchoStar doesn’t exactly own the shares yet, as the spectrum transactions remain pending. So, while the stock is up and the SpaceX IPO appears on track, as the old saying goes, don’t count your satellite spectrum for pre-public offering equity chickens before they’ve hatched.

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