Tech

CrowdStrike (CRWD) shares jumped over 12% after an investor day presentation outlining strong long-term financial projections, including a 20% net new ARR growth rate by 2027 and a $10 billion ARR goal by 2031. The company’s acquisition of Pangea, an AI security platform, and a strategic partnership with Salesforce further boosted investor confidence. Analysts cite CrowdStrike’s advanced AI security capabilities and proactive market approach that led to revised upward price targets, highlighting the company’s leadership in the expanding cybersecurity landscape.

Kevin Durant’s forgotten Coinbase account, containing Bitcoin purchased in 2016, has become a surprisingly profitable investment due to the cryptocurrency’s surge in value. Agent Rich Kleiman revealed that Durant’s team has been unable to access the account due to a forgotten password, leading to an unintentional “hodl” strategy. While Bitcoin’s value has skyrocketed by over 11,000% since Durant’s initial investment, the situation highlights the challenges of digital asset management and account recovery, even for prominent figures. Durant and Kleiman are also investors in Coinbase Global and have a partnership with the platform.

Microsoft is investing $4 billion in a second Wisconsin data center, following a $3.3 billion initial commitment. The Mount Pleasant facility, equipped with Nvidia Blackwell GB200 GPUs, will support demanding AI workloads, addressing the growing demand for AI processing power. This expansion comes amidst a global scramble for cloud infrastructure driven by AI adoption. Microsoft aims to match energy consumption with carbon-free sources, including a 250-megawatt solar farm. The data centers’ power requirements exceed 900 megawatts, but Microsoft aims to avoid inflating local energy costs. Wisconsin is poised to become a major AI hub.

Coinbase CEO Brian Armstrong addressed Capitol Hill amid a regulatory clash between crypto and banking sectors. The debate centers on crypto exchanges offering rewards, viewed as similar to bank interest. Banking groups lobby to restrict this, fearing deposit outflows to stablecoins. Armstrong argues for a level playing field, dismissing bank concerns as protecting revenue. The GENIUS Act’s interpretation on exchange-offered rewards is disputed. Banks warn of diminished lending capacity, citing a potential $6.6 trillion deposit shift. Crypto advocates claim restrictions favor traditional institutions. The outcome of market structure legislation will shape the future of digital assets and finance.

Deliveroo CEO and co-founder Will Shu is stepping down pending DoorDash’s £2.9 billion ($4 billion) acquisition, expected to finalize on October 2nd. Shu, who founded Deliveroo in 2013, announced his departure after 13 years, citing opportune timing and achieved growth. The acquisition gives DoorDash a significant European presence and access to Deliveroo’s infrastructure. While integration challenges exist, the deal offers potential synergies in technology and market expertise, impacting the competitive landscape of the food delivery industry.

China has reportedly expanded restrictions on Nvidia chips, impacting the RTX Pro 6000D AI chip in addition to the H20 GPU. This move signals growing confidence in China’s domestic semiconductor industry and a potential negotiation tactic with the U.S. Huawei is emerging as a domestic force with its Ascend chips. Experts view these actions as a strategic attempt to gain leverage in trade negotiations, influencing U.S. policy on export controls. The U.S. may re-evaluate its approach balancing security concerns with economic interests.

Nscale, a UK-based AI infrastructure provider, has rapidly emerged as a key player in the AI market. Fueled by nearly $700 million in funding, including strategic investment from Nvidia, it partners with tech giants like Microsoft and OpenAI to develop hyperscale AI infrastructure in Europe. Nscale plans significant GPU deployments, including a $1 billion investment in Norway. The company focuses on overcoming computing capacity scarcity and market fragmentation in Europe, aiming to become a leader in sovereign AI and support the UK’s AI ambitions.

Cybersecurity firm Netskope is set to IPO on Nasdaq under the ticker “NTSK,” priced at $19 per share, valuing the company at $7.3 billion. The IPO, expected to raise $908.2 million, comes amidst a resurgence in IPO activity despite economic headwinds. While some IPOs face initial volatility, the cybersecurity sector is experiencing a surge in M&A, underscored by significant acquisitions like Google’s Wiz purchase. Netskope, with $707 million in ARR and 33% year-over-year growth, offers cloud-native security solutions, competing with Broadcom, Cisco, Palo Alto Networks, and Zscaler.

At Meta Connect, Mark Zuckerberg introduced the Meta Ray-Ban Display glasses ($799), consumer-ready smart glasses with integrated displays controlled by hand gestures via a neural wristband. This marks Meta’s expansion into augmented reality, bridging the gap between audio-only glasses and experimental AR glasses. Alongside, Meta also unveiled the Oakley Meta Vanguard smart glasses ($499) for athletes, and the Ray-Ban Meta (Gen 2) with improved battery and camera. The event also announced Horizon TV for streaming content on Meta Quest VR headsets.

Workday shares jumped 7% after Elliott Investment Management disclosed a $2 billion stake. This follows Workday’s unveiling of a plan to optimize operations and capital allocation, which Elliott believes will create long-term value. Workday acknowledged Elliott’s support, reaffirming its focus on executing its strategy. Elliott’s investment highlights Workday’s growth and competitive position amid increasing competition and macroeconomic uncertainties. Workday’s recent acquisition of AI recruitment firm Paradox is expected to further enhance its HR technology capabilities.