Alphabet Inc. may not often be mentioned in the same breath as Nvidia when it comes to semiconductors, but analysts at D.A. Davidson argue the Google parent company could be a formidable domestic rival in the artificial intelligence (AI) accelerator market.

The firm suggests that Alphabet’s growing tensor processing unit (TPU) business, combined with its DeepMind AI research arm, could be worth as much as $900 billion if spun off — a significant increase from the $717 billion valuation it had estimated earlier this year.

TPUs gaining momentum in AI development

According to D.A. Davidson analysts led by Gil Luria, Google’s custom-designed TPUs are attracting growing attention from researchers and engineers working at frontier AI labs.

The firm noted “positive sentiment” around these accelerators, which are purpose-built for machine learning and AI workloads.

Google’s sixth-generation Trillium TPUs, which were made widely available in December, are already in high demand.

The upcoming seventh-generation Ironwood TPUs, designed specifically for large-scale inference — the process of running AI models after training — are expected to further accelerate adoption.

Performance metrics highlight their appeal: TPUs can scale up to 42.5 exaflops and are benefitting from improvements in high-bandwidth memory capacity.

Analysts also noted the cost efficiency of the chips, which is driving adoption beyond Google’s internal infrastructure.

Partnerships and competitive position

Alphabet has so far partnered exclusively with Broadcom Inc. for its TPU production.

However, reports suggest the company is exploring a collaboration with Taiwan-based MediaTek Inc. for its Ironwood generation.

Proximity to Taiwan Semiconductor Manufacturing Co., coupled with MediaTek’s ability to provide chips at lower costs, is seen as a key motivation behind the potential shift.

Meanwhile, notable AI firms are increasingly adopting TPUs.

Startup Anthropic has been hiring TPU kernel engineers, signaling potential diversification away from Amazon Web Services’ Trainium chips, despite AWS’s $8 billion investment in the company.

Elon Musk’s xAI has also shown interest, driven by improvements in JAX-TPU tooling that make the ecosystem more accessible outside Google’s internal environment.

JAX, developed by Google, is a numerical-computing library in Python designed for high-performance applications.

D.A. Davidson’s data points to rising traction: developer activity around TPUs on Google Cloud grew nearly 96% between February and August, based on the firm’s DaVinci Developer Dataset.

Valuation and analyst outlook

Despite acknowledging Alphabet’s underappreciated position in AI semiconductors, D.A. Davidson analysts remain cautious on the likelihood of a near-term spinoff.

They argue that a “big-bang breakup” of Google could unlock shareholder value, but view such a move as unlikely in the current environment.

Absent a structural separation, Alphabet’s TPU and DeepMind operations remain embedded within its broader portfolio, which analysts believe leaves the business “well-undervalued.”

Still, D.A. Davidson raised its price target on Google shares to $190 while maintaining a neutral rating.

For now, Nvidia continues to dominate headlines and market share in AI hardware.

But as demand for large-scale inference and cost-efficient accelerators grows, Alphabet’s TPUs may represent a quietly emerging alternative for investors and AI developers alike.

The post Google’s TPU business seen as $900B opportunity amid growing AI demand appeared first on Invezz

A turbulent day across Europe brought fresh inflation data from the euro area, another leadership crisis at Nestlé, a sharp warning from UK bond markets, and a broad sell-off across the continent’s equities.

Here is a look at the biggest news events that made headlines across the continent.

Euro-area inflation edges up, ECB pause likely

Eurostat figures released Tuesday showed euro-area inflation climbing to 2.1% in August, up slightly from 2% in July.

The modest uptick reinforced expectations that the European Central Bank will keep interest rates unchanged when policymakers meet on September 11.

Core inflation, which strips out volatile food and energy prices, held steady at 2.3%, while services inflation eased to 3.1%.

The numbers suggest headline inflation remains only marginally above the ECB’s 2% target, giving officials cover to extend their current pause on rate changes.

Still, uncertainty lingers over the timing of future cuts, with investors divided over whether stubborn price pressures will fade quickly enough.

Nestlé ousts chief executive after internal probe

Swiss food and beverage giant Nestlé was plunged into another leadership crisis after dismissing Chief Executive Laurent Freixe following an internal probe into an undisclosed relationship with a subordinate.

The affair was found to have breached the company’s code of business conduct, prompting his immediate removal late on Monday.

Shares fell nearly 3% at the open before recovering some ground, trading 1.5% lower by mid-morning.

The abrupt ouster marks Nestlé’s second chief executive change in just over a year, fuelling concerns over stability at the Vevey-based group.

Freixe, appointed only last year, oversaw a further 17% decline in Nestlé’s share price, compounding a slump that has wiped nearly a third of the company’s market value over the past five years.

Philipp Navratil, head of the Nespresso business and a Nestlé veteran, has been named as his replacement.

UK bond market delivers painful warning

In Britain, borrowing costs surged to levels not seen in decades, intensifying fiscal headaches for Prime Minister Keir Starmer’s government.

Yields on 30-year gilts jumped to 5.67% — the highest since 1998 — while 10-year yields hit 4.78%.

The pound weakened in response, signalling growing unease among investors about the UK’s fiscal position.

The spike in yields is part of a broader global sell-off but carries particular significance for Chancellor of the Exchequer Rachel Reeves, who now faces mounting pressure to stabilise public finances ahead of the autumn budget.

The government’s credibility has already been dented by a recent U-turn on welfare reforms, underscoring political fragility at a sensitive moment.

European stocks suffer steepest losses in a month

The bond market turmoil spilt into equities, with European shares posting their worst day since early August.

The Stoxx 600 closed down 1.47%, Germany’s DAX slid 2.2%, and travel and technology stocks were among the hardest hit, falling 3% and 2.7% respectively.

The rout reflected a global rise in yields, exacerbated by a US court ruling that most of Donald Trump’s tariffs were illegal, rattling Treasury markets.

In France, 30-year yields climbed to their highest since 2009, with investors watching next week’s no-confidence vote that could topple the government over budget disputes.

The post Europe bulletin: inflation nudges higher, Nestlé ousts CEO, UK debt warning appeared first on Invezz

US markets opened September on shaky footing, rattled by a mix of tariff uncertainty, weak factory data, and a string of corporate headlines. Stocks drifted lower, Treasuries sold off, and the VIX- Wall Street’s so-called fear gauge jumped higher.

Among the movers, Kraft Heinz shook investors with plans to split the company in two, Elon Musk doubled down on Tesla’s humanoid robot vision, and the manufacturing sector continued to shrink, adding to worries about the broader economy.

A glance at the biggest stories capturing attention today.

Tariff uncertainty weighs on markets

US stocks slipped to their lowest levels in over a week on Tuesday, with tariff headlines once again clouding the outlook.

A split appeals court said most of Donald Trump’s global tariffs were unlawful but kept them in place for now, at least until mid-October while the administration appeals to the Supreme Court.

For traders, that means more uncertainty on trade policy, and it showed up quickly in sentiment.

Treasuries sold off as well. Yields on longer-dated bonds pushed higher, with the 30-year flirting with 5%, a level that makes equities harder to justify.

The VIX, Wall Street’s so-called fear gauge, popped to a three-week high.

Big tech took the hardest hit. Nvidia, Apple and Microsoft all traded lower, dragging the Nasdaq with them. More defensive names did better, with PepsiCo gaining after news of activist investor interest.

Attention now turns to the August jobs report later this week, a key input for the Fed as investors handicap the odds of rate cuts this fall.

For now, September is off to a shaky start, with politics and policy adding another layer of risk to an already uneasy market. Read full report here

Kraft Heinz splits after merger strains

Kraft Heinz is undoing its blockbuster 2015 merger, announcing plans to break into two separate publicly traded companies.

One business will house the faster-growing lines like sauces, spreads and boxed meals, anchored by brands like Heinz ketchup and Kraft Mac & Cheese.

The other will be built around grocery staples, including Oscar Mayer meats and Lunchables.

The company says the split, expected to be completed in the back half of 2026, should sharpen focus and free up resources for each side of the portfolio. Investors weren’t convinced: shares fell more than 5% after the announcement. Read full report here

Musk bets Tesla on robots

Elon Musk is once again betting big on Tesla’s future and this time, it’s not about cars. Musk said he expects the company’s humanoid robot, Optimus, to account for as much as 80% of Tesla’s value in the years ahead.

Speaking on X, Musk stressed that while Tesla remains centered on electric vehicles today, its long-term growth story hinges on the Optimus program.

The robot is being built to handle a wide range of tasks, from factory work inside Tesla’s plants to jobs across other industries. Production is slated to begin in 2026, with thousands of units expected to roll out.

Musk has described Optimus as a breakthrough product that could eventually eclipse the car business altogether, reshaping how labor and productivity are measured. Read full report here

US manufacturing growth remains elusive

US manufacturing shrank again in August, the sixth straight month of contraction, the ISM said Tuesday. The headline PMI came in at 48.7, a touch better than July’s 48.0 but still stuck below the 50 line that marks growth.

Some components showed life. New orders rose to 51.4, suggesting demand is holding up, but production slipped back to 47.8. Hiring remained weak, though the pace of job cuts slowed.

Companies in the survey repeatedly flagged tariffs as a problem, pushing up costs and complicating supply chains.

So while orders offer a bit of optimism, the broader picture for factories remains tough, with trade pressures continuing to bite. Read full report here

The post Evening digest: Markets stumble on tariffs, Kraft Heinz split, and Musk’s Tesla robot bet appeared first on Invezz

US markets faced a wave of significant developments on Tuesday, spanning manufacturing data, corporate restructuring, and trade policy.

Here are the important US headlines of the day:

Manufacturing activity contracts again in August

US manufacturing activity contracted for the sixth consecutive month in August, underscoring ongoing challenges for factories facing import tariffs and weak demand.

According to the Institute for Supply Management (ISM), the manufacturing Purchasing Managers’ Index (PMI) inched up to 48.7 from 48.0 in July.

While the reading remains below the 50 threshold that signals contraction, the data suggested a slight moderation in the pace of decline.

Economists surveyed by Reuters had projected a PMI of 49.0, highlighting the weaker-than-expected recovery. Manufacturing currently represents 10.2% of the US economy.

Kraft Heinz to split into two companies

Packaged foods giant Kraft Heinz announced plans to split into two separate publicly traded companies, nearly a decade after its $45 billion merger.

The move aims to streamline operations and address persistent underperformance in recent years.

One division will focus on sauces, spreads, and seasonings under brands such as Heinz, Philadelphia, and Kraft Mac & Cheese, generating about $15.4 billion in sales in 2024. The other company, tentatively named North American Grocery Co, will oversee grocery staples such as Oscar Mayer and Kraft Singles, with $10.4 billion in annual sales.

Warren Buffett, whose Berkshire Hathaway holds a 27.5% stake in Kraft Heinz, expressed disappointment with the decision to split the company.

“You don’t fix a mistake by making another one,” he suggested, framing the move as reactive rather than a strategic turnaround. Kraft Heinz shares have fallen nearly 15% from their year-to-date high, and the stock slumped 6% lower following Tuesday’s announcement.

Klarna revives IPO plans in New York

Swedish fintech giant Klarna Group Plc revived plans for a New York initial public offering, seeking to raise as much as $1.27 billion.

The company intends to sell 34.3 million shares at $35 to $37 each, targeting a valuation of roughly $14 billion.

The IPO follows a previously postponed attempt earlier this year due to market volatility.

Klarna, best known for its buy now, pay later (BNPL) services, had seen its valuation peak at $46.5 billion during the pandemic before settling at current levels.

With 111 million active users across 26 countries, Klarna aims to position itself as more than a lender by expanding into lifestyle services alongside its retail partners.

Trump seeks Supreme Court review on tariffs

President Donald Trump said his administration will seek an expedited Supreme Court ruling to overturn a federal appeals court decision that many of his tariffs were unlawfully imposed.

Trump argued that removing the tariffs would be “a devastation” for the country, while judges have allowed the levies to remain in place pending further litigation.

The president’s remarks come after the US Court of Appeals for the Federal Circuit ruled Friday that Trump wrongly used an emergency law to impose reciprocal tariffs on trading partners, as well as tariffs on China, Canada, and Mexico, citing fentanyl trafficking.

US stocks decline as yields climb

US equities traded lower on Tuesday, weighed by renewed tariff uncertainty and rising bond yields.

The Dow Jones Industrial Average fell 249.07 points, or 0.55%, while the S&P 500 dropped 0.69% and the Nasdaq Composite slid 0.82%.

The declines marked the tech-heavy Nasdaq’s first consecutive 1% drop since April, with major technology stocks such as Nvidia, Amazon, and Apple retreating.

Treasury yields also surged, with the 10-year note climbing to 4.27% and the 30-year yield topping 4.97%.

Bond Investors were concerned that the appeals court decision to overturn tariffs could lead to the US government paying back the revenue they collected through tariffs, which would worsen the government’s funding pressures.

The post US digest: Trump to expedite tariff appeal, Kraft Heinz split, US manufacturing slump appeared first on Invezz

Nvidia stock (NASDAQ: NVDA) took a beating on Tuesday, falling below a key support level and wiping out roughly $340 billion in market value.

Investors are clearly jittery as tech in general has been shaky, and Nvidia’s run this year, which felt unstoppable, suddenly looks more fragile.

A week ago, everyone was talking about it as a top performer; today, the mood has shifted fast. No one’s claiming this is the end for the chipmaker, but it’s a sharp reminder that the market can turn on a dime.

Nvidia stock: Breaking below key technical levels

Nvidia stock had been flying high in mid-August, hitting new peaks, but lately the stock’s been taking it on the chin.

By September 2, it was hovering around $174, down over 6% from that $183 high just a couple of weeks back.

The drop pushed it under the 50-day moving average, a number traders obsess over (and for good reason).

Crossing that line usually sets off warning lights for some folks, suggesting the stock might drift lower or just hang around sideways for a bit.

Trading volume spiked on the sell-off, showing that a lot of investors were moving around fast.

Market chatter points to a broader tech slump as folks are worried about slowing semiconductor demand and the cyclical swings in Nvidia’s core GPU business, especially in gaming and data centers.

On top of that, some analysts are nervous that the AI-driven frenzy that fueled Nvidia’s rally earlier this year might be starting to cool off.

What analysts say?

Analysts are starting to get cautious after Nvidia stock sudden drop.

Morgan Stanley, for example, just moved the stock from “overweight” to “equal weight,” pointing to growing uncertainty around AI-driven sales and some inventory adjustments in the semiconductor supply chain.

The bank says the recent pullback looks like the stock hitting a valuation ceiling, prompting growth investors to take some profits off the table.

JPMorgan is sounding similar notes, flagging supply-demand mismatches and broader macro pressures as short-term but meaningful headwinds.

The bank expects Nvidia’s data center revenues could ease in the coming quarters as AI infrastructure spending starts to plateau.

Still, analysts are keeping a long-term positive view, pointing to Nvidia’s tech edge and diverse product lineup as buffers that could help the company ride out near-term volatility and cyclic swings, setting the stage for a potential rebound in valuation down the line.

A few technical analysts are flagging the break below $175 as a signal for investors to stay alert as there could be more downside, or the stock might stabilize if it finds support around $165–$170.

Nvidia has bounced back from short-term pullbacks before, but right now the backdrop isn’t exactly friendly: interest rate jitters and geopolitical issues affecting supply chains add extra risk to the mix.

The post Nvidia stock stumbles below key support as $340B market value evaporates appeared first on Invezz

Some of the biggest finance news stories this week is the upcoming Gemini, Figure, and Klarna IPOs that will see them raise millions of dollars in the United States.

These companies join other major firms that have gone public this year, including Coreweave, eToro, Webull, Bullish, and Circle. This article looks at some of the potential companies that may go public after the Klarna IPO.

SpaceX 

Elon Musk’s SpaceX is one of the top companies that has always been watched in terms of going public because of its market share in the space industry and its valuation.

According to Forge Global, SpaceX stock price has jumped from $80 in 2023 to $239 today in the private market, with its valuation being $452 billion, making it the biggest privately owned company.

SpaceX has raised billions of dollars in the past few years from companies like Draper Fisher, Craft Ventures, and Fidelity. 

Owebrer, the company has not committed to go public any time soon, and chances are that it will not because of the Trump and Elon Musk beef. 

Read more: Klarna IPO is coming: will its stock be a good buy?

Stripe

Stripe is another top company to watch after the Klarna IPO. It is a top company offering payment solutions to some of the world’s largest companies. Its customers are the likes of OpenAI, Google, Anthropic, and Shopify. 

The company competes with some well-known brands in the checkout, like Klarna, PayPal, and Square. 

It has been one of the most popular companies among investors, which has brought the valuation to over $92 billion. It has raised fund from companies like Sequoia, a16z, Thrive Capital, General Catalyst, and Baillie Gifford. 

Stripe has not revealed when it will go public. Like SpaceX, its listing will be popular because of its growing market share in the payment industry. 

Kraken

Meanwhile, Kraken Exchange could be one of the top IPOs as the company has confirmed that it will go public in 2026. Odds are that the IPO may happen this year after the success of Bullish and Circle. 

Kraken is a major player in the crypto industry as it ranks as the second biggest player in the United States after Coinbase. It made headlines recently when it acquired NinjaTrader, Capitalise, and Staked. 

The Kraken stock price has surged to $42 on Forge, with its current valuation being $13.1 billion. Its investors are companies like Bloom Capital, Digital Currency Group, and Blockchain Capital. 

Revolut

Revolut, a top British fintech company, made headlines when it made a secondary share sale at a $75 billion. This is a major improvement from the $45 billion it received last year.

The company made a profit of over $1.5 billion last year, helped by its booming crypto business. Its revenue jumped to £3.1 billion, up from £1.8 billion a year earlier. 

Revolut has not commented on its IPO, but industry analysts believe that the company will list either in London or in the United States. 

The other top companies that could go public are Databricks, Ripple, and Figure AI.

The post After the Klarna IPO, are SpaceX, Stripe, Kraken, and Revolut next? appeared first on Invezz

A profound and dramatic divergence is splitting the global financial world on Wednesday, as Asian markets defiantly break ranks with a wounded Wall Street.

Instead of following America’s lead, the region is marching to the beat of its own drum, a rhythm dictated by a stunning geopolitical power play in Beijing, a brewing storm in the Japanese bond market, and a complex tapestry of local economic data.

Overnight, all three major US benchmarks ended in the red, a clear signal of risk-off sentiment.

But as a new day dawns in the East, that signal is being largely ignored, with a far more intricate and captivating story unfolding.

A spectacle of power in Beijing

The day’s most powerful spectacle is taking place in China, where President Xi Jinping is presiding over a grand military parade, a carefully orchestrated event to commemorate the 80th anniversary of the end of World War II.

The guest list itself is a geopolitical statement, with 26 world leaders in attendance, most notably Russian President Vladimir Putin and North Korean leader Kim Jong Un.

The sight of these three adversaries to the West standing together is a potent symbol of a shifting world order.

Chinese markets have responded with quiet confidence, with the CSI 300 ticking up 0.24% and Hong Kong’s Hang Seng index rising 0.86%.

A bond market warning flashes in Tokyo

While China projects military and diplomatic might, a financial storm is brewing in Japan.

The Nikkei 225 has lost 0.41%, but the real drama is in the bond market, where a dramatic sell-off is sending a powerful warning signal.

Yields on Japanese Government Bonds have surged, with the yield on the 30-year bond climbing to 3.279%, surpassing its recent high.

Meanwhile, yields on 20-year bonds have hit their highest level in 26 years, a significant and painful move that signals deep investor anxiety about the country’s fiscal future.

A day of contradiction down under

The day’s contradictory nature is perfectly encapsulated in Australia. The country’s second-quarter GDP data came in surprisingly strong, with the economy growing 1.8 percent year-over-year, decisively beating forecasts.

Yet, this bullish economic report has failed to inspire the stock market, with the S&P/ASX 200 benchmark falling a sharp 1.09%.

This disconnect highlights the deep uncertainty gripping investors, who seem more focused on global headwinds than on positive domestic news.

A bruising reversal on Dalal Street

This mood of uncertainty is also casting a shadow over Dalal Street. After a strong opening in the previous session, the Indian market suffered a brutal late-session reversal, with profit-taking overwhelming the bulls.

The Sensex ended nearly 600 points below its intraday high, a sign of deep fragility. Now, as a new day begins, the market is poised for a weak opening, with the GIFT Nifty indicating a bearish start.

The reversal has put traders on high alert, setting the stage for a volatile and unpredictable session.

The post Asian markets open: Nikkei falls 0.41%, Sensex braces for a weak start appeared first on Invezz

A day of high drama and unexpected developments is unfolding across the Asia-Pacific, as the international debut of Kim Jong Un’s young daughter in Beijing fuels intense succession speculation, a mysterious trading delay hits the world’s premier metals market, and a surprisingly strong economic report from Australia upends interest rate expectations.

Here’s your one-stop stand to catch up on all the headlines you may have missed.

Kim Jong Un’s daughter makes her international debut in China

In a move that has sent shockwaves through the world of international diplomacy, North Korean leader Kim Jong Un’s teenage daughter has made her international debut, appearing at his side during his high-profile visit to China.

The young girl, thought to be named Ju Ae and aged around 12 or 13, emerged from her father’s bulletproof train in Beijing, intensifying speculation that she is being groomed as his eventual successor.

Her first appearance at an overseas diplomatic event draws a direct parallel to Kim’s own visit to China in 2010 with his father, a trip that was seen as a key step in his own path to power.

While the famously opaque regime has not confirmed her status, South Korean intelligence has stated she is receiving lessons to one day take over the country.

Copper retreats from a five-month high as China outlook wavers

After a powerful rally that saw it briefly touch its highest price since late March, copper has cooled, as traders weigh the uncertain outlook for supply and demand in the world’s top market, China.

The wiring metal, which gained 3 percent in August and started September strong by surfacing above $10,000 a ton, is now facing a more complex picture.

While a weaker dollar and the prospect of US rate cuts have provided support, the state of the Chinese market is now in sharp focus.

Optimists point to higher import premiums and the possibility of domestic supply constraints, with one analyst noting that reduced supply and stable demand should support prices.

London Metal Exchange delays start of Asia trading by 90 minutes

The London Metal Exchange (LME), the world’s center for industrial metals trading, experienced a mysterious and unexplained delay to the start of its Asian trading session on Wednesday.

The electronic platform, which usually opens at 8 a.m. Beijing time, did not begin trading until 9:30 a.m. Brokers circulated messages about the 90-minute postponement without providing a reason, according to LME traders.

After the late start, copper futures in London climbed to their highest level since March.

The exchange did not immediately respond to a request for comment on the cause of the delay.

Australia’s economic growth beats forecasts, boosting case for RBA to hold

Australia’s economic growth accelerated in the second quarter, a surprisingly strong performance that has reinforced the case for the Reserve Bank to keep interest rates on hold later this month.

Gross domestic product advanced 0.6 percent in the three months through June, faster than the predicted 0.5 percent and double the pace of the prior quarter.

The 1.8 percent annual expansion also decisively beat forecasts. The robust figures, led by strong household consumption, “should put to bed fears around growth tailing off,” said one analyst.

Money markets are now sticking with their expectation that the central bank will stay on hold in September before potentially cutting rates in November.

The post Morning brief: Kim’s daughter fuels succession talk in Beijing; LME trading delayed appeared first on Invezz

Scottish Mortgage stock price has surged in the past few months as technology companies have rebounded. It rose from a low of 776p in April to a high of 1,106p. Recently, it has retreated to 1,077p as some large technology companies slumped. This article explores whether SMT is a good buy today.

SMT share price is benefiting from the tech boom

Scottish Mortgage is one of the top players in the technology industry in the UK. While its name has mortgage in it, its business is not involved in the industry. 

Instead, it invests in top publicly traded and private companies, with most of its portfolio names being in the United States. Its most recent results showed that it had over £14.7 billion and a market capitalization of £12.1 billion, giving it a discount of 10.3%.

Elon Musk’s SpaceX is the biggest company in the fund, accounting of it portfolio. It is followed by Mercadolibre, Amazon, Meta Platforms, TSMC, Bytedance, NVIDIA, and Spotify.

This portfolio means that the fund is exposed to some of the biggest themes globally. For example, TSMC is a key company due to its significant presence in the semiconductor industry. 

Chip companies like NVIDIA and AMD would struggle to exist without TSMC. Scottish Mortgage also owns a stake in ASML, another equally important company that makes machines used in making chips. 

The other top parts of Scottish Mortgage’s portfolio are PDD Holdings, Wise, Tempus AI, Stripe, Roblox, Adyen, and Shopify. 

Top catalysts and risks for the Scottish Mortgage

There are potential catalysts for the Scottish Mortgage stock price are the ongoing AI boom and the ongoing initial public offering (IPO) boom in the tech space. 

There are signs that the AI boom is continuing, as evidenced by the recent Nvidia earnings. The company’s revenue jumped by 53% in Q2 to $46 billion. Analysts believe that its revenue will rise to over $200 billion this year, and over $500 billion in the next few years. 

Meanwhile, there are signs that more private companies are considering going public this year. Some notable names like Circle and CoreWeave have already launched their IPO, while Klarna’s listing will come this month. 

A strong IPO boom may push more companies, including those in its portfolio higher. Some of the top firms in its portfolio that may go public in the next few years are SpaceX, OpenAI, Stripe, Databricks, Revolut, and Canva.

The stock may also receive a boost from Federal Reserve interest rate cuts, which normally benefit companies in the tech industry. 

There is a risk to SMT though. The biggest one is the potential slowdown in the AI space, which Nvidia has warned is happening. Such a move would drag its performance over time. 

Scottish Mortgage share price technical analysis

The daily chart shows that the SMT stock price has pulled back in the past few days. Most of the weakness happened after the recent Nvidia earnings.

It has formed a double-top pattern at 1,106p and a neckline at 1,060p, its lowest level on August 14. Top oscillators like the MACD and the Relative Strength Index (RSI) have pulled back and formed a bearish divergence. 

Therefore, the stock will likely have a pullback, with the next point to watch being at 1,000p. A move above the resistance at 1,106p will invalidate the bearish outlook.

The post What next for the Scottish Mortgage share price as SMT retreats? appeared first on Invezz

Leading agricultural consultancy SovEcon has revised upwards its projection for Russian wheat exports during the 2025-26 marketing season. 

The firm now anticipates Russia to ship a robust 43.7 million metric tons (mmt) of wheat, an increase of 0.4 mmt from its previous forecast.

This upward revision underscores Russia’s growing dominance in the global wheat market.

Revised forecast and growth

The new forecast for 2025-26 highlights a significant year-on-year increase in export volumes.

In the preceding 2024-25 season, Russia successfully exported 40.8 mmt of wheat, a figure that already established its position as a major supplier. 

The projected 43.7 mmt for the upcoming season represents a substantial 7.1% growth over the previous year’s performance, indicating strong production capabilities and competitive pricing from Russian suppliers.

The US Department of Agriculture projects Russian wheat exports at 46.0 mmt.

SovEcon scaled up its forecast for wheat exports for the 2025-26 season. However, shipments continue to remain historically low in the first months of the season. 

Factors influencing upward revision

This optimistic revision is primarily attributed to highly favorable crop prospects, suggesting robust growth and a strong harvest.

This positive outlook for exports has outweighed the current low shipment figures, leading to an improved forecast for the season as a whole.

The export forecast has been adjusted upwards after the production estimate rose to 85.4 mmt from 83.6 mmt in July. This compares to 82.6 mmt harvested by Russian farmers a year prior.

Crop prospects in the Urals and Siberia improved, leading to an upward revision, SovEcon said.

The consultancy said:

Despite relatively good crop prospects, we are not ready to raise the estimate more significantly given the sluggish start of the export campaign.

According to SovEcon, cumulative wheat exports for July and August reached 6.1 mmt.

This figure is notably lower than the 9.9 mmt exported during the same period last year and falls short of the five-year average of 8.1 mmt.

September export figures are also expected to be historically low.

Challenges and market dynamics

This season has seen a decrease in Russian wheat purchases by major importers.

Shipments to Egypt totaled 1.1 mmt in July–August, a decrease from 1.5 mmt in the previous year. Similarly, Algeria’s imports fell from 0.5 mmt last year to 0.1 mmt. 

Importers might look to Argentina and Australia for new crops in the coming months, as the outlooks in those regions are getting better, SovEcon said. 

Australia’s farm ministry increased its 2025-26 wheat production forecast in September to 33.8 mmt, a 22% rise over the 10-year average and an increase from June’s estimate of 30.6 mmt.

Market participants anticipate that Argentina’s wheat production will surpass 20 mmt, an increase from 18.6 million metric tons last year.

Meanwhile, despite a sharp drop in energy prices, the ruble has remained relatively stable, hovering around 80 per dollar since early August.

Falling FOB prices are exacerbating the challenges faced by Russian exporters, the consultancy said. In fact, export prices dropped by $7/mt to $233/mt from mid-to-late August alone.

“We expect some growth in exports as domestic wheat prices in ruble terms continue to decline,” Andrey Sizov, managing director at SovEcon said. 

In recent weeks, exporters’ bids have fallen sharply. Against this backdrop, we expect to see further declines in export prices and a gradual recovery in shipments.

The post SovEcon raises Russian wheat export forecast for 2025-26, but initial shipments low appeared first on Invezz