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SoundHound AI has built something rare in the voice-AI space: a platform that major automakers, restaurant chains, banks, and smart TV brands all depend on. Now, with shares down sharply and a transformative merger pending, several trillion-dollar companies have real reasons to consider writing a check.
IBM says it’s acquiring HRL Laboratories to accelerate its roadmap in fault-tolerant quantum computing. But does that warrant buying IBM shares today?
Shares of the Chinese autonomous driving company rose 2.8% from its IPO price amid caution about the profitability of the self-driving auto industry.
(Bloomberg) -- Momenta Global Ltd., a Chinese autonomous-driving firm, opened 1.8% higher in Hong Kong on Wednesday after raising HK$5.9 billion ($752 million) in an initial public offering, testing market appetite for loss-making firms that offer promising technologies.Most Read from BloombergGreece Offers Bounty to Catch Ravenous Fish Lured by Warming SeaChip Stocks Sink After Blistering Run as Oil Jumps: Markets WrapTwo Millennium Trading Pods Made About $3.7 Billion Last MonthMicrosoft’s Xbo
The GM- and Tencent-backed autonomous-driving firm is seeking a nearly $9 billion valuation.
The GM- and Tencent-backed firm plans to use about 60% of proceeds to fund R&D, including AI computing and data storage
The company develops technology it describes as the “brain” for autonomous vehicles. It sells driving assistance systems to carmakers.
Momenta’s valuation has reached around $9 billion as it gears up to list in Hong Kong, people familiar with the matter said.
The technical Wall Street term for investors short-selling space stocks right now is “getting your face ripped off.” Shares of commercial space companies are on fire lately. Coming into Wednesday trading, shares of Rocket Lab and AST SpaceMobile to name two, were up 74% and 55%, respectively, over the past month, leaving them both up more than 380% over the past 12 months.
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