Tesla shares slumped in US pre-market trading on Tuesday after the electric vehicle maker missed out on being included in the S&P 500 Index, taking investors who had bet on its entry to the benchmark by surprise.
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Thursday’s megacap tech selloff is likely just some froth coming off a hot market rather than a portent of a larger pullback to come.
In just a few hours, Zoom Video Communications CEO Eric Yuan got $4.2-billion richer after shares of his virtual-meeting company surged as much as 26% to $410 in late US trading.
The high-flying shares of Apple and Tesla rose further on Monday, as investors jumped at the opportunity to own shares at more affordable prices after the companies split their stock.
US technology giants are increasingly dominating the stock market in the midst of the coronavirus pandemic, even as they draw accusations of unfair business practices. Some investors fear the pump is primed for a tech-fuelled sell-off.
The JSE has publicly censured Ayo Technology Solutions and imposed a R6.5-million fine on the controversial technology group after it published a series of “false and misleading” financial statements.
Cape Town-based DataProphet, a major provider of artificial intelligence solutions that enable manufacturers to implement autonomous manufacturing, has raised $6-million in a new funding round.
A Naspers shareholders’ meeting is, appropriately enough, more like the annual gathering of China’s rubber-stamp parliament, the National People’s Congress.
The enormous rally in tech stocks has further to run, according to analysts at investment bank JP Morgan, who recommend staying invested across the sector for its growth potential.
Short-term home rental company Airbnb has filed confidentially for an initial public offering with US regulators, setting the stage for one of 2020’s marquee stock market debuts.