☕ Big chips

Good morning. Shout out to Nvidia shareholders who would have been part of their record-breaking share price jump — with the company registering the biggest single market cap gain of any company before. The AI-chipmaker blew up (positively) and added US$200bn to its market cap after guiding to US$11bn of sales this quarter vs the US$7bn the market estimated.

May 26, 2023

Good morning. Shout out to Nvidia shareholders who would have been part of their record-breaking share price jump — with the company registering the biggest single market cap gain of any company before.

The AI-chipmaker blew up (positively) and added US$200bn to its market cap after guiding to US$11bn of sales this quarter vs the US$7bn the market estimated.

 

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market News: Seems like every day, another company paints a grim forecast… this time, it was Treasury Wine.

A trading update by Treasury revealed that while their luxury wines were selling well, the budget options were struggling. And as a result, the company expects revenue to fall by 2-3% in FY23, with FY24 to also be impacted by inflationary pressures.

THE QUICK SYNC

  • PwC shut out of future federal contracts. (AFR)

    • AFP, finance, warn PwC tax leaks consequences will go further. (Australian)

  • Australia’s 10 richest people revealed. (AFR)

  • The money behind the ‘Succession’ family: Financial expert breaks it down. (WSJ)

  • Debt ceiling: Slimmed-down US debt ceiling deal takes shape. (RT)

  • Treasury Wine shows China repair is a long road. (Australian)

  • A paralysed man can walk naturally again with brain and spine implants. (SMH)

TRADING FLOOR

M&A:

  • Quinbrook Infrastructure Partners is understood to be one of Grok Ventures’ partners at Sun Cable. (AFR)

    • Cannon-Brookes has emerged as the front-runner in a fight to gain ownership of Sun Cable renewable energy project. (SMH)

  • Anacacia Capital has tasked Miles Advisory with finding a new owner for its majority stake in Pump Haircare Australia. (AFR)

  • Woolworths buys Milkrun in a deal rumoured to be worth about $10m. (AFR | BNA)

  • Goldman Sachs is shortlisting parties that have made it through the second round of the Alinta Energy run. (The Australian)

  • Oxford Shop Australia has been placed up for sale. (The Australian)

  • Banks facing margin pressure could turn to M&A as a way to search for growth. (The Australian)

Capital Markets:

  • GenesisCare’s original lenders have sold about $US400m ($600m) of their holdings in the secondary markets. (AFR)

  • Predictive Discovery had its brokers rounding up investors for $40m. (AFR)

  • Sayona Mining is seeking to raise as much as $200m. (AFR)

  • Redox IPO is on track and would be priced at 14x net profit. (The Australian)

VC:

  • Checkmate, the consumer savings startup founded by Aussies, has raised US$15m in a round led by Google Ventures. (TC)

Others:

  • Morgan Stanley has cut approximately 12 jobs within its Australian operations. (AFR)

  • Bank of America and Morgan Stanley are understood to have had jobs cut in recent days. (The Australian)

  • 360 Capital signed off on three first mortgage investments. (AFR)

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