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HotAehr Test Systems
Vijay Rao, who previously led infrastructure at Meta, became a director at Aehr Test Systems on October 28. The semiconductor firm seeks to leverage his background in AI data centers to grow its testing services.
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HotMeta Financing
Meta Platforms issued $12.5 billion in mandatory convertible preferred stock and $25 billion in Class A common shares. The preferred shares carry a 6.50 percent annual dividend and will convert in 2029.
Meta
Meta shares dropped 11 percent last week after Q3 results showed negative free cash flow and a proposed $97 billion asset sale. Canaccord analysts maintain a positive outlook on the stock.
Jio IPO
Shares of Jio Platforms, which has backing from Meta and Google, rose more than 21 percent on their first day of trading following a record IPO.
Meta
The company priced its new Class A stock issuance at $625 per share, raising $25 billion in total.
Deals
Nvidia pledged $3 billion to Meta Platforms, which intends to secure $95 billion for AI data centers. The two firms will also expand cooperation on new processors and AI agents.
HotAlphabet Earnings
Alphabet shares fell 13 percent, wiping out about $500 billion in value, after quarterly free cash flow turned negative due to high AI costs. Revenue missed expectations, and the company plans an $85 billion equity raise.
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