Shares of commercial lender Affirm soared in early trading Wednesday, opening at $90.90 and climbing as high as $103. Affirm’s opening price was 86% higher than its $49 initial public offering price, a first-day pop that raises the question of whether its stock was underpriced. Affirm’s opening price implies a market capitalization of $22 billion, representing a 661% premium to its $2.9...
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Amazon’s Anthropic Deal Signals Cloud Sector Turbulence
You know the cloud industry is in upheaval when industry leader Amazon Web Services has to copy a tactic used by its smaller rivals to compete more effectively. The Amazon unit’s decision on Monday to invest up to $4 billion in AI startup Anthropic, as part of a broader deal in which AWS becomes the startup’s “primary cloud provider,” looks a lot like the type of equity-for-business deals AWS...
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