Tech investors were eyeing results from major companies as the last week of August unfolded.
OpenAI also made headlines — it is reportedly in discussions to launch a substantial funding round that could give it the distinction of being the highest-valued artificial intelligence (AI) startup to date.
Stay informed on the latest developments in the tech world with the Investing News Network’s round-up.
Losses extended into Tuesday (August 27), with both indexes opening marginally lower only to advance slightly in midday trading; they then reversed course to close 0.57 and 0.18 percent lower, respectively.
Ether and Bitcoin prices began declining on Monday after maintaining gains from the previous week over the weekend; they opened around US$2,700 and US$63,500, respectively. Losses mounted quickly for each, culminating in an 11.53 percent drop for Ether and an 8.68 percent drop for Bitcoin by Tuesday (August 27) evening.
Bitcoin had recovered slightly by Wednesday morning, but struggled to hold above US$60,000 all week, only briefly reaching US$61,009 late on Thursday morning, perhaps boosted by better-than-expected GDP figures. Ether’s price movements followed a similar pattern, but it remained stuck below US$2,600 all week.
The number one cryptocurrency continued to decline on Friday, with a 2.84 percent drop observed midday, resulting in losses totaling 7 percent over seven days; Bitcoin ended the final trading day in August at US$59,200. The value of Ether also decreased on Friday, dropping by just over 3 percent in the afternoon and 8.5 percent for the week.
This week brought another round of earnings reports from tech industry giants — NVIDIA and Crowdstrike both reported on Wednesday (August 28), while Dell’s results came on Thursday (August 29).
Investor disappointment was evident in NVIDIA’s share price, fell 1.94 percent by the day’s end. Losses extended into after-hours trading, and NVIDIA’s share price is down 7.9 percent for the week.
The company’s performance was better than anticipated, with its quarterly revenue reaching US$963.9 million compared to the expected US$959 million, a 32 percent increase compared to the previous quarter.
However, Crowdstrike reduced its full-year earnings per share guidance to US$3.61 to US$3.65, down from US$3.93 to US$4.03. It also cut revenue guidance for its full 2025 fiscal year to US$3.89 billion to US$3.9 billion due to costs tied to the outage. The company’s share price is up 2.62 percent for the week.
OpenAI is reportedly in talks to raise several billion dollars in a new funding round led by Thrive Capital.
No reps for any of the companies involved have issued official statements. However, insiders have said OpenAI CFO Sarah Friar told staff the company is seeking capital in a memo on Wednesday. If successful, the latest round of funding will give OpenAI a valuation above US$100 billion, more than any other AI startup to date.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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