China Tech Titans Boost Robotics IPO

China Tech Titans Boost Robotics IPO

Alibaba [BABA] and Baidu [BIDU] have become cornerstone investors in Horizon Robotics’ upcoming Hong Kong IPO, according to Bloomberg. The Intel-backed [INTC] company, specializing in autonomous driving technology, aims to raise HK$5.4bn. Other cornerstone investors include Rodolphe Saade’s CMA CGM, while Volkswagen [VWAGY], BYD [BYDDF] and Contemporary Amperex Technology [300750:SZ] are also backing the IPO.

SAP Leapfrogs ASML After Rout

ASML [ASML] lost its place as Europe’s most valuable technology company to SAP SE [SAP] after lowering its guidance, citing delays in chip plant constructions. It also booked about half the orders analysts expected in Q3. Tuesday’s 16% rout was the biggest drop in the firm’s share price in 26 years. The results, which had been scheduled for release on Wednesday, were briefly published on its website on Tuesday before being deleted and then republished, with ASML blaming a “technical error”.

Brussels Won’t Back Down on Ban

The EU remains committed to its contentious plan to phase out combustion-engine vehicles by 2035, despite mounting resistance from the automotive industry. According to internal documents seen by the Financial Times, the EU is resisting calls to delay the regulations, with European Commissioner for Climate Action Wopke Hoekstra expected to defend the initiative in parliamentary hearings next month, emphasizing that there should be no reversal of the policy.

Starlink Win in India

Elon Musk’s Starlink has gained an advantage in the battle for India’s satellite broadband market, as the country’s Minister of Communications Jyotiraditya Scindia announced that spectrum for satellite services will be allocated, not auctioned. This decision goes against the preference of homegrown billionaires Mukesh Ambani and Sunil Mittal. On the Foresight Substack channel, OPTO recently analyzed a satellite stock that is aiming to challenge Starlink’s dominance in (the) space.

Takeaway Stock Reports Drop in Orders

Just Eat Takeaway.com [JTKWY] reported a 6% decline in orders for Q3, with the total falling to 211.1 million, just shy of the 212 million analysts had expected. The company attributed the dip to weak demand in North America, where orders fell by 12%; shares in Just Eat dropped as much as 6.4% on the news. Quoted by Bloomberg, CEO Jitse Groen noted that, while July was slow due to warmer weather, August and September showed improvement compared to the first half of the year.

Harris Cannabis Pledge; Trump Tariff Threat

In a recent interview, Kamala Harris reiterated her commitment to decriminalizing marijuana, highlighting how existing laws disproportionately affect Black men. She also underlined her support for police reform. Meanwhile, Donald Trump emphasized his intention to impose high tariffs on imported cars if re-elected, arguing that tariffs would compel foreign automakers to increase production in the US, the Financial Times reported.

Norges Bank’s Big Bet on Software Stock

At the end of September, Norges Bank bought 2,680,000 shares of OneStream [OS], a developer of artificial intelligence-enhanced software for financial management that completed its IPO in July this year. The purchase signifies a strategic investment for Norges Bank, representing 9.50% of the total shares of OneStream. Head over to Foresight for a deep dive into the fundamentals of this dynamic and innovative stock.